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Steel News September 30, 2019 02:30:03 PM

Tata Steel Declares New Buyer for Thailand Steel Assets

Paul Ploumis
ScrapMonster Author
The exit from the South East Asian ventures will help Tata Steel to trim its debt by over INR 1 Lakh Crore.

Tata Steel Declares New Buyer for Thailand Steel Assets

SEATTLE (Scrap Monster): Tata Steel announced that it has identified a new buyer for its Thailand steel unit. The company is also said to have received interest from multiple parties towards acquisition of the company’s steel assets in Singapore. The sale of assets in Thailand and Singapore is part of Tata Steel’s strategic plan to offload struggling steelmaking assets in South East Asian region.

T V Narendran, Managing Director, Tata Steel stated that the company is likely to soon close the sale transaction of its Thailand assets. It has already signed a Memorandum of Understanding (MoU) with a new buyer. The transaction is expected to come to a close in the next couple of months, he said. Tata Steel has received interest from buyers for Singapore steelmaking assets as well, Narendran added. However, he denied mentioning the names of the potential buyers.

ALSO READ: Tata Steel to Shut Part of Loss-Making UK Business

The exit from the South East Asian ventures will help Tata Steel to trim its debt by over INR 1 Lakh Crore.

Last month, Tata Steel had decided to terminate the definitive agreement signed with China-based HBIS Group Co towards sale of overseas subsidiaries Tata Steel (Thailand) Public Company and NatSteel Holdings Pte for a sum of $327 million. The deal was aborted following HBIS Group failing to receive necessary regulatory approvals from the Hebei government.

The exit from the South East Asian ventures will help Tata Steel to trim its debt by over INR One Lakh Crore. 

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