Tata Steel denies hostile takeover of AVG

Kolkata, Apr 16(UNI) Denying reports in a section of the press, Tata Steel today said it was not contemplating any hostile takeover of the AVG.

" Tata Steel did not contemplate any hostile takeover of the AVG and does not have any plans to undertake the same. The report is incorrect and untrue", the company said in a statement.

The news reports had said the Tata group had been offered to buy Brazilian iron ore mining firm AVG Mineracao. The reports said MMX Mining and Metallics SA, the owner of AVG, was keen on the deal if the Indian conglomerate put up a car making facility in Rio de Janeiro.

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