Tata Steel picks up 67 pc equity in Millennium Steel,Thailand

Mumbai, Apr 28 (UNI) Tata Steel Ltd has acquired 67.11 per cent of equity stake in the Millennium Steel Public Company Ltd, Thailand through a combination of preferential allotment of equity shares to the company and shares through open tender offer.

Informing the BSE, the company said in pursuant to the Definitive Agreement, the investment was completed through a combination of preferential allotment of 24.99 per cent equity shares to the company and 42.12 per cent of equity shares through open tender offer. The investment was made by the company and its wholly owned subsidiary, NatSteel Asia Pte Ltd, Singapore, it added.

On conclusion of the above transaction, the board of Millennium Steel was reconstituted with the majority of directors being the nominees of the company. Its board comprises of 11 directors, of which 6 are the nominees of the company.

Managing Director of the company B Muthuraman, has been appointed as the Chairman of Millennium Steel. Other members of the board are Dr T Mukherjee, Mr U K Chaturvedi, Mr Koushik Chatterjee and Mr Oo Soon Hee, Mr Santi Charnkolrawee, the present Managing Director of Millennium Steel would continue on the board as a nominee of the company.

Millennium Steel is one of the largest steel company in Thailand with a capacity of 1.7 mtpa, producing long products for construction and engineering steel for auto industry. It operates through 3 facilities in Thailand.

UNI SN PP SKB1934