Tata Steel's NatSteel to up stake in three cos for $ 29mln

New Delhi, Jan 24 (UNI) Tata Steel Ltd today said its Singapore-based wholly-owned subsidiary NatSteel Asia Pte Ltd, has acquired additional stake in three companies from Malaysia-based Southern Steel Berhad for a total consideration of 29 milion dollars.

The company will increase its share in NatSteel Trade International Pte Ltd to 100 per cent from the present 60 per cent for 6.5 million dollars.

Its equity interest in NatSteel (Xiamen) Ltd, formerly known as Southern NatSteel (Xiamen) Ltd, will also be increased to 100 per cent from the current 50 per cent for a cash consideration of 19.3 million dollars.

The company will buy an additional 22.6 per cent equity interest in NatSteel Vina Co Ltd for a cash consideration of 3.105 million dollars. Tata Steel held 33.9 per cent in NatSteel Vina.

NatSteel Trade International Pte Ltd and Southern NatSteel (Xiamen) Ltd, have become wholly-owned subsidiaries of NatSteel Asia Pte Ltd, while NatSteel Vina Co Ltd has become its subsidiary with equity holding of 56.5 per cent.

UNI