Tata Steel hopes to close TCP sale by early next fiscal

Mumbai, Feb 15 (PTI) Tata Steel, that plans to sell itsUK-based Teesside Cast Products (TCP) plant for USD500-million, hopes to close the deal by early next fiscal, atop company official said.

The company is likely to use the proceeds from the TCPsale to repay its European debts.

"We expect the deal-closing in early next fiscal.

However, it could materialise even earlier," Tata Steel''sChief Financial Officer, Koushik Chatterjee, told reportershere today.

Earlier, Tata Steel''s UK subsidiary Corus said it hadsigned an MoU with Thailand''s largest steel producerSahaviriya Steel Industries (SSI) to sell TCP.

Tata Steel UK Limited (TSUK), a subsidiary of Tata Steel,has recieved a partial final award in its favour in anarbitration proceeding between TSUK and certain off-takers ofits TCP plant in January this year, Chatterjee said.

The arbitral tribunal has found that the off-takers didnot validly terminate their off-take agreements and theproceedings are on to determine the amount of damages.