Tata Steel Global Holdings Pte Ltd (TSGH), an indirect wholly-owned subsidiary of Tata Steel, has executed definite pacts with HBIS Group Co Ltd controlled entity, to divest its entire stake in Natsteel Holdings and Tata Steel (Thailand).
As per the agreement, signed on Monday in Beijing , China, the divestment will be made to a company in which 70% of the equity will be held by an entity controlled by HBIS and 30% will be held by TSGH, Tata Steel said in a statement.
Speaking on the development, T.V. Narendran, CEO & Managing Director Tata Steel, said that this deal between the two companies offers the South East Asian business, robust growth opportunities, given the technical expertise and regional understanding of HBIS.
HBIS Group Company Ltd was established in 2008 through the merger of Tangshan Iron and Steel Group and Handan Iron and Steel Group of Hebei province. It is a state-owned enterprise and a leading player in China's home appliance and automotive steel. It also supplies for other critical applications such as nuclear power, marine engineering, bridges and construction.