Thursday, March 8, 2007

Tata Steel subsidiary NatSteel buys two firms in Vietnam for $41mn

NatSteel Asia, a wholly-owned subsidiary of Tata Steel, has entered into an agreement to acquire controlling equity stake in two rolling mills located in Haiphong, Vietnam at a combined enterprise value of $41 mn. NatSteel will take 100% stake in SSE Steel, which is a 250,000 TPA bar / wire rod mill. In Vinausteel, NatSteel will take 70% with the balance 30% being held by Vietnam Steel Corporation. The company has a capacity of 180,000 TPA. The transactions are likely to be completed by June 2007. SSE Steel has one of the most modern rolling mills in Vietnam, and Vinausteel is one of the best-known brands in Vietnam for reinforcement bars.

Read the Business Standard article.

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