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Tata Steel sells stake in Southern Steel Berhad

Kolkata, July 16 (IANS) Tata Steel Friday announced that its subsidiary, NatSteel Holdings Pte, has sold of 27.03 percent stake in Southern Steel Berhad, Malaysia, for around $72 million.

‘The sale is part of Tata Steel’s strategy of restructuring its portfolio and reconsidering its position in geographies where it does not have a majority control,’ a company statement said here.

‘The company will continue to explore various opportunities to grow its South East Asian business in the future.’

The transaction is subject to approval of Bursa Malaysia and other relevant regulatory authorities, it said.

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