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24 February, 2020 05:30 IST
T S Global Holdings to divest majority stake in South East Asia biz
Source: IRIS | 28 Jan, 2019, 01.36PM
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T S Global Holdings (TSGH) (an indirect wholly owned subsidiary of Tata Steel) has executed definitive agreements with HBIS Group (HBIS) controlled entity to divest its entire equity stake in NatSteel Holdings (NSH) and Tata Steel (Q,N,C,F)* (Thailand) Public Company (TSTH).

As per the agreement, the divestment will be made to a company in which 70% equity shares will be held by an entity controlled by HBIS and 30% will be held by TSGH. The agreements were signed today in Beijing, China.

T. V. Narendran, CEO & Managing Director, Tata Steel said, ''Tata Steel Group and HBIS Group have been in discussions in relation to the future of the South-East Asia (SEA) business. The definitive agreement signed today between the two companies is a significant milestone in our strategic relationship, offering the SEA business robust growth opportunities, given the access to resources, technical expertise and regional understanding of HBIS. Tata Steel remains committed through its shareholding to help create a sustainable future for all stakeholders.''

Shares of the company declined Rs 6.2, or 1.37%, to trade at Rs 446.45. The total volume of shares traded was 197,238 at the BSE (12.37 p.m., Monday).

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