Tata Iron & Steel, on 16 August 2004,
announced the acquisition of Singapore-based NatSteel for a consideration of
Rs.1,313 crore. With this, Tata Steel would now have its footprint in seven
Asian countries including Vietnam, Singapore and Thailand.
As per the deal, the Singaporean company would
transfer its steel business into a subsidiary, NatSteel Asia Pte Ltd, which
would be under Tata management. The deal would be closed over the next five to
six months, after obtaining necessary approvals.
NatSteel owns seven steel mills in China,
Thailand, Vietnam, Philippines and Australia and has an aggregate capacity of 2
million tpa of long products like rebars, wire rods and strands.
The acquisition of NatSteel is part of Tata
Steel's vision of expanding its overall steel capacity to 15 million tpa,
through domestic capacity enhancements and overseas acquisitions.
Related News:
Tata
Steel aims at 15 million tpa capacity by 2010 (14-Feb-04)