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Tata Steel keen to exit NatSteel Holdings Singapore and Tata Steel Thailand - Mr Chandrasekaran

Steel News - Published on Mon, 23 Jul 2018

Image Source: SteelGuru
Financial Express reported that Tata Steel is looking at divesting its Southeast Asia business as part of a strategy to exit non-scalable businesses and to focus on domestic growth strategy. Mr N Chandrasekaran Chairman told shareholder that the steel major has been scouting for buyers for NatSteel Holdings Singapore and Tata Steel Thailand for some time now but without any success. He added that “We are looking at all the assets, which are either sub-scale, non-core or whatever, or which can be simplified. We are looking at divesting them.”

But he added that the company will continue to deploy capital in any assets that have the potential to create long-term value for its stakeholders.

He said that “Bhushan Steel acquisition is a strategic investment which has the potential to enhance our product portfolio and market competitiveness in the near future.”

On bidding for Bhushan Power & Steel, he said that “We have bid for a price that makes sense for us. It is good if we get it. We will wait for the court process.”

He added that the company will also continue to evaluate and pursue more growth opportunities in the country through organic and inorganic options.

Commenting on European operations, Mr Chandrasekaran said that “we are waiting for anti-trust approval and hope to close the deal. We have successfully restructured the British Steel pension scheme including closing the scheme for future accruals under the regulated apportionment arrangements, with the approval of the British Pension Regulator.”

On the joint venture deal signed with Thyssenkrupp of Germany last month, he said this will create a leading pan-European steel enterprise. He said “The joint venture will focus on driving cost synergies, technology and will have a differentiated product portfolio that will drive future value creation.”

Source :

Posted By : Sanju Moirangthem on Mon, 23 Jul 2018
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