Tata Steel’s board has approved the acquisition of the remaining 50pct stake in Tata BlueScope Steel Private Limited (TBSPL) from its joint-venture partner BlueScope Steel Asia Holdings Pty Ltd, for up to INR 1,100 crore (USD 124 mln), the company said in a stock exchange filing.
Following the approval, Tata Steel has executed a share purchase agreement. The transaction remains subject to customary conditions, including clearance from the Competition Commission of India and other regulatory approvals.
BlueScope, in a separate statement, confirmed that it has entered into a binding agreement to sell its entire 50pct interest in TBSPL to Tata Steel.
Established in 2005, Tata BlueScope Steel has become a leading supplier of coated and painted steel products for India’s building and construction sectors, delivering consistent profitability supported by the complementary strengths of both partners, BlueScope said.
1 USD / 88.7 INR