Tata Steel to merge two downstream units, raise stake
Tata Steel is planning to merge Tinplate Company of India Ltd and Tata Sponge Iron Ltd with itself, according to reports.
Reports said that the proposed integration will allow Tata Steel to “have better control over downstream products and develop a fully integrated chain.
Tata Steel currently holds 59.4% in Tinplate and just under 40 percent in Tata Sponge.
There are rpeorts that the world’s sixth largest steel maker has already initiated a process to ramp up its holding in these two companies.
HSBC to sell stake in JV for US$242mn
A unit of HSBC Holdings PLC HBC is planning to sell its entire stake in a payment-processing company to its joint venture partner Global Payments Inc. for US$242 mn, according to reports.
Reports stated that HSBC's wholly owned unit, the Hongkong & Shanghai Banking Corp., will sell its 44% stake in Global Payments Asia-Pacific Ltd. to Global Payments.
The sale is expected to be completed within the second half of the year, says report.