Tata Steel Acquires Additional Stake in Singapore Unit for ₹2,348 Crore

29 Aug 2024 , 12:40 PM

Tata Steel, India’s leading steel manufacturer, acquired an additional stake in its Singapore-based subsidiary, T. Steel Holdings, for ₹2,347.81 Crore ($280 million). The acquisition involved purchasing 178.3 Crore shares at a face value of $0.157 each.

This move follows a prior acquisition of 115.92 Crore shares worth ₹1,528.24 Crore ($182 million) at the same share price. The strategic stake purchase is part of Tata Steel’s efforts to enhance its global presence and operational efficiency.

Tata Steel is an Indian multinational steel company headquartered in Mumbai, Maharashtra, with a significant production base in Jamshedpur, Jharkhand.

The company, formerly known as Tata Iron and Steel Company Limited (TISCO), has an annual crude steel capacity of 35 million tonnes, making it one of the largest steel producers globally.

Tata Steel is among the most geographically diversified steel producers, with operations and commercial presence worldwide.

The group recorded a consolidated turnover of $31 billion for the financial year ending March 31, 2023.

Tata Steel, along with SAIL and Jindal Steel and Power, is one of the few Indian steel companies with captive iron-ore mines, providing them with cost advantages.

At the time of writing, shares of Tata Steel is trading at ₹153 which is a 0.41% dip than the previous close. Tata Steel has witnessed a 28% gain since the beginning of the year, and 9% gain since the beginning of the year.