Tata Steel buys 557 Crore shares in Singapore Unit for USD 875 Million

30 Jul 2024 , 10:26 AM

Tata Steel announced on Monday that it has acquired over 557 Crore equity shares in its Singapore-based subsidiary, T Steel Holdings Pte Ltd (TSHP), for USD 875 million.

This acquisition follows the board’s approval in May for a capital infusion into TSHP through the purchase of equity shares in multiple tranches.

The total value of the shares acquired is USD 875 million, which translates to approximately ₹7,324.41 Crore. Each share has a face value of USD 0.157, with Tata Steel acquiring 557,32,48,408 shares.

Following this acquisition, TSHP will continue to operate as a wholly-owned subsidiary of Tata Steel.

Tata Steel Limited is headquartered in Mumbai, Maharashtra, and is a major steel producer in India and worldwide, part of the Tata Group.

Previously known as Tata Iron and Steel Company Limited (TISCO), Tata Steel is among the largest steel manufacturers globally, with an annual crude steel capacity of 35 million tonnes.

The company is highly geographically diversified, with operations and commercial activities in several countries. For the financial year ending March 31, 2023, Tata Steel reported a consolidated turnover of USD 31 billion.

Tata Steel ranks as the largest steel producer in India by domestic production, with an annual capacity of 21.6 million tonnes, just behind Steel Authority of India Ltd. (SAIL).

The company operates in 26 countries, with key operations in India, the Netherlands, and the United Kingdom, employing around 80,500 people.

Tata Steel’s largest plant is located in Jamshedpur, Jharkhand, with a capacity of 10 million tonnes per annum. In 2007, Tata Steel acquired the UK-based steelmaker Corus, expanding its global presence.

The company was ranked 486th in the 2014 Fortune Global 500 list and was the seventh most valuable Indian brand in 2013, according to Brand Finance.