Tata Steel said its step-down subsidiary, T.S. Global Holdings Pte Ltd (TSGH), has signed definitive agreements with China’s HBIS Group to divest a majority stake in its South East Asia (SEA) business.
“TSGH has executed definitive agreements with HBIS Group Co Ltd controlled entity to divest its entire equity stake in NatSteel Holdings Pte Ltd (NSH) and Tata Steel (Thailand) Public Co Ltd. (TSTH),” the steel maker said in a regulatory filing. As per the agreements signed in Beijing, the divestment will be made to a company in which 70 per cent equity shares will be held by an entity controlled by the HBIS and 30 per cent by the TSGH. Both Tata Steel and HBIS Group have been in discussions in relation to the future of the SEA business.