Tata Steel Ltd. has acquired a significant stake in T Steel Holdings Pte, valued at Rs 7,324.41 crore. The company bought 557 crore shares, each with a face value of $0.157. With this acquisition, T Steel Holdings remains a wholly owned subsidiary of Tata Steel. This information was disclosed in an exchange filing on Monday.
Back in May, Tata Steel announced its plan to invest in its foreign subsidiary by subscribing to its equity shares. The company mentioned that it would acquire these shares in one or more phases during this financial year.
Tata Steel is set to announce its first-quarter results on July 31. The company reported record sales for the quarter ending in June. Earlier this month, Tata Steel revealed that its crude steel production in India increased by 5% year-on-year, reaching 5.25 million tonnes. However, production was slightly lower compared to the previous quarter due to planned maintenance shutdowns.
Indian deliveries grew by 3% to 4.94 million tonnes, marking the company's best-ever first-quarter sales performance.
Overall, Tata Steel's strategic investments and operational growth highlight its strong performance and commitment to expanding its global presence.
