Tata steel Asia’s oldest maker of the infrastructure alloy has divested its entire stake in NatSteel Holding Pte. Ltd Singapore for an equity value of $172 million ie, Rs 1275 crore to a company in the island state and will use the proceeds to cut down offshore debt.
Top Tip Holding Pte. Ltd a Singapore based steel and iron ore trading company will buy stake from Tata steel. The wires business of NatSteel in Thailand has been consolidated with TS Global Holdings. NatSteel holdings posted revenue of SGD 523 million during FY21 and has a negative net worth of about minus SGD 5.8 million.
The company’s subsidiaries NatSteel Holding Pte. Ltd. (NSH) and Tata Steel (Thailand) Public Comp, which were earlier classified as held for sale were drawn back in and classified as continuing operations during May 2021.