Indian Tata Steel Promotes Southeast Asia Asset Sale Plan

Indian steel company Tata Steel has said it will sell 56.5% of its stake in Vietnamese long products manufacturer NatSteel Vina (NSV).

NatSteel Holdings (NSH), a subsidiary of Tata Steel, has signed a sale agreement with Vietnamese company Thai Hung Trading Joint for NatSteel Vina. The deal will be completed in two weeks and Tata Steel will receive US $ 5.1 million from it.

In August, Tata Steel found new buyers for its Thai subsidiary and signed a 70% stake in Tata Steel Thailand subsidiary with Synergy Metals and Mining Fund.

In addition, Tata Steel plans to sell its latest Southeast Asian asset to NatSteel Singapore and then focus on Indian business.