India’s Tata Steel will infuse $7 million into its mining subsidiary Tata Steel Mining Limited (TSML) to enable the latter to meet its capital expenditure, a company regulatory filing said on Wednesday, August 31.
The company said that the capital infusion into TSML will be through the acquisition of preferential shares of 28.19 million shares of the latter.
TSML is in the mining and ferroalloys business and operates three chromite mines and two ferro alloy plants. It has partnered with seven external ferro-processing centres for the manufacture of ferrochrome.