India-headquartered steel giant Tata Steel has announced that its subsidiary T S Global Holdings Pte. Ltd. (TSHP) has signed agreements to divest its entire equity stake in Singapore-based NatSteel Holdings Pte. Ltd. (NSP) and Tata Steel Thailand Public Company (TSTH). The buyer is a joint company with a 70 percent stake belonging to Chinese state-owned steel giant HBIS Group Co. Ltd.
The sale is expected to be completed within a three-to-four-month period.
HBIS Group was established on June 30, 2008 by a merger of Tangshan Iron and Steel Group and Handan Iron and Steel Group, both based in Hebei Province, China. HBIS is amongst the largest steel makers in the world. It is a leading supplier of steel to China's home appliance and automotive sectors, and also supplies steel for the nuclear power, marine engineering, bridge and construction sectors.