Tata Steel may acquire stake in Millennium Steel

Tata Steel may acquire stake in Millennium Steel

Indian sources report that Tata Steel, the country's largest private steelmaker, has started talks to take over a 39.9 percent stake in Thailand's largest construction steel maker, Millennium Steel, for THB 3 billion ($73.3 million). The 39.9 percent stake Tata plans to acquire is held by Cement Thai Holding, a subsidiary of Thailand's Siam Cement. The planned sale is in line with Siam Cement's policy of disposing interests in non-core businesses, and also in line with Tata Steel's plan to increase its wire rod capacity and to strengthen its presence in Southeast Asia.