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.