Indian steelmaker Tata Steel has said that it will divest its entire equity stake of 56.5 percent held in NatSteel Vina (NSV), a Vietnamese long steel producer. The subsidiary of Tata Steel, which was dealing with the company’s Southeast Asian assets, NatSteel Holdings, has already signed an agreement with a Vietnam-based company Thai Hung Trading Joint for the sale of NatSteel Vina, according to Tata Steel’s release at the Indian stock exchange. The deal will be accomplished in two weeks, while Tata Steel will receive $5.1 million from the sale.
NatSteel Vina has 200,000 mt of longs steel capacities per year and is capable of producing its own billet.
In August, Tata Steel found a new buyer for its Thailand unit and signed a memorandum of understanding with Synergy Metals and Mining Fund for the sale of 70 percent of its stake in Tata Steel Thailand.
Tata Steel is going to sell its last Southeast Asian asset - Singapore’s NatSteel - and will focus on its business in India.
