Indian steelmaker Tata Steel has announced that its subsidiary NatSteel Holdings Pte Ltd has sold its 27.03 percent stake in Malaysian steelmaker Southern Steel Berhad at a total consideration of around $72 million.
According to a Tata release, the sale is part of Tata Steel's strategy of restructuring its portfolio and reconsidering its position in geographies where it does not have a majority control. The company said that it will continue to explore various opportunities to grow its Southeast Asian business in the future. The transaction is subject to approval of the relevant regulatory authorities in Malaysia.