Tata Steel to divest non-profit subsidiaries
Tata Steel of
India is seeking srategic partnerships for some of its non-core operations and also is planning to sell some of its non-profit making subsidiaries, under the framework of its restructuring plan.
The subsidiaries that
Tata Steel considers to go into partnerships are Tata Refractories, Tata
Sponge Iron and Tata Yodowaga. The company sources reveal that the management is currently discussing the possibility of reviving some of loss-making subsidiaries through fund infusion.
Tata Refractories was established as a joint venture between
Tata Steel and
Germany's Didier. The company supplies products to
Tata Steel,
SAIL, mini mills and other steel producers of mild alloy steel and
stainless steel as well as cement and petrochemical industries, copper, zinc, glass and hydracarbon companies.