TISCO completes NatSteel acquisition
Indian steel producer Tata Iron and Steel Corporation (TISCO) reportedly completed its take over of
Singapore-based steel producer NatSteel by acquiring 100% of its subsidiary NatSteel Asia Pte Ltd.'s equity.
The agreement calls for all of NatSteel's steel assets in
Singapore,
Philippines,
Malaysia, Vietnam,
Australia,
Thailand and
China (except for Changzou Wujin NatSteel) to be transferred to NatSteel Asia Pte Ltd.
According to the agreement signed on August 16, 2004, TISCO will pay S$486.4 million (US$296 million). TISCO will withhold 60 million Singaporean dollars (US$36 million) due to the delay in the transfer of Changzou Wujin. Regulatory authorities in
China have yet to approve the transfer of Changzou Wujin, but approval is expected by the end of April.