Mumbai, Jan 28 (IANS) Tata Steel on Monday said that its step-down subsidiary, T.S. Global Holdings Pte Ltd (TSGH), has signed definitive agreements with the Beijing-based HBIS Group to divest a majority stake in its South-East Asia business.
"TSGH has executed definitive agreements with HBIS Group Co Ltd controlled entity to divest its entire equity stake in NatSteel Holdings Pte Ltd ('NSH') and Tata Steel (Thailand) Public Company Ltd. ('TSTH')," the steel maker said in a regulatory filing.
As per the agreements, the divestment will be made to a company in which 70 per cent equity shares will be held by an entity controlled by HBIS and 30 per cent by TSGH.
Both Tata Steel and the HBIS Group have been in discussions in relation to the future of the South-East Asia (SEA) business.
"The definitive agreement signed today (Monday) between the two companies is a significant milestone in our strategic relationship, offering the SEA business robust growth opportunities, given the access to resources, technical expertise and regional understanding of HBIS," Tata Steel CEO and Managing Director T.V. Narendran said.
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