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Tata Steel buys Singapore's NatSteel arm for $284 M
Monday, 16 August 2004, 19:30 IST
NEW DELHI: Tata Iron and Steel Company Ltd has acquired the steel business of Singpore-based NatSteel Ltd for Rs 1,313 crore.
Under the terms of agreement reached between the two today, NatSteel will spin off its entire steel business into a wholly owned subsidiary NatSteel Asia Private Ltd.
Subsequently, Tata Steel will acquire 100 per cent stake in the new entity, the company informed the Bombay Stock Exchange here.
The transaction is expected to close in five to six months after obtaining all regulatory approvals, Tata Steel said
"The enterprise value of the acquisition is Singapore dollar 486.40 million (around 
13.13 billion)," the BSE statement said.
NatSteel was incorporated in the early 1960s as The National Iron and Steel Mills to support Singapore's nation-building efforts in infrastructure and residential development.
Since then the company has diversified into several construction related products and services and has operations in a dozen countries.
The steel business of NatSteel, with an estimated market value of $510 million, is spread across Singapore, Malaysia, Thailand, China, the Philippines, Australia and Vietnam.
"The transaction (related to the acquisition) is expected to close in five or six months after obtaining all regulatory approval," the BSE said.
"Under the terms of the agreement, the enterprise value is subject to certain adjustments including those for any net debt, the minority interest, other liabilities and for working capital variance," the statement said.
Source: IANS
13.13 billion)," the BSE statement said.
NatSteel was incorporated in the early 1960s as The National Iron and Steel Mills to support Singapore's nation-building efforts in infrastructure and residential development.
Since then the company has diversified into several construction related products and services and has operations in a dozen countries.
The steel business of NatSteel, with an estimated market value of $510 million, is spread across Singapore, Malaysia, Thailand, China, the Philippines, Australia and Vietnam.
"The transaction (related to the acquisition) is expected to close in five or six months after obtaining all regulatory approval," the BSE said.
"Under the terms of the agreement, the enterprise value is subject to certain adjustments including those for any net debt, the minority interest, other liabilities and for working capital variance," the statement said.
Source: IANS