Tata Steel to retain its stake in Riversdale
Monday, 25 April 2011, 21:50 IST   |    1 Comments
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New Delhi: Tata Steel said it will remain invested in Australian mining firm Riversdale, which was acquired by global mining giant Rio Tinto early this month. Without elaborating, Tata Steel's Vice Chairman B Muthuraman merely replied in the affirmative when asked whether the Indian steel major will continue to hold a stake in Riversdale. "Yes," he said in reply to the query on the issue, which assumes significance in the wake of Rio Tinto's announcement last week that it has extended the takeover offer to April 29 for Riversdale shareholders. Last week, Rio had said that it has acquired a 72 per cent stake in the Australian mining firm and purchased the entire stake (19.9 per cent) of Brazilian steel maker CSN -- another big shareholder in the Australian mining firm. Tata Steel, with a stake of 27.
Source: PTI
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