Tata Steel Buys 557 Crore shares in Singapore-based Subsidiary

Tata Steel announced that the company buys over 557 Crore equity shares in its Singapore-based subsidiary, Steel Holdings Pte Ltd (TSHP)for USD 875 million  

This attainment follows the board’s approval in May for a capital infusion into TSHP through the purchase of equity shares in multiple tranches.

The total value of the shares acquired is USD 875 million, which translates to approximately ?7,324.41 Crore. Each share has a face value of USD 0.157, with Tata Steel acquiring 557,32,48,408 shares.

Following this acquisition, TSHP will continue to work as a wholly-owned subsidiary of Tata Steel.

Previously known as Tata Iron and Steel Company Limited (TISCO), Tata Steel is among the largest steel manufacturers globally, with an annual crude steel capacity of 35 million tonnes.

Previously known as Tata Iron and Steel Company Limited (TISCO), Tata Steel is among the largest steel manufacturers globally, with an annual crude steel capacity of 35 million tonnes, the part of Tata Group

In 2007, Tata Steel acquired the UK-based steelmaker Corus, expanding its global presence Tata Steel’s largest plant is located in Jamshedpur, Jharkhand, with a capacity of 10 million tonnes per annum. 

With an annual capacity of 21.6 million tonnes Tata Steel ranks as the largest steel producer in India by domestic production falling just behind Steel Authority of India Ltd. (SAIL). With thousands of workers, the company operates mainly in India, the Netherlands, and the United Kingdom, and other 26 countries.