Tata Steel completes acquisition of NatSteel
By agencies | Wednesday, 16 February 2005, 08:00 Hrs
MUMBAI:IndiaÂ’s largest steel maker by capacity Tata Steel today announced its 100 percent acquisition of SingaporeÂ’s NatSteelÂ’s steel business. With this transaction all steel assets of NatSteel in Singapore, Malaysia, Thailand, Vietnam, the Philippines, Australia and China have been transferred to NatSteel Asia Pte Ltd, a subsidiary of Tata Steel. Tata Steel, the biggest entity in one of India's largest diversified corporate houses Tata Group, had signed an agreement to acquire NatSteel for 486.4 million Singapore dollars on August 16, 2004. The board of NatSteel Asia has been reconstituted to induct B. Muthuraman, managing director of Tata Steel as chairman, and Oo Soon Hee as managing director.