Tata Steel to dispose of South African unit: report
20 Dec 2010
Tata Steel is looking to dispose of its South African unit, including its assets, to raise upwards of $150 million, media reports said today.
The reports said the India investment team of Standard Chartered has been mandated to select the potential buyer.
The company had, in early September, denied reports to the effect that the company was considering selling assets at its South African unit, Tata Steel KZN.
Set up in 2006, Tata Steel KZN is located at Richards Bay on the KwaZulu-Natal coast of South Africa. The company produces 150,000 tonnes of ferrochrome from locally supplied ores.
The company exports ferrochrome, which is used in the manufacture of stainless steel, to customers in Asia, Europe and the United States.