Asia Bizz: Tata Steel, India’s largest steel manufacturer, is now looking forward to sell off its South African Plant and its assets along with it, in a move to raise $150 million from it. As of now there is no buyer that has been finalized who will officially be taking over the plant, rather there are many who have approached.
India’s investment banking giant, Standard Chartered has been appointed to chose a worthy buyer for the Tata’s steel plant. In early September the company had stated “We have no plans whatsoever to sell the South African assets,” Tata is the world’s seventh largest steel manufacturer and earlier it had purchased Corus, a steel manufacturer from Europe.
Financial agencies that have been working closely with Tata have said that the company is looking to purchase coal production and other similar assets overseas. In its development plans, it is looking towards Riversdale Mining in Australia and also evaluating coal production possibilities in South Africa too.
Source: EconomicTimes
