KOLKATA: TS Global Holdings (TSGH) Pte, a wholly owned subsidiary of Tata SteelNSE 0.92 %, has signed definitive agreements with the state-owned HBIS Group of China to divest majority stake in its South-East Asia business in a $327 million deal.
TSGH executed the definitive agreements in Beijing on Monday with HBIS Group Co Ltd controlled entity to divest its entire equity stake in NatSteel Holdings Pte and 67% stake in Tata Steel (Thailand) Public Company Ltd.
As per the contract, the divestment will be made to a holding company in which 70% equity shares will be held by the entity controlled by HBIS and 30% by TSGH, an official statement from Tata Steel said.