Tata Steel divests its entire stake in Lanka Special Steels Limited
Mumbai/Kolkata, Apr 1 : Tata Steel Limited ("Tata Steel") Wednesday announced that it has divested its entire stake in Lanka Special Steels Limited ("LSSL") to E.B. Creasy and Company PLC ("EBCC") for a total consideration of LKR 433 million (around Rs. 20.4 crore) in an all cash deal.LSSL was a wholly owned subsidiary of Tata Steel incorporated in Sri Lanka. It is engaged in the business of manufacturing and supplying hot dip galvanized wire and nail wire with an installed capacity of 14,400 metric tonnes per annum. It had an annual turnover of LKR 1,569 million (Rs. 74.0 crore) in FY 14.
Established in 1907 as Asia's first integrated private sector steel company, Tata Steel Group is among the top-ten global steel companies with an annual crude steel capacity of over 28 million tonnes per annum. It is now the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries. The Tata Steel Group, with a turnover of USUSD 24.81 billion in FY 14, has over 80,000 employees across five continents and is a Fortune 500 company.