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Mumbai Jan. 24 Tata Steel, which is bidding for European steel maker Corus, has fortified its presence in South-East Asia, converting two of its NatSteel group companies into wholly owned subsidiaries and acquiring majority stake in the third.

The company said on Wednesday that it acquired 40 per cent equity stake in NatSteel Trade International Pte, a company in which it already owns 60 per cent stake.

It also acquired 50 per cent stake in NatSteel (Xiamen). Its earlier stake in that company was 50 per cent stake.

Further, the company acquired 22.6 per cent interest in NatSteel Vina Co. Ltd. Tata Steel's current holding in the company is 33.9 per cent.

The acquisitions were made at a total cost of Rs 84 crore.

They were made through Tata Steel's wholly owned Singapore subsidiary NatSteel Asia Pte Ltd. The stakes were acquired from Southern Steel Berhard, Malaysia.

More Stories on : Mergers & Acquisitions | Steel | Tata Steel Ltd

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