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Mumbai, Nov. 26

Tata Steel has said that its subsidiary Corus UK has sold its 50 per cent stake in GrantRail Group Ltd to VolkerWessels, its joint venture partner. The steel major informed the BSE that GrantRail Group offered rail infrastructure services and was not a part of Corus’ core business – steel production activities. The details of the transaction were not made available. Doncaster-based GrantRail Group was formed in 1996 as a 50:50 joint venture between the internat ional rail and construction group VolkerWessels and Corus. It has grown substantially since then. GrantRail operating revenues have risen from18 million pounds in 1996 to 123 million pounds in 2007.

The transaction will result in VolkerWessels taking full ownership of the GrantRail Group. In a statement, Mr Joe Guerin, Managing Director of Corus Rail said “GrantRail is a successful business providing rail infrastructure services, but the joint venture was not part of our core steel production activities. The additional expertise available from VolkerWessels will help GrantRail to continue to develop and grow in the future.” —

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