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TS Global Holdings Singapore, a wholly-owned indirect subsidiary of Tata Steel has executed definitive agreements with TopTip Holding Pte, a Singapore-based steel and iron ore trading company, to divest its entire equity stake in NatSteel Holdings Pte for an equity value of $172 million (₹1,275 crore).
Based on the historical performance of the transacted business, the Enterprise Value to EBITDA works out to be about 13 times. The wires business of NatSteel in Thailand (Siam Industrial wires) has been retained by Tata Steel as part of the downstream wires portfolio.
Also read: Tata Steel commissions first ever plant to capture CO2 from blast furnace
The transaction has been closed on Thursday, the consideration received and will be used for reduction of off-shore debt, it said.
Tata Steel had acquired the Singapore firm in 2004 for ₹1,313 crore
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