Tata Steel today exited from its Sri Lanka-based subsidiary, Lanka Special Steels, (LSSL) by selling its entire stake for ₹20.4 crore.
In a BSE filing, the steel major said it has “...divested its entire stake in LSSL to EB Creasy and Company (a Lankan conglomerate) for a total consideration of LKR 433 million (around ₹20.4 crore) in an all cash deal.”
LSSL, a wholly-owned subsidiary of Tata Steel, is engaged in the business of manufacturing and supplying hot dip galvanised wire and nail wire.
It has an installed capacity of 14,400 tonnes per annum and generated an annual turnover of ₹74 crore in 2013-14.
Tata Steel group is among the top 10 global steel companies with an annual crude steel capacity of nearly 30 million tonnes.
Tata Steel shares closed 2.26 per cent up at ₹324 per scrip on the BSE.