Tata Steel divests stake in Tata Elastron SA for Rs 2.7 crore
13 July 2017
Tata Steel has divested its equity stake in its joint venture Tata Elastron S.A, to Elastron S.A. for an amount of 0.368 million euros (Rs 2.72 crore). The company had a 50% joint venture with the Greek company Elastron S.A which is engaged in steel processing and reselling of steel products.
The JV operated as a subsidiary of British Steel Netherland International B.V. The agreement for the sale was entered into on July 10 and the sale was completed on the same day
The announcement comes a day after Tata Steel entered into a definitive agreement to sell two of its pipe mills in Hartlepool, UK to Liberty House Group, led by Indian entrepreneur Sanjeev Gupta.