Tata Steel's subsidiary signs agreement with HBIS Group to divest South-East Asia business
Updated : January 28, 2019 04:26 PM IST
As per the agreement, the divestment will be made to a company in which 70 percent equity shares will be held by an entity controlled by HBIS and 30 percent will be held by TSGH, the company said in a BSE filing, adding that the agreement was signed for $327 million between the two parties.
The agreement was signed on Monday in Beijing and is expected to be completed in 3-4 months, subject to regulatory approvals, the company said in the filing.
Have you signed up for Primo, our daily newsletter?It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morningYOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more