Tata Steel divests 100% equity stake in NatSteel Holdings Pte

Tata Steel's indirect subsidiary, TS Global Holdings Singapore, has entered into an agreement with TopTip Holding Pte, a Singapore-based steel and iron ore trading company, to sell 100% of its shares in NatSteel Holdings Pte for $172 million in equity.

Based on the past performance of the traded business, the Enterprise Value to EBITDA comes out at approximately 13 times. Siam Industrial wires, NatSteel's wire business in Thailand, is owned by Tata Steel as part of its downstream wire portfolio.

The transaction was finalized on Thursday, the consideration obtained will be used for the reduction of external debt, it said.

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