Tata Steel to acquire 40 per cent stake in Thai Millenium Steel

Tata Steel said it has signed an agreement with Thailand’s Cementhai Holding Company, a Siam Cement Group company, for acquiring its 40 per cent stake in Millennium Steel. 
 
The company will purchase an additional 24.9 per cent by fresh issue of equity shares, subject to shareholders approval, the steel major informed the Bombay Stock Exchange. 
 
The value of 100 per cent equity of Millennium Steel as ascertained for the transaction is approximately US$175m, it said. 
 
The company will proceed with an open offer subject to certain conditions precedent to be satisfied to the company’s requirements. The transaction is subject to all regulatory approvals in Thailand and India as well as shareholders approval of Millennium Steel, it added.