Tata Steel has increased its stake in Riversdale Mining, Australia, by close to 2%. The move gives a clear sense that the company has no intention to exit Riversdale anytime soon, putting to rest speculations to the contrarily.

Prior to Rio Tinto’s AUD 3.9 billion offer for Riversdale in December 2010, TATA Steel had 24.4% stake in the company, now at over 26%

An analyst with an international research firm said: “Tata Steel has increased its stake yesterday morning. Its a clear indication that the company is not looking to exit Riversdale.”

(Sourced from BS)