Tata Steel Calls off Sale of Singapore & Thailand Units
Times of India reported that Tata Steel has put its proposal to sell the Southeast Asian business on the back burner as the company enters its next
Times of India reported that Tata Steel has put its proposal to sell the Southeast Asian business on the back burner as the company enters its next phase of its plan to consolidate operations, boost margins and reduce debt. The move follows an improvement in the Southeast Asian business performance since it was put on the block in early 2019. Operating profit of the business accelerated nearly 50% to INR 549 crore in fiscal 2021 Tata Steel reviewed the progress of its Southeast Asia business, which is in Singapore and Thailand, and decided to do away with its classification as assets held for sale. Consequent to the reclassification, the Southeast Asian operations is presented as continuing operations in Tata Steel's fiscal 21 statements
While the company decided to continue with its Southeast Asian business, it also continues to evaluate opportunities in India, its largest market. Tata Steel, said its management, will take a call on Rashtriya Ispat Nigam, in which the government plans to sell its stake. It has already evinced an interest in Neelachal Ispat Nigam, a PSU based in Odisha. These opportunities are being considered on the back of robust earnings and cash flows.