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Tata Steel to sell its steel distribution unit in NZ
Tata Steel to Sell Its Steel Distribution Unit in New Zealand. Tata Steel Ltd on Tuesday informed bourses that Steel & Tube Holdings of New Zealand has agreed to acquire Tata Steel International (Australasia) Ltd (TSIAL) for a cash consideration of NZ$ 27.5 million (or Rs. 141 crore).
Steel and Tube Holdings agreed to acquire the unit for Rs 141 cr
Mumbai: Tata Steel Ltd on Tuesday informed bourses that Steel & Tube Holdings of New Zealand has agreed to acquire Tata Steel International (Australasia) Ltd (TSIAL) for a cash consideration of NZ$ 27.5 million (or Rs. 141 crore).
Tata Steel International (Australasia) based in New Zealand, is a distribution business supplying stainless steel, engineering steels and composite floor decks to the New Zealand and Pacific Island markets.
In New Zealand, the company operates from 8 regional locations and offers its local and international customers with a comprehensive supply chain management service for steel, stainless steel, and associated products and services. As a division within Tata Steel Group, it also offers ex-mill sales of colour coated and packaging steels, railway tracks, and structural sections.
Tata Steel International Australasia Ltd is an excellent strategic fit for Steel & Tube. Acquiring it’s established stainless and engineering steel distribution business, alongside its ComFlor manufacturing capability, will ensure continued growth under the long-established and well respected Steel & Tube brand," said Dave Taylor, CE at Steel & Tube Holdings said in a company release.
