Posted on 02 Apr 2015
Tata Steel, the world's second most geographically
diversified steel producer, has exited its Sri Lankan unit Lanka Special Steels
by selling its entire 100% stake to EB Creasy & Company, a local player
there, for Rs 20 crore.
Lanka Special Steels manufactures hot-dip galvanized wire and nail wire and has
an installed capacity of 14,400 metric tonnes per annum. In FY14, the company
reported a turnover of Rs 74 crore.
The latest sale is part of Tata Steel's efforts to streamline its operations,
focus on core businesses and improve financial flexibility. Last April, Tata
Steel, ranked among the top ten global steel companies with an annual capacity
of over 28 million tonnes per annum, sold its engineering steel and composite
floor decks distribution businesses in New Zealand and Pacific Island to Steel
and Tube, a Kiwi company, for Rs 143 crore.
