Tata Steel Exits from Lankan Subsidiary; Divests Entire Stake

New Delhi: Tata Steel today exited from its Sri Lanka-based subsidiary, Lanka Special Steels, (LSSL) by selling its entire stake for Rs 20.4 crore.

In a BSE filing, the steel major said it has "...divested its entire stake in LSSL to EB Creasy and Company (a Lankan conglomerate) for a total consideration of LKR 433 million (around Rs 20.4 crore) in an all cash deal."

LSSL, a wholly-owned subsidiary of Tata Steel, is engaged in the business of manufacturing and supplying hot dip galvanised wire and nail wire.

It has an installed capacity of 14,400 tonnes per annum and generated an annual turnover of Rs 74 crore in 2013-14.

Tata Steel group is among the top 10 global steel companies with an annual crude steel capacity of nearly 30 million tonnes.

Tata Steel shares were trading 0.79 per cent up at Rs 319.35 per scrip during afternoon session on the BSE.