Tata Steel Sells Long Products Business To Greybull Capital; Shares Gain

Shares of Tata Steel advanced 1.5 per cent on Wednesday after the company's UK-based subsidiary sold its loss-making long products business to Greybull Capital LLP.

"As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and we hope that under Greybull ownership, the business will continue the momentum of the improvement programme that has been initiated in the last 12 months," said Tata Steel UK CEO Bimlendra Jha.

The deal comes weeks after Tata Steel's March announcement outlining the company's plans to sell all its UK operations after years of losses.

Shares of Tata Steel ended 0.65 per cent lower at Rs 332.15 compared to 0.17 per cent gain in the broader Sensex.