Tata Steel has inked an agreement for equity partnership for its Canadian Iron Ore Mines. Tata Steel Minerals Canada together with its parent companies has signed definitive agreements for concluding investments of C$ 125 million as equity and C$ 50 million as debt with Government of Quebec’s investment entities, Resources Quebec (RQ) and Investment Quebec (IQ) respectively, totaling C$ 175 million.
The investment will result in an 18% equity stake for Resources Quebec in Tata Steel Minerals Canada in line with the carrying value of the investment in Canadian iron ore assets for Tata Steel. Consequently, the shareholdings of Tata Steel and New Millennium Iron will be adjusted to 77.68% and 4.32% respectively.
Tata Steel has invested in Eastern Canada to set up mining operations across several deposits straddled across the Quebec-Newfoundland and Labrador- peninsula and multiple processing facilities including a state-of-the-art beneficiation plant. The project has consequently enabled the development of infrastructure facilities including rail, roads, telecommunications and Port that has had significant positive impact in the socio economic landscape in Quebec and Newfoundland and Labrador.
| Company Name | CMP |
|---|---|
| Tata Steel | 212.05 |
| JSW Steel | 1239.90 |
| SAIL | 173.50 |
| Jindal Stainless | 787.90 |
| APL Apollo Tubes | 2105.45 |
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