Tata Steel Ltd.

Tata Steel’s subsidiary Natsteel Holding has sold 27.03 per cent stake in the Malaysian company Southern Steel Berhadits for $72 million (about Rs 338 crore). The sale is part of Tata Steel's strategy of restructuring its portfolio and reconsidering its position in geographies where it does not have a majority control.

The company will continue to explore various opportunities to grow its South-East Asian business in the future. NatSteel, a wholly-owned subsidiary of Tata Steel, has operations in Singapore, Australia, China, Malaysia, Philippines, Thailand and Vietnam. Tata Steel acquired NatSteel in 2005.

As on March 31, Tata Steel's gross debt was $11,882 million and the company was trying to repay its debt through various means including the stake sale in long-term investments. Last fiscal, the company sold stakes in various investments worth $218.6 million.