T S Global Holdings (TSGH) Singapore, a 100% indirect subsidiary of Tata Steel, has executed definitive agreements with TopTip Holding Pte Ltd. (TopTip), a Singapore based steel and iron ore trading company, to divest its 100% equity stake in NatSteel Holdings Pte. Ltd (NSH) for an Equity Value of USD 172 million (Rs 1,275 crores).
The press release further stated, “Based on the historical performance of the transacted business, the Enterprise Value to EBITDA works out to be about 13 times”.
The wires business of NatSteel in Thailand (Siam Industrial wires) has been retained by Tata Steel as part of the downstream wires portfolio.
“The transaction has been closed, the consideration received, and will be used for reduction of off-shore debt,” the press release concluded.
