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TATA STEEL LIMITED INDUCTS KROSAKI HARIMA CORPORATION AS STRATEGIC PARTNER IN TATA REFRACTORIES LIMITED
Mumbai, India – 21st April 2011 –Tata Steel Limited (TSL) and Krosaki Harima Corporation (KHC)
have signed definitive agreements today to induct KHC as a strategic partner in Tata Refractories
Limited (TRL). Under this arrangement, KHC will acquire 51% equity stake out of TSL’s current
77.46% stake in TRL. KHC is an associate company of Nippon Steel Corporation of Japan. The
transaction is based on an equity valuation of TRL of approximately Rs 1130 crores and is subject
to approval of relevant regulatory authorities in India and Japan.
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KHC is a leading refractory player with global presence and advanced technology. With this
association Tata Steel believes that TRL will be able to access latest technology and diversify its
product offering. It will also provide TRL an opportunity to easily access markets outside India.
TSL will continue to hold 26.46% equity stake and as a key customer, hopes to benefit from
improved refractory technology by this association with KHC.
Mr. Hemant Nerurkar, Managing Director of TSL said “I am happy with this association with
Krosaki Harima and I am sure this partnership will propel the business to greater heights in
future”.
Mr. Yasuo Hamamoto, Representative Director and President - KHC said "We are delighted that
we will be managing TRL in close association with Tata Steel. While TSL is a technologically
advanced steel-maker, TRL is the largest refractory manufacturer in India.
This partnership is a big honor for us and we will put our best efforts to develop TRL in future".
About Tata Steel
Established in 1907, Tata Steel Group is among the top ten global steel companies with an
annual crude steel capacity of over 27 million tonnes per annum (mtpa). It is now one of the
world's most geographically diversified steel producers, with operations in 26 countries and
a commercial presence in over 50 countries. The Tata Steel Group, with a turnover of Rs
1,024 billion in FY '10, has over 81,000 employees across five continents and is a Fortune 500
company. The Group’s vision is to be the world’s steel industry benchmark in “Value Creation”
and “Corporate Citizenship” through the excellence of its people, its innovative approach and
overall conduct. Underpinning this vision is a performance culture committed to aspiration targets,
safety and social responsibility, continuous improvement, openness and transparency. |
