Tata Steel has sold its Singapore unit, NatSteel Holdings Pte,17 years after it acquired for ₹1,275 crore ($172 million). TopTip Holding Pte, a Singapore-based steel and iron ore trading company.However, the wires business of NatSteel in Thailand (Siam Industrial wires) has been retained by Tata Steel as part of the downstream wires portfolio.
Based on the historical performance of the transacted business, the enterprise value to EBITDA works out to about 13 times. In the past, Tata Steel had attempted to sell NatSteel Singapore but the move had failed. In 2019, the Indian company had inked an agreement with China’s Hebei Iron and Steel Group to sell NatSteel Singapore along with its other operations in Vietnam and Thailand (Millennium Steel). But the deal had collapsed as it failed to pass muster with the Hebei government.
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