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Tata Steel to sell UK-based TCP by Feb

Tata Steel plans to sell its UK-based Teesside Cast Products (TCP) plant for $500 million in two months.

Tata Steel plans to sell its UK-based Teesside Cast Products (TCP) plant for $500 million in two months and will use the proceeds to repay its European debts,a top company official said.

“We will close Teesside Cast Products plant sale within two months. The proceeds will be used to repay our European debt,” Tata Steel managing director H M Nerurkar told reporters.

He,however,did not reveal the amount of European debt. Earlier,Tata Steel’s UK subsidiary Corus said it had signed an MoU with Thailand’s largest steel producer Sahaviriya Steel Industries (SSI) to sell the TCP unit.

“We hope,we will reach a conclusion by February. SSI will pay $500-million for buying the Teesside plant,” Nerurkar said.

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First published on: 29-12-2010 at 01:12 IST
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