‘No plan to list Tata Steel Global’August 6th, 2008 - 8:28 pm ICT by IANS
Kolkata, Aug 6 (IANS) India’s largest private steel manufacturer Tata Steel Ltd said Wednesday that there was no plan to list Tata Steel Global Resources (TSGR), the holding company for its steel and raw material assets outside India. Speaking on the sidelines of the ICT-2008 seminar here, Koushik Chatterjee, group chief financial officer, said: “We are not planning to list Tata Steel Global.”
In July it was reported that the steel giant wanted to list TSGR on the London Stock Exchange to raise funds to acquire iron ore and coal mines.
However, Chatterjee ruled out any such move.
The Singapore-based TSGR is the holding company for all international steelmaking and raw material assets of Tata Steel.
Regarding immediate fund raising plans, he said the company would raise funds to finance some of its proposed acquisitions of raw material mines as well as some of its domestic steel projects.
“We have significant fund requirements. We have to go for structured finance, the quantum of which will be announced once we come out with our second quarter results,” Chatterjee said.
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