Tata Steel says Corus’ pension funds not at risk

October 15th, 2008 - 5:22 pm ICT by IANS  

New Delhi, Oct 15 (IANS) Tata Steel Wednesday said the pension fund surplus of its British subsidiary, Corus group, has risen in the last quarter ended Sep 30, compared to the previous quarter, and that these funds did not face any risk.In a regulatory statement, the steel major denied a report in a business newspaper that said Corus’s pension funds faced losses due to its exposure to the financial markets.

It said Corus’s British pension funds are “significantly de-risked with around 70 percent of the portfolio in debt related instruments”.

It said the aggregate surplus was $1 billion on June 30. “Based on initial quarter end assessment, the surplus as on September 30, 2008 is estimated to be higher than end June 2008,” said the company statement.

The details would be released at the time of publication of consolidated financial results in November 2008.

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