Date:31/5/11,
M&A, Strategic Investment,
Krosaki Harima Corp, a unit of Japan’s Nippon Steel, acquires 51% stake in Tata Refractories Ltd from Tata Steel Ltd for INR 11.3 billion. As a result of this deal Tata Steel Ltd decreases its stake 77.46% to 26.46% stake.
Krosaki Harima Corp,a refractories maker and its 42.9 % equity is owned by Nippon Steel. The company, listed on the stock exchanges at Tokyo and Fukuoka, had recorded a sales figure of 82,874 million yen as of March 31, 2010.
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