Domestic giant Tata Steel said on Monday that it has divested the entire stake in indirect subsidiary Black Ginger 461 Pty Ltd (Black Ginger) to a Switzerland-based metals and mining group. Black Ginger has a stake in an iron ore mine in South Africa.
TS Global Minerals Holding Pte Ltd, an indirect wholly owned subsidiary of Tata Steel, had entered into a pact with IMR Asia Holding Pte Ltd to divest its entire stake in Black Ginger. "TS Global Minerals Holding Pte Ltd has today (Monday) concluded the divestment of its entire stake in Black Ginger," Tata Steel said in a regulatory filing to the BSE.
The company on October 18 last year announced that T S Global Minerals Holdings Pte Ltd had entered into an agreement with IMR Asia Holding Pte Ltd to divest its entire stake in Black Ginger (100 per cent). Black Ginger, in turn, holds a 64 per cent stake in Sedibeng Iron Ore Pty Ltd, South Africa, which is the operating company, the filing said.
However, it did not disclose financial consideration and other details. Earlier, in a filing to the London Stock Exchange, Tata Steel had said that it would sell the majority stake to IMR Metallurgical Resources for 366 million South African Rand. The transaction was to complete in a year's time.
IMR Asia Holding Pte Ltd is a group company of IMR Metallurgical Resources AG (IMR), a global metals and mining group headquartered in Switzerland, and a leading supplier of raw materials to the steel industry.
(With inputs from agencies.)