Bangalore, India — MININGREVIEW.COM — 21 December 2010 – Indian industrial giant Tata Steel “’ the world’s No. 7 steel maker “’ is in talks to sell its South African assets in order to raise more than US$150 million (R1 billion).
Reporting this development from here, the Economic Times did not cite a source. It said that Standard Chartered’s India investment banking team had been given the mandate to select a potential buyer.
Both a Tata Steel official and Standard Chartered declined to comment, the paper added.
In September, Tata Steel managing director H. M. Nerurkar denied reports that the company was considering selling assets at its South African unit Tata Steel KZN, which it had set up in 2006.
Tata Steel spokesman Sanjay Choudhry declined to comment on an Economic Times report when approached by Bloomberg News. Reuters reports that it was unable reach an official at Standard Chartered for comment.