Tata Steel Limited (TATLY.PK), Wednesday announced that its board has approved the acquisition of 50.01 percent equity stake in mining company Thriveni Pellets Private Limited from Thriveni Earthmovers Private Limited for INR 636 crore.
Through this acquisition, the company aims to secure pellet making facilities for Tata Steel in India.
The deal is estimated to close within 3-4 months.
Tata Steel's stock is trading at $9.25 on the OTC Markets.
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