Tata Steel Limited (TSL) and Krosaki Harima Corporation (KHC) have signed definitive agreements today to induct KHC as a strategic partner in Tata Refractories Limited (TRL). Under this arrangement, KHC will acquire 51% equity stake out of TSL’s current 77.46% stake in TRL. KHC is an associate company of Nippon Steel Corporation of Japan. The transaction is based on an equity valuation of TRL of approximately Rs 1130 crores and is subject to approval of relevant regulatory authorities in India and Japan.

KHC is a leading refractory player with global presence and advanced technology. With this association Tata Steel believes that TRL will be able to access latest technology and diversify its product offering. It will also provide TRL an opportunity to easily access markets outside India. TSL will continue to hold 26.46% equity stake and as a key customer, hopes to benefit from improved refractory technology by this association with KHC.

Mr. Hemant Nerurkar, Managing Director of TSL said "I am happy with this association with Krosaki Harima and I am sure this partnership will propel the business to greater heights in future".

Mr. Yasuo Hamamoto, Representative Director and President - KHC said "We are delighted that we will be managing TRL in close association with Tata Steel. While TSL is a technologically advanced steel-maker, TRL is the largest refractory manufacturer in India.

This partnership is a big honor for us and we will put our best efforts to develop TRL in future".

About Tata Steel
Established in 1907, Tata Steel Group is among the top ten global steel companies with an annual crude steel capacity of over 27 million tonnes per annum (mtpa). It is now one of the world's most geographically diversified steel producers, with operations in 26 countries and a commercial presence in over 50 countries. The Tata Steel Group, with a turnover of Rs 1,024 billion in FY '10, has over 81,000 employees across five continents and is a Fortune 500 company. The Group's vision is to be the world’s steel industry benchmark in "Value Creation" and "Corporate Citizenship" through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency.

About Tata Refractories Limited
Established in 1958, Tata Refractories Limited has pioneered refractory production in India. Today, this ISO 9001 company is the largest refractory company in India with a wide range of products like Basic, Dolomite, High Alumina, Monolithic & Silica Refractories having a consolidated installed capacity of 3,04,760 TPA (FY ‘10). Its key customers span the Steel, Cement, Glass, Copper, and Aluminium industries. Its main Works is located at Belpahar in the district of Jharsuguda in the state of Odisha, India. The company has two subsidiaries viz TRL Asia Pvt. Ltd. (a Singapore based SPV) and TRL China Ltd, 100% subsidiary of TRL Asia Pvt. Ltd. In FY10, its consolidated turnover was Rs 905 crores and the EBITDA stood at Rs 101 crores. For further details please visit : www.tataref.com.

About Krosaki Harima Corporation
Head Office: 1-1 Higashihama-machi, Yahatanishi-ku, Kitakyushu, 806-8586, Japan

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