Clarification on TS may close scunthrope sale, explores JV for unit
|The Secretary, Listing Department||The Manager, Listing Department|
|BSE Limited||National Stock Exchange of India Limited|
|Phiroze Jeejeebhoy Towers,||Exchange Plaza, 5th Floor, Plot No. C/1,|
|Dalal Street,||G Block, Bandra-Kurla Complex, Bandra (E),|
|Mumbai - 400 001.||Mumbai - 400051.|
|Maharashtra, India.||Maharashtra, India.|
|Scrip Code: 500470||Symbol: TATASTEEL|
Dear Sirs/ Madam,
This has reference to your notice dated April 6, 2016, with respect to the news article "Company is on the verge of announcing the sale of its Scunthorpe unit to Greybull Capital and is also in advanced talks with Germany's ThyssenKrupp for a 50:50 joint venture with its Netherland unit".
In this connection, we wish to inform you that Tata Steel Limited is a large Indian multi-national steel manufacturing company having operations in 26 countries and commercial presence in over 50 countries. The Company is the world's second most geographically diversified steel producer.
Tata Steel as a part of its business strategy regularly evaluates strategic opportunities across various segments of its operations in different geographies.
The Company has made appropriate disclosures with respect to restructuring of its European Operations vide its communications dated December 22, 2015 (Tata Steel UK Limited Signs Letter of Intent regarding Long Products Europe Business) and March 29, 2016 (Review of European Portfolio of Tata Steel).
Against this background, the Company is from time to time involved in discussions on strategic perspectives for particular business activities. Such discussions are ongoing management tasks and we do not comment on speculation about such discussions.
We wish to clarify that that currently there is no further trigger that requires disclosure in terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This is for your information and records.
Tata Steel Limited