Tata Steel has sold its stake in Africa-focused Riversdale Mining for a cool Australian dollar 1.06 billion, walking away with nearly 100% profit from the investment.
Tata Steel said that they tendered Riversdale shares in Rio Tinto open offer. The Tata group company said that they continue in a joint venture with Riversdale Mining, where it holds 35%. The two companies had formed a 35:65 joint venture company Benga Coal Project for developing the coal field in 2009.
On March 3, 2011, the company had hiked its voting power in Riversdale to 27.13% from 24.21% via Tata Steel Global Mineral Holdings Pte. It had acquired additional 2.99% voting power for Australian dollar 113.6 million.
Source: www.moneycontrol.com
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DENIP Consultants Pvt Ltd
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