Tata Steel said that New Zealand’s Steel and Tube would acquire Tata Steel International Australasia (TSIA) for a consideration of New Zealand $27.5 million (around Rs.143 crore).

A statement from the company said New Zealand-based Tata Steel International Australasia is a leading supplier of stainless steel, engineering steels and composite floor decks to the New Zealand and Pacific Island markets. TSIA also sells colour coated and packaging steels, railway tracks and structural sections.

On the Bombay Stock Exchange on Monday, Tata Steel moved up by 1 per cent to close trading at Rs.405.95. — Special Correspondent

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