Tata Steel on Monday viewed Africa-focused Riversdale Mining as a strategic investment.
The statement comes in the wake of global miner Rio Tinto's $3.5 billion bid for possible acquisition of Riversdale, in which Tata Steel has 24 per cent stake.
“Tata Steel views Riversdale Mining as a valuable strategic investment and continues to be interested in developing the tenements of the company,” the steel maker said in a statement. Tata Steel will continue to monitor the situation and will take appropriate action as deemed necessary, it said, adding that the company has taken note of media speculation regarding Riversdale Mining and the subsequent release. Shares of Tata Steel surged 3.38 per cent on the Bombay Stock Exchange.
