Published - April 01, 2015 04:24 pm IST - MUMBAI
Tata Steel has divested its entire stake in its wholly-owned Sri Lankan subsidiary, Lanka Special Steels Ltd. (LSSL). The company was sold to E.B. Creasy & Company for around Rs. 20.4 crore (433 million Lankan rupees) in an all cash deal, Tata Steel said in a statement.
LSSL is into manufacture and supply of hot dip galvanized wire and nail wire with an installed capacity of 14,400 tonnes per annum and had an turnover of Rs. 74 crore (around 1,569 million Lankan rupees) in 2013-14.
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