India: Tata Steel to sell SE Asia ops to China's HBIS Group for $327m

Tata Steel today announced that it is selling the bulk of its interest in its South East Asian steel operations to China’s HBIS group for cash consideration of $327 million while retaining 30% equity interest in the operations. The definitive agreements were signed in Beijing on Monday and the deal is expected to close in 2-3 months, Tata Steel’s management said.