Domestic steel maker Tata Steel on Tuesday said it has divested a 19-percent stake in Oman-based limestone mining company, Al Rimal Mining LLC, to Oman National Investments Development Company (Tanmia).
With this transaction, the company's shareholding in Al Rimal has come down to 51 percent from 70 percent, according to a regulatory filing. However, Tata Steel did not disclose the transaction value of the deal.
"Tata Steel, through T S Global Holdings Pte Ltd, has concluded the divestment of its 19 percent equity stake in AI Rimal to Tanmia on October 3, 2022," it said. T S Global Holdings Pte Ltd (formerly T S Global Mineral Holdings Pte Ltd), is a wholly-owned subsidiary of Tata Steel Ltd.
T S Global Holdings had entered into an agreement with Oman National Investments Development Company (Tanmia) and the existing shareholders of Al Rimal to transfer the stake to Tanmia.
After the transaction, Tanmia will hold 30 percent of Al Rimal Mining LLC.
Tata Steel is among the top three steel-producing companies in the country. The company produces close to 20 million tonnes in India. As per the World Steel Association, India's crude production was at 118 million tonne (MT) in 2021.
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