Sunday, Apr 30, 2006
Industry & Economy - Steel
Tatas complete Millennium Steel acquisition http://www.thehindubusinessline.com/2006/04/30/stories/2006043003270200.htm
Our Bureau
Mumbai , April 29
Tata Steel Ltd has informed BSE that it has completed the acquisition of 67.11 per cent stake in Thailand-based Millennium Steel Public Company Ltd. The investment was completed through a combination of preferential allotment of 24.99 per cent equity shares to the company and 42.12 per cent of equity shares through open tender offer. The investment was made by the company and its wholly owned subsidiary, NatSteel Asia Pte Ltd, Singapore.
Board reconstituted
Following the completion of the deal, the board of Millennium Steel was reconstituted with the majority of directors being the nominees of the company. Its board comprises 11 directors, of which six are the nominees of the company.
Mr B. Muthuraman, Managing Director, Tata Steel, has been appointed as the Chairman of Millennium Steel. Other members of the Board are Dr T. Mukherjee, Mr U.K. Chaturvedi, Mr Koushik Chatterjee and Mr Oo Soon Hee, Mr Santi Charnkolrawee, the current Managing Director of Millennium Steel would continue on the Board as a nominee of the Company.
Millennium Steel has a capacity of 1.7 million tonnes producing long products for construction and engineering steel for auto industry. It operates through 3 facilities in Thailand.
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