HBIS has failed to get approval from the Hebei government to purchase a majority stake in Natsteel
 Time:
2019-08-07

China's Hebei Iron & Steel (HBIS) has failed to get approval from the Hebei government to purchase a majority stake in Natsteel,Tata Steel's businesses in Thailand and Singapore. 'HBIS have not been able to procure the requisite approvals from the Hebei government, one of the key conditions precedent for the proposed transaction. Both parties have decided not to extend the definitive agreements,' Tata Steel said on late Tuesday August 6. The Indian steel-making company has begun engaging other investors in its current strategy to find a partner for Tata Steel (Thailand) and Natsteel Holdings in Singapore. Tata Steel had previously signed agreements with HBIS to divest its equity stake in the two businesses to a company in which HBIS would hold 70% of equity. The remaining 30% would have still been owned by Tata Steel.

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