HBIS is one of the largest steelmakers in the world, with revenue of over $40 billion.
In a major step towards refocusing its attention on the domestic markets, Tata Steel Monday said that it will sell 70 percent of its stake in assets in South East Asia.
TS Global Holdings (TSGH), a unit of Tata Steel, has signed an agreement with Beijing based HBIS Group.
"As per the agreement, the divestment will be made to a company in which 70 percent equity shares will be held by an entity controlled by HBIS, and 30 percent will be held by TSGH. The agreements were signed today in Beijing, China," said a Tata Steel statement.
The two assets are Singapore-based NatSteel Holdings Pte. Ltd, and Tata Steel (Thailand).
Moneycontrol, had earlier reported that Tata Steel will retain 30 percent of its stake in these assets. The company didn't disclose financial details of the deal.
“The definitive agreement signed today between the two companies is a significant milestone in our strategic relationship, offering the SEA (South-East Asia) business robust growth opportunities, given the access to resources, technical expertise and regional understanding of HBIS," said T V Narendran, CEO & Managing Director, Tata Steel.
"Tata Steel remains committed through its shareholding to help create a sustainable future for all stakeholders," he added.
HBIS is one of the largest steelmakers in the world, with revenue of over $40 billion.
Tata Steel's senior management is expected to share more details on a conference call with the media, later in the day.
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