Tata Steel invests in Canada
Tata Steel has invested C$125 million (about ` . 625 crore) in equity in the government of Quebec’s investment entity Resources Quebec and another C$50 million (about ` 250 crore) in debt in Investment Quebec amid investor uncertainty, especially after the ouster of former chairman Cyrus Mistry.
Tata Steel Minerals Canada is a joint venture between Tata Steel and New Millennium Iron Corp, where the Indian firm holds 94%. After the investment, Resources Quebec will hold 18% stake in the JV , while Tata Steel’s will come down to 77.68%. The remaining stake of New Millennium Corp will fall to 4.3% from 6%. “We are confident that the Quebec Government’s investment will facilitate the implementation of Tata Steel Mineral Canada’s future plans of ramping up production, improving cost competitiveness and the development of the mineral deposits in Quebec,“ said Tata Steel Group executive director (finance and corporate) Koushik Chatterjee.