Tata Steel to sell stake in Al Rimal Mining
Tata Steel Limited on Thursday said it had signed definitive agreements with Oman National Investments Development Company (Tanmia) that will effectively reduce its shareholding in Al Rimal Mining LLC, from the present level of 70 to 51%.
Al Rimal Mining LLC, is a step-down subsidiary of Tata Steel Limited and was formed with the objective of limestone mining in Oman, Tata Steel informed the exchanges in a notification. Tata Steel held 70% equity stake in Al Rimal Mining through its wholly owned indirect subsidiary Tata Steel Global Minerals Holdings Pte. Under the agreement Tanmia, a closely held joint stock company incorporated in Oman, will be inducted into Al Rimal Mining as a shareholder.
“The closing of the transaction is subject to fulfilment of some conditions precedent under the agreements. The parties shall jointly work towards fulfilment of the same,” the statement added.