Tata Steel has divested its equity stake in its joint venture Tata Elastron S.A, to Elastron S.A. for an amount of 0.368 million euros (Rs 2.72 crore). The company had a 50% joint venture with the Greek company Elastron S.A which is engaged in steel processing and reselling of steel products.
The JV operated as a subsidiary of British Steel Netherland International B.V. The agreement for the sale was entered into on July 10 and the sale was completed on the same day
The announcement comes a day after Tata Steel entered into a definitive agreement to sell two of its pipe mills in Hartlepool, UK to Liberty House Group, led by Indian entrepreneur Sanjeev Gupta.