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Another international setback for Tata Steel; deal to sell South-East Asian assets called off

Just eight months after it signed a deal with China's HBIS Group to sell stake in its South-East Asian business, Tata Steel has been forced to call it off. "The completion of transaction was subject to regulatory approvals. We have been informed by HBIS that they have not been able to procure the requisite approvals from the Hebei government, one of the key conditions precedent for the proposed transaction." Tata Steel said. This is the second such deal that has gone awry for Tata Steel. Earlier this year, its proposed JV with thyssenkrupp was blocked by the European Commission.

Read More at Moneycontrol News date : 7 Aug 2019, Wednesday

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