TISCO MAY MAKE Rs110-Cr PROFIT
Article Abstract:
Tata Steel is to sell its 40 percent stake in Tata Timken to its foreign partner Timken of the US. Tata Timken is the second largest ball bearing manufacturer in India after SKF. Timken plans to consolidate the Indian company in its global operations. Timken's sales went up by 9.3 percent to $2.61 billion for the year ended March 1997. The sale of the 2.54 crore shares will fetch Tata Steel Rs135 crore of which Rs110 crore would be direct profit. The sale is part of Tata Steel's divestment plans in which the company is selling its stakes in non-core companies and mobilising the resources generated thereby to enhance its profitability in its core area of steel-making. (nr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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TISCO TO USE CEMENT UNIT SALE PROCEEDS TO REPAY LOANS
Article Abstract:
Tata Iron & Steel Co (Tisco) plans to repay its loans through the proceeds from the sales of its cement division. It has sold its two slag cement units to Lafarge for Rs550 crore a few months ago. It decided to sell its cement division to concentrate on its core business and deploy cash in steel. The company proposes to repay debt of Rs1000 crore and replace it with new debts. Tisco has already repaid debts of Rs1200 crore and borrowed Rs800 crore in 1998-99 and its liabilities currently stand at Rs4500 crore. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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