British steelmaker Tata Steel has closed its sale of a 19% stake in Oman-based limestone mining company Al Rimal Mining to Oman National Investments Development Company (Tanmia).
In May 2019, Tata Steel‘s subsidiary TS Global Holdings signed a definitive agreement to induct Tanmia as a shareholder in Al Rimal Mining.
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The completion of the transaction has reduced Tata Steel’s stake in Al Rimal Mining from 70% to 51%.
The financial terms of the deal have not been disclosed.
Al Rimal Mining is a step-down subsidiary of Tata Steel that was formed to focus on limestone mining in Oman.
When the agreements were signed in 2019, Tata Steel said Al Rimal Mining’s other existing shareholders would also divest their stakes of 11% to Tanmia. This would give Tanmia a 30% shareholding in Al Rimal Mining.
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By GlobalDataTata Steel’s board of directors recently approved schemes for the amalgamation of six subsidiaries into and with Tata Steel, based on independent fairness and valuation opinions.
The subsidiaries are all majority-owned by Tata Steel and include Tata Steel Long Products Limited, The Tinplate Company of India Limited, Tata Metaliks Limited, The Indian Steel & Wire Products Limited, Tata Steel Mining Limited and S & T Mining Company Limited.
The board also approved the amalgamation of TRF into Tata Steel.
Claimed to be one of the world’s most geographically diversified steel producers, Tata Steel has an annual crude steel production capacity of 34 million tonnes.
In July, the company called on the UK Government to support its efforts to reduce carbon emissions and invest in less energy-intensive electric arc furnaces, as reported by the Financial Times.
The company said that without government subsidies to help it reduce its emissions, it would need to close its operations at Port Talbot, Wales.
