Tata Steel divests stake in indirect subsidiary Black Ginger

Steel behemoth Tata Steel has informed the bourses that it has completely divested its stake in indirect subsidiary Black Ginger 461 Pty Ltd (Black Ginger). TS Global Minerals Holding Pte Ltd, an indirect subsidiary of Tata Steel and IMR Asia Holding Pte Ltd had entered into a pact to divest its entire stake in Black Ginger. Black Ginger has a stake in an iron ore mine located in South Africa. 

Black Ginger holds 64 per cent stake in Sedibeng Iron Ore Pty Ltd in South Africa which is the operating company. The financial details of the stake sale were not disclosed by the company. The company had first announced that TS Global Minerals Holdings Pte Ltd had entered into an agreement with IMR Asia Holding Pte Ltd to divest its stake in Black Ginger on October 18 last year. 

In a filing with the London Stock Exchange earlier, the company had said that it would sell the entire majority stake to IMR Metallurgical Resources for 366 million South African Rand, with the transaction set to be completed in a year’s time. IMR Asia Holding Pte Ltd is a group company of Switzerland headquartered IMR Metallurgical Resources AG (IMR) which is a global metals and mining group and a leading supplier of raw materials to the steel industry . 

On Tuesday, Tata Steel was trading at Rs. 470.05 per share, up 0.92 per cent on the BSE.