 "Tata Steel sells 51% in refractory unit for Rs 500 cr")
[caption id=“attachment_1646” align=“alignleft” width=“380” caption=“Stringer Shanghai/Reuters”]  [/caption]
Tata Steel, the biggest Indian steel maker, sold a 51% stake in the refractory business for Rs 500 crore to the Japanese Krosaki Harima Corporation. Krosaki is an associate company of Nippon Steel. The company expects to retain 26.5% stake, according to a release. The equity valuation of Tata Refractories, in which the company held 77.5% stake.TRL makes basic, dolomite, alumina, silica and monolothic refractories with an installed capacity of 300,000 tonnes per annum. The company has two subsidiaries in China. For the year ended March 2010, the company reported revenue of Rs 905 crore and operating profit of Rs 101 crore.
Tata Steel shares rose 0.5% at Rs 628 on the Bombay Stock Exchange on Thursday.
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