India-based global steel major Tata Steel Ltd (TSL) on Wednesday said it has pulled out of its manufacturing operations in Sri Lanka by divesting its entire stake in its subsidiary company for a sum of Rs.20.4 crore to E.B. Creasy & Company PLC in an all-cash deal.
Lanka Special Steels Ltd (LSSL), formerly a wholly-owned subsidiary of TSL's global wires business, is engaged in the business of manufacturing and supplying hot dip galvanised wire and nail wire with an installed capacity of 14,400 tonnes per annum.
Incorporated in November 2003 as part of the Indian steel major's overseas acquisition, it had an annual turnover of Rs.74.0 crore in the last fiscal.
LSSL is the sole manufacturer of galvanised iron wires in the island country and caters to the commercial galvanised wires market.