Tata Steel divests stake in Lanka Special Steels

Tata Steel Limited has divested its entire stake in Lanka Special Steels Limited (LSSL) to E B Creasy & Company PLC (EBCC) for a total consideration of LKR 433 million (around Rs 20.4 crore) in an all cash deal.
 
Lanka Special Steels was a wholly owned subsidiary of Tata Steel incorporated in Sri Lanka. It is engaged in the business of manufacturing and supplying hot dip galvanised wire and nail wire with an installed capacity of 14,400 metric tonnes per annum. It had an annual turnover of LKR 1,569 million (Rs 74 crore) in FY 14.