Tata steel to sell its cold rolling mill to Theis

MUMBAI: Tata Steel on Monday announced the sale of its cold rolling mill at Sisodra, Gujarat to Theis Precision Steel India, an indirect wholly owned subsidiary of Friedr Gustav Theis Kaltwalzweke GmbH, Germany, for Rs 67 crore.

“The above transaction is subject to Theis completing the conditions precedent by April 30, 2007,” the Indian major said in a statement to the BSE on Monday.

In a separate annoncement, Tata Steel said it has recorded best ever hot metal production (5.55 million tonne), crude steel (5.05 million tonne) and saleable steel (4.93 million tonne) production. “The crude steel production crossed the 5 million tonnes mark for the first time,” said the company.

The company’s stock was down 4.8% at Rs 427.7 on the BSE at 14.10 hrs.