Tata Steel raises stake in Canadian miner to 27%

Tata Steel raises stake in Canadian miner to 27%
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First Published: Tue, Jun 08 2010. 08 36 AM IST
Updated: Tue, Jun 08 2010. 08 36 AM IST
Mumbai: Tata Steel, the world’s eighth-largest steel producer, has raised its holding in Canadian miner New Millennium Capital to 27%, the company said.
It bought 14.3 million shares in New Millennium Capital for 20 million Canadian dollars (US$19 million), taking its total holding to 40 million shares. Tata Steel had initially bought a stake in October 2008, the company said in a statement late on Monday.
In November last year, Tata Steel’s unit had signed a joint venture with New Millennium Capital and LabMag for developing a direct shipment ore project in Canada.
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First Published: Tue, Jun 08 2010. 08 36 AM IST
More Topics: Tata Steel | New Millennium | India | Canada | LabMag |