Tata Steel will not sell stake in Riversdale

Tata Steel will not sell its stake in Australian mining entity Riversdale, which was acquired by Anglo-Australian miner Rio Tinto earlier this month.

Tata Steel, through its wholly-owned subsidiary TS Global Minerals Holdings, is the single largest shareholder of Riversdale owning 27.14 per cent.

“Yes, we will continue to hold on to our stake,” Tata Steel’s Vice-Chairman B Muthuraman told reporters on the sidelines of an industry event here.

This comes in the backdrop of Rio Tinto’s announcement last week that it had extended the takeover offer to April 29 for Riversdale shareholders.

It had control over 72 per cent of takeover target Riversdale after it bought Brazilian firm CSN’s 19.9 per cent stake.