Tata Steel to set up unit for medical material, to buy bio-ceramics startup

The firm's wholly-owned subsidiary, Tata Steel Advanced Materials, will pick up 90% stake in Advanced Ceramics

Tata Steel is looking to set up a 'world class' facility to produce medical material and as a step towards it, Tata Steel Advanced Materials (TSAML), an indirect wholly-owned subsidiary, has invested in a bio-ceramics startup, Ceramat Private Limited.

In a filing with the stock exchanges, the company informed late on Monday that TSAML has executed a Share Purchase cum Shareholders’ Agreement for acquisition of a 90 per cent equity stake in Ceramat Private Limited (CPL).

As part of the rationale for the acquisition, Tata Steel said that it had identified Advanced Ceramics as one of the new materials for