Tata Steel says financial statements present true and fair value

MUMBAI (Reuters) - Tata Steel Ltd on Thursday said its financial statements present a true and fair value of the company, in response to a request for clarification from India's stock exchanges.

The exchanges made the procedural request after the former chairman of parent Tata Sons Ltd, Cyrus Mistry, on Wednesday said the group could face an $18 billion writedown, partly related to the acquisition of its European steel business.

"As part of the preparation of financial assets, the value-in-use of the assets of the Company is tested for impairment as per the Accounting Standards," Tata Steel said in a statement.

 

The company said it had nothing further to "comment or disclose."

(Reporting by Promit Mukherjee)