Business | General

Tata Steel eyes stake in Indonesian state firm

India's Tata Steel wants to buy a stake in PT Krakatau Steel, Indonesia's state steel firm, and will meet for talks with Indonesia's industry minister in the next few days, a ministry official said on Sunday.

  • Reuters
  • Published: 00:27 May 5, 2008
  • Gulf News

Jakarta: India's Tata Steel wants to buy a stake in PT Krakatau Steel, Indonesia's state steel firm, and will meet for talks with Indonesia's industry minister in the next few days, a ministry official said on Sunday.

Global steel giants including ArcelorMittal, the world's biggest steel maker, and Australia's BlueScope Steel Ltd are also interested in buying shares in Krakatau Steel, one of the state-owned firms up for privatisation, I Putu Surya-wirawan, a director at the industry ministry, said.

"Tata is only one of the world's steel companies interested in being part of Krakatau Steel's privatisation," Suryawirawan said.

"So far, only ArcelorMittal has submitted a bid," Suryawirawan said, adding that government officials plan to meet with representatives of BlueScope, Australia's largest steelmaker, and Tata Steel, the world's sixth-largest steelmaker, next week.

Other steel firms interested in buying shares in Krakatau Steel include India's Ispat Industries, he added.

Anshari Bukhari, director general for metal at the industry ministry, last week told reporters that Krakatau Steel's assets were worth 11 trillion rupiah ($1.19 billion).

"Of course we want the highest (bid) we can get, but we must be realistic," said Bukhari.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Business General

  1. Australia and UAE explore cooperation

  2. DSF 2010 to kick off on January 28

  3. Forum to explore ways of boosting UAE exports

  4. Incentive scheme drives car demand in UK

All articles in General

More from Business

Gulf News
Popular in Business
Precious jump
General

Precious jump

Gold prices at new high as India's central bank buys $6.7b worth of gold

Business Editor's choice