Tata Steel is planning to sell 19 per cent of its holding in the Oman-based limestone mining company, Al Rimal Mining LLC, to Oman National Investments Development Company (Tanmia).
In a statement, Tata Steel said it has signed a definitive agreement to induct Oman National Investments Development Company as a shareholder in Al Rimal Mining LLC.
The mining company is a step-down subsidiary of Tata Steel.
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Consequent to the deal, the indirect shareholding of Tata Steel in Al Rimal Mining LLC will reduce to 51 per cent from 70 per cent.
The other existing shareholders of Al Rimal Mining LLC will also sell their part stake of 11 per cent to Tanmia.
After the transaction, Tanmia will hold 30 per cent in Al Rimal Mining LLC.
The closing of the transaction is subject to fulfilment of some conditions precedent under the agreements.
The parties shall jointly work towards fulfilment of the same, said Tata Steel.
