Tata Steel [Get Quote] on Friday signed an accord with Riverseale Mining Ltd to acquire 35 per cent stake in its Mozambique coal project for $100 million (Rs 400 crore). "Tata Steel and Riverseale Mining Ltd, listed on Australian Stock Exchange, have entered into an MoU for strategic investment in Riverseale's Mozambique coal project by acquiring 35 per cent stake in it for a sum of 100 million dollars," a Tata Steel spokesperson told PTI.
Tata Steel is the world's sixth-biggest steel maker and this is the company's second major deal this year after the takeover of Anglo-Dutch steelmaker Corus Group Plc for around $12 billion.
This is also the second acquisition by a Tata Group company in the coal sector after Tata Power's [Get Quote] deal to buy 30 per cent stake in two coal mines in Indonesia for $1.1 billion early this year.
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