Shares of Tata Steel rose more than 3 percent in the early trade on Monday as company signed joint venture (JV) agreements to create new steel champion in Europe.
Tata Steel has approved the terms to create a 50:50 joint venture which will combine the European steel businesses of the company and thyssenkrupp AG and has adopted resolutions for the signing of the definitive agreement, company said in release.
The formal execution of the definitive agreements is expected shortly.
JV company will be positioned as a leading pan European high quality flat steel producer with a strong focus on performance, quality and technology leadership to support customers’ sustainability ambitions.
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Source: https://www.moneycontrol.com/news/business/markets/tata-steel-rises-3-on-jv-agreement-with-german-company-clsa-maintains-buy-2658081.html
