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News Roundup: Tata Steel eyes sale of some UK assets

10 April, 2013

Tata Steel Ltd. , is considering selling some of its UK assets as a weakening economy erodes demand leaving factories underutilized. The selling of UK units, acquired as part of a $12 billion takeover of Corus Group Plc six years ago, would help Tata cut debt. The company is also considering selling part of its Australian operations. Tata Steel has three major assets in the UK, with a capacity of 10.6 million metric tonnes annually, including a mill at Port Talbot in West Glamorgan in Wales and a plant at Scunthorpe in South Humberside, England. (Business Standard)

IT firms on shopping spree in Europe: Indian IT companies seem to be on a shopping spree in Continental Europe, despite the lacklustre economic environment in the region. Tata Consultancy Service, Infosys and Cognizant Technology Solutions have embarked on a strategy to acquire companies that enable them to break into key customer accounts, especially in the traditionally conservative markets of Germany and France. Recently, TCS made its first acquisition in France with the acquisition of Alti SA for $97.5 million (about INR 533 crore), its second acquisition in Continental Europe. Last September, Infosys acquired Swiss consulting firm Lodestone for about $350 million. In December, Cognizant ventured out in Germany to buy six companies for an undisclosed amount. Earlier this year, Geometric bought 3Cap Technologies, a German firm specialising in automotive electronics engineering, for an undisclosed amount. (Business Line)

Courtesy: VCCEdge


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News Roundup: Tata Steel eyes sale of some UK assets

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