India's Tata Steel said on Friday its unit NatSteel Holdings Pte Ltd has sold 27.03 percent stake in Malaysia's Southern Steel Berhad for $72 million.

The sale is part of the steel maker's strategy to restructure its portfolio and reconsider its position in areas where it does not have majority control, it said in a statement.

The company would continue to explore opportunities to grow in south-east Asian businesses in the future, it added.

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