February 25, 2004
Chairman of Natsteel
Mr. Muthuraman takes over as Chairman of Natsteel in Singapore
Tata Steel has established one of the strongest pan-Asian steel manufacturing groups by the acquisition of a Singapore-based steel company NatSteel Ltd by subscribing to 100 per cent equity of its subsidiary NatSteel Asia Pvt. Ltd. (NatSteel Asia). This investment is one of the largest by an Indian company in Singapore. As a part of this takeover, all steel assets of NatSteel Ltd in Singapore, Malaysia, Thailand, Vietnam, Phillipines, Australia and China (except Changzhou Wujin NatSteel) have been transferred to NatSteel Asia. The company has also reconstituted the board of the new company to facilitate smooth functioning and Mr B. Muthuraman has unanimously been elected Chairman of the newly constituted Board of Directors. The other members inducted from Tata Steel are Dr T. Mukherjee and Mr Koushik Chatterjee, the Deputy Managing Director and Vice-President (Finance) of TISCO respectively.
Addressing press reporters on this occasion, Mr B. Muthuraman termed the partnership with NatSteel Asia as the union of one of the world's most profitable and India's largest private sector manufacturing groups with one of Southeast Asia's most respected steel companies and added that this partnership will forge the strengths of the two best-of-breed companies to tap emerging opportunities in the pan Asian steel market.