Thursday, December 15 2005 19:50 Hrs (IST) - World Time -

Kolkata: Tata Steel today (Dec 15, 2005) signed an agreement with Cementhai Holding Company (CHC) of Thailand, to acquire Millennium Steel Company which would cost the largest private steel-maker in the country around 175 million US dollar for 100 per cent holding in the company.

Tata Steel will buy out 40 per cent stake of CHC, a 100 per cent subsidiary of Siam Cement Company of Thailand, at a total cost of 72 million US dollar.

Tata Steel Managing Director B Muthuraman, who returned here from Bangkok along with the company's Deputy Managing Director T Mukherjee after signing the agreement, told newspersons that the company would infuse additional funds of between 58 to 60 million US dollar in capital.

Tata Steel hoped to get 55 per cent control in the 1.7 million tonne capacity steel company by March 2006 subject to shareholders' and regulatory approval, Muthuraman said.

The company would come out with an open offer at 1.15 Thai Baht per share for the remaining 45 per cent from retail shareholders.