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Tata Steel just invested C$150 million in a Canadian ore

BI India BureauOct 29, 2016, 15:26 IST

Amid investor uncertainty soon after the exit of former chairman Cyrus Mistry, Tata Steel invested C$125 million in equity in Government of Quebec's investment entity Resources Quebec and another C$25 million in debt in Investment Quebec. This would help in setting up mining operations across Quebec-Newfoundland and Labrador Peninsula and multiple processing facilities, including a beneficiation plant.

After the new investment, Resources Quebec will hold an 18% in the JV, while Tata Steel's shareholding will come down to 77.68%. The remaining stake will be with New Millennium Corp.

"We are confident the Quebec government's investment will facilitate implementation of Tata Steel Mineral Canada's future plans of ramping up production, improving cost competitiveness and development of mineral deposits in Quebec,” Tata Steel Group Executive Director (Finance and Corporate) Koushik Chatterjee told The Economic Times.