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Amid investor uncertainty soon after the exit of former chairman <keyword id="6356895" type="PERSON" weightage="20" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword>, <keyword id="6357147" type="CITY" weightage="100" keywordseo="Tata-Steel">Tata Steel</keyword> 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 <keyword id="3793863" type="UNKNOWN" weightage="20" keywordseo="labrador-peninsula">Labrador Peninsula</keyword> 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 <keyword id="3793862" type="COMPANY" weightage="20" keywordseo="new-millennium-corp">New Millennium Corp</keyword>. 
 "We are confident the Quebec government's investment will facilitate implementation of <keyword id="3793864" type="UNKNOWN" weightage="20" keywordseo="tata-steel-mineral-canada">Tata Steel Mineral Canada</keyword>'s future plans of ramping up production, improving cost competitiveness and development of mineral deposits in Quebec,” <keyword id="160546" type="COMPANY" weightage="20" keywordseo="Tata-Steel-group">Tata Steel Group</keyword> Executive Director (<keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> and Corporate) <keyword id="159647" type="PERSON" weightage="20" keywordseo="Koushik-Chatterjee">Koushik Chatterjee</keyword> told The Economic Times.

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

<ul><li><keyword id="45609" type="CITY" weightage="20" keywordseo="JSW-Steel">JSW Steel</keyword> Chairman Sajjan Jindal said that they don’t see ArcelorMittal as a challenge </li><li>Tata Steel’s CFO Koushik Chatterjee also said there should be competition in the market. </li><li>SAIL chairman A K Chaudhary said that ArcelorMittal's entry will promote healthy competition. </li></ul>Presence of more companies in the market will lead to more innovations, quality and R&amp;D activities, said domestic steel players on Thursday while reacting to the entry of global steel giant ArcelorMittal in India.
 "We don't see ArcelorMittal as a challenge," JSW Steel Chairman Sajjan Jindal told on the sidelines of the ISA Steel Conclave here.
 More the number of players, more the research &amp; development (R&amp;D) activities, innovations, quality in the market, he added reacting to a question how will the ArcelorMittal's entry benefit the consumers.
 Jindal Steel and Power Chairman Naveen Jindal said, "We see its (ArcelorMittal's) entry as a positive step."
 Tata Steel Chief Financial Officer Koushik Chatterjee also said there should be competition in the market.
 Steel Authority of India Ltd (SAIL) Chairman A K Chaudhary said, "ArcelorMittal's entry will promote healthy competition in market."
 The industry looks forward to work with them in future, he added.
 Last week, the Supreme Court paved the way for ArcelorMittal's takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4 NCLAT order giving equal status to financial creditors and operational creditors.
 Following the verdict, ArcelorMittal said it expects to complete the acquisition of the debt-ridden company by the end of this year.
 Essar Steel was auctioned under the new Insolvency and Bankruptcy Code to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors. ABI HRS

Tata Steel and JSW welcome competition from ArcelorMittal after it buys Essar

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Mumbai, Jan 10 () Tata Steel on Friday said its Netherlands subsidiary has executed agreements for the refinancing of its bank debt and has raised term-loan facilities of EUR 1.75 billion from 19 banks.
 Tata Steel Netherlands Holdings B V (TSNHBV), a 100 per cent subsidiary of Tata Steel Ltd, has raised the long-term fund.
 "This represents a reduction of EUR 500 million versus the external debt outstanding in Tata Steel Europe as of March 2019, enabling the standalone European business to have a more robust balance sheet, while it is also putting in significant efforts at restructuring and improving its operating performance," the company said in a statement.
 The facilities have also been contracted at favourable terms and more efficient pricing, besides extending the maturity profile relative to the existing ones, it added.
 "The new financing has more flexible terms and better pricing that will provide greater financial headroom to the business in the coming years," said Koushik Chatterjee, executive director and chief financial officer, Tata Steel.
 The Company was able to complete this financing despite all the volatility in the financial markets, demonstrating the strong confidence enjoyed by Tata Steel in the financial community, the official added.
 Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum.
 It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world. NKD CS HRS

Tata Steel's Netherlands subsidiary raises Eur 1.75 bn to refinance debt

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The Tata Group has geared up to meet challenges like slowdown in some areas and exponential growth and opportunities in other sectors. 
 
To meet its requirements, the group has roped in headhunters to appoint people at key posts like MD and CFO. 
 
People in knowhow of the matter told Economic Times that a reputed search firm was appointed to hunt for an MD of Tata Motors. 
 
Tata Motors, India's largest truck and bus maker, has been leaderless since the death of Karl Slym in January last year. 
 
DHR International, which is supposed to possess expertise in identifying key talent for automobile companies, is leading the search. 
 
The financial daily reported that Indian partner of a global search firm has also been asked to shortlist candidates for the post of Tata Motors chief financial officer as the incumbent C Ramakrishnan will be retiring in June this year. 
 
"We will announce the details for the new managing director and for the chief financial officer once we have made these appointments," a Tata Motors spokesperson told ET in an emailed response, adding "We do not have any additional comments on these at present." 
 DHR International is also looking at internal candidates for the post of chief financial officer of <keyword id="46894" type="PERSON" weightage="80" keywordseo="Tata-Sons">Tata Sons</keyword>, the group holding company. 
 
ET reported that for nearly two decades, Ishaat Hussain was among the few financial whiz kids in the Tata Group having led the finance functions in both Tata Steel and Tata Sons. 
 
But in 2012, he became the non-executive director at Tata Sons and the group has been examining various alternatives since then. 
 
A top official close to the situation told the financial daily that two internal candidates have been shortlisted and a decision could be made soon. 
 
These candidates are Praveen Kadle, the 54-year-old managing director of Tata Capital who was earlier the chief financial officer of Tata Motors, and Koushik Chatterjee, group executive director (finance and corporate) of Tata Steel. 
 
"These matters are internal to the company. As and when we have an announcement to make, we will inform you," a Tata Sons spokesperson told ET in an emailed response. 
 
Meanwhile, Tata Motors needs a strong leader capable of overhauling the organisation to develop new products and compete with multinationals. 
 
(Image: Reuters)

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