According to the market news, Indian Tata Steel had stopped the plan of selling its Southeast Asian steel business to HBIS Group Co., Ltd., one of the Chinese leading steelmakers, which Tata Steel originally decided to sell 70% of Southeast Asian business by US$327 million.

Tata Steel mentioned that HBIS Group failed to obtain approval from the government, causing it to stop the program.

Under the original schedule, TS Global Holdings Pte., Ltd., a subsidiary of Tata Steel, signed a definitive agreement with a company held by HBIS Group and agreed to sell all of its shares in Natsteel Holding Pte. Ltd. and its Thai subsidiary.

Tata Steel acquired Natsteel Holding Pte. Ltd. in 2004 by Rs 13.13 billion, which was its first investment in Southeast Asia. Two years after, it acquired Thailand steelmaker Millennium Steel.

However, both acquisitions pulled the margin of Tata Steel because of their worse performances and low annual capacities, arousing the idea of Tata Steel to sell it.