Tata Steel’s indirect subsidiary TS Global Holdings Singapore has entered an agreement with TopTip Holding Pte, a Singapore-based steel and iron ore trading firm, to divest 100% equity share in NatSteel Holdings Pte for an equity value of $172 million. Based on the past performance of the transacted business, the Enterprise Value to EBITDA works out to be around 13 times. Siam Industrial wires, the wires business of NatSteel in Thailand, has been held by Tata Steel as part of the downstream wires portfolio. The transaction has been closed on Thursday, the consideration obtained will be utilised for off-shore debt reduction, it said. Tata Steel had procured the Singapore company in 2004 for Rs 1,313 crore. Earlier, Tata Steel had made failed efforts to sell off low-margin assets overseas to pare debt. In January 2019, a definitive agreement was inked with an entity owned by China’s state-run HBIS Group to sell a majority share in NatSteel Holdings and Tata Steel, Thailand, for $327 million. Image Source Also read: Tata Steel launches 5 TPD carbon capture plant in Jamshedpur