Mumbai, Jan. 24: As it is looking for an entry into the European steel market through a possible buyout of Corus, Tata Steel is equally busy increasing its presence in Southeast Asia, where it has consolidated stake in three companies.

Tata Steel informed the Bombay Stock Exchange today that NatSteel Asia Pte Ltd, its Singapore arm, has acquired Malaysia-based Southern Steel Berhad’s stake worth Rs 83.5 crore in NatSteel Trade International, NatSteel (Xiamen) and Natsteel Vina Ltd.

The acquisition of a 40 per cent stake in NatSteel Trade and a 50 per cent stake in NatSteel (Xiamen) would make these two companies the wholly owned subsidiaries of NatSteel Asia Pte Ltd, which was taken over by the Tatas in 2005.

The additional 22.6 per cent stake in NatSteel Vina would make the company NatSteel Asia’s subsidiary with a 56.5 per cent equity holding.

While NatSteel Trade is the trading arm of NatSteel Asia Pte Ltd, NatSteel (Xiamen) and NatSteel Vina manufacture wire rods and steel reinforcement bars.

The NatSteel group has a steel manufacturing capacity of 1.7 million tonnes per annum. In Europe, Tata Steel is eyeing Corus, which has a manufacturing capacity of a little over 19 million tonnes.

At present, Tata Steel has a manufacturing capacity of over 5 million tonnes.

Tata Steel had earlier entered into an agreement with NatSteel Asia to acquire its steel business for Singapore $486.4 million (Rs 1,313 crore) in an all-cash transaction. The investment was one of the largest by an Indian company in Singapore.