Mumbai, March 8: NatSteel Asia Pte Ltd, a subsidiary of Tata Steel, is acquiring controlling interest in two rolling mills in Vietnam for an enterprise value of $41 million.

In a notice issued to the stock exchanges, Tata Steel said NatSteel Asia has entered into an agreement to acquire a controlling equity stake in two rolling mills at Haiphong, Vietnam, subject to certain conditions. The acquisition, aggregating to 4.30 lakh tonnes of finishing capacity, will be made in two companies — SSE Steel and Vinuasteel Ltd.

The acquisition is part of Tata Steel’s strategy of setting up manufacturing units close to consuming markets. According to the company, the acquisitions will widen its reach in the growing Southeast Asian region, including Vietnam.