Krosaki Harima Corporation (TSE:5352) agreed to acquire additional 26.62% stake in TRL Krosaki Refractories Limited from Tata Steel Limited (BSE:500470) on December 26, 2018. Krosaki Harima Corporation (TSE:5352) signed a contract with Tata Steel Limited on December 27, 2018. Post-acquisition, Krosaki Harima will increase the shareholding from 51% to 77.62% in TRL Krosaki Refractories.

TRL KROSAKI REFRACTORIES reported net assets of ¥5.8 billion, total assets of ¥12.9 billion, sales of ¥20.3 billion and net income of ¥789 million for the fiscal year ended March 2018. The transaction has been resolved by the Board of Directors of Krosaki Harima at the meeting held on December 26, 2018. The transaction is expected to be completed by December 28, 2018.