Tata Steel Ltd. is weighing a sale of its stake in an e-commerce joint venture as India’s largest steel manufacturer looks to offload non-core assets to pare debt, people with knowledge of the matter said.
The company is working with advisers on a potential sale of its 50% stake in mjunction Services Ltd., an online marketplace for commodities from steel, diamonds to grains and tea, said one of the people, who asked not to be named as the discussions are private. The steel maker is seeking a valuation of about 14 billion rupees ($197 million) for its stake, the person said. State-owned Steel Authority of India Ltd. holds the rest of mjunction.