Tata Steel plan to acquire London Mining`s Brazilian assets

Tata Steel is planning to acquire the UK-based London Mining`s (LM) Brazilian iron ore assets, reports Business Standard.

The valuation of the assets is estimated around USD 2 billion. London Mining owns assets in Sierra Leone, Saudi Arabia, Greenland and Mexico.

Shares of Tata Steel gained Rs 13.85, or 1.73%, to end at Rs 816.4. The total volume of shares traded was 1,276,462 at the BSE. (Tuesday)