Tata Steel to sell South Africa assets: Report

Tata Steel, the world's No 7 steel maker, is in talks to sell its South African assets to raise more  than $150 million, the Economic Times reported on Monday citing a source it did not name.

Standard Chartered's India investment banking team has the mandate to select a potential buyer, the report added.

A Tata Steel official and Standard Chartered declined to comment, the paper said.

In September, Tata Steel's managing director HM Nerurkar denied reports the company was considering selling assets at its South African unit Tata Steel KZN, which it set up in 2006.

Officials at the firms could not immediately be reached for comment.