Tata Steel Executive: No Change In Position On Riversdale

Tata Steel Ltd. (500470.BY) hasn't changed its decision of holding on to its shareholding in Riversdale Mining Ltd. (RIV.AU) despite Rio Tinto PLC (RIO.LN) taking a majority stake in the Australian miner, a senior Tata Steel executive said Friday.

"We are still there [in Riversdale]," B. Muthuraman, non-executive vice chairman, told reporters on the sidelines of an industry conference.

Rio Tinto has assumed control of Riversdale, with its interest in the Africa-focused coal producer rising above 50% Friday and with the prospect of increasing it further before the takeover offer closes in less than two weeks.

In December, Tata Steel Managing Director Hemant Nerurkar had said the company isn't averse to working with Rio Tinto in Riversdale.

Tata Steel holds a 27.1% stake in Riversdale.

- By Saurabh Chaturvedi, Dow Jones Newswires; 91-11-4356-3358; prasenjit.bhattacharya@dowjones.com

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