Corus, Europe’s second major steel producer, has informed that it has sold its 50 percent stake held in GrantRail Group to its joint venture (JV) partner, VolkerWessels.

The conglomerate is a an arm of Tata Steel.

According to the sources, GrantRail Group is a leading provider of rail infrastructure services and is not a part of Corus` core business i.e. steel production activities.

Scrip of Tata Steel closed at Rs 155, up 3.19 percent on National Stock Exchange (NSE). The total volume of shares traded at NSE was 8,391,877.

Tata Steel KZN, a South African arm of Tata Steel, has revealed that it has opened a new briquette plant in the industrial port of Richards Bay, South Africa.

According to the sources, the proposed plant is ready for use earlier this week.

Briquette, which is used for kindling, is a block of coal dust, charcoal and sawdust or wood chips.

Kindling is a material for starting a fire, especially small pieces of dry wood.

The source further revealed that the project is not only reduce unemployment in the region, but it will also improve the quality of life of the local people.