HBIS agrees to buy 70% of Tata's Southeast Asian steel projects

Chinese steelmaker HBIS Group agreed to buy 70 percent of Indian conglomerate Tata Steel's projects in Southeast Asian countries on Monday, which is considered a "smart move" to invest in this regional market by experts.

HBIS, the world's third-largest steelmaker by output, which is based in Hebei province, will take over Tata Steel's projects in Singapore, Thailand, Vietnam and Malaysia, in order to maximize opportunities in the region on technology, channels and management.

The company didn't disclose the detailed investment scale of the projects.