India's Tata Steel says financial statements present true and fair value
MUMBAI (Reuters) - Tata Steel Ltd (TISC.NS) on Thursday said its financial statements present a true and fair value of the company, in response to a request for clarification from India's stock exchanges.
The exchanges made the procedural request after the former chairman of parent Tata Sons Ltd [TATAS.UL], Cyrus Mistry, on Wednesday said the group could face an $18 billion (15 billion pound) writedown, partly related to the acquisition of its European steel business.
"As part of the preparation of financial assets, the value-in-use of the assets of the Company is tested for impairment as per the Accounting Standards," Tata Steel said in a statement.
The company said it had nothing further to "comment or disclose."
(Reporting by Promit Mukherjee)
