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India's Tata Steel says financial statements present true and fair value

Reuters
A man walks past a screen displaying Tata Steel logo before the start of a news conference in Mumbai, India May 25, 2016. REUTERS/Danish Siddiqui

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)