In recent developments, Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF Limited, Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining will be merged. The merger is an important step towards streamlining the company’s structure.
Tata Steel CEO and MD TV Narendran said, “we had already announced (merger of) 6 companies earlier. (Merger of) one more Angul Energy we announced recently,” he said. “We’re dependent on the speed at which we can go through our regulatory requirements,” he added.
According to a top official, the merger’s completion will be contingent on regulatory approvals, including those from the National Company Law Tribunal (NCLT). However, Tata Steel CEO & MD TV Narendran told PTI that the company has no plans to merge with the recently acquired Neelachal Ispat Nigam Ltd (NINL), which it purchased last year for approximately Rs 12,000 crore. Tata Steel will issue 67 shares for every ten shares of Tata Steel Long Products and 17 shares for every ten shares of TRF.
Tata Steel Limited is an Indian multinational steel company headquartered in Mumbai, Maharashtra, with its headquarters in Jamshedpur, Jharkhand. It is a subsidiary of the Tata Group. Tata Steel, formerly known as Tata Iron and Steel Company Limited (TISCO), is one of the world’s leading steel producers, with an annual crude steel capacity of 34 million tonnes. It is one of the most geographically diverse steel producers in the world, with operations and commercial presence all over the world. In the fiscal year ending 31 March 2020, the group (excluding SEA operations) had a consolidated turnover of US$19.7 billion. It is India’s second-largest steel company.
(This article has been edited by Reeya Katakdaund)