The Business Bytes
TBB BUREAU
MUMBAI, SEPT 23, 2022
Tata Steel Board of Directors on Thursday approved a proposal to merge with itself six of its subsidiary companies.
“The Board of Directors of Tata Steel considered and approved schemes for the proposed amalgamation of six subsidiaries into and with Tata Steel,” the statement issued by Tata Steel said.
The subsidiaries are Tata Steel Long Products Limited in which Tata Steel holds 74.91 per cent equity, The Tinplate Company of India Limited (74.96 per cent), Tata Metaliks Limited (60.03 per cent), The Indian Steel & Wire Products Limited (95.01 per cent equity holding), Tata Steel Mining Limited and S & T Mining Company Limited (both wholly-owned subsidiaries).
“Tata Steel Board approves the amalgamation of strategic businesses into the company,” the statement said.
The Board also approved the amalgamation of TRF Limited (34.11 per cent equity), an associate company of Tata Steel, into Tata Steel Limited.
Tata Steel said the proposed amalgamation is aimed at driving synergies, simplifying the group holding and management structure, and consolidating and strategically growing downstream operations and engineering capabilities.
“On completion, there will be further opportunities towards reduction of overhead and corporate costs. Each of the proposed amalgamations will be value-accretive for shareholders,” the company said.
