Tata Steel Limited
In the 2023-24 fiscal year, Tata Steel is likely to merge its 7 subsidiary companies, said CEO and managing director T V Narendran.
Angul Energy, Tata Steel Long Products (TSPL), The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining Company are the six subsidiaries to be merged with Tata Steel.
Tata Steel CEO and managing director T V Narendran said,” In September 2022, Tata Steel’s board approved a proposal to merge six of its subsidiaries into itself for greater synergies, higher efficiency, and reduce costs”.
Also read: Tata Motors Launches BS6 Phase 2-Compliant Passenger Vehicles With E20 Emission Norms
Pointing out the dependency on ‘regulatory processes’, he said, “We are dependent on the speed at which we can go through our regulatory requirements”.
Further, he added, “the completion of the merger depends on the regulatory processes including NCLT clearances, post which the process is expected to be completed in the next financial year”.
When the media asked about plans of merging the recently acquired NINL into Tata Steel, the CEO said there is no such immediate plan.
“Currently, Tata Steel is completely focusing on these 7 entities before its plans for more companies to merge into self”, Tata Steel CEO and managing director T V Narendran added.
Tata Steel is the steel arm of the prestigious Tata Group and one of the leading steel manufacturing companies in India. It’s primarily engaged in the business of steel making, including raw material and finishing operations. Its product portfolio caters to Agriculture, Automotive, Steel, Construction, Consumer Goods, Energy and Power, Engineering, and Material Handling sectors. The company is also the world’s most geographically diversified steel producer in over 50 countries.
Also read: Delhi High Court Restrains Parle From Using FAB!O Mark After OREO Alleges Trademark Infringement
Indian markets posted a third straight week of modest gains, with the Nifty and Sensex…
Iran’s Football Federation says it will skip the 2026 World Cup draw after the US…
Hong Kong mourned the Tai Po blaze victims as the death toll reached 128 and…
Delhi continued to battle heavy pollution on Saturday, with the CPCB reporting an AQI of…
Kareena Kapoor enjoys the 'Grease' as she promotes Netflix’s 'Dining with the Kapoors' and works…
India rushes 12 tonnes of relief to Sri Lanka under Operation Sagar Bandhu as Modi,…