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”.
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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.
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