Tata Steel Decided to Merge Seven Subsidiaries by FY24
Steel News | 2023-02-13 21:56:42
The merger of six companies were earlier announced in September last year.
By Paul Ploumis
SEATTLE (Scrap Monster): Tata Steel expects to complete the merger of seven subsidiary companies with the parent company in fiscal year 2023-’24 itself, said TV Narendran, CEO and Managing Director, Tata Steel.
Accordingly, Angul Energy, Tata Steel Long Products (TSPL), The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, and Tata Steel Mining and S&T Mining Company will be merged with the company, he noted.
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The merger of six companies were earlier announced in September last year. The recent announcement adds Angul Energy to the list, thus making it seven. The completion of merger depends largely on regulatory processes, including the National Company Law Tribunal (NCLT) clearances.
At the same time, the executive clarified that there are currently no plans to merge the recently acquired Neelachal Ispat Nigam Limited (NINL) into the company. As per terms of purchase agreement, the company is required to run the asset as a separate legal entity for a period of three years, after which a decision will be taken, he added.
Tata Steel had reported consolidated net loss of INR 2,224 crore in Q3 FY23 ending 31st December, 2022, compared with INR 9,572 crore profit posted in the corresponding quarter a year before. The steelmaker had reported 6% year-on-year decline in revenue from operations during the quarter.
