SEATTLE (Scrap Monster): As part of streamlining its operations, steelmaker Tata Steel announced plans to liquidate a number of entities. The company plans to reduce the number of subsidiaries, associate companies and joint ventures, especially in Europe during this financial year.
The Tata Group had nearly 300 entities as on the close of the fiscal year ended 31st March, 2019. It has brought down the number to 217, as on the close of the previous fiscal. It must be noted that 44 entities were reduced during FY22 alone, majority of them belonging to its European arm.
As on 31st March, 2022, the steel conglomerate owns 172 subsidiaries, 20 associates and 25 joint ventures. While it added 3 subsidiaries during the year, it deleted a total of 41 subsidiaries, 1 associate and 3 joint ventures.
In the ongoing fiscal too, the company plans to unwind a substantial number of entities in Europe. The 32 non-trading European subsidiaries in voluntary liquidation are expected to enter into dissolution in 2022-’23.
It must be noted that the steel group had completed the process of segregating the UK and Netherlands businesses with their own governance structures in the second half of the previous fiscal.
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