The decision involves listed entities - Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, and TRF.
Tata Steel owns a majority stake in its subsidiaries Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, The Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining. The board also approved the amalgamation of associate firm TRF (34.11 equity holding) into Tata Steel.
Apart from consolidation operations, the proposed amalgamation is aimed at driving synergies. "The net present value of the synergies will be over 1,000-1,500 crore across all the companies that are proposed to amalgamate with Tata Steel," said Koushik Chatterjee, executive director and chief financial officer, Tata Steel.
The proposed amalgamations are aimed at enhancing management efficiency and driving sharper strategic focus across businesses, based on the parental support from Tata Steel leadership.
This story is from the September 24, 2022 edition of Business Standard.
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This story is from the September 24, 2022 edition of Business Standard.
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