Tata Steel Companies Merger: The merger of seven subsidy companies of steel manufacturer Tata Steel is expected to be completed in the next financial year i.e. 2024. Company’s Chief Executive Officer and Managing Director TV Narendran said that this merger process will be completed in the financial year 2023-24. This merger is being done with the intention of having more synergy within the company and reducing costs.
Tata Steel merger proposals passed in September 2022
The board of Tata Steel had approved the proposal to merge its six subsidiaries with the company in September 2022. Later in this process another subsidy named Angul Energy has been added. However, Narendran said that the completion of the merger process would also depend on regulatory approvals. For this, approval of NCLT will also have to be taken. He hoped that this process would be completed in the financial year 2023-24.
Which 7 companies will be merged
Apart from Angul Energy, the process includes Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.
CEO gave important information
When asked about plans to merge the recently acquired NINL with Tata Steel, Narendran said, “As per the purchase agreement with the government, the company plans to operate this unit as a separate entity for three years.” Committed to. After that we will take a decision in this regard.