This government company will not be found in Tata Steel, the remaining 7 companies will be merged - Newztezz Online

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Sunday, February 12, 2023

This government company will not be found in Tata Steel, the remaining 7 companies will be merged


Tata Steel, one of the major companies of Tata Group, will soon become a big company. The merger of 7 subsidiary companies of the group is expected to be completed by next year.

Tata Steel, one of the largest and oldest steel companies in the country, is soon going to become a giant. The reason for this is Tata Steel's merger of its 7 subsidiaries. It is expected that this merger of Tata Steel will be completed in the next financial year.

PTI has quoted the company's CEO and Managing Director T.V. Narendran as saying that the merger process of Tata Steel will be completed in the financial year 2023-24. This will improve coordination within the company, as well as help in reducing costs.

7 subsidiary companies will end

The Board of Directors of Tata Steel had accepted the proposal to merge 6 subsidiary companies with each other in September 2022 itself. After this, the name of Angul Energy was also added to it. However, this process of merger will be completed only after getting approval from the regulators. For this, approval of NCLT will also have to be taken.

Apart from Angul Energy, Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company will be merged with Tata Steel.

Nilanchal steel will not be available now

TV Narendran when asked whether the recently acquired government company Nilanchal Ispat Nigam Limited (NINL) would also be merged with Tata Steel. On this, Narendran said that as per the purchase agreement with the government, Tata Steel will have to run this company as a separate entity for the next three years. Only after that Tata Steel will consider the proposal to merge this company with itself. He said that Tata Steel will first focus on the merger of these 7 companies only.

Tata Steel had completed the acquisition of government steel company Nilanchal Ispat Nigam Limited last year itself. The company has bought 93.71 percent stake in it. This deal was done for about Rs 12,100 crore.

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