Six Subsidiaries Will Be Merged In Tata Steel
“Tata Group will merge six of its metal companies into Tata Steel to drive efficiencies and reduce costs. The amalgamation will be through a share swap,” Tata Steel said.
Tata Steel, the steel company of the country's reputed Tata Group, will merge six of its subsidiaries with itself. This information has been given in a statement issued by the company on Friday. It has been said in the statement on behalf of the company that a proposal related to this has been approved by the company's board on Thursday. The statement also said that the board of directors of Tata Steel has given its nod to the proposed merger plans of six subsidiaries with Tata Steel after considering it.
The subsidiaries of Tata Steel that will be merged are 'Tata Steel Long Products Limited', 'The Tinplate Company of India Limited, 'Tata Metaliks Limited', 'The Indian Steel and Wire Products Limited', 'Tata Steel Mining Limited' and 'Tata Steel Mining Limited'. S&T Mining Company Limited. ,
Tata Steel holds a 74.91 percent stake in 'Tata Steel Long Products Limited'. Apart from this, it has a 74.96 percent stake in 'The Tinplate Company of India Limited, 60.03 percent in 'Tata Metaliks Limited' and 95.01 percent in 'The Indian Steel & Wire Products Limited', while 'Tata Steel Mining Limited' and 'S&T Mining'. Company Limited' is its wholly owned subsidiary.
Along with this, the company's board has also approved the merger of Tata Steel's subsidiary 'TRF Limited' (34.11 percent stake) with Tata Steel Limited.