The Board of Directors of Tata Steel on Friday approved the merger of seven of its subsidiaries – Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF Ltd., Indian Steel and Wire Products, Tata Steel Mining and S&T Mining with itself. .
Chatterjee told PTI, “We have been simplifying at Tata Steel for some time now. The objective is to strengthen the subsidiaries’ business within Tata Steel to promote management simplification and better focus on their business.
Chatterjee is also the Executive Director of Tata Steel. He said this was the next natural step after the successful amalgamation of Bhushan Steel. The integration of Bhushan Steel was more complicated.
In 2018, Tata Steel through its wholly owned subsidiary Bamnipal Steel Limited (BNPL) completed the acquisition of a controlling stake of 72.65 per cent in Bhushan Steel Limited (BSL).
Tata Steel Ltd had won the bid to acquire debt-ridden Bhushan Steel in an auction as part of the insolvency process.
Chatterjee said all the merged companies have a good future. He said these businesses are part of Tata Steel’s enterprise strategy and the company has more flexibility to grow some of them faster.
According to Tata Steel, the merger is also part of the simplification of the group’s holding structure.
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