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The merger is carried out with the intention of generating greater synergy within the company and reducing costs. Tata Steel’s board of directors had approved the proposal to merge six of its subsidiaries into the company by September 2022.
New Delhi. The merger of seven subsidiaries of steelmaker Tata Steel is expected to be completed in the next fiscal year. The company’s CEO and CEO TV Narendran said in a conversation with PTI that the merger process will be completed in the 2023-24 fiscal year. The merger is carried out with the intention of generating greater synergy within the company and reducing costs. Tata Steel’s board of directors had approved the proposal to merge six of its subsidiaries into the company by September 2022. Another subsidiary called Angul Energy was added later in the process.
However, Narendran said that the completion of the merger process would also depend on regulatory approvals. For this, you will also have to take the approval of NCLT. He expected this process to be completed in the 2023-24 fiscal year. In addition to 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.
When asked about plans to merge recently acquired NINL with Tata Steel, Narendran said that under the government purchase agreement, the company will continue to operate this unit as a separate entity for three years. After that, we will make a decision about it.
Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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