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Tata Steel's request to retract its merger proposal with TRF Ltd has been approved by the National Company Law Tribunal (NCLT), as disclosed in an exchange filing. This decision follows Tata Steel's announcement on February 7, where it revealed the board's decision to abandon the merger due to TRF Ltd's improving business performance. The filing stated, "We would like to inform that the National Company Law Tribunal, Mumbai Bench (NCLT), vide its order dated February 8, 2024, has allowed the withdrawal of the scheme."
Earlier, Tata Steel had unveiled plans to merge nine strategic businesses, including Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining Ltd, and S & T Mining Company.
According to Tata Steel, TRF Ltd specialises in executing turnkey projects for material handling in sectors like infrastructure (power and ports) and industry (steel plants, cement, fertilisers, and mining). TRF also manufactures material handling equipment at its Jamshedpur, Jharkhand, facility.
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