Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Tata Steel on Wednesday said that the merger process of three remaining companies out of the total nine business entities with the steel major is in advanced stages and expected to be completed by the first quarter of next financial year.
The steel major, in an exchange filing, stated that the merger process of three companies, Bhubaneswar Power Pvt Ltd, Angul Energy Ltd and The Indian Steel and Wire Products Ltd is in advanced stages.
Bhubaneswar Power is a wholly-owned subsidiary of Tata Steel. The steel company holds a 99.99% stake in Angul Energy and 98.15% in The Indian Steel and Wire Products.
Tata Steel in 2022 announced the merger of nine strategic businesses with itself as part of its long-term strategy and commitment to simplify the business portfolio.
Tata Steel has completed the amalgamation of five companies, with a cumulative turnover of ₹19,700 crore in the financial year 2023, until February 1, 2024.
The company merged Tata Steel Mining Ltd. with itself on September 1, 2023, Tata Steel Long Products on November 15, 2023, and S&T Mining Company on December 1, 2023.
The steel maker completed the merger of The Tinplate Company of India Ltd. on January 15, 2024 and Tata Metaliks Ltd. on February 1, 2024.
On TRF Ltd, the company stated that the two companies' boards have decided not to pursue the merger. TRF shares are locked in an upper circuit of 20% in response.
The filing stated that Tata Steel provided significant financial and operational support to TRF Ltd, and the company has seen a turnaround in its business performance.
Also Read : Tata Steel gains 2% as Q4 India steel production rises 4.5% Jindal Stainless to supply special stainless steel grade to JBM Auto
Iron ore futures fell as China's economic expectations impacted the steelmaking feedstock, with pric...
Ferrous 14-Mar-2024
Jindal Stainless Ltd of India has decreased its export projection for the fiscal year ending March 3...
Logistics 25-Jan-2024
Kazakhstan has 15 rare earth deposits, which are strategically important components of electronics a...
Raw Material 22-Jan-2024
ArcelorMittal, a global steelmaker is aiming to introduce a premium on new European contracts for hi...
Large Corporate 20-Mar-2024
Larsen & Toubro's (L&T) Heavy Engineering division has secured noteworthy orders, both domes...
Large Corporate 23-Jan-2024
Coal PSUs under the administrative control of The Ministry of Coal have been at the forefront of doi...
Renewables 21-Feb-2024