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 99.99% of 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 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 boards of the two companies have decided not to pursue the merger. In response, TRF shares are locked in an upper circuit of 20%.
Tata Steel provided significant financial and operational support to TRF Ltd and the company has seen a turnaround in its business performance, the filing stated.
Shares of Tata Steel are trading little changed at ₹145.15.
(Edited by : Hormaz Fatakia)
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