In a significant development, Tata Steel Long Products Ltd has announced that the National Company Law Tribunal (NCLT) has granted approval for the amalgamation of the company with Tata Steel Ltd.
Tata Steel is set to merge Tata Steel Long Products along with six other subsidiaries into its fold.
According to an official regulatory statement released by Tata Steel Long Products, the NCLT’s Cuttack bench, in a decisive move, gave its blessing to the proposed scheme of amalgamation with Tata Steel on October 18.
Previously, Tata Steel’s CEO and Managing Director, T. V. Narendran, had disclosed that the integration of these subsidiary companies into the main entity is on track to be finalized during the fiscal year 2023-24.
The list of subsidiaries that will be seamlessly merged with Tata Steel encompasses Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining Company.
About Tata Steel:
Tata Steel Limited, a well-known multinational steel manufacturer, is headquartered in Mumbai, Maharashtra, and operates primarily from its base in Jamshedpur, Jharkhand. It occupies a substantial role within the Tata Group, a prominent conglomerate with a wide range of business interests.
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