Business: 7 Tata metal firms to be merged with Tata Steel
Tata Steel board has approved schemes to merge seven of Tata group metal companies with it, according to a regulatory filing on Friday. Read more on Dynamite News:
New Delhi: Tata Steel board has approved schemes to merge seven of Tata group metal companies with it, according to a regulatory filing on Friday.
These Tata group metal companies are Tata Steel Long Products Ltd (TSLP), The Tinplate Company of India Ltd (TCIL), Tata Metaliks Ltd (TML), TRF Ltd, The Indian Steel & Wire Products Limited (ISWP), Tata Steel Mining Limited (TSML) and S & T Mining Company Ltd (S&T Mining).
The mergers/amalgamations are aimed at sharing best practices among the group companies, cross-functional learnings, utilizing each other's facilities and collaborating for marketing and distribution network among others.
"Each Scheme was reviewed and recommended to the Board by the Committee of Independent Directors and the Audit Committee of the Company," Tata Steel said in a filing to stock exchange BSE.
It also said that each scheme is subject to the receipt of approval from the requisite majority of the shareholders of the respective transferor companies and transferee company, competent authority, market regulator SEBI, stock exchanges and other authorities as may be necessary as per applicable laws.
"Each Scheme along with the related documents/certificates will be submitted to the Stock Exchanges, as per the provisions of Regulation 37 of the Listing Regulations read with the SEBI Circulars, wherever required," Tata Steel said. (UNI)