Tata Steel Approves Merger Of Seven Subsidiaries With Itself

Finance

The board of Tata Steel Ltd. has approved the merger of seven of its subsidiaries with itself, in a move that will simplify the structure and achieve better facility utilization.

The Jamshedpur-based steelmaker has approved the amalgamation of the following companies with itself:

Each scheme of merger is subject to the approval of shareholders, the Securities and Exchange Board of India, the stock exchanges and other statutory bodies, Tata Steel said in a late night filing on Thursday.

The company said the rationale behind the merger is to better operational integration, facility utilisation, have a simplified structure and management efficiency, faster execution of projects in pipeline and rationalisation of logistics cost.





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