Tata Steel announced Friday that six of its affiliate companies would merge with itself . The Board of the corporation approved a proposal in this regard on Thursday .
In a tweet on Friday, Tata Steel announced that six of its affiliate companies would merge with itself.The Board of the corporation approved a proposal in this regard on Thursday, according to the board.According to a statement issued by Tata Steel, the Board of Directors of Tata Steel considered and approved options for the proposed amalgamation of six subsidiaries into and with Tata Steel.Tata Steel Long Products Limited has 74.91 percent interest, The Tinplate Company of India Limited (74.96%), Tata Metaliks Limited (60.03%), The Indian Steel & Wire Products Limited (95.01%), Tata Steel Mining Limited, and S & T Mining Company Limited (both wholly-owned subsidiaries).The Board also approved the reunification of TRF Limited (34.11 percent equity), a Tata Steel related corporation, into Tata Steel Limited.The proposed merger, according to Tata Steel, is intended to create synergies, simplifying the group's holding and management structure, and consolidating and strategically growing downstream operations and engineering capabilities.The board has weighed in on the plan based on independent impartiality and valuation findings.It followed the procedure established by the Companies Act, 2013 and the Securities and Exchange Board of India Regulations. After completion, there will be additional opportunities for lowering overhead and company costs.According to the group, each of the proposed amalgamations will have a value-added effect on shareholders.Following due process, the Boards of all the merged companies also considered the plans and unanimously approved the proposal.According to the company, the proposed merger is also part of Tata Steels' ongoing attempt to simplify the group holding structure. PTI ABI AQS