Tata Steel to Merge All Group Metal Companies

SEATTLE (Scrap Monster): The Board of Directors of Tata Group approved amalgamation of all seven metal companies into Tata Steel. The merger with the parent company was approved in the board meeting held Thursday.

Accordingly, Tata Steel Long Products Limited, The Tinplate Company of India Limited, Tata Metaliks Limited, TRF Limited, The Indian Steel & Wire Products Limited, Tata Steel Mining Limited and S & T Mining Company Limited will get merged with Tata Steel, said a filing by the company.

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In a filing to the stock market exchanges, Tata Steel noted that the board has approved seven separate schemes of amalgamations-one scheme for each company. Each scheme is subject to receipt of approval from the requisite majority of shareholders of respective companies involved in the transaction, stock exchanges such as the National Stock Exchange of India Limited (NSE), Bombay Stock Exchange Ltd (BSE) and the Securities and Exchange Bureau of India (SEBI) - the market regulator. In addition, it also requires necessary sanctions by statutory or judicial authorities in accordance to applicable laws.

The proposed amalgamation is part of company’s efforts to simplify its group holding structure.