Tata Steel Long Products Ltd on Thursday said the National Company Law Tribunal (NCLT) has approved the amalgamation of the company with Tata Steel Ltd. Tata Steel is to merge Tata Steel Long Products and six other subsidiaries with itself.
In a regulatory filing, Tata Steel Long Products said the NCLT’s Cuttack bench, on October 18, sanctioned the scheme of amalgamation of the company with Tata Steel.
Earlier, Tata Steel CEO & MD T V Narendran had said the merger of the subsidiary companies with itself is expected to be completed in 2023-24.
The subsidiaries to be merged with Tata Steel are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.
Source: Economic Times