According to CEO and managing director of Tata Steel TV Narendran, the merger of 7 subsidiary firms with Tata Steel is anticipated to be completed in the fiscal year 2023–2024.
Angul Energy, Tata Steel Long Products (TSPL), The Tinplate Business of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company, and Tata Metaliks are the seven subsidiaries that will be amalgamated with the parent company.
The board had earlier in September 2022 approved a plan to combine six of its companies into itself in order to increase synergies, increase efficiency, and cut expenses.
When asked about the timetable for the merger, Narendran responded to PTI by saying, "We have previously announced the merging of six companies. One more Angul Energy merger was only been revealed."
The CEO did, however, add that the conclusion of the merger is contingent upon regulatory procedures, including NCLT clearances, and that process is anticipated to be finished in the upcoming fiscal year.
He told PTI, "We are relying on the speed at which we can complete our regulatory needs.
The CEO denied that there are any current plans to combine recently purchased NINL with Tata Steel.
The company agreed to operate the new asset as a separate legal entity for three years in accordance with the terms of the purchase agreement with the government. "After that, we can decide what is best for NINL," he said.
Additionally, the business disclosed an unexpected consolidated net loss of 2,224 crore for the third quarter that ended on December 31, 2022. (Q3FY23). This is a decrease of 76 percent from the profit of 9,572 crores reported in the same quarter last year. The steel production company's operational revenue decreased 6% to 57,083.56 crore for the reviewed period from 60,783 crore in the comparable period last year.
The CEO previously stated in an interview with Mint that higher coal costs, the necessity to stock up on supplies in the Netherlands before a maintenance shutdown, and pension adjustments were the three main causes of Tata Steel's less-than-expected financial results in the December quarter. The worst is over for Europe and India, said Narendran.
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