Tata Steel acquires controlling stake in Tinplate Company of India

Friday, 01 April 2011 16:00:47 (GMT+3)   -  
SteelOrbis News

Indian steel giant Tata Steel has announced that as of April 1, 2011 Tinplate Company of India Limited (TCIL) has become its subsidiary, consequent to the 16.57 percent increase in its shareholding in TCIL, from 42.88 percent to 59.45 percent.
This increase is due to automatic and compulsory conversion of three percent fully convertible debentures of INR 100 ($2.25) each into equity, Tata Steel said.
TCIL is the largest indigenous producer of tin-coated and tin-free steel sheets in India, enjoying a 35-40 percent market share, with capacity doubled to 379,000 mt. TCIL exports about 20-25 percent of its products to the markets of Southeast Asia, the Middle East and some countries in Europe.

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