Tata Steel plans merger of group companies

Wednesday, 18 November 2020 11:53:45 (GMT+3)   |   Kolkata
       

Indian steelmaker Tata Steel is working on a plan to merge group companies to achieve greater synergies among its domestic business verticals, a company official said on Wednesday, November 18.

The official said that the company is working to merge Tata Metaliks and Indian Steel and Wire Products Limited into Tata Steel Long Products Limited. Tata Metaliks and Indian Steel and Wire both have similar size blast furnaces and procurement strategies, and the merger will bring synergies.

Tata Steel said that it will undertake a reorganization exercise in its domestic business by incorporating listed and unlisted companies into four clusters, namely, long products, downstream value addition, mining, utilities and infrastructure, and the merger of Tata Metaliks and Indian Steel and Wire is the first step towards that.

Tata Metaliks will, however, continue with its plans to double its capacity, he said.

Tata Metaliks has a 300,000 mt per year pig iron production facility along with a 200,000 mt per year ductile pipe making facility and is building a 15 MW captive thermal power plant.


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