Tata Steel drops plan for merger with subsidiaries

Tata Steel will roll back its proposed merger with subsidiary companies Tata Metaliks and Tata Metaliks DI Pipes, it announced on Tuesday May 17.

The absorption of the two smaller entities into the parent company was envisaged three years ago but it could not get the requisite approvals for the merger, which led to a decision to put off the plans. “The decision [announced today] is based on careful consideration of various factors, including inordinate delays in obtaining requisite regulatory and statutory approvals,” Tata Steel group executive director (finance and corporate) Koushik Chatterjee said. The board of Tata Steel is also of the opinion...


Suresh Nair

May 17, 2016

18:48 GMT