The merger of the seven subsidiaries with Tata Steel is expected to be completed in fiscal year 2023-24, according to Narendran, CEO and managing director of Tata Steel.
Indian multinational steel company Tata Steel Limited, part of the Tata Group, headquartered in Mumbai, has its flagship production site in Jamshedpur, Jharkhand. Producing 13 million tons per year, it is second in size only to Steel Authority of India Ltd. in terms of India's domestic production.
In order to increase synergies, efficiency and cost savings, Tata Steel's board of directors approved a plan in September 2022 to integrate six companies into the business. When asked about the timing, the CEO said that they recently announced the merger of Angul Energy and previously announced the merger of six other companies.
According to the CEO, regulatory procedures, including NCLT approvals, must be completed before the deal can be completed. The procedure is expected to be completed in the next financial year.
