According to the company's statement on Thursday, this final acquisition marks the completion of a multi-year privatization process that began on July 4, 2022. In the initial phase of the process, Tata Steel's subsidiary Tata Steel Long Products Limited had acquired a 93.71% stake in NINL under the privatization program conducted by India's Department of Divestment and Public Assets Management, for approximately USD 1.45 billion (INR 12,100 crore).
In the ongoing process, Tata Steel increased its stake by purchasing an additional 5.23% stake in February 2023. Subsequently, it gradually acquired the remaining minority shares between the 2023 and 2025 fiscal years, thereby achieving full ownership. As a result, all shares of NINL are now under the control of Tata Steel.
In a statement issued by Tata Steel, it was noted that this disclosure was made in accordance with Articles 30 and 51 of the Listing Obligations and Disclosure Requirements of the Securities and Exchange Board of India (SEBI).
Additionally, it was disclosed that Tata Steel Long Products Limited, which oversaw the acquisition process, was incorporated into Tata Steel Limited under the Merger Plan approved on November 11, 2023.
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