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Tata Steel withdraws merger plan with TRF

Tata Steel, a prominent player in the Indian steel industry, has obtained approval from the National Company Law Tribunal, Mumbai Bench (NCLT) to retract its merger proposal with TRF.

Tata Steel withdraws merger plan with TRF

This decision follows an announcement made by Tata Steel's board on 7th February through an exchange filing, stating their intention to discontinue the merger with TRF due to signs of improvement in TRF's business performance. TRF specializes in bulk material handling equipment, systems, and related services.

In September 2022, Tata Steel revealed its initiative to merge nine of its businesses under a Scheme of Amalgamation, aiming to simplify and streamline its portfolio. Five of these businesses, collectively generating an annual turnover of INR 197 billion ($2.38 billion), have already been merged with Tata Steel. The mergers of Tata Steel Mining (effective from 1st September 2023), Tata Steel Long Products (effective from 15th November 2023), S&T Mining (effective from 1st December 2023), Tinplate Company of India (TCIL) (effective from 15th January 2024), and Tata Metaliks (effective from 1st February 2024) have been completed.

The remaining three companies - Bhubaneswar Power, Angul Energy, and The Indian Steel and Wire Products - are currently undergoing the amalgamation process under their respective jurisdictional company law tribunals. These mergers are anticipated to conclude by the end of June, pending regulatory approvals.

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