Tata Steel targets NINL amalgamation completion this financial year
In short
Tata Steel says it wants to finish the merger of Neelachal Ispat Nigam Ltd this financial year. CFO Koushik Chatterjee said the plan is still on track, but it still needs final approval from the National Company Law Tribunal.
What the reporting says
Tata Steel is looking to complete the amalgamation of Neelachal Ispat Nigam Ltd with itself in this financial year, CFO Koushik Chatterjee said. The process remains on track and is still subject to final approval from the National Company Law Tribunal. Tata Steel acquired NINL assets through Tata Steel Long Products for Rs 12,100 crore, making the deal a key part of the company’s integration plan.
Why it matters
Tata Steel said the amalgamation of Neelachal Ispat Nigam Ltd is on track for completion in this financial year, according to CFO Koushik Chatterjee. The process still needs final approval from the National Company Law Tribunal. NINL assets were earlier acquired through Tata Steel Long Products for Rs 12,100 crore, so the move is relevant to Tata Steel’s integration and steel operations in India.