No TCIL, TSIL Merger With Tata Steel in Foreseeable Future
Kolkata: Tata Steel said though the company was consolidating its holding in Tata Sponge Iron Ltd (TSIL) and Tinplate Company of India Ltd (TCIL) for synergy, there was no current and active plans to merge these companies with itself.
"There are no current and active plans to merge these companies with TSL in the foreseeable future," Tata Steel Managing Director H M Nerurkar said in a statement.
Nerurkar in an interaction with reporters last evening had said that Tata Steel planned to merge these companies with itself.
The release said the open offer for TSIL, if successful, would also make the company a subsidiary of Tata Steel as the current holding in the company was below 50 percent.
TCIL stake has gradually increased over the last 3-4 years to 60.96 percent and the plan was to consolidate the holding to the maximum possible promoter holding through the open offer route.
Nerurkar in the release also said that post increase in stake through the open offers, Tata Steel would broadly maintain the current operational profile of both the companies.