Tata Steel transfers stake in processing arms to TSDPL
2021-01-04 13:12:01 [Print]
Tata Steel last Friday said it has transferred its stake in two companies to TSDPL, a wholly-owned subsidiary of the firm, as part of reorganizing its India footprint.
"The company transferred the 51 percent stake it holds in Jamshedpur Continuous Annealing and Processing Company Private Ltd. (JCAPCPL) and 50 percent stake it holds in Tata BlueScope Steel Private Ltd. (TBSPL) to Tata Steel Downstream Products Ltd. (TSDPL)," it said in a regulatory filing.
The step was taken to reorganize the company's India footprint into four clusters to drive scale, synergies and simplification and to create value for all stakeholders, the steelmaker said. The transfer will help consolidate its downstream steel processing services, it said.
"The company transferred the 51 percent stake it holds in Jamshedpur Continuous Annealing and Processing Company Private Ltd. (JCAPCPL) and 50 percent stake it holds in Tata BlueScope Steel Private Ltd. (TBSPL) to Tata Steel Downstream Products Ltd. (TSDPL)," it said in a regulatory filing.
The step was taken to reorganize the company's India footprint into four clusters to drive scale, synergies and simplification and to create value for all stakeholders, the steelmaker said. The transfer will help consolidate its downstream steel processing services, it said.
