NCLT approves Tata Steel's merger with Indian Steel & Wire Products

08 Aug 2024 CW Team

The National Company Law Tribunal (NCLT) has approved the merger of Tata Group-owned Indian Steel & Wire Products Ltd with Tata Steel Ltd. The decision, made by the division bench of Justices KR Saji Kumar and Sanjiv Dutt, found the merger to be fair, reasonable, and compliant with legal requirements, and not contrary to public interest. Before the tribunal's decision, Tata Steel presented its case through senior advocate Zal Andhyarujina and the law firm Argus Partners. They argued that the merger would create a more robust entity under the Tata Steel brand, enhancing shareholder value through a streamlined "One-Tata Steel" approach.

The company emphasised that the merger would simplify the group's structure by consolidating Indian Steel & Wire Products into Tata Steel, which is expected to drive focused growth, operational efficiencies, and stronger business synergies. The new structure is also anticipated to increase the agility of Tata Steel's operations. The Tata Group initiated this consolidation process in 2022, aiming to merge its metal and resource subsidiaries into a single entity. This includes three listed companies "Tata Metaliks Ltd, Tata Steel Long Products Ltd, and The Tinplate Company of India Ltd" and three unlisted entities Indian Steel & Wire Products Ltd, Tata Steel Mining Ltd, and S & T Mining Company Ltd.

The merger aligns with the group's 5S strategy simplification, synergy, scale, sustainability, and speed by reducing administrative complexities and costs associated with maintaining separate entities.

(ET)

Infrastructure Energy

22 Oct 2025

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..