Tata Steel transfers stakes to TSDPL
Tata Steel has announced that it has transferred its stake in two companies to Tata Steel Downstream Products Ltd (TSDPL), a wholly-owned subsidiary of the firm, in a bid to reorganise its India footprint. The company transferred the 51% stake it held in Jamshedpur Continuous Annealing and Processing Company Private Ltd (JCAPCPL) and 50% of its stake in Tata BlueScope Steel Private Ltd (TBSPL) to TSDPL.
TSDPL was created to provide steel service centre solutions for the first time to industrial customers. It originated as Tata Ryerson Ltd in 1997, a joint venture between Tata Steel of India and Ryerson Inc of the US.
The step to transfer the stakes was taken to reorganise the company's footprint in India into four clusters to drive scale, synergies, and simplification and value creation for all stakeholders.