M&A

M&A

Undone: Tata Steel withdraws TRF merger

BSE Announcement   Economic Times  

The National Company Law Tribunal (NCLT), Mumbai Bench has approved Tata Steel's proposal to withdraw the merger of fellow publicly listed group company TRF Ltd with itself. Tata Steel has decided not to pursue the amalgamation of TRF Ltd, as the associate company is witnessing a turnaround in its business performance.For FY23, TRF had reported a Net Profit of INR 87.76 Cr against a loss of INR 20.35 Cr in the previous year. The market cap of TRF stands at about INR 492 crore. The company takes up turnkey projects of material handling for the infrastructure sector such as power and ports and the industrial sector such as steel plants, cement, fertilisers and mining. TRF is also engaged in production of such material handling equipment at its manufacturing facility in Jamshedpur, Jharkhand. Tata Steel currently holds a 34.11% stake in TRF.Tata Steel had earlier announced the amalgamation of nine of its group firms, including TRF, Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, The Indian Steel & Wire Products, Tata Steel Mining Ltd and S & T Mining Company.