Merger of entities with Tata Steel will simplify management: CFO
Merger of seven entities with Tata Steel will allow simplification of management and help with sharper focus on the business, Koushik Chatterjee, CFO of the steel giant, said.
On Friday, the board of Tata Steel approved the amalgamation of its seven subsidiaries -- Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF Limited, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining -- into itself.
"We have been driving simplification across Tata Steel for some time. The objective is to consolidate the subsidiary businesses within Tata Steel to drive simplification of management and also have a sharper focus on the business," Chatterjee told PTI.
After successfully integrating Bhushan Steel, which was much larger and more complex, this was the next natural step, the official who is also an executive director of Tata Steel, said.
In 2018, Tata Steel through its wholly-owned subsidiary Bamnipal Steel Ltd (BNPL) completed the acquisition of controlling