Tata Steel on Wednesday announced the merger of five strategic businesses of the group with itself as part of an integration process aimed at simplifying business portfolio.
The subsidiaries are Tata Steel Long Products Limited in which Tata Steel holds 74.91 per cent equity, The Tinplate Company of India Limited (74.96 per cent), Tata Metaliks Limited (60.03 per cent), The Indian Steel & Wire Products Limited (95.01 per cent equity holding), Tata Steel Mining Limited and S & T Mining Company Limited (both wholly-owned subsidiaries).
The share price of Tata Steel rallied while subsidiaries slumped by upto 9 per cent on Friday after the company board approved the amalgamation of seven group