Tata Steel had earlier announced the amalgamation of nine of its strategic businesses, including Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining Ltd, S & T Mining Company.
While India s GDP is 11 times bigger than that of Pakistan s economy, Tata Group s market value has outmuscled Pakistan s GDP. The market capitsalition of all listed Tata companies is now at $365 billion, beating Pakistan s GDP which has shrunk to $341 billion. The growth in Tata companies market cap in last one year has been driven by Tata Motors, Trent, Titan, TCS, and Tata Power. This doesn t take into account unlisted companies worth a few billion dollars from India s largest business house.
The February 7 incident was the first targeted killing of the year by terrorists in Jammu and Kashmir and the responsibility for it was taken by the banned The Resistance Front (TRF) , a shadow group of Pakistan-based Lashker-e-Taiba. Birdi said that the weapon was provided to Langoo by his handler and this further "motivated him to carry out the attack".
Shares of TRF, a Tata Group company, hit the 20% upper circuit limit, reaching an eight-year high of ₹393.30 apiece, following the decision against proceeding with the amalgamation process.
Tata Steel has decided not to pursue the amalgamation of TRF Ltd as the associate company is experiencing a turnaround in its business performance. The boards of both companies have made this decision. Tata Steel has been providing support to TRF through orders and funds. Additionally, Tata Steel has successfully merged five businesses, including Tata Steel Mining Ltd and Tata Steel Long Products Ltd, with more mergers in progress.