Tata Steel Acquires Shares Worth Rs 2,348 Crore In T Steel Holdings
After the acquisition, T Steel Holdings will continue to be a wholly owned subsidiary of the Indian steel manufacturer.
Tata Steel Ltd. has acquired a stake worth Rs 2,348 crore in T Steel Holdings Pte. The company has acquired 178 crore shares, with a face value of $0.157 each, the steelmaker said in an exchange filing on Wednesday.
After the acquisition, T Steel Holdings will continue to be a wholly owned subsidiary of the Indian steel manufacturer.
Tata Steel in August had acquired stake worth Rs 1,528.24 crore and in July it had acquired stake worth Rs 7,324.41 crore in its Singapore-based arm.
In May, the company had said that it will infuse money into its foreign subsidiary by subscribing to its equity shares and that the company plans to acquire the shares in one or more tranches during this financial year.
The Jharkhand government earlier this month passed the "Jharkhand Mineral-Bearing Land Cess Bill 2024" that will have an impact on the steel manufacturer. The bill proposes tax rates for different minerals on a per-metric-tonne basis. This includes a tax of Rs 100 for coal and iron ore, Rs 70 for bauxite, and Rs 50 for manganese ore and other minerals.
Tata Steel has kept Rs 17,734 crore aside for mineral tax after the Supreme Court ruling upheld the government's power to levy taxes on minerals.
"It's for governments to debate, in both centre, and state levels. It has a huge impact across industries: power, and as well as for consumers," T V Narendran, chief executive officer and managing director at Tata Steel told NDTV Profit.
