【Ferro-alloys.com】: One of the leading companies in the Indian steel industry, Tata Steel, has received approval from the National Company Law Tribunal,Mumbai Bench (NCLT), to withdraw its merger proposal with TRF.

This decision came after an announcement made to the stock exchange by the Tata Steel board on February 7 indicating their intention to halt the merger with TRF due to signs of improvement in TRF's business performance. TRF specializes in bulk material handling equipment, systems, and related services.

In September 2022,Tata Steel announced an attempt to simplify and streamline its portfolio by merging nine of its businesses under a Merger Plan. Five of these businesses, collectively generating an annual revenue of INR 19,700 crore (2.38 billion USD), have already merged with Tata Steel.

The mergers of Tata Steel Mining (effective from September 1,2023), Tata Steel Long Products (effective from November 15,2023), S&T Mining (effective from December 1,2023), Tinplate Company of India(TCIL) (effective from January 15,2024), and
Tata Metaliks (effective from February 1, 2024) have been completed.

The remaining three companies - Bhubaneswar Power, Angul Energy and The Indian Steel and Wire Products-are currently undergoing the merger process in the corporate law courts of their respective jurisdictions.These mergers are expected to be completed by the end of June, pending regulatory approvals.

• [Editor:Alakay]