Tata Steel board decides not to merge TRF Ltd
It had earlier announced the amalgamation of 9 of its strategic businesses
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New Delhi: Tata Steel on Wednesday said its board has decided not to pursue the amalgamation of TRF Ltd, as the associate company is witnessing a turnaround in its business performance.
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. In a statement, Tata Steel said "the boards of both the companies have decided not to pursue the amalgamation process. .
With the active support from Tata Steel, TRF has successfully navigated a highly challenging operating environment, witnessing a turnaround in its business performance." Since the announcement of the intended merger, Tata Steel has been providing significant operational and financial support by way of placement of orders and infusion of funds. Tata Steel further said it has successfully amalgamated five businesses after duly completing the regulatory processes and the integration is underway.
