Tata Steel has purchased 11.26% stake or 17.34 lakh shares of associate firm Tata Sponge Iron through a voluntary open offer. After this transaction, it has increased its stake to 51% in Tata Sponge Iron against 39.74% stake before the start of the offer.
Tata Sponge Iron was initially set up as a joint venture company between Tata Steel and the Industrial Promotion and Investment Corporation of Orissa (IPICOL). However, in 1991, Tata Steel bought out IPICOL's stake and made it an associate company.
