Tata Steel’s indirect wholly owned foreign subsidiary -- Siam Industrial Wire Company has completed the acquisition of 40% stake in TSN Wires Company (TSN Wires) from Nichia Steel Works. Post this acquisition, TSN Wires has become an indirect wholly owned foreign subsidiary of the company.
Earlier, the company had received approval for infusion of an amount up to Rs 6 crore, in one or more tranches, in TP Adarsh (TPAL), and execution of a Share Purchase & Shareholders’ Agreement (SPSA) between the company, Tata Power Renewable Energy (TPREL) and TPAL for acquisition (including by way of subscription) of 26% equity stake in TPAL.
Tata Steel, the flagship company of the Tata group, is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.
