New Delhi: Tata Steel board on Tuesday approved NINL's merger with itself and an investment of USD 2 billion in its wholly-owned subsidiary T Steel Holdings Pte.
The board also cleared the acquisition of a stake in Medica TS Hospital Private Limited (Medica TS Hospital) from Manipal Hospitals Eastern India Private Limited for Rs 1.49 crore, Tata Steel said in an exchange filing.
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The board has approved the Scheme of Amalgamation amongst Neelachal Ispat Nigam Limited (NINL), Tata Steel and their respective shareholders.
The scheme remains subject to necessary approvals.
On July 4, 2022, Tata Steel completed the acquisition of Odisha-based Neelachal Ispat Nigam Ltd (NINL) through its erstwhile subsidiary Tata Steel Long Products (TSLP) for Rs 12,100 crore.
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The board approved an investment of about USD 2 billion (Rs 18,488.10 crore) by subscription to equity shares of T Steel Holdings Pte Ltd (TSHP) in one or more tranches from FY27 onwards.
The company approved the "acquisition of the following securities in Medica TS Hospital Private Limited (Medica TS Hospital) from Manipal Hospitals Eastern India for an aggregate consideration of Rs 1.49 crore, subject to necessary approvals".
Post the completion of the transaction, Medica TS Hospital will become a wholly-owned subsidiary of Tata Steel Limited.
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