Key Developments: Tata Steel Ltd (TISC.BO)
313.15INR
24 May 2013
Rs13.65 (+4.56%)
Rs311.95
Rs310.40
Rs319.40
Rs306.45
1,754,819
839,684
Rs454.90
Rs292.70
Latest Key Developments (Source: Significant Developments)
TATA Steel Ltd Sets Up New Subsdiary For Odisha Project-The Economic Times
The Economic Times reported that TATA Steel Ltd, has set up a new subsidiary, Tata Steel Odisha, to spearhead new greenfield six million tonne steel plant in Odisha's Kalinganagar. The project will be implemented in two phases of three million tonne each. Tata Steel said it has successfully negotiated financial closure of six million tonne per annum Kainganagar project. Some INR22,800 crore worth of project financing was tied up with a consortium of 21 banks and financial institutions. Full Article
TATA Steel Ltd Recommends Dividend
TATA Steel Ltd announced that the Board of Directors of the Company have recommended a dividend of INR8 per Ordinary Share of INR10 each to the shareholders for the year ended March 31, 2013, subject to the approval of the shareholders at the Annual General Meeting (AGM) of the Company. Full Article
TATA Steel Ltd Prices Issue Of SGD 300 Million 4.95% Senior Unsecured Notes Due 2023
TATA Steel Ltd announced that the Issuer incorporated in Singapore, being a wholly owned subsidiary of Tata Steel Limited has priced its issue of SGD 300 Million 4.95% Senior Unsecured Notes (the Notes) due 2023. The Notes are guaranteed by Tata Steel Limited. The Notes represent unsecured obligations of the Issuer and will rank pari passu with all its other existing and future unsubordinated obligations. The Notes will be guaranteed by Tata Steel Limited. The guarantee will be an unsecured obligation of Tata Steel Limited and will rank pari passu with all its other existing and future unsecured obligations. The Notes will be listed on the Singapore Stock Exchange. Full Article
TATA Steel Ltd Announces Amalgamation of Kalimati Investment Company Limited
TATA Steel Ltd announced that the Committee of Directors of the Company and the Board of Directors of Kalimati Investment Company Limited (KICL) have at their respective meetings held on April 10, 2013, approved amalgamation of KICL with the Company with effect from January 1, 2013. This is subject to and conditional upon requisite approvals and sanction being received thereof, including approvals and orders under Sections 391 - 394 of the Companies Act, 1956, as may be required. In terms of the Scheme, KICL will be amalgamated with the Company, followed by the dissolution without winding up of KICL. As the Company is the sole shareholder of KICL, the shares of the Company in KICL will stand cancelled as a result of the amalgamation. No shares of the Company will be issued in terms of the Scheme. Full Article
TATA Steel Ltd's TSMC Enters Into Strategic Relationship With Labrador Iron Mines Holdings Ltd
TATA Steel Ltd announced that its subsidiary Tata Steel Minerals Canada Ltd (TSMC), has entered into a framework arrangement with Labrador Iron Mines Holdings Ltd (LIM) to establish a strategic relationship between TSMC and LIM whereby the two companies have agreed to co-operate with each other in various aspects of their respective iron ore operations in the Labrador Trough. Full Article
TATA Steel Ltd To Set-Up GBP22 Million Greentech Manufacturing Facility In A Joint Venture-The Economic Times
The Economic Times reported that TATA Steel Ltd, in a joint venture, will set up a GBP22 million manufacturing facility at Brinsworth site in Rotherham to help develop ground-breaking green technologies, which will empower the cars of the future. The project - Proving Factory - has been launched by Rt Hon Vince Cable MP, UK's Secretary of State for Business, Innovation & Skills. On completion, it will take low-carbon vehicle technologies designed by small high-tech British companies and university research departments, the Company said. The project is a collaboration led by Productiv (assembly) and Tata Steel (materials and component manufacture) with core partners MIRA (design verification) and the High Value Manufacturing Catapult (design for manufacture and assembly). Supporting partners include Jaguar Land Rover, Schaeffler, Unipart and the Midlands Assembly Network. The Proving Factory will consist of two facilities component manufacturing at the Tata Steel site at Brinsworth, Rotherham and an assembly facility in the West Midlands, providing employment and regeneration, the Company said. Full Article
TATA Steel Ltd To Raise INR13,000 Crore (INR130 Billion) For Kalinganagar Project-Business Line
Business Line reported that TATA Steel Ltd is to raise up to INR13,000 crore (INR130 billion) within next six months for the first phase of its upcoming six million tonnes new steel mill in Odisha’s Kalinganagar, a top company official said. Full Article
TATA Steel Ltd Plans To Raise INR1,500 Crore (INR15 Billion) Crore Via Bond Sale-Economic Times
The Economic Times reported that TATA Steel Ltd plans to raise INR1,500 crore (INR15 billion) through bond sale as it aims to capitalise on the easing interest rates. The Company that accumulated huge debt for acquiring the Anglo-Dutch Corus Group Plc may be able to raise bonds at 9.5%, about 150 basis points lower than what it would have paid six months ago. Full Article
TATA Steel Ltd Announces Board Change
TATA Steel Ltd announced the appointment of Mr.Cyrus P. Mistry as the Chairman of the Board with effect from December 28, 2012 on retirement of Mr.R.N.Tata on that date. Full Article
TATA Steel Ltd To Cut 900 Jobs In Britain-Reuters
Reuters reported that India's TATA Steel Ltd said on November 23,2012 it would cut 900 jobs across Britain as part of a restructuring plan aimed at stemming losses in weak European markets. The group said 580 jobs would go at its Port Talbot plant in south Wales as part of proposals to restructure its management and administrative functions. It also plans to close 12 steel finishing and processing sites in England and Wales. Full Article
UPDATE 2-Tata Steel says no assets up for sale in Europe
* Sees no further writedown after $1.6 bln charge last year (Adds CFO comments)
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