Key Developments: Tata Steel Ltd (TISC.BO)

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Latest Key Developments (Source: Significant Developments)

TATA Steel Ltd To Set-Up GBP22 Million Greentech Manufacturing Facility In A Joint Venture-The Economic Times
Tuesday, 19 Feb 2013 01:43am EST 

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
Wednesday, 13 Feb 2013 07:00pm EST 

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
Tuesday, 8 Jan 2013 07:00pm EST 

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
Friday, 14 Dec 2012 08:39am EST 

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
Thursday, 22 Nov 2012 07:49pm EST 

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

TATA Steel Ltd Announces Board Changes
Friday, 9 Nov 2012 05:39am EST 

TATA Steel Ltd announced that the Board of Directors of the Company has appointed Mr. Cyrus P. Mistry as the Deputy Chairman of the Company with immediate effect and Chairman Designate to take over as Chairman from Mr. Ratan N. Tata on his retirement in December 2012.  Full Article

TATA Steel Ltd Hikes Stake In Tinplate Company Of India To 73.44%-Business Standard
Wednesday, 5 Sep 2012 12:04pm EDT 

Business Standard reported that TATA Steel Ltd has increased stake in its subsidiary, The Tinplate Company of India Ltd, by 14% for over INR87.92 crore (INR879.2 million ). Tata Steel now holds 73.44% stake in the Tinplate, it said in a filing to the BSE.  Full Article

TATA Steel Ltd Announces Updates On Open Offer To Tata Sponge
Tuesday, 28 Aug 2012 03:05am EDT 

TATA Steel Ltd announced that it has a Copy of Post Offer Announcement to the Shareholders of Tata Sponge Iron Ltd(Target Company). ICICI Securities Limited (Manager to the Offer) on behalf of Tata Steel Limited (Acquirer) has informed this Post Offer Announcement to the Equity Shareholders of Tata Sponge Iron Ltd (Target Company), in connection with the voluntary open offer to acquire 1,734,040 equity shares of the Target Company having a face value of INR10 each (Equity Shares), representing 11.26% of the Equity Share Capital of the Target (Offer) in compliance with Regulation 18 (12) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 2011, as amended (SEBI (SAST) Regulations). The detailed public statement (DPS) with respect to the Offer was published on June 22, 2012.  Full Article

UPDATE 1-Tata Steel to cut 400 jobs in UK's South Wales

* Says steel demand, prices to stay under pressure for years

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