Tata Steel on Tuesday completed the acquisition of SAIL’s (Steel Authority of India) entire stake in S&T Mining, according to an exchange filing. Now, S&T Mining will become a wholly owned subsidiary of the company.
“You are informed that the company has completed the acquisition of entire equity stake of SAIL in S&T Mining yesterday i.e. on April 11, 2022,” Tata Steel said in a filing.
Tata Steel has entered into a share purchase agreement with SAIL for acquisition of the entire (50%) equity stake of SAIL held in S&T Mining.
Tata Steel Limited executed a share purchase agreement with Steel Authority of India Limited (SAIL) for acquisition of entire (50%) equity stake of SAIL held in S&T Mining Company Limited (S&T Mining), on 5th April, 2022 Is.
S&T Mining was incorporated in 2008 with the objective of acquiring coal blocks, exploration, obtaining all government and regulatory approvals and licenses, mine development, mining and mining of coal from identified blocks. However, S&T Mining has been non-operational since FY19.
The acquisition is part of Tata Steel Group’s portfolio restructuring and simplification strategy.
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