Ratan Tata is one of the well-known industrialists in India. He once led the Tata Group as chairman. The group continues to grow and is expanding across the world. Now, the Tata Group firm Tata Steel has acquired about 116 crore equity shares in its Singapore-based arm for USD 182 million (around Rs 1528 crore). Tata Steel is an Indian multinational steel-making company, based in Jamshedpur, Jharkhand and headquartered in Mumbai.
"Tata Steel acquired 1,15,92,35,669 ordinary equity shares of face value USD 0.157 each aggregating to USD 182 million (Rs 1,528.24 crore) in T Steel Holdings Pte Ltd (TSHP)," the company said in an exchange filing.
Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it added. Moreover, Tata Steel is among the largest steel-producing companies in the world with a market cap of Rs 182000 crore. The share of the company closed at Rs 146.50 on NSE on August 14. Its consolidated revenues for the January-March 2024 quarter stood at Rs 58,687 crores. Its consolidated revenues for FY 2024 were at Rs 2,29,171 crores.
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