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Tinplate Company of India Ltd has denied any proposal to merge the company with its parent Tata Steel.
Tata Steel Managing Director, H.M. Nerurkar, had told reporters in Kolkata in July last year that there was a proposal to merge the two associate companies — Tinplate and Tata Sponge. Merging the two associate companies would help Tata Steel in “downstream integration”.
Tinplate Company of India Ltd on Wednesday denied any proposal to merge with parent Tata Steel.
Tata Steel MD, H.M. Nerurkar, had in July last year told reporters here that there was a proposal to merge two associate companies – Tinplate and Tata Sponge.
Merging the two associate companies would help Tata Steel in “downstream integration”.
However, responding to shareholders’ queries at the 94th Annual General Meeting today, Koushik Chatterjee, Chairman, Tinplate, denied talks of a merger. “There have been no talks of a merger.” To a specific query he said: “There is nothing at the moment.”
Kolkata-based Tinplate is one of the largest producers of tin-coated and tin-free steel sheets in the country.
Around 25 per cent of its produce is exported to end-users (can-makers). Some of the major export markets include South-East Asia, West Asia and European nations. Tata Steel, following an open offer (August 6 to August 22), holds 73.45 per cent in Tinplate.
The open offer made last year was for acquiring a stake of 14 per cent in Tinplate and 11.26 per cent in Tata Sponge.
The ICICI Securities-managed offers had two different prices of Rs 60 a share for Tinplate and Rs 375 a share for Tata Sponge.
Tinplate shares closed at Rs 37.65, up by 0.53 per cent, on the BSE on Wednesday.
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