According to an exchange filing, Tata Steel completed the acquisition of SAIL’s (Steel Authority of India) full share in S&T Mining on Tuesday. S&T Mining will now become the Company’s wholly-owned subsidiary.
“This is to notify you that the Company finalized the acquisition of the whole equity investment held by SAIL in S&T Mining yesterday, i.e., April 11, 2022,” Tata Steel said in a filing.
Tata Steel signed a share purchase agreement with SAIL to buy SAIL’s entire equity holding in S&T Mining (50 percent).
On April 5, 2022, Tata Steel Limited signed a Share Purchase Agreement with Steel Authority of India Limited (SAIL) to acquire SAIL’s entire equity investment (50 percent) in S&T Mining Company Limited (S&T Mining).
S&T Mining was founded in 2008 to acquire coal blocks, conduct exploration, obtain all necessary government and regulatory approvals and permits, and develop mines, extract, and mining of coal from those blocks. S&T Mining, on the other hand, has been shut down since FY19.
Tata Steel Group’s portfolio restructuring and simplification strategy include this transaction.
