Tata Steel Completes Buy Out Of Sail’s Stake In S&t Mining
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Tata Steel on Tuesday completed the acquisition of entire stake held by SAIL (Steel Authority of India) in S&T Mining, according to an exchange filing. Now, S&T Mining will become a wholly owned subsidiary of the Company.
“This is to inform you that, the Company has yesterday, i.e. April 11, 2022, completed the acquisition of the entire equity stake held by SAIL in S&T Mining,” Tata Steel said in a filing.
Tata Steel has executed a share purchase agreement with SAIL for acquisition of the entire equity stake of SAIL (50%) held in S&T Mining.
Tata Steel Limited has, on April 5, 2022, executed a Share Purchase Agreement with Steel Authority of India Limited (SAIL) for acquisition of the entire equity stake of SAIL (50%) held in S&T Mining Company Limited (S&T Mining).
S&T Mining was incorporated in 2008 for the purpose of acquiring coal blocks, carrying out exploration, obtaining all government and regulatory approval and licenses, development of mine, extraction and mining of coal from the identified blocks. However, S&T Mining has been nonoperational since FY19.
The acquisition is part of Tata Steel Group portfolio restructuring and simplification strategy.
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