The NCLT has approved Tata Steel Ltd.'s proposal to withdraw merger with TRF Ltd., according to an exchange filing.
On Feb. 7, Tata Steel had said that its board has decided not to pursue the amalgamation of TRF, as the associate company is witnessing a turnaround in its business performance.
'We would like to inform that the National Company Law Tribunal, Mumbai Bench (NCLT), vide its order dated February 8, 2024, has allowed the withdrawal of the scheme,' the steel major said in the filing.
Tata Steel had earlier announced the amalgamation of nine of its strategic businesses, including Tata Steel Long Products Ltd., Tinplate Company of India Ltd., Tata Metaliks Ltd., TRF, The Indian Steel & Wire Products Ltd., Tata Steel Mining Ltd, S & T Mining Co.
As per Tata Steel, TRF is in the business of undertaking turnkey projects of material handling for the infrastructure sector such as power and ports and the industrial sector such as steel plants, cement, fertilisers and mining.
TRF is also engaged in production of such material handling equipment at its manufacturing facility in Jamshedpur, Jharkhand.
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