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Motilal Oswal Report
Tata Steel Ltd. announced the merger of seven of its Indian subsidiaries to simplify its mammoth corporate structure. The company, as of March 31, 2022, had 156 subsidiaries (32/124 Indian/foreign subsidiaries). In addition, it also had 25 joint ventures (12 Indian and 13 foreign).
It closed/merged eight subsidiaries in FY22 and liquidated ~32 subsidiaries that had no assets/liabilities/transactions in FY22. It also had 24 subsidiaries under liquidation as of March 31, 2022.
The creation of a massive number of subsidiaries over the last several decades was due to multiple reasons in our view, which includes, but is not limited to, diversifying into new businesses and areas during the monopolies and restrictive trade practices regime, and legacy subsidiaries acquired during the acquisition of Corus, NatSteel, Tata Steel Thailand plc, Bhushan Steel Ltd., etc.
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