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Tata Steel to Reorganize Subsidiaries in India & Europe – Mr TV Narendran

Steel News - Published on Tue, 13 Aug 2019

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ET reported that Tata Steel has embarked on an exercise to restructure and simplify its group structure by cutting down and reorganizing its subsidiaries in Europe and India. Mr TV Narendran, CEO & MD of Tata Steel, said “In Europe, we have some 300 subsidiaries. The clean-up has already started and we are looking to reduce them by 100 to 120 this year. Some of them were created in the 1880s and are 100-150 years old. They have old liabilities and issues which need to be sorted out. The journey is a bit tedious."

He said “In India, where Tata Steel has 30 subsidiaries, the exercise will have more to do with operating companies. These will be reorganized in four areas to bring simplicity and leverage the synergy and scale. The four areas could be long products, downstream, infrastructure and utilities and mining assets.”

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Posted By : Ratan Singh on Tue, 13 Aug 2019
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