Tata Steel has transferred its stakes in four utilities and infrastructure services entities to a wholly owned subsidiary as it continues to restructure and simplify its business. In line with the stated policy of the senior management, the company is reorganising its India footprint into four clusters to drive scale and achieve synergies in operations. The exercise will also simplify operations and create value for all stakeholders.
Tata Steel Utilities and Infrastructure Services Ltd (TSUISL), formerly Jamshedpur Utilities & Services Co Ltd (JUSCO) — the company which manages the Jamshedpur township for Tata Steel — has been chosen as the anchor company for the services cluster. As part of the reorganisation, Tata Steel on Saturday transferred its 100 per cent stakes in Tata Steel Special Economic Zone Limited and in Tata Pigments Limited to TSUISL. Tata Steel also transferred its 32.67 per cent stake in Jamipol Limited and 20.99 per cent stake in Nicco Jubilee Park Limited to TSUISL.
In November, the company had said it would merge Tata Metaliks Ltd and Indian Steel and Wire Products to Tata Steel Long Products Ltd. In January, Tata Steel transferred its 51 per cent stake in Jamshedpur Continuous Annealing and Processing Company Private Limited to Tata Steel Downstream Products Limited. Tata Steel Long Products Ltd (formerly Tata Sponge) and Tata Steel Downstream Products Limited (formerly Tata Ryerson Ltd) are the two anchor entities for the long products and downstream businesses.
