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Deal● Neutral for Tata Steel
NCLT approves Tata Steel merger with wholly owned subsidiary
The brief
- NCLT’s Mumbai Bench sanctioned Tata Steel’s amalgamation with wholly owned subsidiary Rujuvalika Investments
- The approved internal merger is relevant to Tata Steel shareholders, with no operating change specified
- Tata Trusts within right to seek merger, but Tata Sons can challenge: Lawyer
- S&P sees no immediate rating impact from Tata leadership changes or potential listing
- Noel Tata hopes RBI will find common ground on restructuring to avoid Tata Sons listing