BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR