Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
20 September, 2018 13:53 IST
Tata Steel inks MoU with Thyssenkrupp AG to form JV
Source: IRIS | 20 Sep, 2017, 10.40AM
Comments  |  Post Comment

Tata Steel and thyssenkrupp AG have signed a Memorandum of Understanding to create a leading European steel enterprise by combining the flat steel businesses of the two companies in Europe and the steel mill services of the thyssenkrupp group. The proposed 50:50 joint venture-thyssenkrupp Tata Steel-would be focused on quality and technology leadership, and the supply of premium and differentiated products to customers, with annual shipments of about 21 million tonnes of flat steel products.

The joint venture would have a pro forma turnover of about Euro 15 billion per annum (Rs 1,150 billion) and currently employs about 48,000 people spread across various locations. It would be headquartered in the Amsterdam region of the Netherlands. The proposed combination of businesses would be formed through a non-cash transaction framework, based on fair valuation where both shareholders would contribute debt and liabilities to achieve an equal shareholding in the venture.

N Chandrasekaran, Chairman, Tata Steel, (Q,N,C,F)* said, "The Tata Group and thyssenkrupp have a strong heritage in the global steel industry and share similar culture and values. This partnership is a momentous occasion for both partners, who will focus on building a strong European steel enterprise. The strategic logic of the proposed joint venture in Europe is based on very strong fundamentals and I am confident that thyssenkrupp Tata Steel will have a great future."

Shares of the company gained Rs 3.8, or 0.56%, to trade at Rs 680.35. The total volume of shares traded was 240,975 at the BSE (10.24 a.m., Wednesday).

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
Strides Pharma Science gets ACCC approval for merger of Arrow and Apotex Australia - 20-Sep-2018 10:15
Bajaj Finserv ties up with Wochit - 20-Sep-2018 10:09
Glenmark Pharma inducted into DJSI Emerging Market 2018 - 19-Sep-2018 12:09
TVS Motor Co strengthens presence in Mexico - 19-Sep-2018 11:56
Himachal Futuristic Communications bags order worth Rs 6.11 bn - 19-Sep-2018 11:52
Tata Steel completes acquisition of Creative Port Development - 19-Sep-2018 11:48
SABIC acquires 24.99% stake in Clariant globally - 19-Sep-2018 11:45
Tata Power launches its VoiceBOT TINA - 19-Sep-2018 11:42
Sun Pharma gets European Commission nod for ILUMETRI - 18-Sep-2018 17:02
Indian Hume Pipe receives LoA for order worth Rs 2.21 bn - 18-Sep-2018 16:58
Tata iQ selects TCS Jile to Drive Agile Transformation - 18-Sep-2018 16:48
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer