Tata Steel CEO says company not so keen on any other new acquisitions – ET Infra

Tata Steel CEO TV Narendran on Sunday said that the company, which is in an expansion mode in India, is not keen on any new acquisitions.

According to PTI, the statement from Narendran has come amid Vedanta Ltd reviewing and evaluating its steel and steel-making raw materials businesses.

When asked about Tata’s intertest in buying Vedanta Ltd’s steel business, the CEO said, “Not so keen on any other new acquisitions… We don’t need it.”

Vedanta said it will immediately begin the review and evaluate a broad range of options including potential strategic sale of some or all of its steel businesses in June.

There is a lot to do at Tata Steel‘s existing sites, he added.

The company has a plan to scale up its annual installed steel making capacity to 40 million tonnes per annum (MTPA) by 2030 in India, from around 22 MTPA at present.

In June 2018, Vedanta Limited acquired Jharkhand-based steel company ESL Steel Limited through an insolvency resolution process.

The company set up a green field integrated manufacturing facility, which is currently commissioned at a capacity of 2.5 MT per annum.

“We are (still) engaged with the UK government to find a solution. If we can find a common ground with the government (there),” PTI quoted Narendran as speaking on Tata Steel UK operations.

There is no problem in the UK. The production is not affected. The only challenge is the upstream assets are old and reliability of the equipment is sometimes not so great, he said.

India-headquartered Tata Steel owns the UK’s largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country.

The company had sought 1.5 billion pounds from the UK government to execute its decarbonisation plans.

However, the British government earlier this year made a counter offer which was much lower to the company’s expectations.

(With inputs from PTI)

  • Published On Aug 14, 2023 at 08:06 AM IST

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