LONDON: Tata Steel Group has acquired entire shareholding of Steel Authority of India Limited (SAIL) in S&T Mining taking group’s possession in S&T Mining to 100 per cent.
S&T Mining Company is a 50:50 three way partnership firm between Tata Steel Limited and Steel Authority of India Limited (SAIL).
S&T Mining was incorporated on September 18, 2008 for the aim of buying coal blocks, finishing up exploration, buying all authorities and regulatory approval and licenses, development of mine, extraction and mining of coal from the recognized blocks. However, S&T Mining has been nonoperational since FY2018-19.
S&T is engaged in exploration and development of coal mines, mining operations and mineral beneficiation.
The acquisition is a half of Tata Steel Group portfolio restructuring and simplification strategy. On completion of the said Transaction, the fairness stake of the Company in S&T Mining will increase from 50% to 100% and hence, S&T Mining will become a wholly owned subsidiary of the Company post this transaction.
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