Tata Steel Acquires SAIL's Stake, Takes Over S&T Mining

Tata Steel on Tuesday said that it has completed the acquisition of entire stake held by state-owned Steel Authority of India Limited (SAIL) in S&T Mining.

On completion of the acquisition, S&T Mining has become a wholly-owned subsidiary of Tata Steel. "the company has yesterday, i.e. April 11, 2022, completed the acquisition of the entire equity stake held by SAIL in S&T Mining," Tata Steel said in a filing to BSE on April 12.

The acquisition is part of Tata Steel Group portfolio restructuring and simplification strategy.

Tata Steel had recently said that it has executed a share purchase pact with SAIL for acquiring the latter's entire 50 per cent stake in S&T Mining Co Ltd.

S&T Mining, a 50:50 joint venture between Tata Steel and SAIL, was incorporated for the purpose of acquiring coal blocks, carrying out exploration, obtaining regulatory approvals and licences, development of mine, extraction and mining of coal from the identified blocks.

S&T Mining is non-operational since 2018-19.