CURRENT AFFAIRS

Detailed explanation-1: -Tata Steel Wednesday said its subsidiary Tata Sponge Iron will acquire the steel business of Usha Martin Ltd (UML) for Rs 4, 300-4, 700 crore. With the acquisition, Tata Sponge Iron Limited (TSIL) will enter the steel business.

Detailed explanation-2: -Deal comprises cash consideration of ₹4, 094 crore to UML Tata Sponge Iron Ltd. (TSIL), a Tata Steel subsidiary, has announced the completion of its acquisition of the steel business of Usha Martin Ltd.

Detailed explanation-3: -Those seven metal companies of Tata group that will be merged with Tata Steel are Tata Steel Long Products Limited, The Tinplate Company of India Limited, Tata Metaliks Limited, TRF Limited, The Indian Steel & Wire Products Limited, Tata Steel Mining Limited and S & T Mining Company Limited.

Detailed explanation-4: -Tata Sponge Iron Limited, a subsidiary of Tata Steel Limited, has acquired the steel business of Usha Martin Limited (UML). A meeting was organised today between the senior management of Tata Sponge and UML followed by a Town Hall meeting with all the officers of UML.

Detailed explanation-5: -On Friday, the board of Tata Steel approved the amalgamation of its seven subsidiaries–Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF Limited, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining–into itself.