LONDON: Tata Steel Group has acquired entire shareholding of Steel Authority of India Limited (SAIL) in S&T Mining taking group’s ownership in S&T Mining to 100 per cent.
S&T Mining Company is a 50:50 joint venture company between Tata Steel Limited and Steel Authority of India Limited (SAIL).
S&T Mining was incorporated on September 18, 2008 for the purpose of acquiring coal blocks, carrying out exploration, obtaining all government and regulatory approval and licenses, development of mine, extraction and mining of coal from the identified 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 part of Tata Steel Group portfolio restructuring and simplification strategy. On completion of the said Transaction, the equity 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.