Tata Steel has received board approval for merger of its subsidiary Centennial Steel with itself. Both the companies have received their respective board approvals and the merger would be effected after the requisite approvals and sanctions are received from shareholders. “With reference to an earlier announcement on April 8 regarding restructure of the company's wholly-owned subsidiary, Centennial Steel Company, Tata Steel informed that the Board of Directors of the company and CSCL have at their respective meetings on April 12 approved amalgamation of CSCL with the company with effect from April 1, 2011, Tata Steel said in a statement on Wednesday.
Centennial Steel was incorporated by Tata Steel in August 2009 to jointly implement the expansion of capacity at Jamshedpur by 2.9 mtpa to 9.7 mtpa by the financial year 2011-12. Tata Steel shares on BSE were up 1.75 per cent at Rs 636 on Wednesday.