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Faced with a crisis in its European operations, Tata Steel Ltd is planning to import high-end European products to India.
According to Mr H.M. Nerurkar, Managing Director, the company is likely to firm up plans in this regard during the next three months.
“We will look to import high-end products from Europe to the Indian markets. Surveys are being carried out and we are looking to finalise plans in another two to three months,” he told reporters here.
Tata Steel, he said, was already firming up discussions on customer warranty, exchange rate fluctuations and other factors which were likely to impact such import plans.
Management synergies in group cos
Tata Steel is moving towards management synergies in its two listed group companies Tinplate Company (TCIL) and Tata Sponge (TSIL).
In a statement Mr Nerurkar, said: “While we have management synergies in TSIL and TCIL, the whole idea of consolidating our stake in these strategically linked companies is to achieve greater efficiencies".
He further said both the companies have operational linkages and are strategically aligned to Tata Steel.
“The voluntary open offer for TSIL, if successful, will also make the company a subsidiary of Tata Steel as the latter’s holding in the company today is below 50 per cent,” he added.
He pointed out that, in TCIL, Tata Steel's stake gradually increased over the last 3-4 years to 60.96 per cent.
>jayanta_mallick@thehindu.co.in
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