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Tata Sponge Iron Ltd, a subsidiary of Tata Steel, has decided to shift its registered office from Keonjhar in Odisha to Kolkata. The company will also be renamed “Tata Steel Long Products Ltd”.
The move assumes significance, especially in regard to the bitter experience that Tata Motors — a part of the Tata group — had faced while setting up its small car project, Nano, at Singur in West Bengal.
In a regulatory filing, Tata Sponge Iron said its board has “approved the shifting of the registered office of the company to West Bengal, subject to the approval of the members of the company and other regulatory authorities.” The company’s board has also approved of a proposal to change the name to Tata Steel Long Products Limited.
The company recently acquired Kolkata-based Usha Martin’s steel business for over ₹4,000 crore. At present, three Tata Group entities — Tata Global Beverages, Tata Metaliks and Tata Tinplate — have their registered offices in Kolkata.
Dip in profit
Meanwhile, for the fiscal ended March 31, 2019, Tata Sponge Iron reported a 12-per cent drop in net profit to ₹124 crore. Profits in the year-ago-period stood at ₹141 crore. The total income, during the period, stood at ₹1,050 crore.
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