Tata Steel

Aug 18 (Reuters) - Tata Steel Ltd TISC.NS:

• INDIA COMPETITION REGULATOR: APPROVES ACQUISITION OF 23% SHAREHOLDING OF TM INTERNATIONAL LOGISTICS BY TATA STEEL

Source text: [ID:]

Further company coverage: TISC.NS

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Aug 14 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL - TO SELL 100% STAKE IN JAMSHEDPUR FOOTBALL AND SPORTING TO CHURCHILL BROTHERS

Source text: ID:nNSE1R4rkz

Further company coverage: TISC.NS

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By Chandini Monnappa

Aug 13 (Reuters) - For decades, Noel Tata built retail and trading businesses out of the spotlight that followed his half-brother Ratan Tata. Now, as chairman of Tata Trusts, he is set to influence two of the biggest decisions facing the Tata group: who leads it next and whether it ever goes public.

Noel's stewardship of the trusts, influence over Tata Sons' succession process and role in the listing debate could shape the future of one of India's best-known and biggest conglomerates.

Tata Sons, the holding company of the group with a combined market value of around $277 billion, must choose a new leader to succeed Chairman N. Chandrasekaran when his tenure ends in February 2027. Tata Trusts hold great sway over the decision with a controlling stake in Tata Sons.

Long overshadowed by his half-brother Ratan Tata, the public face of the conglomerate for decades, Noel, 68, rose through less prominent corners of the business, building credentials in retail and trading rather than the group's flagship companies.

Though rarely visible publicly, Noel spent years serving on boards across the group. Unlike Ratan Tata, one of India's most recognisable corporate leaders, Noel largely shunned publicity despite his growing influence within the group. He emerged as a central figure only after Ratan's death in October 2024.

Trustees unanimously appointed him as chairman of Tata Trusts and he subsequently joined the Tata Sons board as a non-executive director.

He now occupies one of the most powerful positions in Indian corporate governance.

"The job is to find the most effective allocation of the resources we have, make choices on how to deploy those resources meaningfully, and do what is best for India," he said at an event this month.

"We must serve the purpose for which the founders of the Trusts left their shares – to improve life in India."

SUCCESSION AND LISTING DEBATE

Two issues will shape the future of the 158-year-old conglomerate: the selection of Tata Sons' next chair and whether the privately held company should eventually pursue a public listing.

Tata Sons has faced pressure from minority shareholder Shapoorji Pallonji Group to pursue a public listing, while regulatory requirements could also eventually revive the issue unless the company secures an exemption.

Noel has not made public comments, but media reports said he and other trustees unanimously opposed ​listing last year. He sought clarification from Tata Sons on four to five issues, including the group's business performance, its five-year plan, capital expenditure and the rationale for remaining unlisted, according to a source with direct knowledge of the matter.

With regard to the next chairman, his influence is likely to be decisive. While the Tata Sons board will oversee the selection process, the trusts' control of the holding company means Noel will have a significant say in choosing a leader capable of balancing commercial ambitions with the group's distinctive governance structure. The trusts appoint a third of Tata Sons directors, who hold veto powers over key decisions.

RETAIL AND TRADING BACKGROUND

Noel spent most of his career away from the public eye after graduating from Britain's Sussex University. He built his reputation within the group through retail and trading businesses rather than its flagship steel, IT and auto companies.

He joined Tata International, the group's trading arm, before moving to Trent TREN.NS, then a relatively small retail business. As managing director from 1999, he helped transform Trent into one of India's biggest retail success stories through brands such as Westside and, later, value-fashion chain Zudio.

The success established him as a respected operator within the Tata group and paved the way for broader leadership responsibilities.

"Noel is well versed with how Tata businesses are run. In retail, many people thought how will Tata compete with the big retailers. Noel has shown it," Sanjay Singh, a former Tata Sons executive who retired in 2019, told Reuters in 2024.

Unlike Ratan Tata, he built influence quietly and remained very private, with his office serving as the main conduit for his views and public statements, the source with knowledge of the group said.

In August 2010, Noel became Tata International's managing director. During his tenure, the company's turnover grew to more than $3 billion from roughly $500 million as it expanded across geographies and businesses.

He stepped down as managing director in November 2021 after reaching the group's retirement age for senior executives but remained its non-executive chairman.

He accumulated other boardroom responsibilities across the conglomerate, including chairmanships at Voltas VOLT.NS and Tata Investment Corporation TINV.NS, and vice-chairmanships at Tata Steel TISC.NS and Titan TITN.NS.

"He has kept a low profile so the outer world doesn't know him well, but he is quintessential Tata," Singh said.

(Reporting by Chandini Monnappa in Bengaluru, Jayshree P Upadhyay in Mumbai, additional reporting by Saikeerthi; Editing by Dhanya Skariachan and Elaine Hardcastle)

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Recasts, adds graphic, context in paragraph 10

By Aditya Kalra and Chandini Monnappa

NEW DELHI, Aug 12 (Reuters) - The chairman of India's largest conglomerate Tata Sons will not seek reappointment, he said, citing the board's lack of backing after tensions with the charitable arm that controls the group.

N. Chandrasekaran's decision to leave in February adds to the difficulties of the 158-year-old group that faces mounting losses at airline Air India, a sharp decline in sales for its Jaguar Land Rover car business and was forced to revamp processes after a data leak at its electronics arm that affected clients Apple AAPL.O and Tesla TSLA.O.

Disagreements have simmered over recent months between Chandrasekaran, 63, and Tata Trusts, which owns 66% of Tata Sons. The ​two sides have clashed over issues including whether Tata Sons should be listed, the losses at Air India and how ​to handle the planned exit of a minority shareholder.

In February, Tata Sons — which controls more than 30 Tata companies, including IT firm TCS TCS.NS, Tata Motors TAMO.NS and Air India — postponed a decision on reappointing Chandrasekaran as chairman after Noel Tata, chairman of Tata Trusts, opposed the move.

"It has been six months since that board meeting, and no resolution has been reached till date," Chandrasekaran said in his statement.

"Tata Sons is a very large institution and there are many strategic projects that are under critical stages of execution ... clarity on leadership is important for employees, investors, partners and other stakeholders," he added.

Tata Trusts did not respond to a Reuters request for comment.

A source with direct knowledge of his decision, who declined to be identified, said the disagreements between Chandrasekaran and the Tata Trusts were the sole reason for his resignation.

Shares in TCS, where Chandrasekaran built his career, closed down 4%, while Jaguar Land Rover-parent Tata Motors TAMO.NS fell 1.3%. Tata Steel TISC.NS lost over 1%.

"Under Chandrasekaran, the group has scaled profits substantially. However, some parts are also making substantial losses in areas such as Air India, digital and e-commerce," said Deven Choksey, managing director of a Mumbai-based financial services firm.

TATA HAS EXPERIENCED DISAGREEMENT BEFORE

Over the years, Tata, India's largest conglomerate by market capitalisation, acquired Jaguar Land Rover, British tea firm Tetley, and last year said it had agreed to buy European company Iveco's IVG.MI trucks and bus business in a $4.36 billion deal. Tata also runs hundreds of Starbucks SBUX.O outlets as a partner of Starbucks India.

Relations between Tata Sons and Tata Trusts have been turbulent in the past and in 2016, Tata Sons' board sacked the then-chairman after he fell out with group patriarch and charity arm's head Ratan Tata over corporate governance issues.

Tata products, ranging from salt, tea and pulses to cars and hotels, are found almost everywhere in India.

In the last financial year, Tata Group companies had combined revenue of $185 billion. The 26 that are publicly listed had a combined market capitalisation of $277 billion as of March 31.

Chandrasekaran joined the Tata Group in 1987 as an intern at TCS and spent his entire corporate career at the IT giant, rising through the ranks to become CEO in 2009, before taking over as Tata Sons chair in 2017.

The Tata family are descendants of Persians who first landed in India in the eighth century. Chandrasekaran, widely known as Chandra, is not related to the Tata family and was the first non-Parsi chairman of Tata Sons.

(Reporting by Aditya Kalra in New Delhi and Chandini Monnappa in Bengaluru; Additional reporting by Chris Thomas in Mexico City; Editing by Edwina Gibbs and Barbara Lewis)

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Rewrites with comments from source, background

By Nishit Navin and Gopika Gopakumar

Aug 6 (Reuters) - The Reserve Bank of India on Thursday kept Tata Sons under enhanced regulatory supervision but said that would not affect the holding company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.

Tata Sons, the principal investment holding company of the $400-billion Tata Group, was first classified as an upper-layer non-banking financial company (NBFC) in 2022. Under RBI rules, such entities are required to list within three years, although the regulator did not clarify whether that requirement applies while Tata Sons' deregistration request remains under review.

To avoid a listing, Tata Sons repaid its debt and applied about two years ago to surrender its NBFC licence. The application is still being considered by the central bank.

A person familiar with the RBI's thinking said the regulator is unlikely to require Tata Sons to list while the application remains pending, even though the three-year timeline has elapsed.

"Technically if you see Tata Sons has to follow all the regulation and if you look at even the listing, RBI will consider it as overdue. Since the application is yet to be disposed of, RBI will not push them to enforce these regulations," said the source familiar with the matter

The RBI and Tata Sons did not immediately respond to a Reuters request for comment. RBI Governor Sanjay Malhotra said on Wednesday that Tata Sons continued to be classified as an upper-layer NBFC because the framework governing such entities was "principle-based".

Upper-layer NBFCs are considered large and systemically important financial institutions and are subject to enhanced regulatory oversight. Tata Sons remains in the category because its asset size exceeds the stipulated 10 trillion rupees ($105 billion) threshold.

The outcome is significant because the Tata Trusts own about 66% of Tata Sons. A public listing could affect funding for the trusts' philanthropic activities and its investments in unlisted businesses, and alter the ownership structure of one of India's largest conglomerates.

Pressure for a listing has also come from Tata Sons' second-largest shareholder, the Shapoorji Pallonji Group, which wants to monetise or exit its holding as it seeks to reduce debt estimated at 5.5 trillion rupees to 6 trillion rupees.

Tata Sons owns Air India, Tata Digital and Tata Electronics, alongside stakes in listed companies including Tata Consultancy Services TCS.NS and Tata Steel TISC.NS.

($1 = 95.2200 Indian rupees)

(Reporting by Nishit Navin and Gopika Gopakumar. Editing by Sonia Cheema and Mark Potter)

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By Neha Arora and Jatindra Dash

NEW DELHI, Aug 4 (Reuters) - India's top iron ore producing state of Odisha has warned steelmakers and miners of strict action over alleged grade manipulation and misdeclaration, according to documents reviewed by Reuters and three sources, a crackdown that analysts say could tighten domestic iron ore supplies.

India, the world's second-largest crude steel producer after China, is expected to produce 340 million to 345 million metric tons of iron ore, the key raw material used in steelmaking, in 2026-27, up from about 316 million tons a year earlier, commodities consultancy BigMint said.

Any disruption to supplies from resource-rich Odisha could scupper those production targets.

The warning follows inspections that "revealed a consistent grade manipulation by the lessees," which include major steel producers, resulting in a "substantial loss" of state revenues, according to a July 6 government document reviewed by Reuters.

The companies named in the July 6 letter included JSW Steel JSTL.NS, Tata Steel TISC.NS, state-run Steel Authority of India (SAIL) SAIL.NS, Jindal Steel JINT.NS and ArcelorMittal Nippon Steel India.

A Tata Steel spokesperson denied any discrepancies, saying it pays royalties as per prescribed norms and that most of its iron ore dispatches are in the highest royalty grade.

JSW declined to comment. SAIL and Jindal Steel did not respond to Reuters' emails seeking comment. Odisha's Directorate of Mines and Geology also did not respond to requests for comment.

Government officials met steel and mining associations and company executives last month to discuss the findings, according to July 13 meeting minutes and a source familiar with the matter.

"Any deliberate grade manipulation, misdeclaration or suppression of mineral value affecting government revenue shall be viewed very seriously and strictly dealt with," the meeting minutes showed.

Odisha's steel and mines department directed lessees to revise mining plans and seek approval from the Indian Bureau of Mines where actual ore grades differ from approved grades, according to the minutes.

Analysts say stricter inspections are already affecting lower grade ore availability.

Offers for lower grade ore have become limited in the merchant market over the past month because of intensified inspections by Odisha authorities, BigMint said.

"Since Odisha is the largest producer of iron ore in the country, if the issue escalates, it might impact the overall availability of iron ore in the country," said B.K. Bhatia, a mining expert and former director general of the Federation of Indian Mineral Industries.

Industry representatives disputed the state's allegations.

"Industry has raised concerns that the grades extracted are as per the geology and that is not under anyone's control," one industry representative said, declining to be identified because they were not authorised to speak to the media.

(Reporting by Neha Arora in New Delhi and Jatindra Dash in Bhubaneswar; Additional reporting by Arpan Chaturvedi in New Delhi; Editing by Mayank Bhardwaj and Saad Sayeed)

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Tata Steel's board approved a 4.8 million-tonne steelmaking expansion at its Neelachal Ispat Nigam unit with an estimated capital outlay of ₹33,873 crore. The project will deepen the company's presence in the long products retail segment, where its branded products enjoy strong demand. The decision comes after the board gave in-principle approval to the expansion in December 2025, and as the company progresses the amalgamation of NINL into Tata Steel. Tata Steel's Indian operations, which delivered record deliveries of around 22.5 million tonnes in FY26, remain the core profit engine of the group. The board also approved the June quarter standalone financial results, reporting revenue of ₹36,896 crore and a net profit of ₹4,536 crore.

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Tata Steel's board approved the financial results for the quarter ended June 2026 and sanctioned a 4.8 million tonne per annum steelmaking capacity expansion at Neelachal Ispat Nigam Limited at an estimated cost of ₹33,873 crore. The expansion had been under consideration since the board granted in-principle approval in December 2025 and is part of a larger push to increase domestic long products supply for the retail market. The project will be executed as NINL proceeds with its amalgamation into Tata Steel. Tata Steel reported consolidated EBITDA of ₹34,848 crore on revenue of ₹2,32,140 crore for the financial year ended March 2026, with record deliveries of around 22.5 million tonnes and net debt reduced to ₹80,144 crore.

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July 30 (Reuters) - Tata Steel TISC.NS, India's second-largest steelmaker by market capitalisation, reported a better-than-expected first-quarter profit on Thursday, as firm domestic steel prices and steady India volumes outweighed pressure from higher coking coal costs.

The Tata Group company's consolidated net profit rose 11.6% to 23.18 billion rupees ($242.3 million) in the quarter ended June 30.

Analysts, on average, had expected 22.95 billion rupees profit, per data compiled by LSEG.

($1 = 95.6800 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Janane Venkatraman)

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Tata Steel's massive tax dispute relating to assessment year 2019-20 has been restored for hearing by the Bombay High Court on August 19, after the Supreme Court set aside favourable precedents and remanded such cases back to the high courts. The case stems from a ₹25,185 crore loan waiver that the tax department treated as taxable income, leading to a reassessment order. The company had won an earlier round on technical grounds, but a retrospective amendment in the Finance Act 2026 undid that advantage, forcing the matter back before the high court. Tata Steel now intends to amend its writ petition to challenge the constitutional validity of the amendment itself. The tax authorities have been directed to file a counter affidavit, and the company maintains it has a strong case on merits.

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By Neha Arora

NEW DELHI, July 21 (Reuters) - Indian steelmakers are pivoting to the domestic market to offset weaker exports as key markets Europe and Britain tighten imports, but competition from cheap Chinese steel at home is blunting that strategy, company executives and analysts said.

India, the world's largest crude steel producer after China, ships roughly two-thirds of its steel to Europe, and the executives expect exports to the European Union and Britain to fall by as much as 40% this fiscal year after both markets tightened import rules.

The European Union unveiled quotas on June 30 to limit duty-free steel imports after introducing carbon charges in January on imports of steel and other emissions-intensive goods under its Carbon Border Adjustment Mechanism.

Britain also tightened tariff-free steel imports from July 1, although New Delhi says 85% of India's exports to the country remain protected under their free trade agreement.

India shipped 6.6 million metric tons of finished steel in the fiscal year ended March 2026. Exports fell to 0.5 million tons in May, well below the average of the previous six months.

"With the UK, EU, US and several other markets tightening import quotas, and deploying tariffs and safeguard mechanisms, companies will have to place greater emphasis on markets where long-term demand visibility is more certain," Abhyuday Jindal, managing director of Jindal Stainless, told Reuters.

Chinese steel is priced $52-$63 per ton below domestic grades, making it harder for Indian mills to absorb output diverted from export markets, the executives and analysts said.

The government has launched an anti-dumping investigation into hot-rolled steel from China, Japan and Russia.

"The rise in low-priced and substandard imports, particularly from China or those of Chinese origin, is creating an uneven competitive environment for domestic manufacturers," Jindal said.

A senior government official said India was the only major market where steel consumption remained strong.

Mills could seek anti-dumping measures to curb cheap imports, especially from China, said the official, who declined to be named because of the sensitivity of the matter.

Rapid economic growth and government infrastructure spending have prompted leading steel producers to continue expanding capacity. India aims to raise crude steel capacity to 400 million tons by 2035-36 from the current output of about 168 million tons.

"Tata Steel and JSW Steel are focusing the majority of their investments in India, which they see as a growth market," said Hui Ting Sim, vice-president and senior analyst at Moody's Ratings in Singapore. But she added that profit margins of Indian steelmakers were unlikely to improve unless there was a substantial hike in import duties.

Most of the new steelmaking capacity being added in India is based on expectations of domestic demand rather than exports, said Ravi Sodah, executive vice-president at Elara Capital in Mumbai.

Finished steel consumption has risen 55% over the past five years, outpacing the 42% increase in production, according to commodities consultancy BigMint.

Indian mills are also expected to target markets in East Asia and the Middle East to offset part of the decline in European shipments. In the Middle East they face growing competition from Chinese producers as well as local manufacturers, said Shankhadeep Mukherjee, principal analyst at London-based CRU Group.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Raju Gopalakrishnan)

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** Shares of India's Tata Steel TISC.NS fall 2.23% to 186.75 rupees

** Co on Friday said Dutch Public Prosecution Office has summoned Tata Steel's Netherlands unit for suspected criminal offences over alleged pollution at coke and gas plants

** Co said decision to prosecute was for "allowing undercooked coke to occur" and for not reporting this in timely manner; considers allegations "fundamentally to be unjustified"

** TISC on avg rated "hold" by 34 analysts; median PT is 229.50 rupees - data compiled by LSEG

** Stock up 4% YTD

(Reporting by Abhirami G in Bengaluru)

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July 10 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL - DUTCH PROSECUTORS SUMMON TATA STEEL IJMUIDEN FOR SUSPECTED CRIMINAL OFFENCES OVER ALLEGED POLLUTION

• TATA STEEL - UNIT TO BE PROSECUTED FOR ALLOWING UNDERCOOKED COKE AND DELAYED REPORTING

• TATA STEEL - TSIJ CONSIDERS ALLEGATIONS FUNDAMENTALLY TO BE UNJUSTIFIED

Source text: ID:nBSE9X2jQJ

Further company coverage: TISC.NS

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July 8 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL - INDIA 1QFY27 CRUDE STEEL PRODUCTION AND DELIVERIES UP 11% YOY

• TATA STEEL - IN 1QFY27, TATA STEEL INDIA CRUDE STEEL PRODUCTION WAS 5.82 MILLION TONS

Source text: ID:nBSE2kkR5d

Further company coverage: TISC.NS

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July 2 (Reuters) -

• TATA STEEL CHAIR: IN NETHERLANDS, OPERATING ENVIRONMENT HAS BECOME CHALLENGING WITH CERTAIN ENVIRONMENTAL REGULATIONS EXCEEDING EU STANDARDS

• TATA STEEL CHAIR: CO ACTIVELY ENGAGING WITH DUTCH GOVERNMENT, RELEVANT STAKEHOLDERS TO DEVELOP FORWARD PATHWAY FOR TATA STEEL NETHERLANDS

• TATA STEEL CHAIR: SOME OF TATA STEEL NETHERLAND’S LEGACY ASSETS, VIABLE SOLUTIONS ARE NOT CURRENTLY FEASIBLE WITHIN REGULATORY ACCEPTED TIMELINES

Further company coverage: TISC.NS

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June 15 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL UK: REMAINS CONFIDENT IN ITS ABILITY TO MAINTAIN CONTINUITY OF SUPPLY FOLLOWING FIRE INCIDENT

• TATA STEEL UK: INCIDENT DOES NOT AFFECT WIDER ELECTRIC ARC FURNACE PROJECT, COMMITMENT TO PORT TALBOT

Source text: [ID:]

Further company coverage: TISC.NS

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By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, June 9 (Reuters) - Two of India's Tata Group infrastructure units are set to return to the corporate bond market in the coming days, after more than 15 months, two merchant bankers said on Tuesday.

Indian corporate bond yields have eased after the Reserve Bank of India maintained key policy rates unchanged last week, providing some relief to the market.

Tata Steel TISC.NS is set to raise 30 billion rupees ($313.23 million) through a sale of five-year bonds, while Tata Projects, a real estate firm, could raise 5 billion rupees to 10 billion rupees through a combination of three-year and five-year papers.

"Both the companies have alerted merchant bankers, and are waiting for the rates to ease further before tapping the market," one of the bankers said.

The bankers asked not to be named as they are not authorised to speak to the media. Tata Projects did not reply to an email seeking comment, while Tata Steel said, "We do not have any imminent plans for any issuances of bonds."

Before the RBI's rate decision, yields on AAA-rated two-to-five-year corporate bonds rose past 8%, their highest level since early 2019, according to LSEG data, and have crashed by around 50 basis points since.

Tata Steel, which has over 150 billion rupees in outstanding bonds, has a 10-billion-rupee maturity coming up in October. The AAA-rated borrower last tapped the market in February 2025, raising 30 billion rupees via five-year bonds at a 7.65% coupon.

During the same month, AA-rated Tata Projects raised 5 billion rupees by selling six-year bonds at 8.60% coupon.

($1 = 95.7750 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)

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By Aditya Kalra

NEW DELHI, June 3 (Reuters) - India's antitrust body is investigating Mrs. India Inc, an organiser of a beauty pageant for married women that sends winners to global events, accusing it of abusing its position and setting burdensome contract terms for participants.

The first such investigation by the Competition Commission of India (CCI) comes as it also investigates accusations of wrongdoing by some of the world's biggest companies, such as France's Pernod Ricard, Apple AAPL.O and India's Tata Steel.

It focuses on a niche area the regulator described as a "market for services of beauty pageants for married women in India" with the aim of sending winners to major international contests.

The CCI's analysis of agreements submitted by a contestant showed they contained "onerous terms", it said in Wednesday's order.

These include a five-year bar on many contestants and winners from participating in any other beauty pageant, whether as judge or mentor.

"Participants are also prohibited from signing or accepting any professional assignments or contracts without express written permission" of the firm, the CCI added.

Mrs India Inc did not respond to a Reuters request for comment.

CASE TRIGGERED BY COMPLAINT FROM RUNNER-UP

On its website, Mrs India Inc calls itself the "most credible" beauty pageant for married women in India and says it is "associated with most prestigious international beauty pageants for married women".

The CCI said its case was triggered by a complaint from Rinima Borah Agarwal, a runner-up in the 2024 competition, also crowned "Mrs. India Galaxy", allowing her to compete in the "International Mrs. Galaxy" pageant representing India in 2025.

The watchdog said it had sought comments and details of Mrs India Inc's tie-ups in 2025 in its review of the accusations, but the firm did not respond, despite numerous opportunities to do so.

Another onerous contract term, the watchdog pointed out, requires the pageant's participants and winners to "join hands with a social cause recognised and promoted" by Mrs India Inc.

The regulator's investigations can typically run for months before it hands down a final order resolving the matter.

(Reporting by Aditya Kalra; Editing by Clarence Fernandez)

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May 20 (Reuters) - Tata Steel Ltd TISC.NS:

• BOSTON METAL RAISES $75 MILLION TO SCALE CRITICAL METALS BUSINESS

• BOSTON METAL - TATA STEEL LIMITED JOINED ROUND

• BOSTON METAL - NEW CAPITAL BRINGS COMPANY'S TOTAL FUNDING RAISED TO OVER $500 MILLION

Source text: ID:nGNX8Hk82d

Further company coverage: TISC.NS

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-- Source link: https://tinyurl.com/yyrwm67x

-- Note: Reuters has not verified this story and does not vouch for its accuracy

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** Shares of Tata Steel TISC.NS down 4.2% at 207.75 rupees, highest intraday pct fall since January 2025

** Steelmaker posts consol Q4 net profit of 29.26 billion rupees, missing analysts' estimate of 30.8 billion rupees, per data compiled by LSEG

REGULATORY HEADWINDS CLOUD OUTLOOK

** Citi ("Sell"; PT: 200 rupees) flags impending closure of coke ovens creating uncertainty

** Expects India EBITDA/t to expand in Q1 and Netherlands EBITDA/t to be relatively flat due to volume loss; sees 6,000 rupees/ tonne increase in realizations

** Goldman Sachs ("Neutral"; PT: 218 rupees) notes potential disruption in operating rhythm of Tata Steel Netherlands owing to environmental footprint concerns in a complex regulatory environment

** HSBC ("Buy"; PT: 260 rupees) says weaker growth pipeline vs JSW Steel and Netherlands regulatory issues will keep valuation multiples discounted

** Despite medium-term challenges, expects strong earnings growth supported by higher steel prices

** BoFA ("Neutral"; PO: 220 rupees) lowers Netherlands profitability forecasts on carbon emissions compliance, partially offset by lower UK losses due to revisions to the UK safeguards and rupee depreciation; cuts FY28E EBITDA by 2%

(Reporting by Mridula Kumar in Bengaluru)

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Updates with statement from Tata Trusts in 4th bullet

By Jayshree P Upadhyay

MUMBAI, May 15 (Reuters) - India's Maharashtra state charity commissioner has ordered Tata Trusts to defer its Saturday board meeting after complaints triggered an inquiry into the trusts' governance.

• Tata Trusts holds a controlling stake in the holding company of the Tata Group, Tata Sons, which faces pressure to list.

• The trusts have been told not to hold the meeting until an inspector completes a probe and submits a report.

• The order, seen by Reuters, follows complaints over trust composition. One of the complainants is Venu Srinivasan, a senior trustee at Tata Trusts, the charity commissioner's order said.

• In a late-night statement, Tata Trusts said that directions from the authorities are being examined and that it was not aware of any complaint filed by Srinivasan.

(Reporting by Jayshree P Upadhyay in Mumbai, Writing by Anna Peverieri in Barcelona; Editing by Shinjini Ganguli and Muralikumar Anantharaman)

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By Ira Dugal

May 5 - Sun Pharmaceutical's mammoth all-cash bid for U.S. drugmaker Organon & Co last week is yet another instance of Indian companies making bolder bets overseas, backed by the strength of their balance sheets.

But history shows that returns from these cross‑border deals are not always assured. With global M&A now becoming a strategic necessity rather than just offering bragging rights, is that likely to change? Write to me with your views on Indian companies' growing global ambitions at [email protected].

And, two executives are in the running for the post of Air India CEO. Scroll down for more on that.

THIS WEEK IN ASIA

• While Asia and Europe scramble for natural gas, the US glut has nowhere to go

• China's central bank guides banks to step up lending in April, sources say

• Investors are running out of time to brace for true oil shock

• One of Iran’s most powerful families founded its largest crypto exchange. It’s used by the IRGC to move millions

NOT JUST AMBITION, BUT A STRATEGIC NEED

From pharmaceuticals to IT, Indian firms across sectors are looking overseas in search of newer markets, products and technologies for their next burst of growth.

Sun Pharma is buying Organon in a deal valued at about $11.75 billion including debt, ‌making it the largest overseas acquisition by an Indian pharma company.

It eclipsed another large overseas bet just months ago by IT firm Coforge to acquire artificial intelligence firm Encora for $2.35 billion, and Tata Motors' purchase of Italian commercial vehicle manufacturer Iveco for $4.45 billion in July 2025.

The first quarter of 2026 has seen 56 outbound transactions valued at $3.9 billion, according to data from advisory firm Grant Thornton Bharat LLP. In 2025, 162 such deals worth $18.2 billion were closed.

Proximity to customers, control over distribution and insulation from trade barriers are important drivers of outbound M&A, said Bhavesh Shah, managing director and head of investment banking at Mumbai-based investment bank Equirus Capital.

"What’s changed is the rise in capability-led acquisitions, whether it’s R&D, specialty products, or technology," Shah said. "So earlier it was about global ambition; today it’s more a strategic necessity to stay competitive and de-risk supply chains."

Sun Pharma, for instance, is acquiring a suite of products in women's health with the Organon purchase - a segment projected to have a $600 billion opportunity. Coforge entered the much-in-demand agentic AI space with its acquisition of U.S.-based Encora.

"Together, the two deals capture the full spectrum of India's outbound ambition: buying capability where it does not exist domestically and buying global scale where organic growth would take decades," said Sumeet Abrol, partner and national leader for deals at Grant Thornton Bharat.

GROWTH OF FINANCING OPTIONS

Corporate India's overseas ambitions have ebbed and flowed over the years, and some have left individual companies burdened with debt.

The buyout rush of the early 2000s - which saw Tata Steel acquire Anglo-Dutch group Corus for $12 billion, Tata Motors buy out iconic British brands Jaguar and Land Rover for $2.3 billion and Hindalco acquire Canada's Novelis for $6 billion - was one of the reasons that led to excess leverage on corporate balance sheets.

But after a decade-long clean-up, debt on most Indian corporate balance sheets is low. The median debt-to-EBITDA for rated Indian corporates was at 0.5 times as of March 2026, while interest coverage ratio was 5 times, according to rating agency CRISIL.

Recent deals don't immediately raise red flags, analysts said.

"Funding has been quite disciplined this cycle. It’s a good mix of internal accruals and moderate leverage," said Equirus' Shah.

Transactions such as Tata Motors' purchase of Iveco have also seen the increased use of guarantees to raise debt in overseas units. Tata Motors issued a $2.26 billion guarantee to back financing for the deal.

"The availability of debt financing on target balance sheets in overseas markets (LBOs) with no or limited recourse to acquiring balance sheets in India is also fueling some of this activity while keeping the Indian balance sheets deleveraged," said Grant Thornton's Abrol, adding that these financing options are increasingly available to even mid-market companies.

Abrol, however, said the deal struck by Sun Pharma is a transaction that needs to be "watched carefully" for balance sheet discipline.

"Post-transaction, the combined entity's net debt-to-EBITDA is projected at 2.3x — manageable, but a meaningful departure from Sun Pharma's historically net cash positive position," he said.

The company said it aims to bring down debt "soon", with analysts expecting a three-four year period for debt reduction.

MARKET MATTERS

Foreign investors have continued to offload Indian shares, selling a net $6.5 billion in April after dumping $12.7 billion in March. With no quick resolution to the war between U.S.-Israel and Iran, investors expect earnings growth in India to slow, making valuations unattractive. Read here.

The persistent outflows have pushed the rupee back down to record lows despite steps taken by the central bank to support the currency.

The Indian central bank is mulling steps to draw dollar flows, Reuters reported on Monday.

THIS WEEK'S MUST-READ

The Tata Group has zoomed in on two possible options for the post of Air India CEO, which fell vacant when Campbell Wilson resigned last month. Singapore Airlines executive Vinod Kannan and Air India's commercial head Nipun Aggarwal are the two frontrunners to become the new CEO of Air India, Reuters' Aditya Kalra and Abhijith Ganapavaram report.

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

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April 24 (Reuters) - An Indian court has put an antitrust investigation into state-run Steel Authority of India SAIL.NS on hold after the company challenged the Indian watchdog for procedural lapses, according to court records and the company's legal filings.

In the most high-profile antitrust case involving India's steel sector, an investigation by the Competition Commission of India found 28 firms colluded on steel prices, Reuters exclusively reported in January. These included Tata Steel TISC.NS, JSW Steel JSTL.NS and state-run SAIL and RINL.

Online Madras High Court records show the judge in an April 21 hearing put the investigation into SAIL on hold. The ruling and SAIL's arguments in court are being reported for the first time by Reuters.

SAIL did not respond to a request for comment.

(Editing by Elaine Hardcastle)

April 21 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LTD - PARTNERS SMS GROUP TO DEPLOY WORLD-FIRST EASYMELT DECARBONISATION TECHNOLOGY

• TATA STEEL LTD - PROJECT AIMS TO CUT CO2 EMISSIONS BY MORE THAN 50 PERCENT VERSUS BASELINE OPERATION

Source text: ID:nBSE5mxBSq

Further company coverage: TISC.NS

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