Tata Steel

Oct 2 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

• Land Securities Group LAND.L is raising £500 million ($659.55 million) from investors to help fund its acquisition of the Metrocentre shopping centre near Newcastle.
  
  

• Brazil's Nubank is no longer pursuing a deal for British digital bank Monzo that could have valued it between £8 billion ($10.55 billion) and £10 billion.

The Guardian

• Sycamore Partners is in advanced talks to sell British pharmacy chain Boots to the Weston family for about $9 billion.
  
  

• Britain's government is planning to ban airlines from charging parents extra to sit with their children on planes.

The Telegraph

• BT Group's BT.L broadband rivals have warned of a potential legal row over competition concerns surrounding its proposed takeover of TalkTalk.
  
  

• NatWest NWG.L is facing a fresh debanking disputeafter shipping executive Philip Adkins accused its private bank Coutts of closing his account on false grounds.

Sky News

• British ministers have awarded EY a contract to scrutinise Tata Steel's TISC.NS request for additional taxpayer funding.
  
  

• Goldman Sachs GS.N is expanding its partnership with housebuilding lender Quantum with up to £500 million in funding, following British Prime Minister Andy Burnham's announcement of a scheme to support first-time buyers.

The Independent

• Syngenta is planning to halt operations at its Grangemouth site, which could result in about 400 job losses.

($1 = 0.7581 pounds)

(Compiled by Bengaluru newsroom)

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** Shares of India's North Eastern Carrying Corporation NECC.NS rise 2.8% to 18.93 rupees

** Logistics and supply chain solutions co says it has been awarded a two-year work contract by Tata Steel TISC.NS for transportation of iron ore from India's Kalamang to various siding locations and railway stations

** Adds total contract value is 781.9 million rupees

** Stock up 4.6% YTD

(Reporting by Payel Das in Bengaluru)

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Sept 29 (Reuters) - Tata Steel Ltd TISC.NS:

• RECEIVES FAVOURABLE ORDER ALLOWING INTEREST DEDUCTION FOR FY2009

• TAX EXPOSURE REDUCED FROM 16.86 BILLION RUPEES TO 12.59 BILLION RUPEES FOR FY2009

• ORDERS PASSED BY AUTHORITY WILL HAVE PERSUASIVE IMPACT ON CO-RELATED PENDING LITIGATIONS

Source text: ID:nBSE7ywf0d

Further company coverage: TISC.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 28 (Reuters Breakingviews) - A power struggle at India's Tata group may have another victim in Deutsche Bank. The German lender helped unlisted builder Shapoorji Pallonji group raise pricey debt which it's now trying to offload at a premium. That taps into hopes for an imminent listing of Tata's holding company, Tata Sons. Such an outcome will shore up the ability of SP group, owner of an 18% stake, to honour its borrowings in excess of 541 billion rupees ($5.64 billion). But the timing is less promising than it seems.

The 160-year-old construction group behind Mumbai's iconic Taj Mahal Palace Hotel ran into financial difficulties in 2020, as Covid disrupted cash flows. Its problems intensified through the last six years, pushing the SP group towards higher-cost funding sources.

Deutsche latched onto the lending opportunity as did private credit funds which have been warming up to India. In July, when SP group entities issued bonds worth 214 billion rupees, sole arranger Deutsche scooped up 29% of the offer, according to data from Tracxn. In May 2025, SP group raised 286 billion rupees, roughly $3 billion at current exchange rates, from Ares Management ARES.N, BlackRock BLK.N and others in India's largest ever onshore private credit transaction. Each of those notes is backed by shares in Tata Sons.

Now Deutsche is trying to offload three-year zero-coupon notes issued by Eqyizen Investment, a unit of the SP group, at a ​yield of up to 18.75%, down from 18.95% in July, according to a Reuters report citing unnamed merchant bankers. Yet the spat at Tata group which spilled into public this month muddies, rather than improves, SP's group's ability to honour its borrowings and monetise its Tata Sons holding which might be worth at least 250 billion rupees.

Although Tata Sons' chair, N. Chandrasekaran, supports a listing for the holding company he leads, the move is being forced upon the conglomerate by the Reserve Bank of India. And Noel Tata, chair of the Tata Trusts which owns 65% of Tata Sons, fiercely opposes both a listing and Chandra's leadership position at the holding company.

That could entangle the duo in legal battles and delay any capital markets debut. The power struggle also ought to make SP group's credit and its Tata Sons stake less attractive to investors and lenders because of the sheer official meddling in the Indian conglomerate.

The SP group is already seeking an extension to payments worth 35 billion rupees ($365 million) due on September 30. Until now, it has been able to keep deferring and gorging on increasingly expensive debt to stay afloat. But the struggle at Tata group could make it harder for SP group to refinance. That provides a strong incentive for Deutsche and other lenders to try and monetise their positions.

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CONTEXT NEWS

Deutsche Bank and other investors are offering rupee-denominated bonds of a Shapoorji Pallonji group firm ​at a premium, encouraged by the construction group's plans to sell part ‌of its stake in Tata Sons, Reuters reported on September 21, citing three unnamed merchant bankers.

The SP group is also planning to seek an extension ⁠to a debt repayment worth around 35 billion rupees, ​which is due on September 30, the report added.

Tata Trusts on September 17 said the SP group proposed to ​sell part of its 18% stake worth 250 billion rupees in Tata Sons, the unlisted holding company of the wider steel-to-IT Tata conglomerate.

(Editing by Una Glani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

By Sarita Chaganti Singh and Sethuraman N R

NEW DELHI, Sept 26 (Reuters) - India has ordered more than 100 captive coal-fired power plants to operate at maximum capacity from October 1 through year-end to meet what it expects will be a rise in electricity demand.

• The federal power ministry's order, invoked under emergency provisions of the Electricity Act, applies to plants with installed capacity of at least 50 megawatts

• The aim is to meet an "expected rise in electricity demand in the coming months," showed the order dated September 25 and seen by Reuters

• Nearly 40% of coal-fired plants are operating with critically low fuel stock due to a surge in power demand as the El Niño climate phenomenon raises temperatures more than usual

• The plants primarily serve industrial facilities such as aluminium smelters, steel manufacturers, cement factories and oil refineries

• The power ministry has directed generators to sell surplus electricity through power exchanges

• The order covers 112 plants belonging to companies including Vedanta VDAN.NS, Tata Steel TISC.NS, Hindalco Industries HALC.NS, JSW Steel JSTL.NS, UltraTech Cement ULTC.NS, Reliance Industries RELI.NS, Indian Oil IOC.NS, Bharat Aluminium BHLNO.UL, Hindustan Zinc HZNC.NS and Nayara Energy

• The ministry has ordered plants to report weekly to the Central Electricity Authority detailing generation, captive consumption, power sales, available capacity and coal stocks

• Separately, the ministry has extended an earlier emergency order requiring Tata Power's TTPW.NS imported coal-fired plant in Mundra, Gujarat, to operate at full capacity until December 31, citing the demand situation

• Section 11 of the Electricity Act allows the government, under extraordinary circumstances, to direct generators to operate power stations in accordance with its instructions

(Reporting by Sethuraman NR and Sarita Chaganti Singh; Editing by Christopher Cushing)

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By Neha Arora

NEW DELHI, Sept 25 (Reuters) - India was a net importer of finished steel during the first five months of the financial year that began in April, shipping in 3.5 million metric tons of the alloy, up 29.5% from a year ago, according to government data released on Thursday.

• China was the top exporter of finished steel to India during April-August, accounting for 31.8% of India's total imports

• South Korea, Japan, Indonesia and Vietnam were among the top five exporters of finished steel to India during the period

• India's finished steel exports during April-August stood at 2.99 million metric tons, up 34.1% from a year earlier

• Vietnam was India's top export destination, followed by the United Arab Emirates, Italy, Belgium and Nepal

• Hot-rolled coils and strips were the most traded products, both for imports and exports

• India's crude steel production during April-August climbed 2.8% from a year earlier to 71 million metric tons

(Reporting by Neha Arora; Editing by Eileen Soreng)

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** Tata Steel TISC.NS shares rise 3.3% to 191 rupees, hitting their highest level since Aug 6

** Stock top gainer on the Nifty 50 Index .NSEI

** Motilal Oswal says domestic steel prices have surged sharply, driven by maintenance shutdown-led lean channel inventory, improved consumption, and input cost inflation

** Expects Tata Steel's India business to post strong Q2 earnings; says pricing discipline will be key to offsetting cost inflation in H2 FY27

** "We remain constructive on TATA, given the ongoing capacity expansions, favorable steel pricing, and resilient demand, which should position the company to capitalize on the long-term domestic opportunity," - Brokerage

** Reiterates "Buy" rating on stock with TP of 220 rupees

** Shares of peers Steel Authority of India SAIL.NS rise 6.3%, JSW Steel JSTL.NS up 2.15%; Nifty Metal Index .NIFTYMET up 2.02%

** YTD, TISC up 6.2%

(Reporting by Abhinav Parmar in Bengaluru)

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Sept 19 (Reuters) -

• TATA STEEL SEEKS NEW GOVERNMENT FUNDING AS INDUSTRY CRISIS DEEPENS - SKY NEWS

Source text: https://tinyurl.com/mr4aj95v

Further company coverage: TISC.NS

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

• TATA STEEL - CALCUTTA HIGH COURT REJECTS CO'S APPLICATION SEEKING INJUNCTION ON JPC UTILISING FUNDS PAID TOWARDS STEEL DEVELOPMENT FUND LOANS

• TATA STEEL - COURTS DIRECT THAT TILL APPEAL IS DISPOSED OF JOINT PLANT COMMITTEE SHALL NOT UTILISE FUNDS

Source text: ID:nBSE6Zxfz6

Further company coverage: TISC.NS

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Sept 17 (Reuters) - India's Tata Trusts said on Thursday it has not agreed to the listing of Tata Sons and asked the conglomerate's holding company to explore all available options other than a public listing.

Earlier in the day, Reuters reported that the board of Tata Sons said it would consider a listing, after the Reserve Bank of India rejected its request for an exemption from rules requiring it to list.

(Reporting by Nishit Navin; Editing by Shilpi Majumdar)

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Adds developments in paragraph 3, updates share movement

Sept 15 (Reuters) - Shares of several Tata Group companies jumped on Tuesday on renewed expectations that Tata Sons could eventually be listed, after India's central bank rejected the holding company's application to deregister as a non-bank lender.

A potential listing of Tata Sons, the holding company of 31 group companies, could unlock value and boost valuations for listed Tata companies, particularly those with stakes in the unlisted parent. Tata Chemicals, Tata Motors and Tata Investment are among the companies that own stakes in Tata Sons.

The Reserve Bank of India pre-emptively approached the courts seeking to be heard in any matter filed related to the potential listing, Reuters reported, citing a source directly familiar with the matter.

Disagreements between Tata Sons Chairman N Chandrasekaran and Tata Trusts, which owns 66% of the holding company, included a potential listing of Tata Sons, losses at Air India and the planned exit of a minority shareholder.

Last month, Tata Sons said Chandrasekaran would not seek reappointment, adding to uncertainty around the group's future leadership.

Shares of Tata Chemicals TTCH.NS jumped as much as 20% on Tuesday, while Tata Motors Passenger Vehicles TAMO.NS was up about 4%. Shares of Tata Investment TINV.NS advanced 11.5%.

Tata Chemicals, trading at its highest level in roughly 2-1/2 months, holds around 2.5% in Tata Sons, according to ICICI Securities.

The brokerage estimates the stake is worth 100 billion rupees to 150 billion rupees ($1.04 billion to $1.56 billion), close to Tata Chemicals' current market capitalisation, underscoring the potential for significant value unlocking.

ICICI Securities, however, said it expects a "prolonged legal battle", though the stock could remain in positive territory in the near term.

PRIVATELY HELD

The more than a century-old holding company, which had standalone assets totalling 1.75 trillion rupees as of March 2025, has sought to remain privately held.

Tata Sons is classified as a core investment company and is subject to RBI rules for non-bank lenders that require companies with assets exceeding 1 trillion rupees, or those with direct or indirect access to public funds, to be listed.

The company had also faced pressure from its stakeholders to go public, including the second-largest shareholder, Shapoorji Pallonji Group.

Two Tata trustees have supported the listing of Tata Sons in media ​interviews, arguing that expansion into new areas such as semiconductors will require large amounts of capital that cannot be generated internally.

($1 = 95.8600 Indian rupees)

(Reporting by Aishwarya Jain and Vivek Kumar M in Bengaluru; Writing by Abinaya V; Editing by Sonia Cheema and Sherry Jacob-Phillips)

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Sept 1 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LIMITED - DIVESTMENT OF ENTIRE STAKE HELD IN JFSPL

• TATA STEEL LIMITED - DIVESTMENT OF ENTIRE STAKE HELD IN JFSPL

Source text: ID:nRSA7342Sa

Further company coverage: TISC.NS

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Aug 28 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LIMITED - ACQUISITION OF EQUITY STAKE IN T STEEL HOLDINGS

• TATA STEEL - BUYS USD 140 MILLION EQUITY IN T STEEL HOLDINGS ON AUG 27, 2026

• TATA STEEL LTD - ACQUIRED 162,03,70,371 EQUITY SHARES OF FACE VALUE USD 0.0864 EACH IN TSHP

• TATA STEEL LTD - POST THIS ACQUISITION, TSHP WILL CONTINUE TO BE WHOLLY OWNED SUBSIDIARY OF COMPANY

Source text: ID:nRSb5045Sa

Further company coverage: TISC.NS

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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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Writes through with details, adds statements from Jamshedpur and Churchill Brothers

Aug 14 (Reuters) - Tata Steel sold all its stake in Indian Super League side Jamshedpur FC to Goa-based club Churchill Brothers for a token amount of 100 Indian rupees ($1.05) on Friday, two weeks after the conglomerate announced it was pulling out of the ISL.

Twice national league champions Churchill Brothers will take over Jamshedpur's sporting licence to play in the top-flight ISL, and the contracts of 12 players and two coaches, Tata Steel said in a statement.

"We are glad that this agreement gives our players and coaches the opportunity to continue playing club football," D. B. Sundara Ramam, Tata Steel's vice president of corporate services, said in a statement.

Earlier this month, Jamshedpur players issued an emotional plea to the club's owners to reconsider closing down the club, which won the ISL League Winners' Shield in 2021-22 and the domestic Super Cup last year.

In the following days, Jamshedpur fans took to the streets to appeal to the Tata Group, one of India's biggest conglomerates, to keep the club going. But Friday's announcement ended their hopes.

The city of Jamshedpur, in the Eastern state of Jharkhand, has lost its sole top-flight team, with Churchill Brothers based in the soccer-mad state of Goa, nearly 2000 km south.

Jamshedpur are still playing in the Durand Cup, where they will face Mohun Bagan in the quarter-finals on Monday.

TATA EXIT AMID ISL UNCERTAINTIES

Jamshedpur, who entered the ISL in 2017 when the league was backed by Indian conglomerate Reliance, are stepping away less than a year after the All India Football Federation's commercial partnership with Reliance ended.

The ISL has yet to announce this season's fixtures and broadcaster.

"We thank AIFF and Churchill Brothers for their partnership in making this transition a smooth one," Sundara Ramam added.

The AIFF declined to comment.

'BACK WHERE WE BELONG', SAY CHURCHILL BROTHERS

Churchill Brothers, who last played in India's top flight in 2013-14, had hoped to be promoted to the ISL after topping the second-tier I-League in 2024-25, as the AIFF appeals committee ruled that Inter Kashi had forfeited multiple matches for fielding an ineligible player.

But Kashi successfully appealed the decision at the Court of Arbitration for Sport, overturning their points deduction to become champions instead. Churchill Brothers withdrew from the league the following season.

"We had to be back where we belong," the club posted on Instagram. "Our President Churchill Alemao ... never stopped believing. Somehow, he always finds a way.

"While some saw decline, we saw opportunity. While some saw the end, we saw another beginning."

($1 = 95.4250 Indian rupees)

(Reporting by Chiranjit Ojha in Bengaluru; Editing by Ken Ferris)

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By Aditi Shah and Jayshree P Upadhyay

NEW DELHI, Aug 13 (Reuters) - The exit of the chairman of Tata Sons from India's storied tea-to-tech conglomerate may pause bitter disputes with its controlling charity, but has ignited worries about the power of the philanthropic arm, which has now forced out two chiefs.

The departure of N. Chandrasekaran has raised concern over the continuity and stability of the 158-year-old group battling with losses in aviation and e-commerce ventures, while working to make products for global clients like Apple AAPL.O.

"If I am an investor, I would be worried," said Vijay Singh, one of the trustees at Tata Trusts, the charity that controls 66% of Tata Sons, the holding company of the conglomerate.

"Stability of the group is important for investors and that depends on the relationship between the company and its largest shareholder," he told Reuters.

The sole reason for Chandrasekaran's resignation is his disagreements with Tata Trusts, Reuters has reported.

The charity and its head, Noel Tata, had been upset about mounting financial ​losses at airline Air India and concerns about several other business strategies adopted by the group.

The conglomerate comprises more than two dozen companies such as Tata Motors-owned TAMO.NS Jaguar Land Rover, Tata Steel TISC.NS, Tata Consultancy Services TCS.NS and Tata Electronics, which have their own boards and leadership.

Singh said the charity followed a "hands-off approach" regarding business at the group, but some investors were getting worried.

"It's more a reputational issue," said Minari Shah, an independent strategic communications adviser, who previously worked at Tata Motors.

"The need is to lay out the succession plan thoughtfully because the internal and external stakeholders will watch the group carefully to see how it deals with the leadership."

In 2016, Tata Sons' board sacked its then-chairman, after he fell out over governance issues with group patriarch Ratan Tata, one of India's best-known corporate titans, who headed the charity arm before his death in 2024.

Now Chandrasekaran's exit, prompted by disagreements with the current Trust chairman Noel Tata, the half-brother of Ratan Tata, is raising concerns that such disruptions could become a recurring feature at the group.

Established in 1892, the charity says it is "India's oldest, and amongst Asia's largest, philanthropic institutions", working to improve healthcare, nutrition, education, water and sanitation.

"We extend our full support to Tata Sons in ensuring a smooth, timely and orderly transition of leadership, consistent with the values and long-term interests of Tata Sons and the Tata group," the Tata Trusts said in a statement.

BIGGEST CONCERN FOR INVESTORS

Stocks of Tata group lost $4.6 billion in combined market value on the news of Chandrasekaran's exit, before staging a recovery late on Thursday.

Over the years, Tata has built a sprawling business through the acquisition of brands such as British tea firm Tetley, a recent deal with Europe-based Iveco's IVG.MI trucks business and its India partnership with Starbucks SBUX.O.

The biggest concern for investors now is whether Tata Sons can independently set priorities for group companies, or if it will continue to be influenced by Trust priorities, two domestic institutional investors told Reuters on condition of anonymity.

"Succession has once again become a topic of conversation at a time when Tata is facing a number of other challenges - TCS' market cap is falling, Air India troubles (are mounting)," said one of them.

"A stable top was needed while Tatas navigate these challenges."

Foreign and domestic institutional investors together have an estimated $54 to $56 billion of exposure across five of Tata's most-watched listed companies, exchange disclosures showed.

During Chandra's tenure, investor wealth has grown with the combined market capitalisation of Tata companies rising to $277 billion by March 31 from $76 billion when he became chairman in 2017.

(Reporting by Aditi Shah and Jayshree Upadhyay; Additional reporting by Chandini M, Sai Ishwar and Bharath Rajeswaran in Bengaluru and Vibhuti Sharma in Mumbai; Editing by Aditya Kalra and Clarence Fernandez)

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Changes headline, rewrites, updates shares

By Surbhi Misra

Aug 12 (Reuters) - Shares of Tata Group companies fell on Wednesday after N. Chandrasekaran said he would not seek reappointment as Tata Sons chairman, deepening uncertainty at India's largest conglomerate that is already grappling with issues ranging from regulatory scrutiny to pricing pressures.

India's top IT services exporter, Tata Consultancy Services TCS.NS, slumped 3.9% and was the biggest loser on the Nifty .NSEI, dragging benchmark indexes lower.

Jaguar Land Rover-parent Tata Motors Passenger Vehicles TAMO.NS closed down 1.3%, while jeweller Titan TITN.NS and Tata Steel TISC.NS slipped 0.6% and 1.1%, respectively.

The stocks, however, ended off the day's lows.

Chandrasekaran cited a lack of backing from the board as the reason behind his decision, following months of tensions with Tata Trusts, the charity arm that owns 66% of Tata Sons, which, in turn, controls more than 30 companies in the conglomerate.

The two sides have disagreed over a potential listing of Tata Sons, losses at Air India, the planned exit of a minority shareholder and board representation.

"It's a knee-jerk reaction as Chandra has been at the helm for a long time, however, once the new chairperson is announced, it would be back to business as usual," said Ambareesh Baliga, a Mumbai-based market analyst.

Over the past year, the conglomerate has had to grapple with regulatory scrutiny of Air India following a fatal crash, pricing pressure at TCS and a cyberattack at JLR that disrupted production and weighed on Britain's economic output.

A source with direct knowledge of Chandrasekaran's decision told Reuters the disagreements were the sole reason for his resignation.

So far in 2026, TCS shares have dropped 25.6%, Tata Motors Passenger Vehicles is down 6.6% while Tata Steel has gained 3.4%. Titan shares have risen 26%.

"We have witnessed such uncertain periods for Tata Group, when Ratan Tata had taken over in early 1990s and more recently during the Cyrus Mistry imbroglio, but it has always managed to steer through. So this time it shouldn't be any different," said Baliga.

(Reporting by Kashish Tandon, Surbhi Misra and Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala)

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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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** Tata Steel TISC.NS rises as much as 0.9% to 188.99 rupees ahead of June quarter results

** Analysts on avg expect India's second-largest steelmaker by market capitalisation to report a 10.5% y/y rise in Q1 consol net profit to 22.95 billion rupees ($239.73 million)

** Analysts also expect TISC to post a 10.3% y/y jump in Q1 revenue to 586.65 bln rupees

** Systematix expects improved steel realizations and continued cost optimisation to support stable margins despite seasonally lower volumes for Tata Steel

** PL Capital expects TISC to slip back to EBITDA loss on lower volumes and elevated costs

** Analysts at Elara Capital expect higher iron ore and coking coal cost to moderate benefits of improved realization for all steelmakers in Q1

** Rival JSW Steel JSTL.NS posted Q1 profit beat on firmer steel prices and steady volumes

** Avg rating of 34 analysts covering the stock is "hold" and median PT is 225.5 rupees - data compiled by LSEG

** YTD, TISC up ~3%

($1 = 95.6475 Indian rupees)

($1 = 95.7325 Indian rupees)

(Reporting by Anuran Sadhu and Urvi Dugar in Bengaluru)

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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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AMSTERDAM, July 8 (Reuters) - Dutch prosecutors said on Wednesday they have launched a criminal case against the Dutch arm of Tata Steel TISC.NS for "intentionally" polluting the environment.

The prosecutors said a criminal investigation into Tata's massive plant in IJmuiden, on the Dutch coast west of Amsterdam, had given clear indications that the company was not taking enough care to prevent hazardous pollution.

They also said Tata's maintenance of its heavily polluting coke oven was inadequate and that the company was operating without appropriate licences.

Tata's Dutch division said on Wednesday that it disagreed with the accusations, and said it had already made major improvements in recent years to limit pollution.

It said it was "unnecessary" to launch a case over a "limited" number of incidents which it said had been the subject of improvements.

The prosecutors said it was not yet clear if Tata's Dutch executives would also be personally prosecuted.

Tata's IJmuiden plant is one of the largest emitters of greenhouse gases in the Netherlands and research has shown that it is responsible for a range of health problems in the region, according to research commissioned by the government.

Tata Steel has said its emissions meet legal limits and that it expects the steel factory to reduce emissions.

Dutch regulators in 2024 threatened to shut down the coke oven, one of the main ovens at the plant, as they said it continued to operate in breach of environmental regulations.

A first hearing in the case will be held on November 20 at the district court in Amsterdam.

(Reporting by Bart Meijer; Editing by Michael Perry)

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