No plans for merger with Tata Steel: Tinplate

Tinplate Company of India Ltd (TCIL) has said there is no proposal to merge with the parent company Tata Steel.

"There has been no talk of a merger. There is nothing at the moment," Tinplate chairman Koushik Chatterjee said here today after the company's AGM.

Last year, Tata Steel officials had said the company was mulling options to merge Tinplate for downstream integration.

Tata Steel, however, had made an open offer last year that raised its holding in Tinplate to 73.45%.

The open offer made last year was for acquiring 14% stake in Tinplate and 11.26% stake in Tata Sponge.
 

Chatterjee said Tinplate would focus on consolidation after it made substantial capital expenditure in the recent past.