SIGNING OF DEFINITIVE AGREEMENTS FOR INDUCTION OF OMAN NATIONAL INVESTMENTS DEVELOPMENT COMPANY (‘TANMIA’) AS A SHAREHOLDER IN AL RIMAL MINING LLC, A SUBSIDIARY OF TATA STEEL LIMITED IN OMAN
Tata Steel Limited (‘Tata Steel’) hereby announces that definitive agreements have been signed to induct ‘Oman National Investments Development Company’ (‘TANMIA’) as a shareholder in Al Rimal Mining LLC, which is a step-down subsidiary of Tata Steel Limited and was formed with the objective of limestone mining in Oman.
As a result, the indirect shareholding of Tata Steel Limited in Al Rimal Mining LLC will reduce from 70% to 51%. The other existing shareholders of Al Rimal Mining LLC will also sell their part stake of 11% to TANMIA, leading to resultant shareholding of 30% for TANMIA in Al Rimal Mining LLC.
The closing of the transaction is subject to fulfilment of some conditions precedent under the agreements. The parties shall jointly work towards fulfilment of the same.
About Tata Steel
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum (MTPA). It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world. The group (excluding SEA operations) recorded a consolidated turnover of US $22.67 billion in the financial year ending March 31, 2019. In 2018, Tata Steel acquired Bhushan Steel Ltd (now renamed as Tata Steel BSL Ltd).
A Great Place to Work-CertifiedTM organisation, Tata Steel Ltd., together with its subsidiaries, associates and joint ventures, is spread across five continents with an employee base of over 65,000.
Tata Steel retained the Industry Leader position in FY18 and ranked second overall in the DJSI assessment, 2017. The Company has been recognised as the Climate Disclosure Leader in ‘Steel category’ by CDP (2017). Besides being a member of the World Steel Climate Action Programme, Tata Steel has won several awards including the Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, ‘Corporate Strategy Award’ by Mint (2018), Golden Peacock Award for Risk Management (2018) and Best Risk Management Framework & Systems Award (2019) by CNBC TV18. The Company also received the ‘Most Ethical Company’ award from Ethisphere Institute for the eight time (2019), Steel Sustainability Champion (2018) by the World Steel Association, Dun & Bradstreet Corporate Awards (2018), Golden Peacock HR Excellence Award by Institute of Directors (2018), ‘Best Companies To Work For’ recognition by Business Today, 'Asia's Best Integrated Report' award by the Asia Sustainability Reporting Awards (2017), among several others.
In 2018, the Company launched a corporate brand campaign #WeAlsoMakeTomorrow www.wealsomaketomorrow.com
For corporate information, visit www.tatasteel.com and follow us on
Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.