Tata Steel

Sept 17 (Reuters) - Tata Motors Passenger Vehicles Ltd TAMO.NS:

• TATA TRUSTS MAINTAIN THAT RESOLUTION TO RE-APPOINT CHANDRASEKARAN AS CHAIRMAN, TATA SONS, IS ILLEGAL - NOEL TATA

• TATA TRUST SAYS NOEL TATA, ONE OF TATA TRUSTS NOMINEE DIRECTORS, VOTED AGAINST PROPOSAL, IT WAS RENDERED LEGALLY VOID AND WITHOUT ANY BASIS

  
  

Further company coverage: TAMO.NS

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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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By Nidhi C Sai

Aug 18 - Succession planning in Indian companies has shot up the list of concerns for investors after rearing its head again at one of the country's oldest and internationally best-known conglomerates.

Tata Sons will be searching for a new chairman after N. Chandrasekaran announced his decision last week to step down when his term ends amid tensions with its largest shareholder, reigniting a broader debate about how India’s biggest business houses transfer power.

What does a good corporate succession strategy really look like? Write to me at [email protected]

Also, the world's largest spirits maker, Diageo DGE.L, has agreed to change the formulation of some of its popular whisky and rum drinks in India. Scroll down for more in this week's must-reads.

THIS WEEK IN ASIA

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Shein cuts company valuation to around $25 billion in Hong Kong IPO, sources say

From coffee to hotpot, brands race to grab a bite of China's growing burger market

Indonesian mother 'grateful' after emergency birth during 7.7 quake

TATA’S LEADERSHIP TEST

Growing up in Jamshedpur in eastern India, it was hard for me to not develop a soft spot for the Tata Group. The city, also known as Tatanagar, was built around Tata Steel TISC.NS, but the company's influence extended far beyond the factory gates, shaping schools, hospitals, parks and sports facilities. The Tata name resonated more with people as a civic institution than as a corporate brand.

That perception makes the latest developments at the salt-to-software conglomerate especially striking.

Chandrasekaran decided to quit as chairman after failing to secure board backing amid tensions with the Tata Trusts, putting succession at the centre of the 158-year-old group's future.

The Trusts own 66% of Tata Sons and are now setting up a committee to recommend his successor. Also read how Noel Tata is emerging as power broker in the group's succession.

But the bigger question is not simply who takes the chair. It is the rocky relationship between ownership and management in India's storied business group, where a charitable trust controls the holding company, while more than 30 operating businesses have their own boards and executives.

The disruption is familiar. Tata Sons ousted Cyrus Mistry as chairman in 2016 after his clash with group patriarch Ratan Tata. Now another chairman is leaving amid tensions with the controlling trusts.

Shriram Subramanian, founder and managing director of proxy adviser InGovern Research Services, says the episode exposes both a succession-planning and governance problem.

"There has to be a smoother, named, planned transition and handover," Subramanian said.

That may be the bigger lesson for Tata — and for India's corporate houses.

ALL WITHIN THE FAMILY

India's biggest conglomerates are adopting their own ways of addressing the succession issue but the common thread is to keep the reins in the family.

Reliance has been gradually bringing Mukesh Ambani's three children into the business, appointing them to the board in 2023 and giving them leadership roles across its consumer, technology and energy businesses.

Adani has said he plans to transfer control to four heirs in the early 2030s, with the next generation already running key businesses.

The Birla group, too, has long relied on family succession, with Kumar Mangalam Birla taking over the Aditya Birla empire after his father's death and subsequently bringing in professional managers and expanding it.

But none of these is a template for Tata.

Reliance, Adani and Birla are businesses where the respective families are the controlling shareholders. Tata is different because ownership is largely held by philanthropic trusts while its businesses are run by professional managers.

But that difference makes Tata's succession challenge tougher, especially as the next leader will inherit a group facing tests ranging from Air India's losses to pressure over Tata Sons' potential listing.

For investors, the question is therefore not just who gets the Tata Sons top job. It is whether the board has enough independence to have a voice, whether professional managers have room to run the businesses, and whether there is a clear transition process.

MARKET MATTERS

The Reserve Bank of India will close by August 31 its discounted forex swap facility for banks to hedge overseas deposits raised from non-resident Indians, a month earlier than planned, following robust inflows of more than $50 billion. Read this report by Reuters journalist Jaspreet Kalra.

THIS WEEK'S MUST READS

Diageo has agreed to reformulate some of its most popular whisky and rum drinks in India after the country's food safety regulator objected to flavouring ingredients that it said breached regulations. In return, the regulator is expected to lift production bans imposed in some states, potentially resolving a dispute in one of the world's largest spirits markets, writes Aditya Kalra.

India’s top automakers privately raised concerns over contaminants in E20 petrol, including chloride and moisture, which they said could hurt vehicle performance, despite publicly backing the government’s nationwide rollout. Read more in this report by Aditi Shah and Aditya Kalra.

India is weighing wide-ranging health insurance reforms, including benchmark treatment rates and a nationwide claims exchange, as it seeks to improve transparency and rein in some of Asia’s highest medical inflation. Read this in-depth report by Ashwin Manikandan.

India is considering restricting the amount of sugarcane used for ethanol in the season beginning October to boost sugar output and try to calm record prices, write Reuters journalists Rajendra Jadhav and Mayank Bhardwaj.

​

(Reporting by Nidhi C Sai; Editing by Muralikumar Anantharaman)

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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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Updates with latest developments in paragraphs 1-2, 10-12, 14

By Jayshree P Upadhyay and Gopika Gopakumar

MUMBAI, Aug 13 (Reuters) - Tata Sons Chairman N. Chandrasekaran is preparing to step down after nearly a decade at the helm, intensifying focus on succession and a potential stock market listing.

The transition at Tata Sons, the holding company of 31 group companies including Tata Consultancy Services TCS.NS, Tata Motors TAMO.NS, Tata Steel TISC.NS and Air India, has also raised questions about the balance of power between its board and the charitable trusts that control the conglomerate.

Until now, Tata Sons has remained unlisted. But pressure to list has mounted this year from stakeholders including the second-largest shareholder, Shapoorji Pallonji Group (SP Group), and from central bank rules that could require Tata Sons to go public unless it secures an exemption.

WHAT IS THE STRUCTURE OF THE TATA GROUP?

The 108-year-old salt-to-steel conglomerate is uniquely structured, with a combine of philanthropic organisations broadly known as the Tata Trusts holding 66% in Tata Sons. Debt-ridden construction and infrastructure conglomerate SP Group holds 18.4% of the company.

The Tata Trusts comprise 13 entities, seven of which directly hold shares in Tata Sons. The board of Tata Trusts consists of six trustees drawn from these entities.

Noel Tata, scion of the founding family, is the current chairman of Tata Trusts and is a director on the Tata Sons board.

WHO WANTS TATA SONS TO LIST?

Pressure for listing is coming from multiple quarters.

At least two of the six Tata trustees - Venu Srinivasan and Vijay Singh - have supported the listing of Tata Sons in media interviews, saying expansion, especially into new areas like semiconductors, will require large amounts of capital that cannot be generated internally.

SP Group wants a listing so it can monetise or exit its holding, which is not freely transferable in the current structure. But SP Group is not represented among the trustees.

The key pressure is regulatory, stemming from Reserve Bank of India rules requiring large non-bank lenders above certain asset thresholds or with public funds to list.

WHAT ARE THE RBI RULES AND WHY DO THEY APPLY TO TATA SONS?

As the holding company of a number of businesses, Tata Sons is classified as a core investment company, which falls under the RBI's regulations requiring enhanced supervision.

Revised rules issued last month state that companies with assets exceeding 1 trillion rupees ($10.45 billion), or those with direct or indirect access to public funds, must list.

As of March 2025, Tata Sons' standalone assets stood at 1.75 trillion rupees.

HAS RBI CLARIFIED ITS STANCE?

While analysts and legal experts say the revised rules make it harder for Tata Sons to remain private, the RBI has not publicly stated its position.

The RBI last week retained Tata Sons' status as requiring enhanced ‌regulatory supervision, but added that it does not affect the company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.

The company has reduced borrowings in an effort to avoid listing, but it remains unclear if that will suffice.

WHO IS OPPOSING THE LISTING?

Noel Tata has not made public comments, but he has privately opposed converting Tata Sons into a listed entity, according to media reports that say he and other trustees unanimously opposed listing last year and asked the Tata Sons chairman to engage with the RBI.

WHAT WILL HAPPEN AT THE SHAREHOLDERS MEETING NEXT WEEK?

The shareholders of Tata Sons are expected to meet on August 18, and a central agenda item will be to look for a successor before the current chairman leaves office next year. The controlling trusts said on Thursday that they are setting up a committee to recommend a new chairman.

Another item is how Tata Sons will navigate the RBI rules and their implications for a potential listing and provide an exit for cash-starved SP Group.

Additional items include increasing the Tata Trusts’ representation on the Tata Sons board, and a review of Tata Sons’ performance.

The shareholders meeting - the first since Chandra said he would step down and the RBI publicly revealed the company's application to deregister as a non-banking finance company - is being keenly watched by the market.

($1 = 95.7150 Indian rupees)

(Reporting by Jayshree P Upadhyay and Gopika Gopakumar in Mumbai; Editing by Ira Dugal, Raju Gopalakrishnan and Jamie Freed)

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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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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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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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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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