Top Picks For You Tata Steel's profit slides 65% to Rs 555 croreMumbai: Tata Steel will infuse $2.1 billion (Rs 17,408 crore) in its Singapore arm, to repay debt of its offshore entities and to "support the restructuring costs " of its loss-making UK operations . Further, it will convert debt instruments worth $565 million (Rs 4,661 crore) it holds in the Singapore arm into equity shares. Tata Steel will also be raising Rs 3,000 crore in the form of non-convertible debentures (NCDs). We have as part of discussions with the unions, offered the best ever package of support for affected employees in Tata Steel UK. We have agreed to final terms of proposed grant package with UK govt to support the £1.25 billion investment ," said Tata Steel's management.

Source: The Times May 30, 2024 12:18 UTC