Tata Steel announced the purchase of shares in Tata Steel Utilities and Infrastructure Services Limited (TSUISL), a wholly-owned subsidiary of the company, for Rs 58 crore in an exchange filing. The company paid Rs 205 per share for 26,97,674 equity shares worth Rs 10.
TSUISL will use the investment to invest in its step-down subsidiary Tata Steel Special Economic Zone Limited and to repay existing loans. TSUISL is a wholly owned subsidiary of Tata Steel Limited, with a fiscal year 2021-22 revenue of Rs 1,193 crore. The company was founded on August 25, 2003, and is involved in town management, real estate, and power distribution.