Ref: SEC/1345/2025-26
December 10, 2025
London Stock Exchange
London
Dear Madam, Sirs,
Sub: Outcome of Board meeting of Tata Steel Limited
The Board at its meeting held today, i.e., Wednesday, December 10, 2025, considered and approved the acquisition of 50.01% equity stake in Thriveni Pellets Private Limited ('TPPL') from Thriveni Earthmovers Private Limited ('TEMPL'), for a consideration of up to ₹636 crore.
In terms of Regulations 30, 51 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') read with applicable SEBI Circulars, details of the said acquisition are enclosed herewith as Annexure-1.
Further, please find enclosed a press release titled "Tata Steel Board affirms the long-term strategy for growth in India" as Annexure-2.
Schedule of Investor Meet:
Further, we wish to inform you that, in terms of Regulation 30 of the SEBI Listing Regulations, a group investor meet has been scheduled on December 11, 2025, at 5:30 p.m. (IST). The meet will be conducted virtually and has been arranged at short notice by the Management to discuss urgent matter forming part of the outcome of the Board Meeting. Accordingly, the intimation of the schedule of investor meet is being disseminated to exchanges on even date. For further details, please refer Annexure-3.
The Board meeting commenced at 10:00 a.m. (IST) and concluded at 4:30 p.m. (IST).
The above disclosures are available on the website of the Company at www.tatasteel.com
The above disclosures are made in compliance with Regulation 30, 51 and other applicable provisions of the SEBI Listing Regulations.
This is for your information and records.
Encl.: Annexures
Annexure 1
Acquisition of 50.01% equity stake in Thriveni Pellets Private Limited by Tata Steel Limited:
| SN | Particulars | Details |
| 1. | Name of the target entity, details in brief such as size, turnover etc. | Name of Target - Thriveni Pellets Private Limited ('TPPL') is a private company incorporated under the Companies Act, 2013.
TTPL holds 100% stake in Brahmani River Pellets Limited ('BRPL'), which operates a 4 MTPA pellet plant at Jajpur, Odisha along with a 212 Kilometer slurry pipeline.
Pre transaction Shareholding in TPPL - 50.01% of TPPL was held by Thriveni Earthmovers Private Limited ("TEMPL"), and balance 49.99% stake was held by LMEL.
Post transaction Shareholding in TPPL - 50.01% of TPPL will be held by Tata Steel Limited ('Tata Steel') and balance 49.99% stake will continue to be held by Llyods Metals & Energy Limited ('LMEL').
Past Financial Performance of TPPL:
Turnover (₹ crore) a) FY 24-25: 2,479.34 b) FY 23-24: 2,487.55 c) FY 22-23: 2,614.04 Profit After Tax (₹ crore) a) FY 24-25: (45.14) b) FY 23-24: 43.74 c) FY 22-23: 32.53 Net worth (₹ crore) a) FY 24-25: 1,472.80 b) FY 23-24: 1,268.70 c) FY 22-23: 1,224.96
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| 2. | Whether the acquisition would fall within related party transaction(s) and whether the promoter/promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "arm's length" | No. The share purchase is being undertaken between Tata Steel and TEMPL. They are not related parties to each other. Further promoter/promoter group/ group companies of Tata Steel do not have any interest in the entity being acquired. |
| 3. | Industry to which the entity being acquired belongs. | Manufacturing and Trading of Iron Ore Pellets |
| 4. | Objects and impact of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity) | The acquisition aims to secure pellet making facility for supply of iron ore pellets to Tata Steel in India. |
| 5. | Brief details of any governmental or regulatory approvals required for the acquisition | The transaction is subject to approval from Competition Commission of India. |
| 6. | Indicative time period for completion of the acquisition | The transaction is expected to be completed within a period of 3 - 4 months, subject to necessary regulatory approvals. |
| 7. | Consideration - whether cash consideration or share swap or any other form and details of the same | Cash consideration |
| 8. | Cost of acquisition and/or the price at which the shares are acquired | The shares will be acquired for an aggregate cash consideration of up to ₹636 crore, subject to closing adjustments. |
| 9. | Percentage of shareholding/ control acquired and/or number of shares acquired | Tata Steel acquired 90,06,801 shares of face value ₹10/- each comprising 50.01% equity stake in TPPL from TEMPL. |
| 10. | Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief). | Please refer Point 1 of this table. |
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