Tata Group Chairman N Chandrasekaran on Wednesday said Tata Steel's deal with Thyssenkrupp will help create a strong, clean balance sheet, coupled with solid products and research & development capabilities to grow. The deal would likely be closed by December 2018 or early 2019 and the combined entity would have a capacity of 20 mt and 48,000, he added.
Early on Wednesday, Thyssenkrupp and Tata Steel struck a preliminary agreement to combine their European steel operations in a 50-50 joint venture, creating the continent's No.2 steelmaker after ArcelorMittal.
The new company, to be named Thyssenkrupp Tata Steel, would be headquartered in or near Amsterdam, Thyssenkrupp said in a statement after the two companies signed a memorandum of understanding (MoU).
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)