Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / Tata Steel begins talks with unions on asset sale
  • Business

    Tata Steel begins talks with unions on asset sale

    Sneha Johny
    Written by
    Sneha Johny
    Mail
    Last updated on Sep 26, 2016, 12:40 pm
    Tata Steel begins talks with unions on asset sale
  • Tata Steel will begin talks with British steelworks' trade union to discuss the impasse over its £15 billion pension plan for the company's workers.

    The pension scheme proves to be a hurdle for Tata Steel's merger with ThyssenKrupp.

    The British government has also offered loans worth over millions of pounds for the pension fund, along with offering to purchase nearly 25% stake.

  • In this article
    Tata Steel The Tata Steel-Corus merger Tata Steel's declining UK business Tata Steel's stake faces pension liabilities ThyssenKrupp and Tata Steel in talks Tata Steel begins talks with unions on asset sale
  • About

    Tata Steel

    Tata Steel
  • Tata Steel is one of India's biggest steel conglomerate with presence across the globe.

    Headquartered in Mumbai, it currently has operations in 26 countries, and has generated revenues of nearly $20 billion last year.

    In 2007, the company acquired Corus, a British steel company.

    Costing the company nearly $12 billion, it was then touted to be the biggest foreign takeover by an Indian company.

  • Acquisition

    The Tata Steel-Corus merger

    The Tata Steel-Corus merger
  • Nearly nine years ago, Tata Steel inked the acquisition deal with Corus, an Anglo-Dutch steel company.

    At that point, Corus was almost four times bigger than Tata Steel due to its higher production capacity.

    With the acquisition, Tata Steel became the world's fifth largest steel producer.

    Along with Corus's purchase, Tata Steel inherited the British Steel Pension Scheme, which has around 130,000 members.

  • 30 Mar 2016

    Tata Steel's declining UK business

    Tata Steel's declining UK business
  • Earlier this year, Tata Steel started talks to sell its UK steel division, in the face of rising losses.

    The company revealed that it was looking to pull out of steel operations in UK.

    Nearly 15,000 jobs were said to be at stake, apart from another 25,000 in the company's supply chain functions.

    Reports stated that Tata Steel was losing nearly £1 million everyday.

  • 28 Apr 2016

    Tata Steel's stake faces pension liabilities

    Tata Steel's stake faces pension liabilities
  • Buyers who looked to acquire Tata Steel's struggling steel business in the United Kingdom faced looming pension liabilities.

    Its UK steel division is attached to a multi-billion pension fund, which was reported to have a funding deficit of nearly £485 million.

    If in case there is no buyer for the steel division, it would be backed by the state, resulting in huge pension cuts.

  • Information

    ThyssenKrupp and Tata Steel in talks

  • In July this year, Tata Steel's German rival ThyssenKrupp explored a merger with Tata Steel's European business. The merger was pitched to affect Port Talbot's workers and trade unions opposed the stake sale to the German company.

  • 26 Sep 2016

    Tata Steel begins talks with unions on asset sale

    Tata Steel begins talks with unions on asset sale
  • Tata Steel will begin talks with British steelworks' trade union to discuss the impasse over its £15 billion pension plan for the company's workers.

    The pension scheme proves to be a hurdle for Tata Steel's merger with ThyssenKrupp.

    The British government has also offered loans worth over millions of pounds for the pension fund, along with offering to purchase nearly 25% stake.

  • India
  • United Kingdom
  • Tata Steel
  • ThyssenKrupp
  •  
Latest News
  • Volvo XC40 Recharge electric SUV receives first OTA software update
    Volvo XC40 Recharge electric SUV receives first OTA software update
    Auto
  • Android 11-based OxygenOS 11 update rolled out for OnePlus Nord
    Android 11-based OxygenOS 11 update rolled out for OnePlus Nord
    Science
  • Coronavirus: India's tally reaches 11.12 million with 12K+ new cases
    Coronavirus: India's tally reaches 11.12 million with 12K+ new cases
    India
  • ASUS ROG Phone 5 spotted on Geekbench with 18GB RAM
    ASUS ROG Phone 5 spotted on Geekbench with 18GB RAM
    Science
  • #DealOfTheDay: Samsung Galaxy F62 available with cashback worth Rs. 2,500
    #DealOfTheDay: Samsung Galaxy F62 available with cashback worth Rs. 2,500
    Business
Trending Topics
Bharti Airtel Mukesh Ambani WhatsApp Reliance Jio OPPO Isha Ambani
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Samsung Virat Kohli Rohit Sharma
Cricket News Narendra Modi Donald Trump YouTube Hollywood News WhatsApp Bollywood News ISRO Yoga Honda
Batman Football News Golden Globe Award BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Royal Challengers Bangalore Toyota
Fashion Tips Mercedes Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics Avengers Neha Kakkar
Premier League Big Bang Theory X-Men TATA
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021