Five months after Tata Motors shifted its Nano plant to Gujarat, another Tata company has decided to move a project out of West Bengal. Tata Metaliks has scrapped its 500,000-tonne billet project, proposed to be built with an investment of Rs 700-800 crore
The managing directors -- Rana Sinha of Tata Hitachi Construction Machinery Company, Dibyendu Bose of TM International Logistics Limited, Sandipan Chakravortty of Tata Steel Processing and Distribution Limited, Viresh Oberoi of mjunction, and Sanjiv Paul of Tata Metaliks -- met at Nabanna, the makeshift state secretariat. Finance and industry minister, Amit Mitra, was also present.
Natarajan Chandrasekaran, credited with stabilising Tata Sons after a boardroom coup and overseeing significant expansion, has announced his resignation as chairman, capping a nearly decade-long tenure marked by both successes and escalating tensions with the group's controlling charitable trusts.
Less than five months after Tata Motors relocated its Nano project from West Bengal to Gujarat over land issues, another Tata group company, Tata Metaliks, is reviewing its expansion project in the state on similar grounds.
Goa plant has a capacity of 2 lakh tonne per annum.
Tata Steel has a technical tie-up with Nippon Corporation for automotive steel production. Nippon is also helping plan the layout of its proposed steel plant at Kalinga Nagar.
The group began to outperform the broader market only with the onset of the pandemic in March 2020 while earlier it was largely keeping pace with the Sensex. The group's market cap is up 164.4 per cent since the end of March 2020 against a 105 per cent rally in the Sensex.
Tata Steel and Tata Chemicals under investor watch
