India Inc India Inc: Tuesday, 12 September 2017 06:52

Tata Steel concludes UK deal

Tata Steel concluded a new agreement under which its UK business has separated from the £15-billion British Steel Pension Scheme (BSPS).

"Tata Steel UK has received confirmation from the pensions regulator that it has approved a regulated apportionment arrangement (RAA) in respect of BSPS," Tata Steel said in a statement.

As part of the arrangement, a payment of £550 million has been made to BSPS by Tata Steel UK and shares in Tata Steel UK, equivalent to 33 per cent stake, have been issued to the BSPS trustee.

The pact, signed by Tata Steel with the trustee of the BSPS, will pave the way for the Indian steel major's potential merger with German giant ThyssenKrupp.

Koushik Chatterjee, Tata Steel's Group Executive Director, said: "The completion of RAA follows many months of hard work to provide the most sustainable outcome for pensioners, current employees and the business."

'India Global Business’ has in-depth coverage on related topics.

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