The terms to create a 50:50 joint venture with ThyssenKrupp AG is approved by the Board of Tata Steel. This will combine the European steel businesses of Tata Steel and ThyssenKrupp AG
Tata Steel said that its Board has adopted resolutions for the signing of the definitive agreement. This follows the signing of a Memorandum of Understanding in September 2017. The formal execution of the definitive agreements is expected shortly.
It is said in another filing that it will give an update on the definitive agreement signed on this JV, to analysts and institutional investors through a conference call on June 30.
Last year in an interview, T.v. Narendran, CEO and Managing Director, Tata Steel had said that ensuring the proposed JV with ThyssenKrupp happens properly was an immediate task for him. He expected the deal to get concluded in a year.