NCLT Approves Tata Steel’s Amalgamation With Rujuvalika Investments, Scheme Effective From April 1, 2023

Mumbai, October 2, 2026: The National Company Law Tribunal (NCLT) has sanctioned the scheme of amalgamation between Tata Steel Ltd and its wholly owned subsidiary, Rujuvalika Investments Ltd, observing that the scheme appears to be “fair and reasonable” and is not in violation of any law or contrary to public interest or policy.

The order, passed on October 1, 2026, maintains that the scheme is effective from the appointed date of April 1, 2023. The tribunal also noted that no objections had been filed against the proposed amalgamation.

“The Scheme of Amalgamation annexed to the Petition being is hereby sanctioned by this Tribunal to be binding with effect from the ‘Appointed Date’, i.e., 01.04.2023, on all the Petitioner Companies and their respective shareholders,” the tribunal said.

Shares To Be Cancelled

The NCLT further directed that, once the scheme becomes effective, all shares of Rujuvalika Investments held by Tata Steel, either directly or through nominees, would stand cancelled without any further application, act or deed. The investment in the shares of the transferor company appearing in Tata Steel’s books would also stand cancelled in accordance with the scheme.

The authorised share capital of Rujuvalika Investments would be merged with the authorised share capital of Tata Steel, comprising ordinary shares with a face value of Rs 1 each, resulting in a corresponding increase in Tata Steel’s authorised share capital.

Rujuvalika Investments Background

Rujuvalika Investments was incorporated as a non-banking financial company (NBFC) and received a Certificate of Registration from the Reserve Bank of India (RBI) on March 31, 1998. In 2022, the RBI reclassified the company as a Systemically Important Non-Deposit Taking Middle Layer NBFC.

As informed to the NCLT, the petition copy reads that Tata Steel is engaged in the manufacture of steel and offers a range of products, including hot-rolled, cold-rolled and coated steel, rebars, wire rods, tubes and wires, besides high value-added downstream products.

Corporate Structure Simplification

According to the companies, the amalgamation would simplify the Tata Steel group's corporate structure and reduce the number of legal entities and regulatory compliances. It would also result in savings in administration, operations, compliance and other costs associated with maintaining separate entities.

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The scheme stated that the amalgamation would simplify the corporate structure of the Tata Steel group and reduce shareholding tiers, reduce the multiplicity of legal and regulatory compliances required to be carried out by the transferor and transferee companies, reduce the number of legal entities within the Tata Steel group; and that it would result in savings in administration, operations, compliance and other costs associated with managing separate entities.

Rujuvalika Investments will be dissolved without winding up upon the scheme becoming effective.

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