Tata Steel : Acquisition

The Secretary, Listing Department

BSE Limited

Phiroze Jeejeebhoy Towers,

Dalal Street,

Mumbai - 400 001.

Maharashtra, India.

Scrip Code: 500470/890144*

Dear Madam, Sirs,

March 10, 2022

The Manager, Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1,

1. Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051.
   Maharashtra, India.
   Symbol: TATASTEEL/TATASTLPP

Sub: Execution of definitive agreement for acquisition of 93.71% equity shares in Neelachal Ispat Nigam Limited through subsidiary Tata Steel Long Products Limited

This has reference to our disclosures dated January 31, 2022 and February 9, 2022.

This is to inform you that, Tata Steel Limited ('TSL') and Tata Steel Long Products Limited ('TSLP') have today, i.e. March 10, 2022 executed a Share Sale and Purchase Agreement with MMTC Ltd, NMDC Ltd, MECON Ltd, Bharat Heavy Electricals Ltd, Industrial Promotion and Investment Corporation of Odisha Ltd, Odisha Mining Corporation Ltd., President of India, Government of Odisha, Neelachal Ispat Nigam Limited ('NINL') for acquisition of 93.71% equity shares in NINL. The acquisition will be done through TSLP, a listed subsidiary of TSL.

The relevant details with respect to acquisition of 93.71% equity shares in NINL are given in Annexure 1.

This disclosure is being made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This is for your information and records.

Yours faithfully,

Tata Steel Limited

Parvatheesam Kanchinadham

Company Secretary and

Chief Legal Officer (Corporate and Compliance)

Encl: As above

*Securities in scrip code 890144 and symbol TATASTLPP stand suspended from trading effective February 17, 2021

Registered Office Bombay House 24 Homi Mody Street Fort Mumbai 400 001 India

Tel [phone] Fax [phone] Website www.tatasteel.com Corporate

Identity Number L27100MH1907PLC000260

				ANNEXURE 1
SN.	Particulars			Details
					Neelachal Ispat Nigam Limited ('NINL') has
					a 1.1 mtpa integrated iron and steel plant
					at Kalinganagar Odisha, along with iron ore
					mines with a reserve of ~90 MT.
1.	Name of the target entity, details in brief	The revenue of NINL for the previous 3
such as size, turnover etc
		financial years is as follows:
					FY 2020-21: ₹24 crore
					FY 2019-20: ₹941 crore
					FY 2018-19: ₹2,025 crore
	Whether the acquisition would fall within
	related party transaction(s) and whether
	the promoter/ promoter group/ group
2.	companies have any interest in the entity	No
	being acquired? If yes, nature of interest
	and details thereof and whether the
	same is done at 'arms-length'
3.	Industry	to	which the	entity being	Metal & Mining
acquired belongs
	Objects	and	effects of	acquisition	The	acquisition provides an	inorganic
	(including but not limited to, disclosure of
	growth opportunity for TSLP to grow in the
4.	reasons for acquisition of target entity, if
long products business and leverage the
	its business is outside the main line of
	captive iron ore mines of NINL.
	business of the listed entity)
	Brief details of any governmental or
5.	regulatory approvals required for the	None
	acquisition
6.	Indicative time period for completion of	45 days from the date of execution of the
the acquisition		Share Sale and Purchase Agreement
	Nature of consideration - whether cash
7.	consideration or share swap and details	Cash
	of the same
					The total consideration of ₹12,100 crore
	Cost of acquisition or the price at which	reflects the enterprise	value, from which
8.	the	liabilities shall be	settled	and the
the shares are acquired
		balance shall be paid for acquisition of
					93.71% equity shares in NINL.
	Percentage of shareholding / control
9.	acquired and / or number of shares	93.71% equity shares of NINL
	acquired

STEEL LIMITED

Brief background about the entity acquired in terms of products/line of business acquired, date of

10. incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief)

NINL was incorporated on March 27, 1982 to set-up an integrated steel plant to undertake manufacturing and sale of steel products.

NINL initially set up a 1.1 MTPA blast furnace in 2002 to produce pig iron. Subsequently, other supporting facilities like sinter plant, coke oven plant, power plant, etc. were commissioned.

The major shareholders of NINL include MMTC, IPICOL, NMDC Ltd, The Orissa Mining Company Ltd (OMC), etc.

The revenue of NINL for the previous 3 financial years is as follows:

FY2020-21: ₹24 crore

FY2019-20: ₹941 crore

FY2018-19: ₹2,025 crore

STEEL LIMITED