Tata Steel Regulatory News (TTST)

TATA METALIKS LIMITED AND TATA METALIKS KUBOTA PIPES LIMITED TO MERGE WITH TATA STEEL LIMITED

Mumbai, India - 10th April 2013: Tata Steel Limited (TSL) announced today that its Committee of Directors and the Board of Directors of Tata Metaliks Limited (TML) and Tata Metaliks Kubota Pipes Limited (TMKPL), a 100% subsidiary of TML, have approved the proposal of a merger of TML & TMKPL with TSL through a Scheme of Amalgamation to be sanctioned through a Court approval process. The valuation reports prepared by Independent Chartered Accountants - SR Batliboi & Co. LLP and Haribhakti & Co. and fairness opinion prepared by ICICI Securities were placed before the Audit Committees of TSL and TML. Based on the aforesaid valuation reports and the fairness opinion, the Audit Committees of TSL and TML have furnished their reports, recommending the Scheme, formulated under Sections 391 - 394 of the Companies Act, 1956.

The Scheme will be filed with the Stock Exchanges where the shares of TSL and TML are listed, as per SEBI circular no. CIR/CFD/DIL/5/2013 dated 4th February'13, for receiving their comments to the Scheme and shall be submitted for sanction to the Hon'ble High Courts of Judicature of Bombay and Calcutta. Sanctioning of the Scheme will also be subject to the approvals of the shareholders and creditors.

The Scheme, inter alia, envisages synergies through aligning the activities of a single value chain within one legal entity. Based on the fairness opinion of ICICI Securities on the valuation of Independent Chartered Accountants - SR Batliboi & Co LLP and Haribhakti & Co., 4 (Four) Equity Shares of Rs.10 each of TSL shall be issued for every 29 (Twenty nine) Equity Shares of Rs. 10 each held by the public shareholders of TML upon approval of the Scheme by the Courts. TSL along with a subsidiary holds 50.09% of the equity share capital of TML.

About Tata Steel

Established in 1907 as Asia's first integrated private sector steel company, Tata Steel Group is amongst the top global steel companies with an annual crude steel capacity of over 26.5 million tonnes per annum (mtpa). It is now the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries. The Tata Steel Group, with a turnover of US$ 26.13 billion in FY 12, has over 80,000 employees across five continents and is a Fortune 500 company. The Group's vision is to be the world's steel industry benchmark in "Value Creation" and "Corporate Citizenship" through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency. In 2008, Tata Steel India became the first integrated steel plant in the world, outside Japan, to be awarded the Deming Application Prize 2008 for excellence in Total Quality Management. In 2012, Tata Steel became the first integrated steel company in the world to win the Deming Grand Prize 2012 instituted by the Japanese Union of Scientists and Engineers.

About Tata Metaliks Limited

Established in the year 1990, TML has its registered office in Kolkata, West Bengal and its equity shares (Face value Rs 10) are listed on the BSE and NSE. From an initial capacity of 90,000 tpa of Pig Iron in 2004, TML, through continual up-gradation in technology and by setting up a 2nd mini blast furnace in FY05, has enhanced its capacity to 350,000 tpa. TML has recently commissioned a 40m2 sinter plant at its Kharagpur site to produce about 0.4 mtpa of sinter at a capex of Rs 100 crore. Its products are sold to foundries all over India.

About Tata Metaliks Kubota Pipes Limited

TMKPL is a 100% unlisted subsidiary of Tata Metaliks Limited. TMKPL was established in 2007 as a joint venture between TML, Kubota (Japan) and Metal One (Japan) for producing ductile iron pipes used for water distribution mainly for the infrastructure sector.

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