November 25, 2019
Tata Steel and British authorities said on Friday
But after interventions from the British government and unions it agreed to keep
the business, which employs 8,000 people in Britain.Tata Steel U.The deal also
addressed one obstacle to a proposed merger between Tata&ac motor039;s British businesses and
Germany's Thyssenkrupp.K. operations, including the Port Talbot # steelworks in
Wales.
A sticking point was 15 billion pounds (USD 19.'s journey towards a
sustainable and enduring future, with pension obligations whose risk profile
would be consistent with the underlying business''.Tata Steel Group Executive
Director Koushik Chatterjee said the deal was an "important milestone in Tata
Steel U. London: Tata Steel and British authorities said on Friday they have
agreed on a plan to restructure the firm's British pension scheme, ending one
aspect of uncertainty for 1,30,000 current and retired steelworkers.Indian-owned
Tata announced plans last year to sell its U.
Steelworkers voted this year to
accept lower benefits if it meant protecting jobs. said Friday it had signed an
arrangement with pension trustees to separate the plan from the company, in
exchange for a 550 million pound cash injection and stake for the pension fund
in Tata's business.K.K.5 billion) in British pension liabilities, which Tata
considered onerous.
Tata Steel and British authorities said on Friday they have
agreed on a plan to restructure the firm's British pension scheme.The deal
addresses one obstacle to a proposed merger between Tata's British businesses
and Germany's Thyssenkrupp.Unions welcomed the agreement, saying it helped end
members' uncertainty about their retirement income
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