Tata Steel Ltd acquires stake in Indian Foundation for Quality Management

Tata Steel Limited ('Company') has acquired 1,25,00,000 equity shares of face value ₹10/- each aggregating to ₹12.5 crore (14.28%) in Indian Foundation for Quality Management ('IFQM'). IFQM has informed the Company today, i.e. June 25, 2024, about the allotment of these shares on June 2, 2024 to the Company.

IFQM is a not-for-profit company, incorporated on September 6, 2023, under Section 8 of the Companies Act, 2013, with the primary objective of being an integrated empowered foundation which would be at the forefront of driving positive change in the Indian industry.

IFQM is yet to commence operations. The first financial year of IFQM ended on March 31, 2024 and therefore, the financial details such as turnover, Profit After Tax etc. of IFQM is pending audit and at present, not reportable.

Source : Equity Bulls

Keywords

TataSteel StakeAcquisition IndianFoundationforQualityManagement IFQM