Tata Steel Ltd on Tuesday reported an unexpected fourth-quarter loss due to one-off exceptional items, including charges relating to a deal involving the pension scheme at its businesses in Britain.
"Increasing emphasis for domestically manufactured steel in government projects coupled with renewed thrust on infrastructure, affordable housing and tax reforms are expected to be supportive for demand and margins", T. V. Narendran, managing director of Tata Steel in India and Southeast Asia said.
Also on Tuesday, Tata Steel said key commercial terms of a deal to spin off its giant United Kingdom pension scheme into a standalone entity and end its liabilities for the scheme have been agreed with the scheme's trustees.
For the full financial year 2016-17, Tata Steel's consolidated net loss amounted to Rs 4,169 crore much higher than the loss of Rs 497 crore reported for 2015-16.
"Following the RAA, it is anticipated that if risk-related qualifying conditions relating to funding and size can be satisfied, a new pension scheme sponsored by TSUK will be set up".
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Revenue rose 29.5% to 348.33 billion rupees from 269 billion rupees a year earlier.
Shares of the company closed at Rs 457 apiece on BSE, up 0.27 per cent from the previous close.
As well as the Wednesfield Steelpark, Tata Steel employs around another 100 at Walsall and Brierley Hill.
Tata Steel UK and the British Steel Pension Scheme trustees have agreed in principle on the key terms of a regulated apportionment arrangement, the company said in the statement.
The British Steel Pension Scheme is one of Britain's largest final salary schemes with 130,000 members. For most Scheme members, these modified benefits are expected tobe of greater value than those they would otherwise receive by transferring into the PPF. However, the RAA is subject to detailed documentation and formal approval by TPR and non-objection from the PPF, and the formal agreement of the individual entities who would be party to the RAA.
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