The Tata Steel board gave the green flag to the joint venture with German steel giant Thyssenkrup. The Thyssenkrup supervisory board also approved the collaboration with the Indian steel manufacturer. This deal will see both steel majors combine their European businesses to form a 50:50 joint venture.
The resultant entity, which will be called Thyssenkrup Tata Steel BV, will be the second-largest steelmaker in European steel sector after Lakshmi Mittal’s ArcelorMittal. It will have around 48,000 workers and about 15 billion euros in sales. The definitive agreement signed will be formally executed shortly.
Source- The Business Today