Tata Steel has announced an organisational restructuring in order to align the operations of the two entities that form the group. The Tata Steel Group is a combine of Tata Steel (including Tata Steel Thailand and NatSteel Asia) and the Corus Group.
The company informed the stock exchanges on Wednesday that it would form a Group Centre to oversee technology integration, finance, strategy, corporate relations and communications and global minerals, which would report to the managing director of Tata Steel.
While Tridibesh Mukherjee has been appointed as group director, technology & integration, Koushik Chatterjee has been appointed as Group Chief Financial Officer. Jean-Sebastien Jacques is the new group director, strategy.
"The restructuring would help the conglomerate attain better synergy and higher productivity. Currently, Tata Steel is the most efficient iron and steel manufacturer and the move would improve operational efficiencies," said Gaurang Shah of Geojit Financial Services.
Both Tata Steel and Corus would have executive committees chaired by Tata Steel managing director B Muthuraman and Corus chief executive Philippe Varin.
A Joint Executive Committee for the Tata Steel Group would meet every quarter to review overall performance. The committee would be co-chaired by B Muthuraman and Philippe Varin. Ratan Tata, Chairman of Tata Steel, will continue to chair the Strategy and Integration Committee.
Last year, Tata Steel, through its wholly owned subsidiary Tata Steel (UK), had bought 199,955,952 shares of Corus at 608 pence a share, the final offer that trumped CSN's bid of 603 pence.