Case Study: Tata Steel Limited (TSL)

Discussion Questions
Sharif asked himself the following questions:
What should be the optimal level of financial leverage for Tata Steel, so as to maximise shareholder
value?
What are the underlying factors that need to be considered for assessing the optimal financial
leverage?
How can the financial leverage of Tata Steel be changed?
How does the capital structure relate to the business strategy of Tata Steel?
Sharif knew that he needed to contemplate these questions before arriving at a conclusion. He collected some
market data (Appendix 6) to further work on his thoughts.
FINC 495 Contemporary Issues in Finance Practice
Individual Case Study Instructions
Weeks 1-7
INSTRUCTIONS:
For the Weekly Individual Case Study, write a three to four-page (900 to 1,200 word) report and answer the
case study questions as indicated by expressing your position. Keep in mind that for the Weekly Individual
Case Study you will want to
1. Read and examine the case thoroughly, highlight relevant facts, and underline key problems.
2. Focus your analysis. Identify two to five key problems. ...
3. Uncover potential solutions and/or changes needed. Review course readings, discussions, outside
research, and your experience.
4. Select the best solution.
When answering Individual Case Study questions, you can showcase your ability to analyze a situation or
business dilemma, identify the important issues, and develop sound conclusions that flow from your analysis.
For this reason, it's important to use a logical framework for breaking down and analyzing the case. Therefore,
the following template for analyzing a case study is a useful guide.
Preliminary Work
 Critical reading of the case
o Make notes and highlight the numbers and ideas that could be quoted.
o Provide a general description of the situation and its history.
o Name all the problems you are going to discuss in your report.
o Specify the theory used for the analysis.
o Present the assumptions that emerged during the analysis, if any.
Analysis of the Case
 Executive Summary of the Case
o Describe the purpose of the current case study.
o Provide a summary of the company.
o Briefly introduce the problems and issues found in the case study
o Discuss the theory you will be using in the analysis.
o Present the key findings
 Focusing the Analysis
o Single out as many problems as you can, and briefly mark their underlying issues. Then make a
note of those responsible. In the report, you will use two to five of the problems, so you will have a
selection to choose from.
o Describe the detected problems in more detail.
o Indicate their link to, and effect on, the general situation.
o Explain why the problems emerged and persist.
Table 1.0 An overview of a Case Analysis
Identify the main research
problem
For example, the loss of brand identity is a problem faced by
Starbucks
Analyze the main underlying
causes of the existing problem
 When and why did Starbucks lose its brand identity?
 Were there certain changes in the company’s strategy
before the problem occurred?
Establish the cause-and-effect
relations between the various
factors
Starbucks’ brand image – possible sources of influence:
 The inner vision of the company
 Advertising
 The design of the stores
Formulate the best solutions to
address the problem
 Paying more attention to advertising campaigns
 Reconsidering the vision and mission statements
 Improving the design of stores
 Findings. This is where you present in more detail the specific problems you discovered in the case
study. In this section, you will:
o Present each problem you have singled out.
o Justify your inclusion of each problem by providing supporting evidence from the case study and by
discussing relevant theory and what you have learned from your course content.
o Divide the section (and following sections) into subsections, one for each of your selected
problems.
 Proposed Solutions
o List realistic and feasible solutions to the problems you outlined, in the order of importance.
o Specify your predicted results of such changes.
o Support your choice with reliable evidence (i.e., textbook readings, the experience of famous
companies, and other sources of external research).
 Recommendations. This is the section of your analysis where you make your recommendations based
on your research and conclusions. Here you will:
o Decide which solution best fits each of the issues you identified.
o Explain why you chose this solution and how it will effectively solve the problem.
o Be persuasive when you write this section so that you can drive your point home.
o Be sure to bring together theory and what you have learned throughout your course to support your
recommendations.
o Define the strategies required to fulfill your proposed solution.
o Indicate the responsible people and the realistic terms for its implementation.
o Recommend the issues for further analysis and supervision.
 Implementation. In this section, you will provide information on how to implement the solutions you
have recommended. You will:
o Provide an explanation of what must be done, who should take action, and when the solution
should be carried out.
o Where relevant, you should provide an estimate of the cost of implementing the solution, including
both the financial investment and the cost in terms of time.
 Conclusions. This is the section in which you summarize each issue or problem and present your
argument for each chosen solution. Here you will:
o Present a summary of each problem you have identified.
o Present plausible solutions for each of the problems, keeping in mind that each problem will likely
have more than one possible solution.
o Provide the pros and cons of each solution in a way that is practical.
Tata Steel: Deriving Value From an Optimal Capital
Structure
Case
Author: Hemant Kumar Manuj
Online Pub Date: January 03, 2022 | Original Pub. Date: 2022
Subject: Corporate Finance, Financial Investment/Analysis, Corporate Strategy
Level: | Type: Indirect case | Length: 3934
Copyright: © Hemant Kumar Manuj 2022
Organization: Tata Steel Limited | Organization size: Large
Region: Southern Asia | State:
Industry: Manufacture of fabricated metal products, except machinery and equipment| Manufacturing
Originally Published in:
Publisher: SAGE Publications: SAGE Business Cases Originals
DOI: https://dx(dot)doi(dot)org/10.4135/9781529779646 | Online ISBN: 9781529779646
© Hemant Kumar Manuj 2022
This case was prepared for inclusion in SAGE Business Cases primarily as a basis for classroom discussion
or self-study, and is not meant to illustrate either effective or ineffective management styles. Nothing herein
shall be deemed to be an endorsement of any kind. This case is for scholarly, educational, or personal use
only within your university, and cannot be forwarded outside the university or used for other commercial
purposes. 2022 SAGE Publications Ltd. All Rights Reserved.
The case studies on SAGE Business Cases are designed and optimized for online learning. Please refer to
the online version of this case to fully experience any video, data embeds, spreadsheets, slides, or other
resources that may be included.
This content may only be distributed for use within Univ of Maryland Global Campus.
https://dx(dot)doi(dot)org/10.4135/9781529779646
SAGE
© Hemant Kumar Manuj 2022
SAGE Business Cases
Page 2 of 10 Tata Steel: Deriving Value From an Optimal Capital Structure
Abstract
With a sales turnover of USD 19 billion in the financial year ending March 2020, Tata Steel
Limited (Tata Steel or TSL) is the largest steel producing company in India and is among the 10
largest steel producers in the world. Tata Steel experienced losses in recent years on account
of a decline in steel prices and a high level of financial leverage (defined as the debt-to-equity
ratio). The company has, since 2018, been making efforts to reduce its financial leverage,
through multiple measures. The board and the senior management were cognisant of the need
to further reduce the financial leverage to de-risk the earnings of the company. This case
presents – and then discusses – the thought process of the shareholders and the management
of a company while deciding on its optimal capital structure. The factors influencing the decision
and the relationship of the capital structure with the business and strategic directions of the
company are evaluated. The case is primarily from the point of view of an external shareholder
who is not a promoter or a part of company management. The other stakeholders, such
as creditors or employees, are equally important, but are not the central focus of this case.
Students will be asked to analyse the impact of financial leverage on the value created for
the shareholders. In addition, they also discuss the factors behind such decision making and
the interaction between the investment plans, business strategy, and the capital structure of a
company.
Case
Learning Outcomes
By the end of this case study, students should be able to:
• Discuss the factors that affect the determination of an optimal capital structure.
• Evaluate the options for capital structure in a company and suggest an optimal level.
• Assess the interaction between cost of capital, capital structure, and business strategy.
The Dilemma
It was a pleasant winter day in December 2020 in Mumbai. The city was still cautiously managing the
restrictions put in place due to the COVID-10 pandemic.
Even as governments and people across the world were living with the constraints of the pandemic, most
firms in India were recovering from the extended lockdown. Following a government directive, most parts of
the country had been under a lockdown, which had been in effect for more than four months by mid-2020.
With limited or no revenues, promoters and investors were facing challenges on profits and cash flows.
Lisa Hariharan, the chief investment officer (CIO) of Lotus Mutual Fund, had just emerged from an Investment
Committee (IC) meeting, which was held online. The meeting was called to discuss the prospects of the
top 10 holdings of the investment portfolio of Lotus Large Cap Equity Fund (LLCEF), a mutual fund scheme
designed for investing in equity shares of companies with large capitalisation.
One of the key holdings of LLCEF was Tata Steel, a large Indian steel company. The Investment Committee
was concerned about whether the capital structure of Tata Steel was impacting the firm’s valuation. The
question that bothered the committee was whether the current level of financial leverage was optimal for Tata
Steel.
SAGE
© Hemant Kumar Manuj 2022
SAGE Business Cases
Page 3 of 10 Tata Steel: Deriving Value From an Optimal Capital Structure
Background
Tata Steel is the largest and oldest steel producing company in India. It had a consolidated total income of
INR 1.40 trillion and a PAT of INR 11 billion in the 12 months ending 31 March 2020. (Note that INR is the
abbreviation of the Indian Rupee. Also, the currency exchange rate on 15 July 2020 was USD 1 USD = INR
75.22. Furthermore, data has been sourced from the published financial statements of the company.) A brief
history of the company and description of its business is presented in Appendix 1. Tata Steel had experienced
a difficult business cycle in the past few years (see Figure 1).
Figure 1. Tata Steel Financial Data for the Decade From 2010 to 2020
Note: bn, billion; PAT, Profit after tax.
Source: Compiled by the author from data obtained from the Centre for Monitoring Indian Economy.
The manufacturing of steel is a capital-intensive business. It requires a significant amount of capital and
is therefore funded by a good amount of debt. But the cyclical nature of the commodity business and the
large amount of debt has been a cause of worry for most Indian steel manufacturers. In the last few years,
several steel companies in India have been declared insolvent. These include Essar Steel, Monnet Ispat, and
Bhushan Steel, among others. Tata Steel had in fact acquired Bhushan Steel in 2018, after the latter became
insolvent.
Beginning in 2018, steel companies have been actively engaged in deleveraging their balance sheets. The
reduction in leverage has been supported by better profits, led by an increase in steel prices. The trends for
average level of leverage for the steel industry and the steel price are presented in Figure 2. The data from
which Figure 2 was prepared is presented in Appendix 2. The figures indicate the significant rise in leverage,
even as the steel price fell sharply between 2013 and 2017. Thus, even as the revenues of the companies
fell, their interest costs kept increasing during the said period.
SAGE
© Hemant Kumar Manuj 2022
SAGE Business Cases
Page 4 of 10 Tata Steel: Deriving Value From an Optimal Capital Structure
Figure 2. Financial Information for Indian Steel Companies: (a) Trend in debtto-
equity ratio for 2007–2020; (b) Steel (hot rolled coil) price for 2012–2020
Source: Compiled by the author from data obtained from the Centre for Monitoring Indian Economy
Tata Steel has been adopting a multi-pronged approach to maintaining its profitability. Prior to the onset of
the COVID-19 pandemic, in an interview with Business World India on 22 January 2020, T. V. Narendran, the
managing director and chief executive officer of Tata Steel, had said: ‘The steel sector is facing significant
headwinds, which have affected spreads and overall profitability. However, our strong business model in India
has helped us counter the overall market weakness, including the slowdown in the automotive sector, by
growing volumes in multiple customer segments’ (Sachdeva, 2021).
SAGE
© Hemant Kumar Manuj 2022
SAGE Business Cases
Page 5 of 10 Tata Steel: Deriving Value From an Optimal Capital Structure
Introduction
Lisa Hariharan had called for a meeting with a few of her colleagues to share her thoughts with them. As the
meeting began, she smiled and said:
The Investment Committee has largely agreed to stay with our ongoing investment strategy. However, there
was a discussion on the ongoing slowdown in the domestic economy and its impact on the balance sheets
of our portfolio companies. The Committee was especially concerned about those companies which had a
high degree of financial leverage. One of the companies is Tata Steel Limited (TSL). The steel sector has
been through really testing times in the last few years. It declined sharply till 2017 and had been recovering
since then. But now, again, we are confronted with an unprecedented crisis posed by the COVID-19 epidemic.
Many large steel producers have suffered and faced insolvency in the past, but Tata Steel has braved through.
It has not only expanded its capacities in various products but also strengthened its balance sheet. The
company is also focused on de-risking its business through various strategies.
As a shareholder, we are concerned with maximising our value. We know that the stock of TSL has underperformed,
relative to its peers, and the BSE Sensex [Bombay Stock Exchange Sensitive Index] over the last
three years [see Appendix 7]. One of the factors that affect shareholders’ value and the risk in a company is
its capital structure. Is the current capital structure of the company at an appropriate level? The COVID-19
crisis is a jolt. But we need to look beyond the immediate term and evaluate the leverage of TSL. We will
shortly be discussing this issue with the management of the company as well and share our conclusions with
them.
Roshni Singh, the fund manager (FM), and Sharif Ali, steel sector analyst, were also present in the meeting.
Roshni Singh was an equity market analyst for 10 years at two different fund houses before she obtained
three years ago her current role as fund manager at Lotus Mutual Fund. She has a Master’s in business
administration from the Indian Institute of Management, Kolkata. She is considered by her colleagues good at
reading the economic and business trends. Sharif Ali, 26, is a young and bright mechanical engineer from the
Indian Institute of Technology, Mumbai. He worked with a leading automobile company for two years before
receiving a Master’s degree in finance from the University of Maryland, United States. Subsequently, he joined
the Lotus Fund last year. He likes to read financial case studies and theoretical finance literature, when time
allows.
Roshni added to Lisa’s opening statement during the meeting,
Tata Steel is a significant holding in our India equity portfolio. It is a good proxy for the potential economic
growth of India. There are many steps that the company has taken to improve the shareholders’ value.
However, as a part of our independent risk-return assessment of the portfolio company, let us analyse the
capital structure and discuss the same. Our steel sector analyst team will evaluate this from the corporate
finance angle. The team can then present to Lisa an objective view on the appropriate level of capital structure
for the company.
The Discussion
After one week of Investment Committee meetings, Sharif has formulated his initial thoughts on the issue of
capital structure of Tata Steel. He went on to discuss this issue with Roshni.
Sharif: Hi. I have looked at the financial statements. Based on the analysis of the same, let me share my
thoughts with you.
Roshni: Sure, let’s chat. But, before we discuss, I want to ask you something. We are shareholders in
the company. Why should we be too concerned about the capital structure? Shouldn’t the debt holders
be concerned about excessive debt? The debtholders would be concerned with excessive debt, as it may
increase the risk of default.
SAGE
© Hemant Kumar Manuj 2022
SAGE Business Cases
Page 6 of 10 Tata Steel: Deriving Value From an Optimal Capital Structure
Sharif: We get the residual benefits after the debtholders. So, our interest lies in trying to find out whether the
company can benefit from changing its current capital structure. The debtholders look at the safety of their
dues, but we look beyond that. We want a decent return on our investment. Hence, we need to see if the
company generate a higher return by altering its capital structure. The higher the value of the business, or the
lower the cost of capital, the better it is for us, as shareholders.
Roshni: Ah, we are on the same page, then! So, our interests should be quite aligned with those of the
management, in this respect. They should also aim for the highest value of business or the lowest cost of
capital. So, let’s talk now.
Sharif: Oh, yes! I want you to first look at the stock price performance [Appendix 7] of the large steel
companies over the last three years. The entire steel sector and the company have been through some tough
times. They all have under-performed with respect to the Indian large cap index, the BSE Sensex. The TSL
stock had also been trading near a historically low price, even before the lockdown due to the COVID-19
crisis. The company needs to do something.
On the positive side, I am aware that TSL is a part of the most reputed business group of the Tata’s. The
credit rating agencies and the lenders do derive some comfort from the fact that the company is a part of the
Tata group. The LT and ST credit ratings (in domestic currency) for Tata Steel are close to the highest levels
indicating minimal chance of default [see Appendix 4]. This reputation helps Tata Steel to borrow funds from
banks at a more competitive rate than its peers in the similar rating category.
Having said so, these points can only influence the level, but not the principle that the company should
independently look at whether its capital structure is at an optimal level. Any action by the management to
optimise its capital structure would have a positive impact for the shareholders’ value as well.
Sharif pointed to a section in the Annual Report for the financial year ending March 2020 (Annual Report of
Tata Steel Limited, 2019). Note that the majority of companies in India follow the practice of maintaining their
accounting year beginning in April and ending in March of the following year.
Sharif: The Company has a large debt portfolio and is exposed to volatility in financial markets, which can
impact the access to and cost of capital. The Company has been focused on deleveraging through internal
cash generation and monetisation of non-core assets.
Roshni: The financials tell us that the long-term debt-to-equity ratio of the company has been reduced from
2.3x in March 2017 to 1.6x in March 2020 [see Appendix 3: Financial statement Extract of TSL]. Are you
suggesting that the company should further reduce its leverage? If so, how can it be reduced?
The company is able to borrow at a competitive rate, so why should it not maintain a high level of leverage?
I could even suggest that it should probably use more debt to finance its capital expenditure. That will bring
down its weighted average cost of capital. It is a highly competitive industry and every penny saved on the
cost of capital would be beneficial for the shareholders. I am looking at this from our point of view.
Sharif: That sounds a bit risky. We know that Tata Steel can currently borrow at a competitive rate, but how
much should it borrow? The company is obliged to service the principal and interest on debt. It is in a cyclical
business and any downturn in the cycle will have an impact on its cash flows. The shareholders benefit from
a higher leverage in the normal scenario. But the same leverage can be a millstone around your neck in case
of adverse situations.
Just see how the company has been impacted by the recent lockdown on account of COVID-19. Tata Steel
had to cut down on its production at its plants across India and Europe. The entire global and domestic
economy has been impacted. We do not yet know the pace or the path of recovery. The revenues of most
companies have been severely impacted, but their debts need to be serviced. The risk posed by debt gets
accentuated in the face of uncertainties.
We need to ask whether debt is really a cheap resource to be exploited infinitely or can become a burden on
SAGE
© Hemant Kumar Manuj 2022
SAGE Business Cases
Page 7 of 10 Tata Steel: Deriving Value From an Optimal Capital Structure
the company at some point. If so, what is that optimal point, up to which the company should borrow?
I am also aware that the chief financial officer of the company, Koushik Chatterjee has stated in an interview
that the company is committed to reduce its debt by USD 1bn, annually, for several years. I am, however,
not yet committing to whether, and to what extent, the company should reduce its financial leverage from the
current level. It depends on what is the optimal level of leverage for TSL. There are multiple factors that we
need to consider. I will need to do some number crunching and analyse the impact of multiple scenarios of
leverage to get to my conclusion.
Roshni: By the way, is there a method to determine the level of the optimal capital structure? Should we not
just stick to what the peers in the industry are doing? I guess, following the industry peers should be good
enough. It is broadly aligned with the debt-to-equity ratios of other Indian steel companies [see Appendix 5].
Indeed, the ratio is higher for all Indian companies, compared to that for large international companies. But,
that is also a function of higher growth rates for Indian companies, in general.
Sharif: There should certainly be a better, and more objective, way to look at the costs and benefits of debt.
The industry average may be a rough guide but does not tell us if that is an inherently good level of leverage
for TSL.
Sharif departed after the discussion to refer to any financial theories and further delve into these issues. He
compiled some market data on Tata Steel (Appendix 6) and decided to work further using the same.
Business Issues
Sharif knew that the statement in the Annual Report indicated the intention of the board and the management
to review the financial leverage, that is, the debt-to-equity ratio. He was also aware that the company was
consolidating its international business. It was evaluating the possibility of selling its businesses in South East
Asia (Thomas, 2019). Over the previous five years, Tata Steel had expanded its Indian business and shed
part of its European business. The capacity of the European unit was brought down from 18m tonnes per
annum to 10 million tonnes per annum. This reduction was brought about by reducing the UK manufacturing
unit capacity from 11 million tonnes to 3 million tonnes, while maintaining the capacity of the more profitable
Netherlands unit at 7 million tonnes. The management of the company stated that it was focused on cost
reduction, improvement in productivity, enrichment of product mix, better working capital management, and
recalibration of its capital expenditure plans in the international business (Saha, 2020).
On the other hand, as per the company’s Annual Report, the annual capacity of the Indian operations had
been raised to 18 million tonnes through greenfield expansion as well as acquisition of two other Indian steel
companies, Usha Martin and Bhushan Steel. The acquisitions had also led to an increase in the level of debt
on the balance sheet.
Sharif gathered that there was a strategic positioning that any company must consider while evaluating
its requirement of debt. A growing company needs more debt financing, which can be repaid out of the
cash flows generated once the expansion is completed. While a substantial part of the capital expenditure
for Tata Steel was already completed, there could be further expansion, in case of a right opportunity.
The shareholders of the company would not like it to miss any good opportunity for growth in the coming
years. At the same time, the company should also not take risks detrimental to its long-term growth or
sustainability. It was important to understand the cyclicality of the business and the importance of maintaining
a margin of safety. There are other stakeholders, such as lenders and employees, whose interests are also
important for the company. The company being part of the reputed Tata group is definitely an advantage
for its borrowing programme. However, the lenders would not be comfortable with the company borrowing
excessively, especially since the steel industry is prone to sharp business cycles.
With an eye to improving its return on investment and reducing the cyclicality of profits from the business,
Tata Steel launched a few smart initiatives, such as sale of value-added consumer products that are made
of steel. It sold these products through multiple channels, including a digital marketplace. This strategy would
SAGE
© Hemant Kumar Manuj 2022
SAGE Business Cases
Page 8 of 10 Tata Steel: Deriving Value From an Optimal Capital Structure
1.
2.
3.
4.
allow it to sell value-added consumer products with relatively higher margins than its basic steel products.
The de-risking of the business through customer and product diversification was a good effort, but Sharif was
aware that fundamentally Tata Steel was in the business of producing and selling steel, and thus prone to
price cycles beyond the control of the company. It was important to focus on the operating business, but was
largely market determined. At the same time, it was within the control of the company to have the capital
structure right, so that it would add value to the shareholders.
It was late evening on Friday as Sharif sat at his desk, pondering these thoughts. He realised that to address
the issues on his mind he would need to do more reading, engage in more discussions with colleagues and
further analysis of data. With his hands on the financial figures of Tata Steel, government securities yield and
stock price of Tata Steel (Appendix 6), Sharif was now preparing to analyse the optimal capital structure of
the company.
As of now, he needed a strong coffee to help him unwind.
Discussion Questions
Sharif asked himself the following questions:
What should be the optimal level of financial leverage for Tata Steel, so as to maximise shareholder
value?
What are the underlying factors that need to be considered for assessing the optimal financial
leverage?
How can the financial leverage of Tata Steel be changed?
How does the capital structure relate to the business strategy of Tata Steel?
Sharif knew that he needed to contemplate these questions before arriving at a conclusion. He collected some
market data (Appendix 6) to further work on his thoughts.
Further Reading
Dutt, I. A. (2020). Will consider balance sheet as first priority, says Tata Steel’s Chatterjee. Business
Standard. https://www(dot)business-standard(dot)com/article/companies/will-consider-balance-sheet-as-first-prioritysays-
tata-steel-s-chatterjee-120111500519_1.html
Mazumdar, R. (2020). Tata Steel cuts production. The Economic Times.
https://economictimes(dot)indiatimes(dot)com/industry/indl-goods/svs/steel/tata-steel-cuts-down-production-acrossall-
major-operations-in-inda-and-europe/articleshow/74931249.cms?from=mdr
Narendran, T. V. (2019). The crisis man driving a cultural change in Tata Steel. Moneycontrol.
https://www(dot)moneycontrol(dot)com/news/business/companies/tv-narendran-the-crisis-man-driving-a-culturalchange-
in-tata-steel-4208991.html
Top Steel Producing Companies. (2019). Worldsteel.org. https://www(dot)worldsteel(dot)org/steel-by-topic/statistics/
top-producers.html
Tata Steel company website. https://www(dot)tatasteel(dot)com/corporate/our-value-chain/the-making-of-steel/
References
Annual Report of Tata Steel Limited for the Financial Year ending March 31, 2019. https://www(dot)tatasteel(dot)com/
media/9238/tata-steel-ir-2018-19-220619.pdf
Centre for Monitoring Indian Economy (CMIE). Industry Outlook and Prowess DX database.
https://prowessiq(dot)cmie(dot)com/
PTI. (2020). India’s steel demand likely to fall by 18% in 2020: Worldsteel. The Financial Express.
https://www(dot)financialexpress(dot)com/industry/indias-steel-demand-likely-to-fall-by-18-in-2020-worldsteel/
SAGE
© Hemant Kumar Manuj 2022
SAGE Business Cases
Page 9 of 10 Tata Steel: Deriving Value From an Optimal Capital Structure
1984078/
Sachdeva, S. (2021). Tata Steel: Steely resolve. Business World India. http://www(dot)businessworld(dot)in/article/
TATA-STEEL-Steely-Resolve/22-01-2020-182551/
Saha, S. (2020). Tata Steel targets debt reduction amid price recovery. The Telegraph Online.
https://www(dot)telegraphindia(dot)com/business/tata-steel-targets-debt-reduction-amid-price-recovery/cid/1737230
Thomas, T. (2019). Tata Steel drops plan to sell S-E Asian assets. Mint. https://www(dot)livemint(dot)com/companies/
news/tata-steel-calls-off-deal-to-sell-southeast-asia-steel-biz-to-china-s-hbis-group-1565096791034.html
https://dx(dot)doi(dot)org/10.4135/9781529779646
SAGE
© Hemant Kumar Manuj 2022
SAGE Business Cases
Page 10 of 10 Tata Steel: Deriving Value From an Optimal Capital Structure