Tata tin can takeoverThis article was originally published in Foodnews
THE TINPLATE Company of India Ltd (TCIL), India's largest tinplate producer, has become a subsidiary of Tata Steel effective from 1 April 2011 after Tata increased its stake in the company to 59.45% from 42.88% previously. The increase is due to the automatic and compulsory conversion of 3% fully convertible debentures of INR100 (USD2.25) each held by Tata Steel into equity shares at the start of April this year. TCIL has been the tinplate industry leader in India for the best part of 85 years and holds about 35-40% of the domestic market share. The company exports about 20-25% of its production directly to can-makers around the world with its biggest markets being south-east Asia, the Middle East and the EU.