The company will also convert $565 million of debt instruments in its Singapore unit into equity shares, with both actions set for completion within this fiscal year.

Tata Steel owns T Steel Holdings, which manages its international steel assets, including the UK plant. Additionally, Tata Steel plans to raise Rs 30 billion through non-convertible debentures (NCDs).

As part of its UK strategy, Tata Steel will invest ?1.25 billion ($1.6 billion) in a new electric arc furnace (EAF) at its Port Talbot plant, resulting in the shutdown of two blast furnaces and 2,800 job losses by September. The EAF project, expected to be completed by 2027, involves significant support measures for affected employees and a government grant.

?We will proceed with the proposal to shut down heavy end assets this year and set up the EAF by 2027,? the management stated. The company has placed equipment orders and secured a high-voltage connection with UK National Grid, ensuring timely implementation.

This significant investment reflects Tata Steel?s commitment to modernizing its operations and addressing financial challenges in its international ventures.