Tata Steel Limited has relinquished its membership of the Indian Steel Association (ISA). ISA is the apex organization of the steel industry. With the company leaving the union membership, the company’s chief Executive Officer (CEO) and Managing Director, T.V. Narendran has also resigned as the chairman of the Union.
Narendran had to stay in the post till August 2020. The president of the Union is elected for a period of two years. In this context, a Tata Steel spokesperson said, “Tata Steel has taken the decision to quit the Indian Steel Association keeping in view several aspects.” It is understood that Narendran is also a member of the Executive Committee of the World Steel Association.
Accordingly, Narendran has also left the post as chairman of ISA. However, the reason for his sudden release has not been stated. ISA members are companies like JSW Steel, Steel Authority of India (SAIL), Rashtriya Ispat Nigam Limited, Jindal Steel and Power and Nippon Steel.
On Tuesday, Tata Steel shares are trading on the green mark. After opening at 279, it was up by 3.35 points (1.22 per cent) at 1.16 pm to 276.95. Tata Steel shares closed at 273.60 in the previous trading day. The market capitalization of the company is Rs 314.43 billion.