Tata Steel Limited has disclosed that its wholly owned subsidiary Neelachal Ispat Nigam Limited (NINL) received a significant Show Cause Notice from the Odisha government authorities. The notice, dated February 25, 2026, involves a substantial financial claim of ₹587,86,25,047/- related to iron ore mining operations.

Show Cause Notice Details

The Show Cause Notice was issued by the Office of the Deputy Director of Mines, Koira Circle, Koira Steel & Mines Department, Government of Odisha. The authority is seeking recovery of the amount as shortfall towards additional charges on dispatch of Iron Ore between February 2022 and March 2025.

NINL's Corporate Structure Evolution

The disclosure provides context about NINL's ownership structure changes over recent years. In FY2023, Tata Steel acquired controlling stake in NINL through its erstwhile listed subsidiary Tata Steel Long Products Limited (TSLP). Following the amalgamation of TSLP with Tata Steel in FY2024, NINL became an indirect subsidiary. By FY2026, NINL became a wholly owned subsidiary of Tata Steel Limited.

Company's Response and Position

NINL has disputed the validity of the Show Cause Notice, maintaining that its Iron Ore Mine does not fall under the purview of Section 8A(8) of the Mines and Minerals (Development and Regulation) Amendment Act, 2021. The company considers the SCN erroneous and believes it may not be liable to pay the stated amount.

NINL's planned response includes:

• Formal response to the Show Cause Notice
• Pursuit of legal remedies before appropriate courts if necessary
• Challenge to the applicability of Section 8A(8) of MMDR Act to its operations

Financial and Operational Impact

According to the disclosure, there is no impact on financial, operational, or other activities of Tata Steel Limited or NINL arising from the Show Cause Notice. The management studied the SCN's impact before making this regulatory disclosure under SEBI regulations.

Regulatory Compliance

Tata Steel made this disclosure in compliance with Regulations 30 and 51 read with Part A, Para B of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company filed the disclosure on February 28, 2026, providing detailed annexure as required under SEBI regulations.

Tata Steel Limited has completed a major investment of $264 million (₹2,401.50 crore) in its wholly owned subsidiary T Steel Holdings Pte. Ltd. on February 26, 2026. The transaction involved the acquisition of 261.90 million equity shares, representing a significant capital deployment by the steel major to strengthen its subsidiary operations.

Transaction Details

The investment was executed through the acquisition of equity shares in T Steel Holdings Pte. Ltd., a Singapore-based subsidiary that continues to remain wholly owned by Tata Steel post-transaction. The company disclosed this information in compliance with SEBI regulations, marking the completion of a funding process that began with multiple disclosures throughout 2025.

Regulatory Compliance

Tata Steel made this disclosure under Regulation 30 and 51 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement follows a series of previous disclosures dating from May 12, 2025, through February 2, 2026, indicating a systematic approach to the funding process.

The USD to INR conversion was calculated using the Reserve Bank of India's published exchange rate of ₹90.9661 as of February 24, 2026, providing transparency in the currency conversion methodology.

Strategic Implications

This substantial investment demonstrates Tata Steel's commitment to strengthening its international subsidiary network and optimizing its corporate structure. T Steel Holdings Pte. Ltd., being strategically positioned in Singapore, plays a crucial role in the company's international operations framework.

The completion of this $264 million investment represents a significant capital allocation decision, aimed at consolidating holdings in key subsidiary entities and supporting long-term strategic objectives within the corporate group structure.