Tata Steel Annual Report 2019

Integrated Report &
Annual Accounts 2018–19

112th Year
Contents
STRATEGIC REPORT
Our Leadership Our Business Our Strategy Our Capitals

1 WeAlsoMakeTomorrow 14 Organisational Overview 24 Strategy 40 Our Capitals
3 Year at a Glance 16 Products and Markets 28 Stakeholder Engagement 42 Financial Capital
4 Board of Directors 18 Approach to Value Creation 30 Material Issues 46 Manufactured Capital
6 From the Chairman’s Desk 20 Business Model 32 Risks and Opportunities 52 Intellectual Capital
8 Management Speak 36 Corporate Governance 58 Human Capital
68 Natural Capital
STATUTORY REPORTS FINANCIAL STATEMENTS 76 Social and Relationship
Capital
90 Board’s Report 195 Financial Highlights
88 Awards and Recognitions
109 Annexures 199 Standalone
293 Consolidated
419 Notice
ABOUT THIS REPORT
Our Approach to Reporting Scope and Boundary Forward Looking Statements

This is the fourth Integrated Report of Tata Steel Limited This Report covers information on Tata Steel, including Certain statements in this report regarding our business
(Tata Steel). Our Integrated Report provides quantitative the Tata Steel plants (at Jamshedpur, Jharkhand and operations may constitute forward-looking statements.
and qualitative disclosures on our relationships with Kalinganagar, Odisha), Raw Materials Division, and Profit These include all statements other than statements of
the stakeholders and how our leadership, culture and Centers. historical fact, including those regarding the financial
strategy are aligned to deliver value while managing risks position, business strategy, management plans and
and changes to the external environment. Our Report Approach to Materiality objectives for future operations.
continues to evolve towards enhanced disclosures The Report presents an overview of our business and
to meet the requirements of our investors and other associated activities that help in long-term value creation. Forward-looking statements can be identified by words
stakeholders. Report content and presentation is based on material such as ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’,
issues to Tata Steel and its stakeholders. Material issues ‘intends’, ‘may’, ‘will’, ‘plans’, ‘outlook’ and other words
Reporting Principle are gathered from multiple channels and forums of of similar meaning in connection with a discussion of
The financial and statutory data presented in this Report engagement across the organisation and from external future operational or financial performance.
is in line with the requirements of the Companies Act, stakeholders. In Finanacial Year 2018-19, Tata Steel Forward-looking statements are necessarily dependent
2013 (including the rules made thereunder), Indian updated its Environmental, Social and Governance (ESG) on assumptions, data or methods that may be
Accounting Standards, the Securities and Exchange material issues and incorporated them in its long- incorrect or imprecise and that may be incapable of
Board of India (Listing Obligations and Disclosure term plans. being realised, and as such, are not intended to be a
Requirements) Regulations, 2015 and the Secretarial guarantee of future results, but constitute our current
Standards. The Report is prepared in accordance with Management Responsibility expectations based on reasonable assumptions. Actual
the framework of the International Integrated Reporting To optimise governance oversight, risk management and results could differ materially from those projected in
Council (IIRC) and discloses performance against the Key controls, the contents of this Report have been reviewed any forward-looking statements due to various events,
Performance Indicators (KPIs) relevant to Tata Steel, as by the senior executives of the Company, including the risks, uncertainties and other factors. We neither assume
per the Global Reporting Initiative (GRI), the Securities Chief Executive Officer and Managing Director, Executive any obligation nor intend to update or revise any
and Exchange Board of India (SEBI) and World Steel Director and Chief Financial Officer, Vice President Safety, forward-looking statements, whether as a result of new
Association (worldsteel). Health & Sustainability and Company Secretary & Chief information, future events or otherwise.
Legal Officer (Corporate & Compliance).
Reporting Period
The information is reported for the period April 1, 2018 to Independent Assurance
March 31, 2019. For KPIs, comparative figures for the last Assurance on financial statements has been provided by
three to five years have been incorporated in the Report independent auditors Price Waterhouse & Co. Chartered
to provide a holistic view to our stakeholders. Accountants LLP and non-financial statements by KPMG.
The certificate issued by KPMG is available on our website
at www.tatasteel.com or can be accessed at
https://bit.ly/2WQGHe8.
The steel we produce is used
in making iconic structures, FY 2018-19
smarter cities, and cleaner and
safer automotive solutions. Highlights
We are exploring uncharted (Consolidated)
territories in new technologies
and materials to develop
new businesses and value- 26.80 MnT
added products while acting Deliveries
responsibly to ensure a long-
lasting positive impact on the
society and environment. `1,57,669 Cr.
www.wealsomaketomorrow.com Turnover
`29,770 Cr.
EBITDA
`9,098 Cr.
Profit After Tax
(PAT)
Our steel has gone into the making of
futuristic structures and buildings across
the globe.
Taipei 101, Taipei, Taiwan
The London Eye, London Marina Bay Sands, Singapore
Bogibeel Bridge, Assam, India Kempegowda International Airport, Bengaluru, India
2 INTEGRATED REPORT & ANNUAL ACCOUNTS 2018-19 | 112TH YEAR

YEAR AT A GLANCE*
Achievements of today for a brighter tomorrow

Turnover EBITDA Margin Profit After Tax (PAT)
₹ 70,611Cr. 29% ₹ 10,533 Cr.

CAPEX Crude Steel Production Total Sales
₹ 3,677 Cr. 13.23 MnT 12.7 MnT

Enriched/Value-added Products Revenue from By-products Savings through Shikhar25
8.6 MnT ₹ 3,426 Cr. ₹ 2,801 Cr.

GHG Emissions Intensity Lost Time Injury Frequency Rate (LTIFR) Customer Satisfaction
2.34 tCO e/tcs 0.29 Index (Steel) (Out of 100)
2 81.6
Solid Waste Utilisation Specific Water Consumption CSR Outreach
99% 3.5 m /tcs 3

>1.1 million
* All figures are on a Standalone basis as on March 31, 2019
Ownership Principal activities

structure and revenue streams
50.30% 16.58% 93.7% 5.7%
Institutions Retail Shareholders Steel Value Chain Raw Materials
Value Chain
33.12%
Promoter and
Promoter Group
0.6%
Other Businesses
Tata Steel acquires Tata Steel group acquires

Bhushan Steel Usha Martin Steel Business
During Financial Year 2018-19, Tata Steel acquired Bhushan Tata Steel group acquired the steel business of Usha Martin Limited
Steel Limited. This acquisition has significantly added to our through one of its subsidiaries. This move helps the Company to
steel business and helped expand our footprint in India. create a globally competitive long products business focussed
on value-added and differentiated products while achieving cost
competitiveness.
3
BOARD OF DIRECTORS (As on April 25, 2019)
Guiding the path to tomorrow
Mr. Ratan N. Tata

Chairman Emeritus
BOARD COMMITTEES Standing (Left to Right)
1. Audit T. V. Narendran V. K. Sharma Peter Blauwhoff

2. Nomination and Remuneration Chief Executive Officer and Non-Executive Director Independent Director
3. Corporate Social Responsibility Managing Director
and Sustainability
3 4 5 6 5 6 1 4 6
4. Risk Management
5. Stakeholders' Relationship
Sitting (Left to Right)
6. Safety, Health and Environment
Aman Mehta N. Chandrasekaran
Member Chairperson
Independent Director Chairman of the Board and
Parvatheesam K Non-Executive Director
Company Secretary & Chief Legal Officer 1 4 2
(Corporate & Compliance)

STRATEGIC REPORT | 1-88 STATUTORY REPORTS | 89-194 FINANCIAL STATEMENTS | 195-418
Deepak Kapoor Saurabh Agrawal Koushik Chatterjee

Independent Director Non-Executive Director Executive Director and
Chief Financial Officer
1 3 5 1 4 3 4 5
Mallika Srinivasan O. P. Bhatt

Independent Director Independent Director
2 6 1 2 3
5
FROM THE CHAIRMAN’S DESK
Well positioned to capitalise

on opportunities
Dear Stakeholders,
It is a privilege to write to you as the
Chairman of the Board of Tata Steel.
Financial Year 2018-19 was a good year for
your Company, wherein your Company
executed well on its strategic roadmap and
delivered a strong financial performance.
Last year in my communication to you,
I shared with you the Company’s strategy
to leverage the growth potential of the
Indian economy by pursuing both organic
and inorganic growth opportunities. I am
happy to share with you that your Company
has made significant progress in this regard.
Your Company undertook the following
tangible steps to strengthen and expand
the India operations.

Financial Year 2018-19 was a good year for your

Company, wherein your Company executed well
on its strategic roadmap and delivered a strong
financial performance.
Your Company successfully completed On a consolidated basis, your Company demand for industries such as steel. India
the acquisition of Bhushan Steel (now achieved the highest ever levels of revenues also has a large natural resource base and
named Tata Steel BSL) under the Insolvency and EBITDA this year. I am happy to report skilled manpower to be one of the most
and Bankruptcy Code process. This was that the Company has generated positive competitive manufacturers of steel globally.
an important strategic acquisition. free cash flows of ₹8,839 crore this year, for While the short-term global macroeconomic
The integration is proceeding well with the first time in over a decade. and geopolitical situation may continue to
identified synergies and roll-out of throw some challenges, the future holds
As you are aware, your Company had
the performance improvement plan. many opportunities for your Company.
proposed to form a joint venture with
The Board has given the approval for the Your Company is well positioned to
thyssenkrupp to combine the steel
amalgamation of Tata Steel BSL with your capitalise on the opportunities and deliver
businesses in Europe, as a part of the
Company and the process is currently strong growth.
effort to build a sustainable business in
underway. This would further help in
Europe. Unfortunately, this proposal has I would like to thank all the shareholders
realising synergies and create a unified and
not met with the approval of the European for their faith in and support to the
simple organisation.
Commission and your Company has Company. I would also like to thank all other
In addition to Tata Steel BSL, your Company decided not to continue on this path. stakeholders, including the employees,
also acquired the steel business of Usha unions, customers, government and
Your Company’s overall situation is
Martin Limited, through its subsidiary suppliers, for their continued support.
much better now. Your Company’s India
company, Tata Sponge Iron Limited.
capacity and contribution has expanded
This acquisition has strategically enhanced
significantly. The plant in the UK contributes
the value-added long product portfolio of Warm regards,
to 11% of your Company’s total capacity
your Company and expanded its presence
and the plant at IJmuiden contributes to N. Chandrasekaran
in the premium and niche segment for
22% of your Company’s capacity. Your Chairman of the Board
automotive customers.
Company is on the path to drive operational
Your Company continues to grow its India improvement and positive cash flows.
capacity through brownfield expansion of
Steel is a strategic material for growth and
the Kalinganagar facilities.
development of nations and has a multiplier
In Europe, your Company’s operations impact on the economy and society. India
continued to face challenges. The has the unique advantage of a young and
production was lower due to operational aspirational population and high economic
issues at both sites in the UK and IJmuiden. growth, which would drive sustained
7
MANAGEMENT SPEAK
Prudent steps for a

stronger tomorrow
T. V. Narendran Koushik Chatterjee

Chief Executive Officer and Managing Director Executive Director and Chief Financial Officer
Q: How has Tata Steel group performed Q: The second half of 2018 saw a global steel demand showed resilience and
in Financial Year 2018-19? slowdown in growth owing to trade grew at 2.1%, supported by some recovery,
tensions and the geo-political in investment activities and improved
Financial Year 2018-19 was a strategically
environment and the same is performance of emerging markets and
important year for us. Even though the
expected to continue in the first half developing economies. In the coming
macro environment remained mixed,
of 2019. How do you expect this to year, global steel demand is expected to
we progressed significantly on our strategic
affect the steel industry? witness a gradual recovery, though at a
goals, focussing on operating performance
lower pace, owing to risk of uncertainty
to register the highest ever EBITDA, 2018 witnessed a slowdown in global
over the trade environment. Though the
enhancing our footprint in India through growth, primarily due to the decline in trade
economic fundamentals of the European
the acquisition of Bhushan Steel and Usha and manufacturing activity across most
Union economy remain relatively stable,
Martin Steel businesses, and strengthening industrial sectors, increased trade tensions
steel demand in 2020 will show some
our balance sheet through significant among major economies, tightening of
deceleration over the growth seen in
deleveraging from the peak debt post the financial conditions and policy uncertainty
2018 and 2019, partly due to uncertainties
acquisition of Bhushan Steel. in many economies. Despite this slowdown,
resulting from global trade tensions and

At Tata Steel, we have always focussed on sustained

growth in India and we believe that, the steps taken
during the year will place us in a good position to
capitalize on the opportunities in the future.
the uncertainties about Brexit. In 2019, the year will place us in a good position to augment its long products capacity and be
US growth is also expected to slow down capitalize on the opportunities in the future. prepared to cater to the increasing demand,
with the effect of fiscal stimulus tapering off we acquired the 1 MnTPA steel business
During the year, we successfully completed
and the normalisation of monetary policy. (including captive power plants) of Usha
the acquisition of Bhushan Steel (renamed
Martin Limited through our subsidiary
In India, steel demand in the first half of the Tata Steel BSL) to add to our downstream
company, Tata Sponge Iron Limited.
financial year was more stable than in the capability and complement our product
The acquisition will help the Company
second half and there has been a distinct mix. We have had a very encouraging start
retain its long product market share while
decline in the automotive sector and other to the integration journey and are well on
marking an entry into the special steels
sectors in the second half of the year. One our way to ramp up the capacity of Tata
segment as well as to enhance its product
of the key issues has been the credit flow Steel BSL to the rated level. This acquisition
basket for automotive customers.
in the system and we hope that structural has provided us the opportunity to scale-up
policy actions will be undertaken to ensure our operations and strengthen our market During the year, we also commenced the
that increased credit flow is restored and position in various market segments. Tata Steel Kalinganagar Phase II expansion
private investment is encouraged to revive project to augment the cumulative capacity
An important area of focus in the coming
the economy. of the Kalinganagar plant from 3 MnTPA
year will be to continue our efforts to
to 8 MnTPA. As part of the expansion in
Q: Steel demand in India is expected to further integrate the business of Tata Steel
Kalinganagar, we are building a 5800 cubic
increase in the medium term. What BSL with the existing business operations
metre blast furnace, which will enhance the
is your preparedness to capitalise on in Tata Steel Limited through the process of
asset productivity significantly, along with a
these opportunities? amalgamation. This integration, we believe,
state-of-the-art cold rolling mill complex to
will realise synergies, including better
We recognise that there is a significant produce value-added products. We will be
facility utilisation, efficient and assured
potential for increase in steel demand expanding the existing steel melting shop
availability of raw materials, reduced
in India in the long term given that per and hot strip mill and will also be adding
logistics and procurement costs, efficiencies
capita steel consumption in 2018 was a coke oven battery and a pellet plant.
arising out of a single value chain,
less than one-third of the world average. The project involves a capital expenditure of
reduced working capital, simplification
Various government initiatives, including ₹23,500 crore. The project scope and costs
of the operating structure and improving
‘Make in India’ projects, increased spending include investments in raw material capacity
customer satisfaction levels.
on infrastructure and increased focus on expansion, upstream and midstream
rural development are likely to support We also envisage that the demand for facilities, infrastructure and downstream
increase in domestic demand for steel, long products will grow significantly in the facilities. The expansion work is in progress
providing opportunities for domestic steel future. Tata Steel is already present in the and the facilities will be commissioned in
players. At Tata Steel, we have always long products business and is recognised phases, with the first commissioning of
focussed on sustained growth in India and for its high-quality products such as the cold rolling mill facilities in Financial
we believe that the steps taken during rebars, wire rods and wires. However, to Year 2020-21 followed by the balance
commissioning. The expanded capacity will
9
MANAGEMENT SPEAK (Continued)
We will continue to focus on deleveraging as a

primary strategic initiative to rebuild the balance
sheet strength.
help us produce value-added products, Our aim will be to further deleverage remedy package would have adversely
including cold rolled galvanised and the balance sheet of the Company, in affected the basic foundation of the
annealed products, and will enable us to Financial Year 2019-20 and beyond, proposed joint venture and the intended
meet the requirements of the automotive, through a combination of internal cashflow synergies arising from the merger to such
general engineering and other high-end generation and continuing efforts to an extent that the economic logic of the
quality product market segments. rationalise the portfolio to focus on our core joint venture would no longer be valid and
businesses and markets, while continuing to its fundamental sustainability would be
We are positive that through our existing
facilitate our key growth initiatives. severely impacted.
operations in India, coupled with these
organic and inorganic growth initiatives, Q: What are your future plans regarding We remain committed to these strategic
we are on the right path towards the European business? goals and will continue to focus on
strengthening our business in India and improving the operational performance
During the year, the revenues from Tata
are well poised to take advantage of the to enhance earnings and cash flows to
Steel Europe stood at ₹64,777 crore while
potential opportunities in India. ensure that the European business is
the EBITDA was ₹5,414 crore, reflecting an
self‑sustaining.
Q: There is a considerable amount of increase of 46% over the previous year.
debt on the books of the Company. Q: One of the strategic objectives for
In June 2018, we had signed definitive
What steps are you taking to Tata Steel is to consolidate its position
agreements with thyssenkrupp to combine
deleverage the balance sheet? as a global cost leader. What is your
our steel businesses in Europe to create
plan to meet this objective?
During the first half of Financial Year a 50:50 pan-European joint venture
2018‑19, the gross debt level at ₹1,18,680 company focussing on customer centricity, At Tata Steel, we are focussed not just on
crore was at its peak owing to the technology and sustainability. This merger growth, but on sustainable growth, to
acquisition of Bhushan Steel (Tata Steel BSL). transaction, like any other, was subject make a better tomorrow for our business
Through conscious and rigorous efforts, we to merger control clearance in several and for all our stakeholders. While we are
reduced our gross debt by ₹17,864 crore to jurisdictions, including most importantly, keenly focussed on our long-term strategy
end the year with a debt of ₹1,00,816 crore. by the European Commission. As part of to be the industry leader in steel globally
We will continue to focus on deleveraging the application made to the European and are channelising our efforts towards
as a primary strategic initiative to rebuild Commission, a comprehensive package growth, we have set for ourselves other
the balance sheet strength. of remedies (sale of production assets to strategic objectives that will help sustain
unrelated competitors) was offered covering our business in the future.
Despite some stress in the domestic debt
all the areas of concern highlighted by the
markets, we extended the Company’s debt Alongside growth, we are also focussed
Commission. The remedies offered were
maturity profile by successfully raising on consolidating our position as a global
developed considering the overall industrial
₹4,315 crore through non-convertible cost leader and are taking several initiatives
strategy for the proposed joint venture,
debentures with a maturity of 15 years. in this direction, including driving
the integrated and complex nature of the
We also put in place a 12-year long-term digitalisation across several processes
supply chain to service customers and the
take-out financing for ₹15,500 crore at and functions, structural cost take-out
need to build a sustainable business that
Tata Steel BSL Limited. The changes in the programmes through our improvement
would be able to endure the structural
financial risk profile of the Company are programmes, enhancing employee
challenges faced by the European steel
reflected in the upgrade of our credit rating productivity and investing in logistics
industry. However based on the adverse
by Moody’s from ‘Ba3’ to ‘Ba2’ with positive and supply chain efficiencies. We are also
feedback received from the European
outlook in February 2019 as well as in the investing in our mining operations both
Commission, both parties decided not
revision in outlook by S&P in April 2019. from capacity enhancement and cost
to pursue the transaction as any further
efficiency perspectives.
commitments or improvements to the

Q: Tata Steel has also ventured into the Q: Tata Steel has recently entered Q: What steps are you taking to meet
new materials business. What benefits into the steel recycling business. your strategic objective of being an
do you see from this business? How would you align this with your industry leader in Safety, Health and
strategic objectives and what change Environment (SHE) and Corporate
We are harnessing the power of emerging
do you expect this business to bring in Social Responsibility (CSR)?
technologies and processes in material
the way you conduct your business?
sciences to create sustainable solutions for Acting with responsibility towards planet
end product use in the coming decades. As one of the leading and pioneering Earth, ensuring the health and safety of
We recognise that investment in technology steelmakers, it is our responsibility to people at all our workplaces, balancing
and innovation is a prerequisite for a protect and preserve the planet for future economic prosperity, and generating social
sustainable future. generations. Globally, we are moving from benefits for the community are the rules by
a linear business model towards a circular which Tata Steel operates.
At Tata Steel, we are keen to find innovative
economy. Reduce, reuse and recycle is
solutions to the way we conduct business We understand that health and welfare of
the new way to drive optimal resource
and have embarked on a journey to our people, the community and society,
efficiency. The steel industry is an integral
become a technology leader not only as a whole, is intrinsic to our approach to
part of the circular economy and we have
in the steel but also in the materials business and hence, we persevere to create
a vision to be an active participant in the
business. Moving beyond steel, we have a safe and healthy environment for all
circular economy. Steel is 100% recyclable
set up a new business vertical that will employees and stakeholders and to be an
material and can be used repeatedly to
explore the possibilities of entering the industry leader in SHE and CSR. We aspire
create new steel products, without losing
non-steel materials segment. We are to achieve this objective through enhanced
the inherent properties of steel. This helps
focussing on composite materials such focus on reducing unsafe incidents at the
reduce the use of natural resources as well
as Fibre Reinforced Polymer (FRP), a workplace and reducing carbon emissions
as leads to low CO2 emissions.
light and corrosion-resistant, structural and consumption of depleting natural
material similar to steel. Our focus in the Tata Steel has always been committed to resources.
new materials business will be to cater sustainable growth, which includes our
To contribute towards the socio-economic
to four sectors i.e., the railway, industrial responsibility towards its customers as well
development of the areas where we
goods, infrastructure and automotive as towards the environment. In preparing
operate, we undertake various CSR
sectors. We believe our product offering for the future, Tata Steel has set up a steel
initiatives in the areas of health, education,
will be of high quality, cost effective and recycling business to meet the growing
livelihood, sports and infrastructure
bring superior value to our customers in demand for steel in a sustainable manner
development with indigenous communities.
these sectors, consequently giving us a in the long run. The steel recycling business
We have partnered with various
differentiated and leadership position in the will help formalise the scrap market in India
organisations to work for the upliftment
market in the coming years. and help the country transition to a scrap-
of our communities and will continue to
based steelmaking route in the long term.
deepen our engagement with communities,
with an aim to touch more than 2 million
lives by 2025 through our CSR initiatives.
Panview of Kalinganagar Steel Plant
11
We
Seize
New opportunities
We were the first to acquire a major stressed asset under the
Insolvency and Bankruptcy Code. The acquisition of Bhushan
Steel Limited, now renamed as Tata Steel BSL Limited, has
significantly expanded our footprint in India and will be
value-accretive going forward.
5.6 MnTPA
Total capacity of Tata Steel BSL Limited
ORGANISATIONAL OVERVIEW
Vibrant and future-ready

Established in Jamshedpur, India in 1907, Tata Steel is a flagship entity of the
150-year old Tata group. Embodying the vision of the Tata group founder,
Jamsetji Nusserwanji Tata, Tata Steel group, today, is one of the world’s most
geographically diversified steel producers and is recognised as the hallmark for
corporate citizenship and business ethics.
Tata Steel has manufacturing units at Jamshedpur, Jharkhand and
Kalinganagar, Odisha with production capacities of 10 MnTPA and 3 MnTPA,
respectively. In Financial Year 2018-19, the Company initiated a 5 MnTPA
expansion project at Kalinganagar to enhance its cumulative capacity
to 8 MnTPA.
Prepared for the future
Tata Steel operates with a completely integrated

value chain that extends from mining to finished
steel products. With a relentless focus on innovation
and cutting-edge technologies, we are building a
sustainable business enterprise.
Innovation Technology Sustainability:

We focus on creating solutions that make We value the importance of technology as We remain committed to conserving
a positive difference to the society with a strategic enabler and intend to leverage natural resources while ensuring
patents, new products, new materials and both steel technology and digital interface to sustainable growth and fostering strong
by developing in-house technologies for achieve service excellence. relationship with communities.
sustainable performance.

Vision Values
We aspire to be the global steel industry benchmark Integrity
for Value Creation and Corporate Citizenship. We will be fair, honest,
transparent and ethical in our
We make a difference through; conduct; everything we do
must stand the test of public
scrutiny.
Our Excellence
Our Our Our Our
Innovative
People Offerings Conduct Policies We will be passionate about
Approach
achieving the highest
standards of quality, always
promoting meritocracy.
Unity
We will invest in our people
and partners, enable
continuous learning, and
build caring and collaborative
relationships based on trust
and mutual respect.
Responsibility
We will integrate
environmental and social
principles in our businesses,
ensuring that what comes from
Mission the people goes back to the
people many times over.
Consistent with the vision Tata Steel recognises that
Pioneering
and values of the founder while honesty and integrity are
Jamsetji Tata, Tata Steel essential ingredients of a strong We will be bold and agile,
strives to strengthen India’s and stable enterprise, profitability courageously taking on
industrial base through provides the main spark for challenges, using deep
effective utilisation of staff and economic activity. Overall, the customer insight to develop
materials. The means envisaged Company seeks to scale the innovative solutions.
to achieve this are cutting heights of excellence in all it does
edge technology and high in an atmosphere free from fear,
productivity, consistent with and thereby reaffirms its faith in
modern management practices. democratic values.
15
PRODUCTS AND MARKETS
Diversified portfolio across markets
AUTOMOTIVE INDUSTRIAL AND GENERAL ENGINEERING

Market Products Market Products
Sub-segments and Brands Sub-segments and Brands
Auto OEMs* Hot-rolled (HR), Cold-rolled (CR), Panel and Tata Steelium (CR),
B2B Coated Sheets, Steel Coils and Sheets Appliances, Galvano (Coated),
Fabrication and Tata Astrum (HR),
Auto Ancillaries HR, CR, Coated Steel Coils and Sheets, Capital Goods, Tata Structura (Tubes)
B2B B2ECA Precision Tubes, Tyre Bead Wires, Spring Furnitures
Wires, Bearings B2ECA
LPG HR
B2B
Welding Wire Rods

B2B
Process Industries Tata Tiscrome (Ferro Chrome),

CONSTRUCTION (e.g., Cement, Tata Ferromag (Ferro Manganese),
Market Products Power, Steel) Boiler Tubes, Tata Pipes, Tata Ferroshots,
Sub-segments and Brands B2B Blast Furnace (BF) Slag, Metallics
Individual House Tata Tiscon (Rebars), Pravesh (Steel Doors

Builders and Windows), Tata Shaktee (Roofing
B2C Sheets), Tata Pipes (Plumbing Pipes),
Tata Structura (Tubes)
Corporate and Nest-In (Habinest – Prefabricated Houses,

Government AquaNest Water Kiosks, Ezynest Modular
AGRICULTURE
Bodies Toilets, MobiNest – Office Cabins,
B2B B2G Nestudio – Rooftop Houses) Market Products
Sub-segments and Brands
Infrastructure TMT Rebars (Higher Dia Rebars and
B2B Corrosion-resistant Steel) Agri Equipment Bearings
B2B
Housing and Tiscon Readybuild (Cut and Bend Bars),
Commercial Tata Structura (Tubes), PC Strands (LRPC)**, Fencing, Farming Galvanised Iron (GI), Wires, Agri and
B2ECA Tata Nirman, Tata Aggreto, Ground and Irrigation Garden Tools, Conveyance Tubes
Granulated Blast Furnace Slag (GGBS) B2C
B2B B2C B2G B2ECA

B2B - Business to Business B2C - Business to Consumer B2G - Business to Government B2ECA - Business to Emerging
Corporate Account
*OEM - Original Equipment Manufacturer **LRPC - Low-Relaxation Pre-stressed Concrete

Our footprint
We are primarily involved in the business of mining,
steelmaking and downstream value-added products
and solutions. Our operational footprint has been
indicated on the map.
S
S
MANUFACTURING S
LOCATIONS
19
Jamshedpur 12
Flat Product 7 MnTPA 4 S 11
10
S
Long Product 3 MnTPA 3 1

7 21 5 8
S
17 6
9 13 20
Kalinganagar 18
14
2
S 16
Flat Product 3 MnTPA S
2
15
S
S
DOWNSTREAM OPERATIONS
Location Nature of operations
1 Jamshedpur Tubes
Manufacturing and
Tinplate S
2 Tarapur
3 Pithampur Wire Manufacturing
4 Killa
5 Kharagpur Bearings
Manufacturing
RAW MATERIAL LOCATIONS RAW MATERIALS REVENUE STREAM

(FERRO ALLOYS AND MINERALS)
Location Nature of operations Location Nature of operations Nature of operations Locations
Zonal Hubs 6 [Delhi, Faridabad,

6 Noamundi 13 Joda Nagpur, Kolkata, Chennai
7 Joda East Iron Ore Mines 14 Bamnipal Ferro Alloys Plant and Vijayawada]
and Quarries Stockyards 18 [not on map]
8 Katamati 15 Gopalpur
Khondbond Distributors 202 [not on map]
9 16 Sukinda Chromite Mine Dealers 12,000+ [not on map]
10 West Bokaro Open Cast
Coal Mines
17 Joda West S Steel Processing 37 SPCs across 11 locations
Centres (SPCs) [Jamshedpur,
18 Bambebari Manganese Mines Kalinganagar, Chennai,
11 Jamadoba
Underground 19 Malda Kolkata, Faridabad,
Group Manesar, Pune, Mumbai,
Coal Mines 20 Tiringpahar
12 Sijua Group Indore, Delhi and Nagpur]
21 Gomardih Dolomite Mine Sales Offices 27
Note: Map not to scale
17
APPROACH TO VALUE CREATION
Focussed on delivering long-term value

As a leading steel manufacturer, we are committed to delivering products, providing services and creating employment
opportunities that contribute towards sustained economic and social value. We have a structurally strong business model.
We focus on operational excellence and are leaders in chosen market segments. We intend to create value by maintaining our
leadership position through scale, cost leadership and innovation.
Our value drivers
Maintain Focus on cost Drive Focus on allocating Focus on

leadership competitiveness synergies from capital efficiently, deleveraging the
position in to ensure and acquisitions including divesting balance sheet
chosen market enhance organic non-synergistic
segments cash flow from assets
business
Our imperatives for long-term value creation
Tata Steel BSL Kalinganagar Graphene Centre,

Steel Plant Steel Plant The Shard, London Jamshedpur Steel Plant
RESHAPING TATA STEEL PORTFOLIO PRIORITIES FINANCIAL HEALTH NEW INITIATIVES
• Focus on strengthening • Ensure seamless • Focus on reducing leverage • Expand downstream product
footprint in India – Best completion of through higher operating portfolio: ~30% of total
positioned to leverage capacity expansion at cash flows, monetisation of volume from downstream
growth opportunities in Kalinganagar by 5 MnTPA non-synergistic ventures and products
India strategic restructuring
• Focus on ramping • Focus on Services and
• Enable growth without up of Tata Steel BSL, • Maintain well-spread debt Solutions portfolio: ~20% of
increasing leverage downstream value maturity profile revenue by 2025
addition, growing long
• Derive cost effectiveness • Grow beyond steel – Focus
products portfolio and
through structured on new materials: ~10% of
driving system synergies
continuous improvement revenue by 2025
from acquisitions
programmes such as
• Create a sustainable Shikhar25
business in Europe

Our interventions to be future ready
Leverage digital Focus on R&D Create a Focus on safety Be the industry

technology to and technology sustainable value leadership and leader in CSR and
enhance efficiency to achieve chain through achieve Zero LTI gain the social
and enable business technology business model license to operate
transformation leadership in steel innovations
industry
Our ‘multi-capital’ approach

We recognise that our ability to generate economic value is Recognising our raw material dependencies, we work towards
dependent on a multi-capital approach that not only leverages optimising the use of natural resources and reducing our impact
financials but also skilled employees, innovation, community on the environment. Our community programmes help us gain the
relationships and key natural resources. True to our founding social license to operate and flourish together with the communities
philosophy of ‘profits with a purpose’, we continue to invest we operate in.
beyond operational activities.
Creating value for sustainable development

In the process of managing our multiple capitals and value creation, we make significant contribution to the United
Nations Sustainable Development Goals (UN SDGs). We believe our priorities for sustainable development are aligned
to that of India’s and as a responsible corporate citizen, we are mapping our contribution to the following SDGs.
19
BUSINESS MODEL
How we create value

INPUTS VALUE CREATION APPROACH
Financial Capital Our Vision Our Values

Net Worth (` Cr.) 72,730
Gross Debt (` Cr.) 29,701 We aspire to be the global steel industry INTEGRITY
benchmark for value creation and EXCELLENCE

Manufactured Capital
TSL capacity – Crude Steel (MnT) 13 corporate citizenship UNITY
Steel processing centres - Own (Nos.) 37
RESPONSIBILITY
Intellectual Capital TATA CODE OF CONDUCT POLICIES THAT GOVERN OUR BUSINESS PIONEERING
Collaborations/memberships 40
(Technical Institutes)* (Nos.)
Patents filed* (Nos.) 1,058
R&D spend (` Cr.) 216
Human Capital
Employees on roll (Nos.) 32,984
Investment in employee ~133
training and development (` Cr.)
Employee training 7.52
(mandays/employee/year)
Natural Capital
TSL - Energy intensity (Gcal/tcs) 5.82
TSL - Specific water 3.5
consumption (m3/tcs)
Panview of Jamshedpur Steel Plant
Captive iron ore (%) 100
Captive coal (%) 27
Inbound raw materials (MnTPA) ~ 40 Tata Steel Value Chain
Capital spend on environment (` Cr.) 286
Social & Relationship Capital

Pan India dealers and 12,000+
INBOUND LOGISTICS
distributors (Nos.)
Application engineers working 43
jointly with customers (Nos.) PROCESSED RAW
MATERIAL
Customer-facing processes (Nos.) 11 ROLLING
Customer service teams (Nos.) 25 IRON MAKING STEEL MAKING (FLAT AND LONG
PRODUCTS)
Supplier base (Nos.) > 5,000
CSR spend (` Cr.) 315
BY-PRODUCTS PRODUCTS
MINING
* These are cumulative values from FY 2014-15 to FY 2018-19

OUTPUTS OUTCOMES
Strategic Objectives Financial Capital

Turnover (` Cr.) 70,611
SO1 SO2 EBITDA Margin (%) 29
INDUSTRY CONSOLIDATE POSITION AS A PAT (` Cr.) 10,533
LEADERSHIP IN STEEL GLOBAL COST LEADER 14.24 MnT Savings through improvement 2,801
Hot metal production projects (Shikhar25) (` Cr.)
Shikar25: EBITDA improvement programme
SO3 SO4
INSULATE REVENUES INDUSTRY LEADERSHIP Intellectual Capital
FROM STEEL IN CORPORATE SOCIAL
CYCLICALITY RESPONSIBILITY AND SAFETY, Patents granted# (Nos.) 476
HEALTH AND ENVIRONMENT
Human Capital
13.23 MnT Fatalities (Nos.) 2
Crude steel production LTI (Nos.) 68
Health index (Score on 16) 12.62
Diversity ~6.5
% women in the workforce
Diversity ~17
% Affirmative action community in the workforce
Employee productivity (tcs/employee/year)@ 800
12.7 MnT
Total sales Natural Capital
TSL - Solid waste utilisation (%) 99
Total raw materials sites covered (%) under 100
biodiversity management plan
TSL GHG emission intensity (tCO2e/tcs) 2.34
TSL Dust emission intensity (kg/tcs) 0.42
9.4 MnT TSL Effluent discharge intensity (m3/tcs) 0.78
Flat product sales
Social & Relationship Capital

Suppliers assessed based on safety (Nos.) 1,035
Customer satisfaction index (Steel) 81.6
(out of 100)
OUTBOUND LOGISTICS
Net Promoter Score (out of 100) - Tata Tiscon 81

Net Promoter Score (out of 100) - Tata Shaktee 81
3.3 MnT Enriched/value-added products sales (MnT) 8.6
Long product sales
Suppliers trained through VCAP** (Nos.) 1,426
PROCESSING CUSTOMERS
CENTRES Quality/customer complaints (PPM) 444
Lives touched through >1.1 Mn
CSR initiatives (Nos.)
** V CAP-Vendor Capability Advancement

Programme
@E mployee productivity definition: Tonnes of
~17 MnT crude steel produced per employee in a year
By-products #
These are cumulative values from FY 2014-15 to
generated FY 2018-19
Read more on Capitals
PAGE 40-87
21
We
Lead
In cost competitiveness
Operational efficiency is a key strength of Tata Steel. Over
the last one-and-a-half decades, Tata Steel has designed and
implemented several distinctive improvement programmes
that have brought many of our performance parameters to
benchmark levels. This continued focus on maintaining our
leadership in cost competitiveness has resulted in significant
increase in our EBITDA.
₹20,744 Cr.
EBITDA
31%↑
(y-o-y)
STRATEGY
Roadmap to future
As part of our strategy planning process, we scan the external environment for
megatrends and understand how these trends influence the steel sector. We identify the
risks and opportunities that could disrupt the industry. Materiality assessment provides
further insights to the changing needs of all our stakeholders.
Our integrated strategy planning process drives strategy formulation
and implementation across the short to long-term horizon.
Strategy planning process overview
VISION MISSION VALUES
MATERIAL STRATEGY LEADERSHIP ENTERPRISE RISK

ISSUES DEVELOPMENT DIRECTION MANAGEMENT
Strategic Objectives and Enablers Identification

Long-term Strategy Assessment
INTERNAL EXTERNAL Mitigation
CONTEXT CONTEXT Review and Monitoring
Strengths and Weaknesses Opportunities and Threats
STRATEGY
DEPLOYMENT
Long-term Plan
Annual Business Plan

While Tata Steel has consistently been one of the most profitable and lowest cost producers of steel1 in the world, the
Company needs to address challenges such as improving productivity, maintaining cost competitiveness, and being
agile and innovative in a rapidly evolving business environment.
Tata Steel aspires to further strengthen its leadership position, and for this purpose, has defined a set of Strategic
Objectives (SOs). To achieve the SOs, we have also identified a set of core capabilities, known as ‘Strategic Enablers’.
Strategic Objectives
SO1 SO2
INDUSTRY CONSOLIDATE
LEADERSHIP POSITION AS A
IN STEEL GLOBAL COST LEADER
Scale of operations is a We aspire to be a global benchmark
pre-requisite for steel in operational efficiency, ensure raw
industry leadership. material security and strengthen
our logistics network.
SO3 SO4
INSULATE REVENUES INDUSTRY
FROM STEEL LEADERSHIP
CYCLICALITY IN CSR AND SHE
The steel industry is cyclical in We aspire to be a leader in
nature. It is essential to build a sustainable business practices.
portfolio of products and services As a responsible organisation,
that can provide protection from we are committed towards
cyclicality and lend stability creating and providing a
and momentum to our revenues safe working environment
and profitability. for our people, carrying out
environment-friendly business
operations and improving
the quality of life of the
communities
we operate in.
Strategic Enablers
EMPLOYER LEADERSHIP IN STEEL AGILITY AND LEVERAGE DIGITAL

OF CHOICE TECHNOLOGY INNOVATION TECHNOLOGY
People are key for an To prepare for disruptions in the It is essential to focus on Digitalisation is critical
organisation aspiring to future, our ability to innovate creating the right organisational for attaining technology
strengthen its leadership and develop new products, culture that encourages agility leadership in the Industry 4.0
position, and being an improve processes, develop and innovation. era and drive innovation.
employer of choice is a technologies and transform
significant aspect of our business models is critical.
strategy.
1
Comparison of cost is done at crude steel level
25
STRATEGY (Continued)
Our strategic goals and performance
SO1
INDUSTRY LEADERSHIP IN STEEL
Panview of State-of-the-art Kalinganagar Steel Plant
Focus areas Key Performance Indicators (KPIs) Goals
• Capacity expansion of domestic

operations through organic as well
• Crude steel capacity
30 MnTPA
as inorganic routes to meet growing in India, by 2025
customer demands and aspirations
• Maintain leadership position in chosen • Market share Sustain #1 position
segments in chosen segments
SO2
CONSOLIDATE POSITION AS A GLOBAL COST LEADER
Iron Ore, Noamundi Mine
• Continue to invest in raw material • Captive coal (%) and Captive iron ore (%) Maintain cost leadership at
security market price of raw materials
• Cost improvement and value • Value accrual Improved cost and value
enhancement through Shikhar25 enhancement
continuous improvement programmes
SO1 - Industry leadership in steel SO3 - Insulate revenues from steel cyclicality
SO2 - Consolidate position as a global cost leader SO4 - Industry leadership in CSR and SHE

SO3
INSULATE REVENUES FROM STEEL CYCLICALITY
‘AquaNest’ - Water Vending Kiosk, ‘Nestudio’ - A Steel-based

Nest-In ‘Pravesh’ Steel Door Smart Housing Solution
Focus areas Key Performance Indicators (KPIs) Goals
• Services & Solutions business • Revenue (% of total revenue) Increase revenue from services and
solutions business
• Downstream products (e.g. Cold Rolled, • Volume (% revenue) Improve downstream products business
Tubes, Wires, Bearings)
• B2C Business • Volume (% revenue) Enhance volume in B2C business
• New materials business • Revenue from new materials Increase revenue from new materials
(% of total revenue) business
SO4
INDUSTRY LEADERSHIP IN CORPORATE SOCIAL RESPONSIBILITY AND SAFETY HEALTH & ENVIRONMENT
3 MW Solar Power Plant, Noamundi Iron Mine
• Achieve leadership in safety • Fatality, Lost Time Injury Frequency Rate Zero fatality
(LTIFR)
• Become a benchmark in CO2 emission • CO2 emission intensity < 2tCO2/tcs by 2025
• Reduce water consumption • Specific water consumption Zero effluent discharge by 2025
• Create value through circular economy: • % of LD slag utilisation and Capacity (MnT) Sustain LD slag utilisation at 100% and
LD slag utilisation and steel recycling of scrap recycling business enhance capacity of scrap recycling
business business
• Create lasting impact on the
communities in our operating areas
• Number of lives impacted >2 Mn lives by 2025
27
STAKEHOLDER ENGAGEMENT
Working closely with partners for progress

At Tata Steel,
we treat all our
stakeholders as
partners in long-
term value creation. INVESTORS CUSTOMERS VENDOR PARTNERS
Value proposition
We have a robust stakeholder
engagement process to foster Consistent returns on Strong brands, quality products, Building capabilities through
and nurture relationships, which investments and innovation and engineering support skill development, growth
helps improve our strategy for a sustained business opportunities, safe operations
development and decision and adequate financing
making. We are working towards
delivering on stakeholder needs, Why they are important to us
interests and expectations. Our investors provide the Customers drive the markets Our partners give us the
In Financial Year 2018-19, necessary financial capital, and segments we operate in. operational leverage to
we conducted a pan‑India which is essential to fund Meeting customer expectations optimise the value chain, be
stakeholder engagement business and strategic growth underpins the success of our cost competitive and exceed
exercise to revisit the ESG plans business customer expectations
issues that are material to our
value-creation process amid the
evolving global sustainability
landscape.
How we engage with them
Investor and analyst meets Customer service meetings Vendor satisfaction survey
General meetings Multi-stakeholder platforms Vendor Capability
Advancement Programme
Annual Report and media • Conferences
updates on performance Vendor Grievance Redressal
• Construction conclaves
Committee, Speak UP
• Zonal and similar meets Toll-free number
Workshops and meets
Their key ESG concerns and issues

Focus on carbon emission, Focus on health, safety and Focus on health, safety, human
renewable and clean energy, human rights rights
air pollution Focus on carbon emission, Focus on key environmental
Technology, product and water, air pollution, waste issues such as carbon emission,
process innovation management, renewable and water, energy
Embed sustainability in clean energy Leverage circular economy
supply chain Embed sustainability in supply Embed sustainability in supply
chain and leverage circular chain
economy

EMPLOYEES COMMUNITY GOVERNMENT AND MEDIA AND INDUSTRY

REGULATORY BODIES BODIES
Fair wages, good relations and Enabling significant and lasting Advocacy towards shaping Sharing industry best practices
employee well-being betterment in the well-being of policies for the future and benchmarks
communities proximate to our
operating locations
Our employees are key to the Thriving and engaged We are in a highly regulated Media is an important platform
success of our business. Their communities in our areas of industry. We strive to maintain to reach out to society and
efforts are instrumental in operations are vital to our our compliance standards communicate about our brand
delivering our strategies and business. Our social license to above regulatory requirements. Industry bodies are important
for the sustained growth of operate hinges on our ability to We co-develop and comply fora to engage with regulatory
our business create value for our community with legislations and policies bodies and discuss matters of
applicable to our business to mutual interest
ensure continuity
Monthly online meet with the Public hearings Representations at relevant Press conferences, media
CEO & MD and informal meets ministries and regulatory events
Meetings with community
with the senior leadership authorities at the central and
leaders and the CSR Advisory Regional and national
state levels
Employee engagement survey Council events such as conclaves and
conferences of industry bodies
Employee happiness study Community welfare
programmes Senior leadership are part of
Joint forums between
various industry bodies and
employee unions and
committees
management
Internal communications
Talent retention Better healthcare facilities Carbon emission, energy More frequent and transparent
Local sourcing of labour Water scarcity in the efficiency and waste disclosures on sustainability
community areas management issues such as water, health
Welfare practices for
More focus on education in and safety, energy efficiency
non‑officers Livelihood generation and skill
community development measures
development
Setting trends for future More participation in events
regulations and going beyond and engagement with media
compliance
29
MATERIAL ISSUES
Focussing on issues that matter

Tata Steel’s strategic planning process incorporates the economic, environmental, social,
and governance material issues relevant for -the long-term growth and financial success
of the Company.
The material issues are taken into Addressing ‘Focus’ issues
consideration while defining and executing
‘Focus’ issues are incorporated in the strategy and planning process. These issues are
our strategic objectives. While the
reviewed monthly by the issue owners and quarterly by the senior management, and
Environmental, Social and Governance
reported in the Integrated Report. The material issues related to all the capitals are
(ESG) related material issues have been
tracked and reported to the senior management on a quarterly basis. Exceptions on any
arrived at through an exclusive and
of the parameters are reported on an interim basis. Among the material issues, we target
extensive stakeholder engagement process,
to achieve specific carbon emission of <2 tCO2/tcs, 100% waste utilisation, zero effluent
the economic material issues have been
discharge and doubling of our CSR reach by 2025 as part of this strategy.
revisited through various stakeholder
engagement processes and business ESG material issues
reviews by the senior leadership.
G2 G1 S2 E1 E2 S1
G3 G5 S3 G4 E4 E3 E5
HOW WE IDENTIFIED
MATERIAL ESG ISSUES S4 E6 E8 G6 E7
Tata Steel conducted a pan-India exercise S5 E9

to identify the ESG issues that are material Focus
to value creation, by engaging with close
to hundred stakeholders viz. customers,
Impact to stakeholders
investors, suppliers, shipping and logistics

partners, media, industry associations,
government and regulatory bodies,
employees including contract employees Track
and union leaders, and community
representatives. The findings were then
classified into the ‘Focus’ (high), ‘Track’ Discuss
(medium) and ‘Discuss’ (low) categories. Impact on business
HOW WE ARE ADDRESSING MATERIAL ISSUES
Economic Material issue Key actions

Strategic Objectives Business growth Focus on organic and inorganic growth
New materials business (Fibre Reinforced Polymer and Graphene)
SO1 SO2
Service and Solutions business
SO3 Foraying into newer segments such as oil & gas, lifting and excavation
Increase sales of downstream products
Capitals Impacted
Long-term profitability Maintain leadership in chosen segments
Enhance raw material security
Operational efficiency enhancement
Shikhar25 cost management initiatives
Product quality, price Product and process innovation

offerings and delivery Value engineering
Customer service teams and delivery centres

Environmental Material issue Key actions

Strategic Objectives E1 Renewable and clean energy Focus initiatives on harnessing clean and renewable energy and adopting waste heat recovery
technology
SO2 SO4
E2 Waste management Recovery and reuse of metal from steelmaking slag
Capitals Impacted Nearly 100% utilisation of LD slag
Advocacy with various government and industry bodies to build scrap utilisation networks
E3 Water consumption and Striving towards future readiness by investing in sewage treatment plants and creating new
effluent discharge rain water harvesting structures
E4 Energy efficiency Focus on energy efficiency through process optimisation initiatives such as waste heat
recovery systems and by-product gas utilisation
E5 Air pollution Investment in air pollution control equipment to reduce dust emission intensity
E6 Supply chain sustainability Embedding sustainability across the supply chain
E7 CO2 emission Piloting Carbon Capture and Use (CCU) at Jamshedpur works and at the Ferro-Chrome plant,
and assessing renewable energy potential across all locations in India
E8 Biodiversity Reclamation of mining activities
E9 Circular economy Adoption of circular economy concepts to maximise the utilisation of our by-products
Social
Strategic Objectives S1 Occupational health & safety Leadership capability development for safety at all levels to achieve zero harm
Identification and mitigation of hazards and risks
SO4
Reduction in safety incidents on road and rail to sustain zero fatalities inside plant premises
Capitals Impacted Excellence in Process Safety Management (PSM)
Establishment of industrial hygiene and improvement in occupational health
S2 Labour relations Robust grievance mechanism

Implementation of the Human Rights Policy, principles of SA8000, Universal Declaration of
Human Rights (UDHR) and ILO convention
S3 Drinking water Installation and repair of drinking water facilities
S4 Local sourcing of labour Implementation of Affirmative Action Plan
S5 Talent retention Development of workforce capability through various programmes and fostering a diverse
workforce through our MOSAIC framework
Governance
Strategic Objectives G1 Going beyond compliance Collaborations with technical institutes and technology start-ups
and setting trends for future
SO1 SO3 regulations
SO4 G2 Greater stakeholder engagement Enhancement of specialised channels such as public meetings, vendor-focussed committees, Speak
UP toll-free number, platforms such as conference and construction conclave, zonal and similar events
Capitals Impacted
G3 Greater sustainability disclosures Consistent improvement of our disclosures through GRI, <IR>, worldsteel and BRR frameworks
G4 Technology, product and Process innovation such as High Gradient Magnetic Separator (HGMS) for iron ore slime
process innovation beneficiation
Product innovation such as Pravesh Vista steel windows and graphene-doped plastic products
G5 Technical knowledge transfer Conduct of Vendor Capacity Development (VCAP) programmes

and capacity building for relevant
partners
G6 Responsible advocacy for the steel Engaging with the industry bodies and peer networks in sharing best practices, training,
and mining sector research and ideas that enhance the overall performance of the industry
Financial Capital Intellectual Capital Natural Capital

Manufactured Capital Human Capital Social & Relationship Capital
31
RISKS AND OPPORTUNITIES
Future-proofing our business

Favourable demand conditions, availability of skilled manpower
and adequate iron ore reserves make India one of the most
attractive regions globally for the steel industry.
However, volatility associated with sensitivity to economic cycles, long lead time for project execution,
stringent norms around environmental clearances and regulatory approvals are ongoing concerns.
Added to these are high cost of capital and complex logistics. This external context, coupled with the
internal environment, forms the basis of our understanding of risks and opportunities.
Risk landscape and mitigation measures

Financial risks Mitigation strategies Strategic Objectives
Contraction in global and Tata Steel is deleveraging through internal cash generation SO1 SO2
domestic liquidity adversely and monetisation of non-synergistic assets. We have a
affecting availability and cost well‑diversified liability profile and we raise funds from
of capital domestic and international bond markets as well as from the Capitals Impacted
banking system. We consistently work towards increasing our
debt maturity and opportunistically tap into pools of liquidity
to reduce our financing costs.
Regulatory risks
Withdrawal of favourable trade Building on the mitigation strategies for macroeconomic SO1 SO2
measures such as minimum and market risks, we continue to invest in stronger customer
import prices, antidumping laws, relationships, distribution networks and brands that focus on
countervailing duties and tariffs, trade value-added segments such as auto and retail, and help to Capitals Impacted
restrictions may impact profitability strengthen our revenue profile.
Stringent regulations and compliances We are investing in training and automated systems for facilitating
resulting in liabilities and damage to our compliances to all applicable regulatory norms. Efforts are
reputation undertaken to improve the efficiency and cost competitiveness of
our operations, including investing in digitisation and automation,
to improve our productivity levels.
Non-renewal of mining leases Tata Steel has sought judicial intervention to secure lease renewals.
compelling higher purchases from We also participate in mining auctions to secure fresh leases.
open market at higher prices, adversely Alternative supply chains are also being developed to source raw
impacting profitability materials at competitive prices.

Macroeconomic and
steel market risks Mitigation strategies Strategic Objectives
Slowdown in global growth, particularly Tata Steel is enhancing its footprint in India, which is among the SO1 SO3
in China, adversely affecting steel fastest growing steel markets in the world. We have built a strong
demand marketing franchise through strong brands and relationships,
Increasing competitive intensity in India, which helps reduce exposure to business cycles. Capitals Impacted
especially post the acquisition of steel As a preferred supplier to large auto customers in India, a large
assets by international steel producers part of our sales is contractual and relatively more stable. We have
under the Insolvency and Bankruptcy a large retail business that leverages an extensive network of
Code, 2016 over 200 distributors and 12,000+ dealers and a strong portfolio
Technology disruptions and shifting of brands to sell branded steel across the country. This segment
customer preferences to alternative is relatively insulated from the international cycles and provides
materials adversely impacting earnings strong cash flows. We have a significant downstream portfolio and
are also exploring new segments such as oil & gas.
Operational risks
Inadequate assessment of health of Our dedicated Shared Services team focusses on advanced SO1 SO2
critical equipment leading to unplanned maintenance practices to improve plant availability and reliability.
interruption of operational processes We have a dedicated R&D team that deploys innovative ways to
Non-disposal of plant waste due to reduce waste generation and commercialise alternative uses of Capitals Impacted
limited demand and storage space waste material.
Logistics constraints due to inadequate Tata Steel is working on developing logistics providers under
rail, road and sea infrastructure may various schemes of private sector participation in the Indian
lead to disruption in operations Railways, apart from developing additional deep sea ports and
contracting with terminal owners at existing ports.
Safety risks Strategic Objectives
Non-compliance/delay in Tata Steel has a strong safety management system that covers SO4
implementation of the provisions of employees, contractors, rail and road transport, equipment safety
safety laws and regulations, which may and emergency response. Regular audit and review of the safety
lead to stoppage of operations, damage measures are undertaken. Periodic safety trainings are conducted Capitals Impacted
to assets and loss of reputation for employees, contractors and other relevant stakeholders.
Safety is a KPI for all employees in their performance management
system.
Financial Capital Intellectual Capital Natural Capital

Manufactured Capital Human Capital Social & Relationship Capital
33
RISKS AND OPPORTUNITIES (Continued)
Community risks Mitigation strategies Strategic Objectives
Communities proximate to our We are deeply committed to co-creating scalable solutions for SO4
operations live through significant the most endemic development challenges of our communities.
socio-economic challenges while We impact more than a million lives every year through proven
retaining a strong cultural heritage programmes on health, education, livelihood generation, Capitals Impacted
and an aspiration to overcome public infrastructure and basic amenities. Tata Steel has a deep
these challenges. The absence of engagement with the tribal community and actively promotes
an understanding of this duality in cultural and ethnic diversity.
our communities and an inability to
We also recognise the rich tribal heritage at our operating
maintain a harmonious relationship with
locations and foster a relationship with our communities where we
them would pose risk to our operations
celebrate their history, culture and tribal identity.
Commodity risks Strategic Objectives
Raw material price volatility is an Steel prices have a strong correlation with commodity prices. SO1 SO2
integral part of operations Rising coal and iron prices are normally reflected in higher steel
Supply chain disruptions affecting prices, which in effect act as a hedge against volatility.
availability and cost of raw materials Capitals Impacted
In India, our captive iron ore mines as well as coal mines enable
Tata Steel to partly derisk price volatility in these commodities.
In addition, we hedge certain commodities in the derivatives
market to address short-term volatility.
Geographical and vendor diversification of critical commodity
supplies help alleviate the risk of supply chain disruption. We
have started conducting a sustainability risk assessment for our
key vendors.
Information security risks Strategic Objectives
Breach of information security incidents Significant efforts have been made to increase awareness and SO1 SO2
leading to business disruption and invest in IT security and related compliances. Tata Steel has also
damage to reputation invested in cyber insurance.
Non-compliance to IT legislations and Capitals Impacted
regulations leading to penalties
Climate change risks Strategic Objectives
Non-compliance to stringent Tata Steel continues to invest in upgrading existing technologies SO4
environmental conditions leading to to minimise its environmental footprint. We closely monitor air
penalties, stoppage of operations and quality, effluent discharge and other environmental parameters
loss of reputation to ensure that they comply with all existing regulations. The focus Capitals Impacted
Climate change related regulations and on minimising carbon footprint is integrated within the capital
extreme weather events may disrupt allocation process and projects are required to calculate a carbon-
operations and supply chain adjusted Internal Rate of Return (IRR).
As a signatory to Task Force on Climate-related Financial
Disclosures (TCFD), Tata Steel is actively working to understand
the broader impacts of climate risks across its value chain and is
exploring avenues to fundamentally reshape the business to make
it both environmentally and economically sustainable in the
long-term.
Capitalising on opportunities
Tata Steel has a continuous process of understanding and leveraging business opportunities.
Significant increase Evolving consumer needs leading to

in steel demand changing nature of steel consumption
India’s apparent steel use per capita stood at 70 kg in With higher aspirations and affordability of a growing
2018, which is only one-third of the world average. This middle class, consumer needs are evolving. Along with new
indicates that India has a huge potential for steel demand products, there is growing need for Services & Solutions
growth. Rapid urbanisation, increasing population, and that provide convenience. The demand for automobiles,
infrastructure development, Government initiatives such as white goods and other consumer goods is also increasing.
‘Make in India’ will provide impetus to the growth in steel Meeting this need will require new and value-added steel
demand. products. Tata Steel will leverage this opportunity enabled
by innovative Services & Solutions offerings for consumers
The plan for building smart cities, affordable housing,
and a strong new product portfolio.
dedicated freight and high-speed rail corridors is expected
to create significant demand for steel in the country. With
leadership position in key market segments and world-class
production facilities, Tata Steel is well poised to benefit
from this large opportunity.
Climate change driving Opportunities arising from the

newer business models changing technological landscape
Steel is an energy-intensive industry with a high level of With the growth in the economy, there is a large opportunity
CO2 emission. There is growing regulatory requirement to for new materials and applications for existing and new sectors.
reduce carbon emission. Tata Steel Jamshedpur is a national Tata Steel aspires to be a technology and innovation leader
benchmark in CO2 emission. There is further opportunity for in the industry, and create new businesses in high-potential
Tata Steel to take a leadership role in reducing environment alternate materials (e.g., FRP composite and graphene). These
footprint. The Company has ventured into the steel new businesses are expected to contribute 10% of our revenues
recycling business to establish an alternate business model, going forward. Along with new and enriched revenue streams,
leveraging the expected increase in availability of scrap in technology leadership will also enable Tata Steel to innovate,
India, going forward. Environment-friendly business models maintain cost leadership as well as provide differentiated
such as these are expected to make us future-ready and will offerings in existing businesses. There is also an opportunity
be a source of competitive advantage in future. to leverage the innovative potential of start-ups by creating
external collaborations and partnerships. Tata Steel is also
taking steps to capitalise on the large opportunity to move
towards Industry 4.0 through digital-enabled business models.
Kalinganagar Steel Plant
35
CORPORATE GOVERNANCE
Progressing with integrity

Tata Steel embeds the highest standards of governance in its
operations, striving to manage its affairs in a fair and transparent
manner and create long-term value for all stakeholders. Our
focus is not only to follow corporate governance guidelines, but
global best practices as well.
The Company has laid a strong foundation for making corporate Tata Steel’s rigorous approach to Enterprise Risk Management
governance a way of life by constituting a Board, which is active, (ERM) enables the Management to protect and enhance the value
well informed and independent, using several Board Committees as of assets, people, performance and reputation. To manage risks
a mechanism for managing the affairs of the Board. throughout our value chain, we have a robust risks management
framework in place across the organisation, overseen by the Risk
With regulations becoming more stringent on the domestic Management Committee at the Board level.
as well as international fronts, our policies and the Tata Code
Sustainability is embedded in our business operations. We aspire to
of Conduct (TCoC) are implemented to ensure that business is
be an industry leader in sustainable business practices. To prepare
conducted ethically and responsibly, through a well-defined ethical
for the future, we are taking steps to reduce our environmental
governance framework.
footprint and contribute towards the creation of a circular economy.
A benchmark for
business ethics
Recognised as one of the World’s Most
Ethical Companies by Ethisphere in
2019, for the eighth time and the only
Indian company to win the award in the
Metals, Minerals and Mining sector.
Mr. T. V. Narendran, CEO & MD, Tata Steel and Principal Ethics Officer, addressing
the delegates at Tata Network Forum India East - Ethics Conclave FY 2018-19

Corporate ethics
We, at Tata Steel, are driven by the Group’s core values enshrined in
the Tata Code of Conduct (TCoC).
The TCoC is deployed across the organisation through a formalised
Management of Business Ethics (MBE) structure, which is built on
the foundation of Tata Core Values — Integrity, Excellence, Unity,
Responsibility and Pioneering — and functions on the basis of
four pillars:
1 Leadership
Engagement
3 Communication
and Training
2 Compliance
Structure
4 Measurement of
Effectiveness
1 Leadership Engagement
This pillar focusses on setting up direction, governance structure

and role modelling. The Chief Executive Officer and Managing
Director is the Principal Ethics Officer of Tata Steel Limited. To
ensure adherence to the TCoC, monitor concerns and report
compliances, the Principal Ethics Officer appoints the Chief Ethics
Counsellor (CEC).
Departmental Ethics Coordinators (DECs) are appointed across the World’s Most Ethical Companies Award 2019
organisation for supporting Management of Business Ethics (MBE)
deployment. To increase the involvement of frontline employees
(employees + contract employees), a team of ‘Ethics Champions’,
who are frontline employees, has also been developed and trained.
Tata Network Forum India East - Ethics Conclave FY 2018-19 Brand where Ethics makes a Difference
37
CORPORATE GOVERNANCE (Continued)
2 Compliance Structure
3 Communication and Training
This pillar focusses on the Policies supporting TCoC: Communication and training programmes have been designed
development and dissemination to raise awareness of Tata values, TCoC and ethical policies
of policies supporting the Whistle-Blower Policy for and practices among all stakeholders. The senior executives
TCoC for all stakeholders. Directors, Employees and communicate on various forums, such as Group Ethics Conclave,
All employees are required Associates Ethics Town Hall and MD Online, to keep up with the ethical
to read and accept the TCoC benchmark at Tata Steel and its group companies.
and declare their Conflict of Receipt of Gifts and
Hospitality For effective dissemination to the frontline and contractual
Interest (COI) status through
employees, local languages are also used in communications. To
the ‘Ethics Compliance Register
Prevention of Sexual help people relate with practical situations, snippet stories, ‘Neeti
– DARPAN’, accessible on the
Harassment Policy at Katha’, with various dilemma scenarios were introduced. In Financial
Company’s intranet and mobile.
Workplace and Guidelines Year 2018-19, scenarios on ‘The Ethics of Safety’ and ‘Trust
To encourage and protect
Behaviour’ were communicated.
whistle-blowers, the toll-free
third-party helpline ‘Intouch’, Conflict of Interest Policy The senior executives communicated with vendors and suppliers
popularly known as ‘Speak Up’, during regular Business Associate’s (BA’s) meets/dialogues. They
maintained by an independent also accept the TCoC and declare their COI during the registration
UK-based company, has been Tata Steel has always been process.
extended to all stakeholders. committed to creating a positive
The Chief Ethics Counsellor business ecosystem in all the
reports the performance of spheres it operates. We are in
4
MBE deployment, including the process of developing the
Measurement of Effectiveness
TCoC violations, to the Board Anti-Bribery & Anti-Corruption
level (Audit Committee) and and Anti-Money Laundering
Management level committees (ABAC/AML) policy, which will To assess the level of deployment of various MBE initiatives across
(Apex Ethics Committee and strengthen our internal and the organisation, an MBE assessment framework was developed
Ethics Committee). external processes against involving site assessment, which resulted in increased cross
financial risks. learnings between DECs and improved MBE deployment. The MBE
survey and assessment by the Tata Business Excellence Group were
also conducted in Financial Year 2018-19.
In Financial Year 2018-19, we conducted a benchmarking exercise
with GoodCorporation and General Electrics, apart from sharing
ethical practices in various international forums such as the Business
Ethics Leadership Alliance (BELA) summit and the Ethisphere
Summit.
Key Performance Indicators Financial Year 2018-19
Whistle-Blower Cases* Sexual Harassment Cases Training on Ethics

UoM (Nos.) UoM (Nos.) UoM (man-hours trained)
436 Received
Total
334 102
Closed Open 20 Received
Total
19 1
Closed Open
Officers
4,003
Frontline
Employees
7,080
Contract
Employees
23,798
Vocational
Training
1,999
* exclusive of sexual harassment cases

Corporate sustainability
Tata Steel is committed to incorporating sustainability into all facets of
its business, from governance to strategy formulation to execution. The
performance related to various sustainability aspects is reviewed at the
corporate as well as the Board level.
The scope and membership of Board-level committees has Our senior leaders actively engage with various industry bodies
been detailed in the Corporate Governance Report. At the such as the World Steel Association, the Confederation of Indian
corporate level, various committees review the sustainability and Industry (CII), the Global Reporting Initiative, the International
governance initiatives. These include the Apex Safety Committee, Integrated Reporting Council and the Task Force on Climate-
Apex Environment Committee, Apex HRD Committee, Apex CSR related Financial Disclosures, guiding the Company further
Committee, Apex R&D Committee and Quality and Production on implementing sustainability practices. Various external
Meeting and Centre of Excellence for GHG emission reduction and assessments such as the Dow Jones Sustainability Index and
mitigation. These Committees are chaired by the Chief Executive those conducted by the CII drive improvements in our efforts of
Officer and Managing Director or the Executive Director and Chief embedding sustainability.
Financial Officer or Vice President Safety, Health & Sustainability.
Tata Steel has entered into a partnership with the Cambridge
The climate change-related risk assessment in accordance with Institute for Sustainability Leadership for capability development
the Task Force on Climate-related Financial Disclosures has through an immersion programme for Board Members, Senior
been initiated and mitigation strategies will be incorporated Management and Union Leadership.
subsequently.
Sustainability Immersion Programme for Board Members and Senior Leadership by Cambridge Institute for Sustainability
Leadership, UK
39
OUR CAPITALS
Managing resources and

relationships for the long term
The six capitals represent the resources and relationships that we depend on to create value. Judiciously managing the capitals
is key to meeting our strategic objectives.
Financial Manufactured Intellectual

Capital Capital Capital
We generate financial capital in the form We continuously invest in our Our focus on innovation and research
of surplus arising from current business integrated steel plants, our iron-making, reinforces our drive for operational
operations as well as through financing steel‑making and rolling facilities efficiency and resource optimisation,
activities, which include restructuring of and warehouses, along with logistics while adhering to the Standard Operating
debts aligned with market conditions and operations, while ensuring the safety Procedures. We incorporate customer
other investments. and reliability of our operations. requirements in our product development,
while also collaborating with experts for our
Research and Development efforts.
PAGE 42 PAGE 46 PAGE 52

Human Natural Social and

Capital Capital Relationship Capital
Our people form the core of our We depend on natural resources such Our communities, customers and
operations. We invest in employee as iron ore, coal and other minerals, suppliers are critical to our social license
welfare and happiness to drive which constitute our key raw materials. to operate and business continuity.
performance excellence. Our work At the same time, land and water are We believe in building long-term,
culture ensures safety, health, indispensable for our operations. We transparent and trust-based relationships
competency enhancement, and the strive for excellence in environmental with them through continuous
overall well-being of our employees. performance and resource efficiency to stakeholder engagement and innovation.
mitigate our ecological footprint.
PAGE 58 PAGE 68 PAGE 76
41
Financial
capital Cash Generated from
Operations
Investing in tomorrow 19,726 Cr.

₹
with efficiency, strategy

and prudence Net Debt to Equity
0.42
At Tata Steel, we endeavor to
optimise returns for providers
of financial capital. We seek to Basic EPS
maximise surplus funds from both
business operations as well as
relevant monetisation of assets
₹ 90.41
and investments.
We are seeking to invest our
surplus in attractive growth
opportunities in our core
market. We also continue to
opportunistically raise finance
based on prevailing market
conditions at the best possible
cost and on suitable flexible terms
given the cyclical nature of the
steel industry.
Our long-term investments are focussed on strategic growth opportunities, in

order to maximise returns for providers of financial capital.
STRATEGIC FOCUS GOALS
SO1 SO2 SO3

Consolidate leadership position in
To enable growth without increasing leverage and enhancing
internal cash generation through efficiency and productivity
India with organic and inorganic
expansions
Focus on divestments, build synergies from acquisitions, and
allocate capital efficiently
Sustain value creation across the
WAY FORWARD
cycle and build resilience against
down cycles
• Deleveraging through internal cash flows and portfolio
restructuring Maintain global cost leadership
• Aligning debt maturity profile to the long gestational nature
of steel projects
• Divesting of non-synergistic assets IMPACT ON SDGs
• Allocating capital on efficient and value-accretive
opportunities
Managing financial capital

During the year, we focussed our financial capital towards
strengthening our Indian operations and establishing our leadership
position in the Indian market, through the acquisition of Bhushan
Steel Limited (later renamed Tata Steel BSL Limited). We have also
invested our financial capital towards expansion of the Kalinganagar
Plant from 3 MnTPA to 8 MnTPA.
Tata Steel BSL Limited has been a ‘value-accretive’ acquisition
that will give us additional capacity to retain our market share in a
growing market, higher downstream integration, value addition with
a complementary product mix, closer access to key markets in the
northern and western regions of the country, and the option to scale
up capacity through brownfield expansions.
We have also commissioned the expansion of the Kalinganagar plant
to 8 MnTPA, to build state-of-the-art facilities, to strengthen our
position in the high-end value-added segments such as automotive,
infrastructure, lifting and excavation, etc. Tata Steel BSL Steel Plant
SO2 - Consolidate position as a global cost leader
43
FINANCIAL CAPITAL (Continued)
Key initiatives
As per our strategic priorities, we are focussed on deleveraging and
enhancing cash flows.
Reinforcing shareholders’ trust
• During the second half of Financial Year 2018-19, post acquisition Moody’s Investors Service has upgraded our Corporate Family
of Tata Steel BSL Limited, we took steps to deleverage the balance Rating (CFR) to Ba2 from Ba3. The Company’s CFR is supported
sheet at the Tata Steel group level to the tune of ₹17,864 crore. by its significant, diversified and growing operating base as
• Despite some stress in the domestic debt markets, we extended well as its globally cost-competitive steel operations in India.
our debt maturity profile by successfully raising ₹4,315 crore
through non-convertible debentures with a maturity of 15 years.
• The Board has recommended dividend at ₹13 per Fully Paid Share
and ₹3.25 per Partly Paid Share, which is higher as compared to
previous years.
Operational achievements
During the year under review, the Company achieved strong operational performance due to supportive realisation,
cost reduction initiatives, and increase in deliveries owing to faster ramp-up of the Kalinganagar plant.
IMPROVED TURNOVER MOVEMENT IN EBITDA

The turnover during the current period was ₹70,611 crore, The EBITDA of the Company is at ₹20,744 crore, improved by 31%
16.7% higher than the previous year. mainly on account of improved steel margins, attributable to higher
volumes and higher realisations.
INCREASED NET CASH IMPROVED EPS

The net cash from operating activities was ₹15,193 crore The basic earnings per share was at ₹90.41 for Financial Year 2018-19.
during Financial Year 2018-19 as compared to ₹11,791 crore
in the previous year.
STRATEGIC CAPITAL ALLOCATION

The Company spent ₹3,677 crore towards capital
expenditure (70% towards Phase II expansion of
Kalinganagar).
Kalinganagar Steel Plant

KEY PERFORMANCE INDICATORS (Standalone)
EBITDA / Turnover (%) PBET / Turnover (%)
29.38
23.14
26.11
24.18
22.44
16.53
15.84
18.25
11.38
7.48
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
Return on Average Capital Employed (%) Return on Average Net Worth (%)
16.26
15.43
13.10
9.73
9.80
8.41
7.21
6.83
5.57
1.89
Basic Earnings per Share (INR/Share) Net Debt / Equity (Times)

90.41
64.49
0.50
0.44
0.42
38.57
0.40
0.15
8.05
31.74
Note : FY16 to FY19 as per IND AS and FY15 as per I GAAP
45
Manufactured
capital Acquisition of
Bhushan Steel
In pursuit of excellence, 5.6 MnTPA

beyond tomorrow
India’s first private integrated steel company, Kalinganagar Phase II
Tata Steel, is engaged in mining, iron-making,

steelmaking, casting, rolling, finishing, supply 5 MnTPA
chain, and marketing and sales. We have
been strengthening our operations through a
combination of organic and inorganic growth
initiatives. Our steelmaking operations at
Jamshedpur and Kalinganagar secure raw Record production
at Tata Steel
material supply from captive iron ore mines.
This help us to maintain cost-competitiveness
and derive production efficiencies.
13.23 MnT
We aim to attain improved efficiency through technology and a

culture of innovation and excellence.
SO1 SO2
Achieve production capacity
Efficient operations and value chain are critical to meet growth
aspirations and address the evolving needs of customers.
of 30 MnTPA in India, by 2025
We continue to invest in facilities that enable us to be a leader in
steel technology. Maintain cost leadership
position
WAY FORWARD
• Implementing Kalinganagar Phase II expansion and augment

capacity to 8 MnTPA IMPACT ON SDGs
• Upgrading Jamshedpur facilities
• Optimising the use of captive raw materials and improving
mine life
Our manufacturing facilities

TATA STEEL JAMSHEDPUR (TSJ)
TSJ is our flagship facility and has been operational for over a century Availability of
now. Equipment upgrades and effective maintenance ensure critical manufacturing
consistent production levels of 11 MnTPA. Equipment upgrades units at TSJ in Financial
include the installation of a new boiler, which will enable 100% use of Year 2018-19
off-gas from blast furnaces, installation of Coke Dry Quenching (CDQ) Coke Ovens
99.8%
facilities, modification of Induration Burner System to utilise excess
coke oven gas, and installation of edge trimming facility for the
Galvanised Annealed (GA) skin panel. Further, various environment-
Blast Furnaces
related projects were completed in Financial Year 2018-19, which
include the installation of the blast furnace dedusting equipment,
lime plant process bag filter, Continuous Emission Monitoring
97.3%
Systems (CEMS) highline bag filter, blast furnace sludge drying, Agglomerates
secondary emission system for steelmaking, and construction of a
flyover to decongest traffic within the facility. These changes have
94.1%
helped us sustain production levels, drive resource efficiency, and Steelmaking
progress towards meeting stringent environmental norms. Our focus
on asset management using data analytics and predictive modelling, 93.7%
has resulted in more than 90% availability of our key manufacturing Capacity
Coke Dry Quenching Facility,
10 MnTPA
units at Jamshedpur.
Tata Steel Jamshedpur
SO1 - Industry leadership in steel
SO2 - Consolidate position as a global cost leader
47
MANUFACTURED CAPITAL (Continued)
TATA STEEL KALINGANAGAR (TSK)
TSK has state-of-the-art equipment and utilities. Present Capacity

Commissioned in 2016, TSK attained production levels
at its rated capacity in less than two years. The 3 MnTPA 3 MnTPA
plant is cost-competitive because of higher productivity,
driven by automation and logistical advantage of Phase-II
proximity to ports and captive mines. TSK helped Expansion
5 MnTPA
augment our product portfolio to serve new customer
segments such as oil & gas and lifting & excavation. The
expansion of the Kalinganagar plant to 8 MnTPA (TSK
Phase II) has been initiated, which will further improve
performance due to economies of scale. Phase II Expansion Work at Kalinganagar
Steel Plant
Our manufacturing process

The following key activities summarised here constitute our manufacturing process:
2 5
3 4
OUTBOUND LOGISTICS
INBOUND LOGISTICS
PROCESSED RAW
MATERIAL
IRON MAKING STEEL MAKING ROLLING PROCESSING CUSTOMERS
1 (FLAT AND LONG CENTRES
PRODUCTS)
BY-PRODUCTS PRODUCTS
MINING
1 RAW MATERIALS MINING AND PROCESSING

We are India’s most integrated steel company with captive mines of With a focus on efficient logistics, we collaborate with the Indian
iron ore and collieries located around our manufacturing facilities Railways for dedicated movement of raw materials from mines and
in Jamshedpur and Kalinganagar. We follow the highest standards ports to our manufacturing locations. Inbound logistics ensures
of environmental management in our mining locations and use uninterrupted supply of nearly 40 MnTPA of raw materials from ports
advanced technologies for our mining operations. and captive mines through railway wagons, ensuring quality and
optimal cost. To transport raw materials inside the Works, a network
2 INBOUND LOGISTICS of conveyor belts is used and solid waste is transported by road.
We are strategically located for our inbound supplies and our
imported raw materials sourced from around the world are routed
through three major ports: Dhamra, Paradip and Haldia (approx.
350 km, 400 km and 250 km from Jamshedpur, respectively).

3 IRON AND STEEL MAKING 4 ROLLING AND PROCESSING

(FLAT AND LONG PRODUCTS AND OTHER VALUE-ADDED PRODUCTS)
We produce steel through the Blast furnace route. We convert the raw
materials to hot metal and crude steel through various supporting Our rolling mills help us manufacture a diverse product mix with
processes including coke making, sinter making, and pelletisation. customised shapes, sizes, and various chemical and technical
Our processes, are designed to deliver high productivity with the properties. Aligned with customer specifications and requirements,
available resources while managing slag rate and steelmaking our products undergo stringent quality checking and assurance
requirements. processes. We produce a range of value-added products for the retail
markets and provide customised solutions to several of our industrial
Technologies deployed
buyers.
Stamp charging battery, CDQ, Open bed sintering, Fines utilisation
Technologies deployed
as pellets, Bell-less top charge high-capacity furnaces, Basic Oxygen
Furnace for steelmaking, Online granulation of Blast Furnace Slag, Slab to coil, Billet to bar/rod, Rolling Tandem Mill for pickling and
De-sulphurisation, Secondary steelmaking rolling, Hot dip galvanising
5 OUTBOUND LOGISTICS By-products business

Operating on the 3R principle – Recover, Reuse and Recycle–our
Our outbound logistics, consisting of a network of warehouses
Industrial By-products Management Division (IBMD) deals in a variety
and Steel Processing Centres (SPCs), ensure timely delivery and
of by-products and scrap in the entire steel value chain. It offers a
transportation of finished products to meet on-time delivery
wide range of industrial by-products that serve as key raw materials
expectations of customers through a network of 6 hubs and
to various industries, including aluminium and copper, coal tar,
18 stockyards at strategic locations across India. This ensures delivery
galvanised scrap, zinc by-products, ground granulated blast furnace
cycles as low as 48 hours from the stockyards. Output volumes
slag (GGBS), to name a few. It handles more than 13 MnTPA with more
comprising 34 product types from 49 production units move
than 25 products and 150+ Stock Keeping Units (SKUs) in its portfolio.
primarily through Indian Railways and trailers, covering distances
from about 15 km to over 2,300 km.
Operational excellence maximising TSJ & TSK - Coke rate* (Kg/tonne of hot metal)
efficiency and improving cost performance Good
IMPROVING COKE RATE AND REDUCING EMISSION 561

443
434
399
380
360
352
348
Coke rate is an important operating KPI for an integrated steel plant,
impacting cost, CO2 emission and energy intensity. At Tata Steel, we
aim to reduce the coke rate in our blast furnaces while optimising
our raw material cost. In Financial Year 2018-19, the coke rate at our
Kalinganagar plant improved significantly from 434 kg/tonne of hot
metal to 399 kg/tonne. The combined coke rate and energy intensity FY15 FY16 FY17 FY18 FY19
for Jamshedpur and Kalinganagar in Financial Year 2018-19 was
TSJ TSK
363.15 kg/tonne of hot metal and 5.82 Gcal/tcs, respectively.
BUILDING SUPPLY CHAIN EFFICIENCY TSJ & TSK - Energy intensity (Gcal/tcs)
Good
Supply chain management is key to the operations of an integrated
8.49
steel plant and requires optimum inventory management of raw

7.29
materials without compromising on timely delivery and supply of

6.31
6.01
5.77
finished products to customers located across India and abroad in

5.67
5.67
5.67
the most safe, cost-effective and environment-friendly manner. Our

manufacturing sites are located in the eastern part of the country,
while delivery points are pan-India. Given the challenges of logistics
in eastern India, we use a multi-modal logistics chain, which includes
roads, railways and shipping. Currently, our inbound logistics for FY15 FY16 FY17 FY18 FY19
raw material transportation is completely dependent on the Indian
Railways, while outbound logistics for finished products is dependent TSJ TSK
about 60% on railways and 40% on roadways. * Coke rate means kilograms of coke used to produce 1 tonne
of liquid iron in blast furnace
49
We
Innovate
Beyond Steel
Continuing with our spirit of innovation, we are moving
beyond steel into services and solutions, and materials for
the future. Our Services & Solutions business is focussing
on scaling up offerings such as Pravesh and Nest-In, while
the new Materials Business is focussing on Fibre Reinforced
Polymer Composites and Graphene.
~ 10%
Targeted size of revenue
from new materials by 2025
Intellectual
capital R&D spend
Innovating ₹ 216 Cr.

tomorrow with
technology Patents granted
and digitalisation 72
Tata Steel aspires to be a pioneer
in leading the fourth industrial
revolution and is committed
to developing cutting-edge New products*
launched
technologies, and design solutions,
that help transform processes,
leverage digital technology to
114
improve efficiencies, and enhance
customer experience.
* New product is defined as product developed at
Tata Steel through new processes and technology
and then commercialised
Amidst changing customer needs, competition from alternate

materials and increasing regulatory risks, we strive to continuously
innovate and adapt to change.
STRATEGIC FOCUS GOAL
SO3
To be one of the top five
Technology and a culture of continuous improvement are key
enablers towards achieving the strategic objectives of industry
technologically advanced
leadership and cost leadership. global steel companies
WAY FORWARD IMPACT ON SDGs
• We will continue to enhance our new product portfolio, cost-

competitiveness, and environmental performance through
capability building and collaboration with technology and
research partners.
• We aim to co-develop and adapt new business models that
can bring about a paradigm shift through world-class partners
and start-ups.
Innovation focus of Tata Steel

We are focussed on leveraging our R&D capabilities through
New products Advanced materials Process improvements Digitalisation across the

value chain
Innovation is driven and leveraged by the technology organisation, new

materials business, and services and solutions business. The process
also focusses on building new competencies and capabilities to enable
our organisation to be future-ready.
SO3 - Insulate revenues from steel cyclicality
53
INTELLECTUAL CAPITAL (Continued)
Driving innovation at Tata Steel
Tata Steel has a two-pronged approach towards innovation, supported by

robust resource allocation and organisational commitment.
We engage engages in innovative ideas that lead to significant continuous improvements driven by the transforming
the business landscape, enabling us to become best-in-class, and setting benchmarks in the industry.
We also pursue breakthrough ideas to create new value propositions, businesses and technology shifts.
Factors that help us drive innovation
Our R&D function has over 200 In-house platforms such as Innovation council led by R&D We have set up enhanced
researchers and collaborations Innovent support our strong aims to generate novel ideas research facilities with latest
with 40 institutes. culture of innovation. Innovent and enable implementation. laboratories such as APERTA
focusses on identifying key New collaborations as well as (Thermochemical Simulation),
customer insights and translates advancements in new materials enGENE (Biotechnology
them into tested and scalable and solutions are some key Solutions), PEARL (Product
business models. outcomes of this process. Forming and Performance
Research), SeFondre
(Welding) and Reynolds
(Mathematical Modelling).
India’s First Fibre Reinforced Polymer (FRP) based Foot Over Bridge Installed at R&D Division, Tata Steel Jamshedpur

New product development New materials Process improvement
Special focus was given to new Graphene Use of High Gradient Magnetic
steel product development for the Graphene-doped plastic products that were Separator (HGMS) for iron
Pre‑Engineered Building (PEB), Lifting used in Tata Steel for industrial use showed ore slime beneficiation
and Excavation (L&E) and Oil & Gas a two-fold increase in life as compared to Currently, the Noamundi iron ore mine
(O&G) segments. The production facility existing products. discards 16% of wet run of mine output
at Kalinganagar helped develop new as slime, which has 8% alumina and
products in an accelerated timeline. In- 55% iron content. Implementation of
house R&D efforts, collaboration with Tata HGMS is expected to recover 50% of
Steel Europe and technical institutions slime containing iron content of 63%.
helped us expedite the product and This initiative is in its pilot stage and is
process design for these products. expected to save virgin raw materials
and increase mine life through improved
beneficiation.
Fibre Reinforced Polymer (FRP)

Our new materials business has adopted an
asset-light model through partnerships and
collaborations to develop FRP products that
cater to automotive, industrial, infrastructure,
and railway sectors. This includes FRP
Tata Steel has developed and successfully solutions for streetlight poles, pressure
commercialised the first-of-its-kind vessels, pipes, modular toilets, chemical
Pravesh Vista steel windows in Financial tanks, and foot over bridges.
Year 2018-19. This product has won Reducing carbon footprint using
the 8th CII Design Excellence Awards To enhance our innovation in this segment, Carbon Composite Briquettes
2018 under the Industrial Design: we are collaborating with National Sintering route has low carbon utilisation
Architecture and Interior Products Composite Centre - Bristol UK, Indian as super fines escape through the sinter
category Institute of Science - Bangalore, IIT Roorkee, bed, resulting in low efficiency and poor
NIT Rourkela and other Council for Scientific work environment. A new technique of
and Industrial Research (CSIR) Labs. Apart super fine agglomeration called carbon
from FRP Composite and Graphene, there is composite briquetting was developed
focus on building other advanced materials, and charged into the blast furnace.
e.g., ceramics, into our portfolio to expand A successful plant trial resulted in a
the New Materials Business. favourable drop in coke and carbon rate.
This will be adopted across facilities over
the next three years.
55
INTELLECTUAL CAPITAL (Continued)
Moving ahead with digitalisation

In Financial Year 2018-19, we embarked on a long-term digital
technology led business transformation programme to drive value Domains under focus for digitalisation
creation across the enterprise. We have set ourselves stringent Our key business transformation initiatives are in the
targets towards digitalising our plants and processes, and have taken domains of Integrated Supply Chain and Logistics, Smart
definitive steps towards building capabilities to deliver transformative Asset Maintenance, Customer-facing Digital Platforms, Smart
solutions. The goal is to become agile, intelligent and smart in all Closure of Financial Accounts, Smart Procurement, and Energy
our business processes, and enhance stakeholder experience, while Management.
generating substantial EBITDA improvement.
To drive and sustain transformation of this scale and deploy digital solutions, we have
structurally altered our IT infrastructure spend. We have moved from being capex-heavy
to capex-light by opting for managed services to augment the IT layers of connectivity,
infrastructure and cyber-security.
https://aashiyana.tatasteel.com
DATA SECURITY PREDICTIVE ANALYTICS CUSTOMER INTERFACE
With increasing connectivity and We have built and deployed over 40 Advanced Analytics models to Our customer-facing digital
data flow, we are exposed to the enhance operational efficiencies, which include: platforms–Aashiyana, DigECA
risk of new-age cyber crimes. and Compass–have resulted in
• Reduction of ore stickiness in our iron ore mines and turnaround
We have deployed a full-scale additional revenue and continue
time of wagons, leading to lower demurrage
Security Operations Centre to be one of the enablers
(SOC) to safeguard our IT and • Reduction of downtime of apron feeders in improving our customer
Operational Technology (OT) satisfaction.
• Improvement in quality of pellet, coke and sinter to blast furnaces
data and applications, which has
at optimum cost and lower emission, further aided by in-process
the capability to analyse 30,000
hot metal temperature and furnace
events/sec, resulting in proactive
detection and defence from • Permeability prediction models that improve iron making at
cyber threats. reduced coke rates
• Optimisation of the slitting of mother coils to reduce yield loss at
Steel Processing Centers, and reduction of Stock Keeping Units
of Pravesh doors that resulted in improved delivery time for
customers
• Optimisation of our distribution costs

Tata Steel joins the CII led collegium of futuristic business ‘Mind Over Matter’ Programme - Tata Steel’s Annual
houses to pledge support to the start-up ecosystem Innovation Challenge for Engineering Students
INDUSTRY KNOWLEDGE LEADERSHIP AND COLLABORATIONS
Tata Steel leads industry efforts in supporting knowledge transfer Tata Steel collaborates with various technical institutes and
and capability building across and beyond its sector. We have worked technology start-ups/SMEs nationally and internationally to
extensively with the Government and regulators to shape policies create an ecosystem for cross-learning and collaborative working.
that influence the sustained economic growth towards national The collaborative projects range from emerging technologies,
priorities. Our leadership is on numerous committees that engage environment, Artificial Intelligence, robotics and other long-term
in dialogue on issues ranging from environment, financial practices research assignments. These collaborations work in a two-way
to social initiatives and others. Our senior leadership is engaged at a manner where students from institutes work at Tata Steel and
global level to help formulate paths towards Industry 4.0. Tata Steel employees are sent for research fellowships to study at
different universities. Tata Steel is also engaged with government-
Our organisation regularly supports industry bodies and peer
funded research programmes such as Uchhatar Avishkar Yojana
networks in sharing best practices, training, research, and ideas that
(UAY). The Value Analysis and Value Engineering (VAVE) programme
enhance the overall performance of the Indian industry. Events such
is an engagement mechanism where Tata Steel engages with
as annual fraternity meets are held for maintenance communities
customers on topics such as how best to use steel, simulations,
that connect engineers from all locations with the objective of
modelling for light weighting, and optimum material usage.
sharing best practices and achievements.
The senior leadership of Tata Steel is part of various national
Other forums used to promote cross-learning and sharing of best
level research missions such as the Centre of Excellence in Steel
practices are the shared services technical meet and quarterly meet
Technology (CoEST, IIT Bombay) and the Advanced Manufacturing
of experts at Kalinganagar.
Centre at IIT Kharagpur, among others.
CONTINUOUS IMPROVEMENT - SHIKHAR25
Total Quality Management (TQM) is deeply embedded in the ethos the coverage of Shikhar25 and started two new IMPACT centres.
of Tata Steel. It involves all sections of the workforce in driving These IMPACT centres focus on cross-functional themes, digital
improvement projects for enhancing performance. Initiatives for initiatives, new technology, and collaboration with suppliers to
achieving operational excellence have reduced operational cost and identify new avenues for improvement.
environmental impact while delivering higher EBITDA margins.
In addition, we implemented over 34,000 kaizens, 367 green belt
The Shikhar25 programme focusses on delivering superior product projects and over 100 other TQM projects. We achieved 92.6%
quality, optimising product mix, improving operational efficiency to employee involvement in improvement activities. ‘Manthan Ab
lower carbon footprint, reducing waste generation, improving waste Shopfloor Se (MASS)’ is an idea generation initiative for shop-floor
utilisation, and maximising energy and material efficiency. employees, focussing on issues such as safety, cost, operational
excellence, environment, etc.
In Financial Year 2018-19, we successfully implemented 427 Shikhar25
projects, resulting in total savings of ₹2,801 crore. We also increased
57
Human
capital
32,984
Preparing people Employees on roll (India)*
for tomorrow
49%
Reduction in LTIFR
in last 10 years
We have a strong commitment towards our ~6.5 %

people, which is demonstrated through our Women in the workforce
industry-leading employee welfare practices

and a culture of working together. Industrial
harmony of over 90 years and a century-old
trade union is a testament to our culture of
working together. * Employees on roll means full-time employees on
payroll of Tata Steel.
A pioneer in progressive people practices, our aspiration is to be the employer of choice

in the steel industry, taking care of the needs of a diverse workforce of officers, unionised
employees, and contract workers. Further, we will be building the capability to support
our new businesses. Our Occupational Health and Safety (OHS) practices are aimed at
developing a culture of safety and care.
SE
Improve employee productivity
Investing in people and striving to be employer of choice is an
area of focus for Tata Steel. Creating a safe and healthy workplace
is a key priority. Care for the communities and people we touch in
Be one of the best places for people
our operating areas is embedded in our way of working through to work
our CSR practices.
Zero fatality
WAY FORWARD 25% diversity in workforce by 2025
Continuing to focus on: 2% improvement in health index
Employee engagement | Diversity and inclusion | Leadership year-on-year
development | Employee experience | Zero harm to contract
partners | Upskilling of women across locations | Enabling the
inclusion of PWDs IMPACT ON SDG s
We focus on three thrust areas across the value chain to build and nurture our human capital:
Occupational Health and Safety (OHS) Human Resource Management Human Rights
Being in an inherently hazardous industry, With 32,984 employees, Tata Steel Tata Steel employs and impacts
ensuring the highest degree of physical, continously strives to be an employer of a huge workforce throughout its
mental, and social well-being of the people choice. Diversity within our workforce is of value chain. Any risk of human rights
in and around our plants always remains a paramount importance as it enhances our violation could have significant
top priority for us. We work to ensure our overall capabilities and promotes a culture reputational repercussions.
operations are fatality free and become a of innovative thinking. To attract and retain Therefore, we are actively engaged
benchmark in the steel industry. Currently, diverse talent is a challenge considering the in upholding human rights in areas
we are working on six safety and health nature and breadth of our operations. where we operate.
strategies, which drive our corporate
objective of ‘Committed to Zero’.
SE - Strategic Enabler 59
HUMAN CAPITAL (Continued)
Occupational Health and Safety (OHS)

Occupational Health and Safety (OHS) is a key material issue for
Tata Steel and is a priority focus at all levels of leadership. We have
instituted policies that drive a culture of safety consciousness
and prevention across our entire operations. Our commitment is
reflected in the successful ramp-up of the Kalinganagar facility while
maintaining the best practices in health and safety.
SAFETY GOVERNANCE AT TATA STEEL

We have a strong governance structure driven by the Safety,
Health and Environment Committee of the Board (chaired by an
Independent Director) and the Apex Safety Council (chaired by the
Chief Executive Officer and Managing Director). Their directives
are cascaded through sub-committees chaired by relevant
Vice Presidents through monthly reviews, which are then executed
across the organisation.
‘Committed to Zero Harm’

Employee at Steel Melting Shop, Jamshedpur Steel Plant
Safety and Health Excellence Recognition 2018 by World Steel Association

Key initiatives for OHS in Financial Year 2018-19 Impacts
Building leadership capability for safety at all levels

to achieve zero harm ~26%
Tata Steel is committed to building leadership capabilities in safety reduction in high
across all levels. Health and safety is integrated into our annual potential incidents
~12%
business plan. Executives have safety targets that are embedded in
their annual performance metrics and are linked to remuneration.
An integrated health, safety & environment risk management system increase in ‘Near Miss’1
was rolled out across the organisation to identify hazards, and assess captured over the last
and mitigate risks. A new Health and Safety Reward and Recognition financial year
policy has been formulated to promote positive safety behaviour.
Building competency and capability for

hazards and risk management 1,201
Frontline leaders have been trained on the recalibrated risk officers trained on
management process. E-Work permit systems have been successfully recalibrated risk matrix
piloted and rolled out. 57 Safety standard audits by Cross Functional
Teams (CFTs) were carried out across locations to identify and address
the safety standard deployment gap.
2,928
opportunities for
improvement identified by
these CFT audits
Contractor safety risk management

Our operation and maintenance activities engage a sizeable 1,035
contract workforce. We have established the process of Contractor vendors assessed, of which
Competency Assessment (star-rating system on a scale of 0-5) for 173 were rated as 4-star and
our service providers. Tata Steel deploys only 3-star and above rated 5-star
vendors on high-risk jobs. Workshops and incentive schemes are
used to motivate 3-star rated vendors to upgrade to 4 and 5 stars.
Skill certification training and mentorship programmes by Felt
12,366
contract workforce
Leadership trained supervisors were introduced for the contract
(10,594 workers and 1,772
workforce.
supervisors) trained and
certified
Elimination of safety incidents on road and rail Sustained

Tata Steel value chain depends on safe and efficient transport
through both road and rail logistics. We are enforcing road safety Zero
related behavioural changes across our organisation. To make fatalities inside plant
it safer, various infrastructure improvement initiatives such as premises for the last four
traffic segregation and streamlining, drop gates, transport park, years across Tata Steel
smart buses, radar-based speed monitoring, and introduction of
digitalisation at gates for materials have been introduced. 56%
reduction in road LTI over
Financial Year 2017-18
1
ccupational Safety and Health Act (OSHA) defines a near miss as an incident in which no property was damaged and no personal injury was
O
sustained, but where, given a slight shift in time or position, damage or injury easily could have occurred
61
Key initiatives for OHS in Financial Year 2018-19 Impacts
Excellence in Process Safety Management (PSM) Recognised by World Steel

Center of Excellence (CoE) on Process Safety Management (PSM) was established in Financial Association in 2018 for
Year 2014-15 to ensure effective control of risks at high hazard operations. In the last year, it process safety journey
was extended to eight new departments. 19 exemplars were developed to support PSM CoE through CoE
1.2%
implementation across the organisation. A procedure for process hazard analysis has been
developed and piloted on new projects. A structured asset management standard framework
has also been developed. improvement in Health Index
Establishing industrial hygiene and improving occupational health
Tata Steel’s integrated approach in industrial hygiene and occupational health is underpinned
56%
by the three pillars of prevention, promotion and reintegration. We follow the World Health high-risk cases related
Organisation’s model of ‘healthy workplace’ for creating a workplace that does not harm the to lifestyle diseases
mental and physical well-being of people. The ‘Wellness at Workplace’ programme was initiated transformed to moderate or
to create awareness among people to adopt a healthy lifestyle and control lifestyle-related low risk
diseases. The effectiveness of the initiative is monitored through the Health Index1. Tata Steel has
collaborated with external partners to understand and improve workplace ergonomics through 10
risk assessments and implementation of ergonomics control measures. hazard control projects
12
ergo control projects
implemented
Fatality (Nos.) Lost Time Injury (LTI) (Nos.)

Good
5
97
80
68
67
64
3
2
Lost Time Injury Frequency Rate (LTIFR) (Index) Health Index (Score out of 16)
Good Good
0.37
12.62
12.59
12.47
12.37
12.21
0.31
0.29
0.29
0.23
1
ealth Index consists of four parameters – blood pressure, blood sugar, serum cholesterol and Body Mass Index. Employees’ health is evaluated on these four
H
parameters and a score is generated on a scale of 16. A score of 0 in any of the Health Index parameters is deemed as high risk.

Human resource management

EMPLOYEE PRODUCTIVITY
In Financial Year 2018-19, we implemented an Employee Productivity
Framework across our facilities and continued to identify redundancy
through programmes such as right skilling, Sunhere Bhavishya
Ki Yojna (SBKY) and Job-for-Job scheme. We made significant
progress in simplifying the organisation structure, systems and
communications. Numerous programmes were held to sensitise
employees on productivity improvement. In Financial Year 2018-19,
employee productivity at TSJ was 748 tcs/employee/year and at TSK
was 1,054 tcs/employee/year.
800tcs/employee/year Centenary Year Celebrations of the Tata Workers’ Union

employee productivity in FY 2018-19
DIVERSITY AND INCLUSION

Tata Steel envisions to become a ‘truly Fostering a diverse workforce Policies to drive diversity and
world-class organisation that respects through MOSAIC flexibility
the uniqueness of individuals to create a
Recruitment Paternity leave for the blue-collared
diverse and inclusive atmosphere, to have
‘Women of Mettle’ to induct women workforce
a competitive edge in business by having
engineers into the manufacturing sector A progressive step introduced to help
access to a larger talent pool’. Diversity and
develop bonding between fathers and
Inclusion is a way of life to ensure fair and Sensitisation
their new borns
equal opportunity for all employees. Zubaani, Panel Discussions and Debates,
MOSAIC Speak, Joint Development Council Take Two Policy
MOSAIC – a diversity and inclusion initiative–
Meetings, Power of Inclusive Management, A career option for women to return.
covers four aspects, gender, Person with
C-suite level sensitisation We offer project-based and full-time roles
Disabilities (PwDs), LGBTQ+, and different
to women through this opportunity to
sections of society (e.g., Affirmative Action Retention and development
engage with Tata Steel
Community). 32% of management trainees Tata mentors, Reach Out, Tata Steel Engage,
hired from top business schools are female, Tata Steel Ignite, Step-up to Success, Launch Satellite office operation
a result of our diversity-focused recruitment of Wings, SABAL for PwDs Helps employees who have a location
processes. constraint by giving the option to operate
Infrastructure
from a location of choice, where Tata
Creches, restrooms, accessible washrooms
Steel has presence
~17%
and other infrastructure for the workforce
with special needs 5-day work week
employees from the Has been implemented with the view of
Celebration
Affirmative Action Community improving work-life balance
Events such as International Women’s
Day, and International Day of Persons with Adoption leave
Disabilities This policy also includes single males and
transgender employees
Menstrual leave ‘Raahat’
No approval from superior is required to
take this leave
63
WORKFORCE CAPABILITY DEVELOPMENT

Tata Steel has a Workforce Capability and Capacity Framework to assess capability needs across the
workforce for skill and competence building, customer focus, organisational performance, innovation, ₹132.87 crore
health and safety, and environment and business ethics. We are continuously upgrading our training Investments in employee
infrastructure, methodologies and programmes. Customised awareness programmes and focussed training and development in
campaigns for relevant aspects of sustainability were conducted for Tata Steel employees and are also FY 2018-19
made available to external stakeholders such as suppliers and the community.
Employee trained (Mandays) Training per employee (Mandays/employee/year)

Good Good
3,34,050
7.52
2,63,050
2,48,000
2,31,177
5.62
1,93,924
4.60
2.62
2.65
Human Rights
Tata Steel is committed to upholding human rights across its value chain. Our commitment is reflected in the following policy
documents (for more information, visit www.tatasteel.com).
The implementation of the Human Rights Policy at workplace is done through the adoption of the principles of SA8000 and the
United Nations Global Compact based on the Universal Declaration of Human Rights (UDHR) and ILO conventions.
Human Rights Policies
Tata Code of Social Prevention of Safety Principles Affirmative Action Corporate Social
Conduct Accountability Sexual Harassment and Occupational Responsibility and
Policy (Human (POSH) and Anti Health Accountability
Rights at the Sexual Harassment
Workplace) Initiative (ASHI)
We actively seek to strengthen our mechanism to prevent and mitigate adverse human rights issues through SA8000 audits
of our workplace. Appropriate corrective and remedial measures (checks and balances) have been identified to address any
non‑compliances. Tata Steel underwent SA8000 surveillance audit in Financial Year 2017-18, and improved its Social Finger Print
Score from 3.9 to 4.3 on a scale from 1 to 5.

APPROACH TO PROTECTING HUMAN RIGHTS

For full-time employees For contract workforce
Tata Steel is an equal opportunity employer and does not A dedicated contractor’s cell was established to ensure that no
discriminate on the basis of gender, caste, religion or disability. human rights violations take place at the workplace. The cell also
During recruitments, we exercise positive discrimination in favour looks at corrective and preventive measures to deal with cases
of socially disadvantaged communities, provided the prospective of violations of our TCoC and Social Accountability Policy. The
candidates fulfil our merit-based criteria. Our systems and processes contractor safety management process ensures that a safe and
in this regard are monitored for compliance and are subject to healthy workplace is provided to the entire contract workforce.
continuous improvement through the SA 8000 standards and third- Periodic assessments and ratings are carried out to upgrade the
party verification. A special forum on diversity called MOSAIC has contractor’s safety standards.
been created across all locations of Tata Steel in India to sensitise the
workforce as well as undertake initiatives on promoting diversity.
For supply chain partners For indigenous communities

All our business associates are mandated to conform to and sign the Tata Steel’s operations require significant resettlement and
Business Associates Code of Conduct. The Code lays down human rehabilitation of indigenous communities residing in proximity
rights and safety specific requirements that need to be maintained. of its operating sites. Our Affirmative Action Policy and Corporate
Every year, the procurement team undertakes sample assessments for Social Responsibility and Accountability Policy lay down the rules of
human rights (for potential high-risk suppliers) to ensure compliance. engagement with the affected parties. The CSR team ensures that
Tata Steel upholds the highest standards of human rights as part of
rehabilitation and resettlement, both before and after
project completion.
Promoting Gender Diversity

Employees Celebrating International Women’s Day 2019
65
We
Contribute
Towards a
sustainable world
Acting responsibly towards the environment and the communities
we operate in is embedded in our core values. We also relentlessly
focus on ensuring the well-being and safety of people at our
workplaces, balancing economic prosperity, and generating social
benefits for the surrounding communities.
2018
Steel Sustainability
Champion
Recognised by World Steel Association
Natural
Capital Featured among top
7
Conserving natural integrated steel companies
globally in CDP 2018
resources for tomorrow

Y-o-Y reduction in specific
water consumption
At Tata Steel, we continuously strive to protect
the environment. Our philosophy of minimising ~8.5% TSJ
environmental impact and promoting resource

efficiency guides our investment decisions to monitor ~10% TSK
and mitigate the impact of our operations. The iron

and steel making process involves the use of natural
resources such as iron ore, coal, limestone and ferro-
alloys and is water and energy intensive. The GHG
(particularly CO2) and dust emissions emitted during 100%
LD slag utilisation at
the process are key contributors to air pollution and TSJ and TSK
global warming. Maintaining sustainable operations
and continually making improvements to our products
and processes help us minimise our environmental
footprint.
We are in constant pursuit of minimising our environmental

impacts and conserving the natural environment around us.
SO4
<2 tCO2/tcs GHG emission intensity
To achieve industry leadership in Corporate Social Responsibility
and Safety Health & Environment.
by 2025
WAY FORWARD Zero effluent discharge by 2025
We are investing in technologies to achieve the highest Sustain LD slag utilisation at 100%
environmental performance standards. We plan to achieve
this by adopting breakthrough technologies for raw materials Ensure no net loss of biodiversity at
management, higher utilisation of LD slag, setting up the steel
recycling business, achieving zero water discharge, carrying
our mining locations
out lifecycle assessments of our products and embedding the
principles of circular economy in our operations.
IMPACT ON SDGs
Managing environmental
impact of operations
We have policies and processes in place for reducing energy usage
and minimising our environmental footprint across the value chain.
We have set stringent targets for energy intensity, greenhouse gas
emission, and water conservation. Our efforts also focus on reducing
waste, enabling a sustainable supply chain and understanding
the impact of our products on the environment through lifecycle
assessments.
RAW MATERIALS MANAGEMENT
Our Raw Materials Division not only provides cost-competitiveness

to our steel business but also ensures the sustainability of our
operations by way of assured supply of requisite quantity and quality
of raw materials required for steelmaking. The division is actively
engaged in incorporating state-of-the-art technologies while
mitigating the possible adverse impact on the environment.
Although, Tata Steel’s current operations in India are not located in
any of the identified biodiversity hotspots or protected areas, our
mining operations (being extractive in nature) impact the flora and
fauna in the region. Therefore, we voluntarily partnered with the
International Union for Conservation of Nature (IUCN) at our raw
material locations in Jharkhand and Odisha for the implementation
of biodiversity management plans.
Rain Water Harvesting, Noamundi Iron Mine
SO4 - Industry leadership in CSR and SHE

69
NATURAL CAPITAL (Continued)
The mining operations of Tata Steel are working towards Mined raw materials
enhancing progressive reclamation activities of the mine
dumps and ecosystems. In Financial Year 2018-19, the
following activities were undertaken in line with our policy
objectives of restoring the floral diversity and conservation
of keystone species:
28 MnT
• Optimised the plantation programme in terms of precise
type and number of native species to be used. The
diversity of the native species being used for plantation
activities increased by 22% and plantation of primary Imported raw materials
keystone species increased five times
• Completed the mapping distribution of invasive species
at the Joda East iron mine and a systematic eradication
and restoration plan is now being implemented ~12 MnT
• Planted over 2 lakh saplings of native species across raw
material locations
Bird activity was spotted in about 80% nest boxes that
were installed last year at Noamundi iron ore mines.
This niche nesting programme is being replicated at the
Company’s other mining locations.
Niche Nesting, Noamundi Mine Area

ENVIRONMENTAL MANAGEMENT
We believe responsible environmental performance is an inherent element of our business strategy and these practices help us achieve a
leadership position in the industry. In Financial Year 2018-19, we spent ₹286 crore on environmental management efforts focussed on the four
pillars of emission, water management, circular economy and biodiversity.
Four pillars for environmental management
Emissions performance Water management Circular economy Biodiversity
Emissions performance
CO2 emission
The Paris agreement aims at arresting the global warming to <2
degrees celsius for which the key requirement is to make CO2
emission net zero by 2050. The steel industry contributes to about
6-8% of global emission and is considered to be a ‘hard to abate
sector’ since carbon is used as a reductant in the steelmaking
process and low carbon steelmaking technologies are yet to be
commercialised. Cognisant of India’s commitment and the sectoral
requirements, Tata Steel has set an aspirational goal of <2 tCO2/tcs
emission by 2025.
Over the years, the adoption of best available technologies for
waste heat recovery such as Top Recovery Turbine (TRT), Coke Dry
Quenching (CDQ), use of by-product gases in power generation
and other energy efficiency initiatives have resulted in improving
resource efficiency as well as reducing carbon footprint. We continue
Top Recovery Turbine, Jamshedpur Steel Plant
to implement Internal Carbon Pricing in our capital expenditure
appraisal process with the shadow price of carbon at US$ 15 /tCO2.
A Centre of Excellence with members from iron making, steelmaking,
R&D and technology groups was constituted in Financial Year 2018-19
to identify and implement projects for CO2 reduction. Some such
A benchmark for the industry projects are:
Tata Steel Jamshedpur is the Indian benchmark for CO2
• Carbon Capture and Use (CCU) at Tata Steel Jamshedpur and at
emission intensity at 2.29 tCO2/tcs and energy intensity at
the Ferro-Chrome plant at Bamnipal
5.67 GCal/tcs for steel production through Blast Furnace -
Basic Oxygen Furnace (BF-BOF) route. • Assessing renewable energy potential across our locations in India
• Maximising scrap utilisation in steelmaking
71
GHG emission from our steelmaking operations (Absolute

emission in million tCO2) Product Lifecycle assessment
Steelmaking Sites Particulars FY15 FY16 FY17 FY18 FY19 Tata Steel uses Life Cycle Assessment (LCA) as a
India (TSJ + TSK) Scope 1 21.10 21.02 25.53 26.52 27.14 tool to assess environmental impacts at the various
Scope 1.1 2.27 2.31 3.69 3.96 4.53 stages of its products’ lifecycle. Moving forward,
Scope 2 0.72 0.74 1.11 1.17 1.17 LCA would be used to undertake Environmental
Scope 3 -1.08 -1.19 -2.21 -1.99 -1.81 Product Declaration (EPD) for key products of Tata
Overall 23.02 22.89 28.11 29.66 31.03 Steel. In Financial Year 2018-19, Tata Pravesh Doors,
Europe (incl. UK) Overall 26.96 25.48 19.27 19.18 18.75 Tata Structura and Tata Pipes achieved the GreenPro
South East Asia certification by CII Green Business Centre – these are
(NatSteel + Tata Overall 0.91 0.98 0.91 1.04 0.96 the first steel products in India to get the eco-label
Steel Thailand) using the LCA study.
*B
ased on revised methodology of World Steel Association - User Guidance 9,
V22 since 2017-18
TSJ & TSK - GHG emission intensity (tCO2e/tcs) In recognising the tangible business
Good benefits of disclosure through Carbon
Disclosure Project (CDP), Tata Steel is
3.08
2.65
well placed to take meaningful steps to

2.54
2.47
2.3
2.3
address its environmental impacts. This can

2.29
2.29
help to ensure the Company’s long-term

sustainability and profitability, as well as
equipping it to respond to regulatory and
FY15 FY16 FY17 FY18 FY19 policy changes, such as the Paris Agreement.
TSJ TSK
Damandeep Singh
Director, CDP India
Minimising dust and gaseous emissions
Over the last two decades, Tata Steel has made investments in installation and upgradation of air pollution control equipment at both its
manufacturing sites. Over the last five years, a total of 24 projects have been implemented to upgrade the existing air pollution control
equipment, including upgradation of all Electrostatic Precipitators (ESPs) at the sinter plant. An online stack monitoring system has been
commissioned in all major stacks. Dust emission (PM2.5 and PM10) is also a key material issue especially at TSJ, since the steel plant is located
in the midst of the city. These efforts have resulted in 68% reduction in dust emission at TSJ since 2005. While production at TSJ has more than
doubled since 2005, absolute dust emission has reduced by approximately 35%. Pollution control facilities were fully commissioned during the
ramp-up at our Kalinganagar facility, resulting in a reduction of almost 9% dust emission over the past year.
TSJ and TSK - Dust emissions TSJ and TSK – Nitrogen oxides (NOx) TSJ and TSK – Sulphur oxides (SOx)
intensity (kg/tcs) emission (kt) emission (kt)
Good Good Good
1.3
9.1
11.1
7.82
7.3
7.20
7.5
6.1
7.2
6.58
5.03
0.66
0.60
5.1
4.94
0.57
0.5
0.44
0.41
0.37
0.83
1.63
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
TSJ TSK TSJ TSK TSJ TSK

Water management
Water is a critical resource used as a coolant in the steelmaking TSJ and TSK – Specific water consumption*
process. Currently over 3m3 of freshwater is required per tonne of (m3/tcs)
crude steel produced. Our operations in India are located near the
Good
Subarnarekha (TSJ) and Baitarani (TSK) rivers. We also have a water
7.66
reservoir, Dimna Lake, at Jamshedpur with a holding capacity of
6,292 million gallons of rain water, which can meet nearly 14% of
5.54
freshwater demand of the township. A river basin study has been
4.76
4.39
4.29
initiated for the Subarnarekha river to assess watershed level risks for
3.83
3.68
3.27
TSJ and implement better water management plans for improving
the water scenario in the district watershed and to ensure optimum
water flow in the river throughout the year.
Our water sustainability strategy for future-readiness is to continue FY15 FY16 FY17 FY18 FY19
investing in Sewage Treatment Plant (STP) and creating new Rain TSJ TSK
Water Harvesting (RWH) structures at various locations to improve
the ground water table. In Financial Year 2018-19, 29 million litres of TSJ and TSK – Effluent discharge
RWH structures were added at the Joda east iron ore mine. We have intensity (m3/tcs)
also created various rainwater harvesting structures beyond the Good
fence as part of our community initiatives (ponds and check dams)
2.31
and township infrastructure (rooftop) at Jamshedpur and our mining
locations. A 25 MLD tertiary treatment plant was commissioned at
Bara STP to convert sewage water of the Jamshedpur township into
1.2
process water for reuse in Jamshedpur steel works. This will help us
1.02
1.01
0.92
0.29
reduce our freshwater consumption by 18% in the future.
0.59
FY15 FY16 FY17 FY18 FY19
TSJ TSK
* Specific water consumption is defined as freshwater

consumption per tonnne of crude steel produced
(at TSK water loss at clarifier is excluded in the
calculation)
Tata Steel Bara Tertiary Treatment Plant, Jamshedpur

‘Industrial Water Project of the Year 2019’ Award by the Global Water Intelligence (GWI)
73
Towards circular economy

Solid waste utilisation
Steel industry is favourably placed for implementing circular TSJ and TSK – Solid waste utilisation (%)
economy principles, given the ability to recycle steel as well as use Good
solid waste by-products. The by-products generated across the entire
100
99
steel value chain include coal rejects from the washeries, coal tar, slag,
87.22
84.4
and scrap from steelmaking shops and rolling mills. Our key initiatives
82.4
80.6
78.3
to maximise the utilisation of our by-products are described below:
66
• Recovery and reuse of metal from steelmaking slag:
Recovered metal from steel slag is used in the steelmaking
process. This scrap is used in steel melting shops along with clean
scrap and pooled iron.
• Blast furnace slag and steelmaking (LD) slag utilisation: FY15 FY16 FY17 FY18 FY19
Annually, Tata Steel handles ~17 MnTPA of by-products, which are TSJ TSK
converted and sold across 20+ product categories. The key solid
waste generated during an integrated steel plant operation are
the blast furnace and LD slag, which, if not utilised would require
to be stored in engineered landfills. Granulated blast furnace slag
is 100% utilised in Portland slag cement making. However, the
LD slag, because of its chemical composition and reactive nature,
has limited applications. Tata Steel has developed and launched
India’s first ever LD slag branded products – Tata Nirman (for
construction application) and Tata Aggreto (for building roads).
Road construction is a big market for Tata Aggreto made from
processed LD slag. Tata Steel is engaged with government
institutions such as Indian Road Congress (IRC) and National
Highways Authority of India (NHAI) to promote the use of LD slag
as a substitute of natural aggregates in road construction. Sales
of Tata Nirman and Tata Aggreto launched last year increased
significantly from 230 kt in the previous year to 370 kt this year.
Tata Nirman was adjudged as the winner under Green Building
Material for AAC Blocks/Bricks & Others at the 8th edition of the
National Fly Ash Utilisation Conference held in Goa.
We have achieved nearly 100% slag utilisation across our
operations by investing in the processing of by-products and
developing alternative use in the construction industry. Facilities for
de‑phosphorisation, slag granulation and briquetting are under
development, which would further ensure sustained utilisation with
higher value addition through usage in sinter making, construction,
road making, agriculture, etc.
Tata Aggreto used as a Replacement of Natural

Aggregates in Road Construction

Steel recycling business

Steel is 100% recyclable and can be recycled infinitely to create Looking beyond its own operations, Tata Steel is actively working
new steel products, making it suitable for a circular economy. on policy advocacy with various government and industry bodies
Recycled steel maintains the inherent properties of original steel. to build scrap utilisation networks. The resource efficiency policy
Steel scrap demand in India at present is 30 MnTPA, with 5 MnTPA has been released and the steel scrap policy is in the draft stage.
being imported. The demand and supply is likely to increase as a The Bureau of Indian Standards has also constituted a technical
result of government policies, rapid urbanisation and economic committee to review the Scrap Codes.
activity. However, the Indian scrap industry is highly fragmented
and unorganised with a complex supply chain, where availability of
TSJ and TSK – Material efficiency (%)
clean scrap is a challenge. There are many small aggregators who
collect scrap from various sources and sell unprocessed scrap with Good
inconsistent quality. There is also a lack of requisite policy framework
100
96.9
94.6
93.9
for this industry in India. Most operations are manual and there is
92.4
92.9
91.3
91
little concern towards safety and environmental issues.
Tata Steel is taking the lead in setting up a steel recycling business
with the objective of collecting, aggregating and processing
scrap in a formalised way, which can subsequently be used for
steelmaking through the Electric Arc Furnace (EAF) route. Steel
production through the EAF route uses scrap as key input and is a
more sustainable way of producing steel. This could reduce carbon FY15 FY16 FY17 FY18 FY19
emission by 50-60% as compared to traditional steel production.
TSJ TSK
Through collaboration with the government, Tata Steel wants
to formalise this industry and enhance scrap utilisation through
partnerships across the supply chain, such as with aggregators,
processors, dismantlers, logistics partners and end consumers.
A step towards formalising the steel

recycling industry
The first steel scrap processing unit is being set up at Rohtak,
Haryana, for which Tata Steel has entered into a long-term
build-own-operate agreement with Aarti Green Tech Limited.
With an investment of ₹150 crore, the first unit will have an
installed capacity of 0.5 MnTPA. Digital platforms and channel
networks will help collect scrap from various segments such as
households, industries and end-of-life vehicles. This scrap will
be processed through mechanised equipment and used as an
input raw material for downstream steelmaking through EAF.
Commercial production is expected to begin in Financial Year
2019-20 with plans to subsequently expand across India.
Steel Scrap
75
Social and relationship
capital
Strengthening >1.1million
lives touched through CSR
relationships for a initiatives
sustainable tomorrow
Customer satisfaction
index (steel) consistently above
Our long-term relationships
with customers, suppliers and
communities are key to our
80 (out of 100)
over the last 4 years
business sustainability. Nurturing
these relationships for the long
term is integral to our strategy.
~1,400
suppliers trained
through Vendor Capacity
Advancement Programme
(VCAP)
Customers
BUILDING RELATIONSHIPS WITH CUSTOMERS
In line with the motto of ‘Reshaping our business for tomorrow’,
Tata Steel is serving the growing needs of our B2B (Business
Accounts), B2C (Individual Consumers) and B2ECA (Emerging
Corporate Accounts) - customer segments by offering differentiated
products and services. Our end-to-end operation across the value
chain, from mining to finished steel goods, enables us to deliver
superior quality products. Over the years, we have built strong
relationships with the channel partners that has allowed us to serve
existing B2C and B2ECA customer segments through our nation-
wide professional distribution network. We are now leveraging this
extensive network established for steel products to extend our
customer-centric services and new solutions such as Tata Pravesh
Doors & Windows to markets in urban and rural India.
ENTERING NEW MARKET SEGMENTS

While our customers in the automotive and construction segments
enjoy our unwavering commitment and focus, Tata Steel has entered
into new attractive segments and micro-segments by adding new
facilities, and by creating market differentiators through user-friendly
services and solutions. In our constant endeavour to meet the future
needs of our customers, we have forayed into other materials such as Customer Meet - Reinforcing Relationships
Fibre Reinforced Polymers and Graphene.
SO1 SO3
Increase revenue from our services
To meet our objective of becoming the industry leader in steel
and insulating revenue from steel cyclicality, we are is going
and solutions business
beyond the traditional products by offering a range of customised
services, solutions and value-added products across traditional Improve downstream products
and new customer segments business
WAY FORWARD
Enhance B2C business
• Expand Tata Pravesh into Tier 3 and Tier 4 towns
Increase revenue from new
• Increase share of high-strength steel in the Lifting & Excavation
segment
materials business
• Build customer base aligned to the health and sanitation
agenda through municipal corporations and corporates IMPACT ON SDGs
• Scale up new wire fabric product – Sm@rtFAB

• Develop and scale up the new materials business
77
SOCIAL AND RELATIONSHIP CAPITAL (Continued)
Value Proposition for different Customer Groups
B2B (Business Accounts) B2C (Individual Consumers) B2ECA (Emerging Corporate Accounts)
• High product quality and performance • Offer design consultations for optimised • Branded products that offer quality and
product usage durability
• Cross-functional engagement through
customer service teams • Branded products that offer quality and • Customised grades and products through
trust micro-segmentation
• Extended long-term relationships with
customers • Network and channels that enable • Customer forums to share best practices,
products to reach customers just-in-time including safe working practices, and to
• Value-added engineering onsite support
build capability
to OEM customers • Digital platforms such as ‘Aashiyana’ for
early engagement and e-commerce • Digital platforms such as DigECA enable
• ‘COMPASS’: A digital platform for supply
our channel partners to serve the
chain visibility
customers better
Tata Steel domestic sales (MnT) BENEFITS CUSTOMERS DRAW FROM BHUSHAN STEEL ACQUISITION
Our customers also stand to gain from our acquisition of Bhushan Steel (now Tata Steel BSL),
42% 19%
B2B Industrial B2B Automotive through which we will be able to provide them an enhanced product portfolio. Our
product & customers will now have the advantage of choosing from our quality offerings in colour-
projects 16% coated products and precision tubes. This expanded capacity, leading to ramping up of
B2C volumes of Tata Shaktee, Tata Kosh, Tata Steelium and Tata Astrum, will empower our
customers by eliminating stock outs at their end and serve their demands better. In addition
22% to leveraging our customer outreach and sales, we can now provide a better range by
B2ECA manufacturing complementary products.
In Financial Year 2018-19, more than two-third of our output were served to our automotive
and construction customers who continue to be our valued partners. We also catered
to the engineering sector, in which our comprehensive portfolio of solutions range
from engineering services to custom-made plant and equipment. Our product range in
high‑quality agricultural implements is allowing our customers in Indian rural markets get
value for money. Beyond this, Tata Steel continues to expand into the oil & gas and lifting &
excavation segments by enhancing its expertise and preparing downstream facilities to serve
the segment. We are continuously striving to meet the evolving needs of our customers by
effectively engaging with our channel and ecosystem partners to enhance their capacity
and capability.

Key initiatives to enhance value for customers in Financial Year 2018-19
Automotive Construction Engineering
In India, Tata Steel continues to retain a Tata Steel is in the process of shaping the construction Tata Steel is working closely to develop
leadership position in the automotive industry by maintaining its leadership position in new grades of steel with its ECA brands.
segment. specific segments such as individual house builders,
• Over 157 customer engagement
medium and small housing and construction, and rural
• Providing focussed customer activities were organised for
roofing segment.
initiatives such as Customer 7,000+ Emerging Corporate Accounts
Service Teams, Value Analysis and • Tata Steel is investing in downstream products, which (ECAs), through the Ecafez Qualithon
Value Engineering and Advanced help reduce overall cycle time and project costs for platform
Technical Support our customers
• 5 ECA conclaves (an Engagement
• Provided high-end grades through • We are enhancing the quality of consumer experience forum for ECA customers with
the Kalinganagar plant through various initiatives. E-sales of Tata Tiscon and senior leadership of Tata Steel) was
Tata Shaktee have been scaled up through the early conducted for ECA customers across
• Attained 41% growth in high-end
engagement portal ‘Aashiyana’ India
cold rolled coils and sheets through
JCAPCPL (joint venture between • India’s first-ever Fibre Reinforced Plastic foot over • Leveraged initiatives through the
Nippon Steel & Sumitomo Metal bridge was set up by the New Materials Business in deployment of customer service
Corporation and Tata Steel) March 2019 teams, Value Analysis and Value
Engineering (VAVE) and Technology
• New materials business developed
Day
FRP products for the automotive
sector
Customer Satisfaction
Index (Steel) (Score out of 100) Customer complaints (PPM)
Good Good
Happy working with Tata Steel
773
81.3
81.4
81.6
which is providing resource-

80.4
77.8
652
611
effective and sustainable systems

594
that are adding value to our

444
CSR initiatives.
Sanjay Khajuria
Senior Vice President, Corporate Affairs,
Nestlé India Limited
79
Suppliers
FOSTERING LONG-TERM RELATIONSHIPS WITH
SUPPLIERS
As an integrated steel manufacturer, we work very closely with our
network of supply chain partners in upstream as well as downstream.
Our supply chain process is focussed on using a multi-pronged
approach of vendor segmentation and developing long-term supplier
partnerships. We treat our 5,000+ vendors as business partners
through a fair and transparent governance process. All our supply
chain partners are required to comply with the Tata Code of Conduct
(TCoC) which enumerates the principles of fair business practice,
ensuring human rights, complying with environmental regulations
and standards, and adhering to health and safety requirements.
The supply chain partners are covered under the whistle blower policy
and a formal grievance redressal system. To ensure high standards
of occupational health and safety in the supply chain, suppliers are
rated on a 5-star scale. Contracts with high safety risks are awarded
only to partners who score 4 and above on this scale. We also conduct
periodic audits to ensure compliance to good human rights practices.
359 vendors have been trained on TCoC and SA8000, and eight have Supplier Sustainability Expo 2018
been blacklisted due to non-compliance with the TCoC.
>5,000 Suppliers GOAL
STRATEGIC FOCUS We aim to create value creating

SO2 SO4
partnership with our supplier
community, based on a foundation
Maintain cost leadership and care for people across our supply
chain through partnerships with our suppliers
of ethical conduct, high standards
of working conditions and concern
for the environment
WAY FORWARD
IMPACT ON SDGs
Further deepen our relationship building and process
strengthening initiatives
SUPPLIER RELATIONSHIP MANAGEMENT (SRM) PROGRAMME

The SRM programme is aimed at collaborating with strategic vendors on digitalisation
and innovation. We are including suppliers in technological knowledge transfer and 359 70
capacity building programmes to enhance operational efficiencies, reduce transaction vendors trained AA suppliers
time and bring in transparency. Around 1,400 suppliers were covered through the Vendor on TCoC and
Capability Advancement Programme (VCAP) under various topics such as TQM, finance, skill SA8000
development, operational excellence, ethics, safety, and sustainability.
Further, to support the local communities and encourage the inclusion of marginalised 1,035 ~25%
sections of the society, we develop entrepreneurial capabilities and promote vulnerable suppliers suppliers are
communities by positive differentiation through Affirmative Action (AA) Programme of Tata assessed on safety local
Steel. Nearly 25% of our supply chain partners are local, out of which 70 are AA suppliers. parameters
Communities
SHARING VALUE WITH COMMUNITIES FOR
A SUSTAINABLE TOMORROW
For Tata Steel, the well-being of communities and employees is at the
core of its business. We operate in the remote regions of Jharkhand
and Odisha whose overall socio-economic development is not at par
with other parts of the country. The mining and metals industry has
an inherent, significant and lasting adverse social and environmental
impact on the surrounding population. We have mitigated these
impacts by delivering a number of path-breaking interventions since
inception. Townships with necessary facilities (utilities, healthcare,
education and opportunities for earning a livelihood) provide a
superior quality of life equally benefitting employees, their families
and the local population.
STRATEGIC FOCUS GOAL
SO4
Touching > 2 million lives by 2025
Industry leadership in CSR and SHE
WAY FORWARD IMPACT ON SDGs
• Establish district models in improving access to and quality of education and healthcare for
infants, mothers and adolescents
• Continue to engage with tribal communities and nurture leadership potential among tribal
youth
• Adopt innovative ways of enhancing household income, community nutrition, completion of
basic education till matriculation by all, dealing with endemic water deficiency, supporting the
differently abled and enabling better self-governance among citizens at the panchayat level
• Explore partnerships with governments, social sector organisations, academia, experts and
other organisations in the national development space
OUR CSR INTERVENTIONS GO BEYOND REGULATIONS

Tata Steel has over a century of shared context, with communities A comprehensive range of themes with multiple initiatives aligned
giving it a microscopic view of their critical needs and aspirations. to globally accepted guidelines, including the UN SDGs, go well
This has enabled the design of focussed initiatives which have beyond the CSR mandate in the Companies Act, 2013. They cater to
matured over the years, from service provision to empowering the most vulnerable sections among communities, addressing the
communities in forging their future. CSR interventions are deployed challenges of today and building lasting solutions for the future.
by almost 600 professionals with diverse skills interacting directly Focussed projects in health, drinking water, sanitation, education,
with the community daily, partnered by organisations of national livelihoods and infrastructure meet community needs. Sports and
and global repute. TSL consistently commit resources to bold and youth empowerment initiatives engage them meaningfully. Our
innovative projects designed at scale. This approach is the bedrock ‘Tribal Identity’ theme is an emerging signature theme unique
of our strong and enduring community relationships with mutual among corporates. It includes sustained efforts to preserve and
trust and respect. It has significantly contributed to growth in our promote aspects of heritage (language, culture, art forms and sports),
business, setting the Company apart from other mining and metals ground-breaking efforts such as Samvaad and the Tribal Leadership
corporations. Programme, which provide platforms for expression of and debate
on tribal issues across India.
81
Our CSR strategy
Tata Steel’s CSR strategy looks at establishing replicable change models which impact core development gaps
across India (Signature Programmes) and enhance thematic development focus on communities in operating areas
(Proximate Community Development). In addition, TSL continues to strengthen its CSR governance and consolidate
its leadership position by intensifying deployment of its key initiatives through the Tata Steel Foundation.
Initiatives for health, drinking water and sanitation Impact
Maternal and New Born Survival Initiative Infant mortality reduced in 12 blocks of
(MANSI) Odisha and Jharkhand
MANSI focusses on working with pregnant women, A real-time digital tracking system was
mothers and children on the issue of infant mortality launched to provide vital support to
through partnerships with the government, and Sahiyas and ASHAs to respond to high-
national and international NGOs. risk cases
Almost 1,855 high risk child and mother
cases identified
~44% reduction in death rate achieved
Regional Initiative for Safe Sexual Health by Today’s Reached out to

Adolescents (RISHTA)
RISHTA focusses on working with the adolescents to educate them on 15,000+
the importance of nutrition and their rights while imparting life skills adolescents
990+
training.
The RISHTA Android application enables detailed profiling and tracking
of each adolescent over the project period, leading to focussed health Peer educators developed
inerventions and linkage to government programmes. from adolescent population
Outreach clinical healthcare services

We invest in Mobile Medical Units (MMUs), health camps, cataract 3,800+
screenings, surgeries and provision of eye glasses. Cataract cases operated
Mobile Eye Surgical Units (MESU) - a Sankara Nethralaya – IIT Chennai
collaboration–takes world-class cataract surgical care to remote
2,400+
surgeries conducted by
locations in Jharkhand through a fully equipped mobile operating
MESU
theatre.
HIV-AIDS and leprosy

We are working with the LEPRA Society to spread awareness, and ~ 1,905
provide treatment and rehabilitation to leprosy patients. We invest in leprosy cases availed
truckers intervention to raise awareness about HIV-AIDS. awareness, treatment
and rehabilitation, which
included 31 surgeries
Drinking water
We install and repair drinking water facilities such as hand tube wells 1.2 lakh +
and deep bore wells, and piped drinking water, and are working on beneficiaries impacted
solar-powered drinking water projects. through installation of
these facilities
The Springs initiative was an experiment conducted to prevent
contamination of natural perennial springs. It enabled availability of
clean water to five villages throughout the year.

Initiatives for Education Impact
Thousand Schools project

Thousand Schools project is working on the 1,170
deployment of the Right to Education Act schools reached out in Odisha and 248 in
by enabling access for children to school, Jharkhand
improving teaching and learning levels
and improving school governance through
School Management Committees.
1,50,000+
students covered in Odisha and Jharkhand
Learning Beyond School is a fully community
managed education resource centre that
enables children to learn beyond school
1,600+
hours and become familiar with digital habitations have become Child Labour Free
technology. Zones, out of the total 2,239 being addressed in
Odisha since the inception of the project
Residential camp schools

We conduct residential camp schools (Masti
3
Ki Pathshala) for children who are either new Masti ki Pathshalas created in FY 2018-19 in
dropouts or from vulnerable backgrounds Jamshedpur – total 4 schools catering to 50 girls
engaged in child labour. and 260 boys
Our Saving Lost Childhood programme aims Almost 40 boys were mainstreamed to CBSE-
to reduce child labour in Jamshedpur. based formal schools in FY 2018-19 from the first
Masti Ki Pathshala
Pipla school in Jamshedpur now caters to around
100 girls from nearby areas who require bridging
and mainstreaming to formal schools
Scholarships
We offer Tata Steel Scholars Programme
90+
and Jyoti scholarships that provide financial students received scholarships under Tata Steel
assistance to meritorious SC/ST students for Scholars Programme for Jharkhand and Odisha
3,300+
post-graduate professional courses. Jyoti
fellowship is also offered to SC/ST students
from Class VII to post-graduation. students received scholarships under Jyoti
Fellowship in Jharkhand and Odisha
7
Tata Steel Scholars received pre-placement
offers from Tata Steel in FY 2018-19
Child education for Particularly About 260 students enrolled in 7 residential

Vulnerable Tribal Groups (PVTG) English-medium schools in FY 2018-19, most
We work with the PVTG communities to of them first generation learners from PVTG
provide them access to good education families
facilities.
83
Initiatives for Livelihood Impact
Technical education institutes

We develop technical education institutes to improve employability ~4,800
of the youth in the community through professional skilling courses. youth enrolled
~2,500
Ek Pahal is a skilling initiative to constructively engage prison inmates
by imparting in-house training to enable them to secure gainful
employment, both within and outside the jail. youth trained
~2,000
Digital skills for rural children are imparted through a classroom-
on-wheels called ‘Kaushalyan’ using an air-conditioned bus with
workstations, an LED TV display as well as a trained computer faculty. youth placed/
The nursing programme aimed at addressing the issues of poverty, self-employed
unemployment and mass migration through nursing training.
Women Self-help Groups (SHGs)

We have created women SHGs in our communities to
~10,000
impart skills and empower them to run an enterprise. women empowered
through SHGs in 95 gram
panchayats
Improve agricultural productivity

We boost farmers’ income through improved agricultural
20,000+
productivity by investing in improved irrigation facilities farmers benefitted through
for the community, waste land development and other agriculture productivity
allied activities techniques and allied
activities
~85
ponds constructed/repaired
in Jharkhand and Odisha for
agricultural and domestic
use

The Development Corridor Impact
A 280 km well-being trail
The Corridor is the route connecting Tata Steel’s Jamshedpur and Kalinganagar operations.
The project has extensive data on over 3.6 lakh population (>90,000 households) in
71 Gram Panchayats across 5 districts using the Data, Evaluation, Learning, Technology and
Analysis (DELTA) digital microplanning system of the Tata Trusts
Initiatives for youth empowerment Impacts
Youth empowerment through sports

We empower youth by training them and 40,000+
providing them access to good sports youth engaged through
facilities and nurturing sporting talent with different sports activities
career potential
Initiatives for tribal identity Impact
Connecting tribal communities 6 regional editions of Samvaad held across India.

We created ‘Samvaad’, a national platform for 1,680 tribals representing 99 tribal communities,
discussion among tribal communities delegates from 27 Indian states and 17 countries
attended the Samvaad 2018 event
Tribal heritage Almost 16,480 students of Jharkhand and

We work with 12 tribal organisations to revive Odisha enrolled in 317 language centres
and rejuvenate tribal language, literature and providing instructions in 6 tribal languages
cultural heritage. Created ‘Rhythms of the Earth’, a pan-India
tribal musical group comprising 75 members
from 5 states covering 14 tribes
Tribal sports Almost 4,200 tribal youth of Jharkhand and

We also encourage and promote tribal sports Odisha were engaged through tribal sports
Tribal Leadership Programme

The residential programme is for individuals from tribal communities
willing to work to bring about a positive change in society.
85
Summer Camp, JRD Tata Sports

Jubilee Park, Jamshedpur Tata Main Hospital, Jamshedpur Complex , Jamshedpur
Quality of life for communities
Jamshedpur - Celebrating 100 years of our legacy township

Jamshedpur is the only million-plus city in India without a municipal Tata Steel caters to the healthcare requirement of its employees,
corporation, with Tata Steel providing all amenities, such as power, their families, and the community around its area of operations.
water, sewage line, and sanitation facilities resulting in high Quality The medical facilities are extended through a network of Tata Main
of Life (QoL) for its citizens. Tata Steel has progressively met the Hospital (TMH) located in Jamshedpur – 1,000+ bed tertiary care
challenges posed by the surge in urban growth and increasing hospital supported by 8 TMH clinics spread across the city and raw
aspirations of a world-class city. With 37.5% green cover, Jamshedpur material locations such as Jamadoba, Noamundi, Sukinda, West
scores 101 on the QoL index, which is similar to the best cities in India. Bokaro and Joda.
Catering to healthcare of our communities
1.64 million 59,000 21,000

OPD patients Indoor admissions Surgeries and procedures
TSK - A new beginning

The wilful relocation and resettlement of 100% of families staying
inside the Tata Steel Kalinganagar (TSK) project area as per the
R&R guidelines of the Government of Odisha was completed in
Financial Year 2018-19. Beyond the R&R guidelines, Tata Steel is
planning to develop model colonies with self-contained facilities
such as portable water supply, water treatment plant, rain water
harvesting, and solid waste management. Water treatment plant
with a capacity of 1 million litres per day has been completed and
made operational since March 14, 2019. For promoting education of
the children of relocated families and the nearby community, Loyola
School, Kalinganagar has been constructed with all standard facilities
to cater to 1,400 students.
A 200-bed facility of Tata Steel-Medica Hospital is operational
and is catering to quality healthcare needs of the people living in
and around Kalinganagar. Multi-specialty health camps are also
being organised to provide specialised healthcare services to
people. An integrated township, with a plan of 1,004 flats are being
Tata Steel Medica Hospital, Kalinganagar, Odisha
constructed. In the first phase, 188 flats, were completed and handed
over in Financial Year 2018-19.

Sports - A way of life at Tata Steel

Tata Steel engages employees, their families and the community in
sporting activities through its:
• Sports academies (Tata Football Academy, Tata Archery Academy
and Naval Tata Hockey Academy)
• Extension centres run along with Sports Authorities of India
(Athletics and boxing)
• Training centres covering 17 disciplines, including basketball,
badminton, volleyball, table tennis and chess.
Some key highlights of our sports initiatives in FY 2018-19

• Padma Shri laureate, Ms. Bachendri Pal, the first Indian woman
to climb Mt. Everest, was conferred the Padma Bhushan in 2019.
The Tata Steel Adventure Foundation (TSAF) headed by her, has
enabled seven members of the community to scale Mt. Everest.
TSAF has also formed a Climbing Academy.
Tata Football Academy and Tata Trusts collaborate with
• Apart from regular runs and half marathons at Jamshedpur, Atlético de Madrid to develop Indian Football
Kolkata, Bhubaneswar and Noamundi, a run was organised at
Angul (location of Tata Steel BSL) and a run was sponsored at • Established in 1987 to train and nurture budding Indian
Indore, both of which were new initiatives. footballers, Tata Football Academy (TFA) continues to serve
national level football 141 out of 213 cadets have represented
• The Naval Tata Hockey Academy, which has a world-class
the country. In Financial Year 2018-19, TFA entered a tie-up with
AstroTurf, is focussed on the tribal communities. The team won
La Liga Giants Atlético de Madrid.
the JSA Cup and nine boys were selected to attend the National
Camp for the junior team. • Jamshedpur Football Club (JFC) continued its participation in the
ISL and brought together some of India’s top talents, youngsters
• The Tata Archery Academy has over the last 16 years trained
and experienced foreign players. JFC continued to have its impact
127 cadets, 45 of whom have represented India. In Financial Year
on the overall ecosystem of football in our areas of operation,
2018-19, Deepika Kumari from the Academy won the gold medal
including grassroots football, youth football and women football,
at the World Cup Stage 3 at Kolkata and bronze medal in the finals
and on improving the infrastructure, training and development.
in Antalya, Turkey. Deepika and Prachi Singh won a gold medal in
the Asia Cup in Taiwan.
Tata Steel Training and Feeder Centre sports achievements in FY 2018-19
Level Participation Gold Silver Bronze Total
District 247 57 28 34 119
State 414 202 131 116 449
Zonal 69 42 22 16 80
National 182 14 16 18 48
International 6 3 1 3 7
Total 918 318 198 187 703
87
Awards and recognitions
We are a leading corporate in the Indian and global steel industry. We
continue to be recognised for our operational excellence, as well as,
environmental and social stewardship.
PM’s Trophy for the Best Performing Steel Sustainability Champions 2018
Integrated Steel Plant for 2016-17 recognition by World Steel Association
‘Global Steel Industry Leader’ in the Tata Pravesh Doors, Tata Pipes & Awarded the Authorised Economic
Dow Jones Sustainability Index (DJSI) Tata Structura have been certified as Operator (AEO) Status (Tier 2) in
2018 green products through ‘GreenPro’ March 2019 by The Directorate of
certification by the Confederation of International Customs (Ministry of
Indian Industry (CII). Finance)
(First steel products in India to get this
eco-label)

90-194 STATUTORY REPORTS
90 Board’s Report
109 Annexure 1 - Dividend Distribution Policy
112 Annexure 2 - Management Discussion Analysis
126 Annexure 3 - Annual Report on CSR Activities
129 Annexure 4 - Corporate Governance Report
148 Annexure 5 - Particulars of Remuneration
152 Annexure 6 - Financial Information of
Subsidiary Companies
161 Annexure 7 - Information on Subsidiaries or
Associates (including Joint Ventures)
163 Annexure 8 - Secretarial Audit Report
166 Annexure 9 - Extract of Annual Return
188 Annexure 10 - Particulars of Loans,
Guarantees or Investments
189 Annexure 11 - Particulars of Energy Conservation,
Technology Absorption and Foreign
Exchange Earnings and Outgo
195-418 FINANCIAL STATEMENTS

195 Highlights
199 Standalone
293 Consolidated
419 NOTICE
BOARD’S REPORT
Board’s Report
To the Members,
Your Directors take pleasure in presenting the 4th Integrated Report (prepared as per the framework set forth by the International Integrated
Reporting Council) and the 112th Annual Accounts on the business and operations of your Company, along with the summary of standalone
and consolidated financial statements for the year ended March 31, 2019.
A. Financial Results
(` crore)
Standalone Consolidated
Particulars
2018-19 2017-18 2018-19 2017-18
Revenue from operations 70,610.92 60,519.37 1,57,668.99 1,24,109.69
Total expenditure before finance cost, depreciation (net of
50,047.98 44,740.41 1,28,285.65 1,02,676.50
expenditure transferred to capital)
Operating Profit 20,562.94 15,778.96 29,383.34 21,433.19
Add: Other income 2,405.08 763.66 1,420.58 881.10
Profit before finance cost, depreciation, exceptional
22,968.02 16,542.62 30,803.92 22,314.29
items and taxes
Less: Finance costs 2,823.58 2,810.62 7660.10 5,454.74
Profit before depreciation, exceptional items and taxes 20,144.44 13,732.00 23,143.82 16,859.55
Less: Depreciation and amortisation expenses 3,802.96 3,727.46 7,341.83 5,741.70
Profit/(Loss) before share of profit/(loss) of joint ventures &
16,341.48 10,004.54 15,801.99 11,117.85
associates, exceptional items & tax
Share of profit/(loss) of Joint Ventures & Associates - - 224.70 239.12
Profit/(Loss) before exceptional items & tax 16,341.48 10,004.54 16,026.69 11,356.97
Add/(Less): Exceptional Items (114.23) (3,366.29) (120.97) 9,599.12
Profit before taxes 16,227.25 6,638.25 15,905.72 20,956.09
Less: Tax Expense 5,694.06 2,468.70 6,718.43 3,392.33
(A) Profit/(Loss) after taxes - from Continuing operations 10,533.19 4,169.55 9,187.29 17,563.76
Profit/(loss) before tax from Discontinued operations - - (98.60) 206.96
Less: Tax expense of Discontinued Operations - - (9.64) 13.06
Profit/(Loss) after tax from Discontinued Operations - - (88.96) 193.90
Profit/(Loss) on Disposal of Discontinued Operations - - - 5.15
(B) Net Profit/(loss) after tax - from Discontinued operations - - (88.96) 199.05
(C) Net Profit/(Loss) for the Period [ A + B ] 10,533.19 4,169.55 9,098.33 17,762.81
Total Profit/(Loss) for the period attributable to:
Owners of the Company - - 10,218.33 13,434.33
Non-controlling interests - - (1,120.00) 4,328.48
(D) Total other comprehensive income (50.22) (61.12) 7.79 (3,078.01)
(E) Total comprehensive income for the period [ C + D ] 10,482.97 4,108.43 9,106.12 14,684.80
Retained Earnings: Balance brought forward from
18,700.25 12,280.91 7,801.99 (11,447.01)
the previous year
Add: Profit for the period 10,533.19 4,169.55 10,218.33 13,434.33
Less: Distribution on Hybrid perpetual securities 266.12 266.13 266.12 266.13
Add: Tax effect on distribution of Hybrid perpetual securities 92.99 92.70 92.99 92.70
Add: Other Comprehensive Income recognised in
3.88 155.39 (425.92) (2,780.05)
Retained Earnings
Add: Other movements within equity 1.49 3,427.46 (1,995.47) 9,926.37
Balance 29,065.68 19,859.88 15,425.80 8,960.21
Which the Directors have apportioned as under to:
(i) Dividend on Ordinary Shares 1,145.92 971.22 1,144.76 970.05
(ii) Tax on dividends 224.86 188.41 224.61 188.17
Total Appropriations 1,370.78 1,159.63 1,369.37 1,158.22
Retained Earnings: Balance to be carried forward 27,694.90 18,700.25 14,056.43 7,801.99

Notes: 1. Dividend Distribution Policy

(1) On January 28, 2019, T S Global Holdings Pte. Ltd. (‘TSGH’) (an indirect In terms of Regulation 43A of the Securities and Exchange Board of
wholly-owned subsidiary of the Company) executed definitive
India (Listing Obligations and Disclosure Requirements) Regulations,
agreements to divest its entire equity stake in NatSteel Holdings Pte. Ltd.
(‘NSH’) and Tata Steel (Thailand) Public Company Ltd (‘TSTH’). As per the
2015, as amended (‘Listing Regulations’) the Board of Directors of
agreements, the divestment will be made to a company, to be formed, the Company (‘the Board’) formulated and adopted the Dividend
in which 70% equity shares will be held by an entity controlled by HBIS Distribution Policy (‘the Policy’). As per the Policy, the Company,
Group Co. Ltd. and 30% will be held by TSGH. after considering various external factors that may have an impact on
the business as well as internal factors such as the long-term growth
The assets and liabilities of NSH and TSTH have been classified as ‘held
for sale’ as on March 31, 2019 and have been presented separately in
strategy of the Company and the liquidity position including working
the Consolidated Balance Sheet. The results for the current period of capital requirements and debt servicing obligations, will endeavour
NSH and TSTH have been disclosed within discontinued operations and to pay dividend up to 50% of profit after tax of the Company, subject
results for the previous periods have been restated accordingly. to the applicable rules and regulations.
(2) During the year under review, exceptional items (Consolidated Accounts) The Policy is annexed to this report (Annexure 1) and is also available
primarily represents: on our website www.tatasteel.com
a) Provision for demands and claims amounting to `329 crore
relating to certain statutory demands and claims on environment 2. Dividend
and mining matters at Tata Steel Limited (Standalone).
The Board recommended a dividend of `13 per fully paid Ordinary
b) Provision of `172 crore in respect of advances with public bodies
paid under protest by Tata Steel BSL Limited.
Share on 112,64,89,680 Ordinary Shares of face value `10 each,
c) Provision for Employee Separation Scheme (‘ESS’) under Sunehere for the year ended March 31, 2019. (Dividend for Financial Year
Bhavishya Ki Yojana (‘SBKY’) scheme amounting to `35 crore at 2017-18: `10 per fully paid Ordinary Share on 112,64,84,815 fully
Tata Steel Limited (Standalone). paid Ordinary Shares of face value `10 each).
d) Impairment charges of `10 crore in respect of property, plant
and equipment (including capital work-in-progress and capital
The Board also recommended a dividend of `3.25 per partly paid
advances) and intangible asset at Tata Steel BSL Limited. Ordinary Share on 7,76,36,705 partly paid Ordinary Shares of
face value `10 each (paid up `2.504 per share) for the year ended
Partly offset by: March 31, 2019. [Dividend for Financial Year 2017-18: `2.504 per
e) Profit on sale of non-current investments amounting to `180 crore, partly paid Ordinary Share on 7,76,34,625 partly paid Ordinary
primarily in TRL Krosaki Refractories Limited (an associate of the
Shares of face value `10 each (paid-up `2.504 per share)]. The Board
Company) and certain other subsidiaries and joint ventures.
recommended dividend based on the parameters laid down in the
f ) Restructuring and write back of provisions amounting to `245
crore which primarily includes write-back of liabilities no longer
Dividend Distribution Policy.
required at Tata Steel BSL Limited and arbitration settlement at The dividend on Ordinary Shares (fully paid as well as partly paid) is
Jamshedpur Utilities & Services Company Limited, partly offset by
subject to the approval of the Shareholders at the Annual General
charge at Tata Steel Europe.
Meeting (‘AGM’) scheduled to be held on Friday, July 19, 2019.
The exceptional items (Consolidated Accounts) in Financial Year 2017-18
primarily include:
The dividend once approved by the Shareholders will be paid on and
a) Gains arising out of modification in benefit structure for members from Tuesday, July 23, 2019. If approved, the dividend would result in
of the new pension scheme (‘NBSPS’) versus their benefits under a cash outflow of `1,795.87 crore inclusive of dividend distribution
Tata Steel Europe’s British Steel Pension Scheme (‘BSPS’), offset by tax of `306.21 crore. The dividend on Ordinary Shares (fully paid
settlement charges for those members who did not join the NBSPS as well as partly paid) is 130% of the paid-up value of each share.
and one-off costs at Tata Steel Europe amounting to `13,851 crore. The total dividend pay-out works out to 17% (Previous Year: 33%) of
Partly offset by: the net profit for the standalone results.
b) Provision of `3,214 crore in respect of certain statutory demands The Register of Members and Share Transfer Books of the Company
and claims relating to environment and mining matters, net of
(for fully paid as well as partly paid shares) will remain closed from
liability written back towards District Mineral Fund at Tata Steel
Limited (Standalone).
Saturday, July 6, 2019 to Friday, July 19, 2019 (both days inclusive) for
c) Provision for advances paid for repurchase of equity shares in Tata the purpose of payment of the dividend for the Financial Year ended
Teleservices Ltd. from NTT DoCoMo Inc. amounting to `27 crore at March 31, 2019 and the AGM.
Tata Steel Limited (Standalone).
d) Provision for Employee Separation Scheme (‘ESS’) under Sunehere 3. Transfer to Reserves
Bhavishya Ki Yojana (‘SBKY’) Scheme `108 crore mainly at Tata The Board of Directors has decided to retain the entire amount of
Steel Limited (Standalone) and at Jamshedpur Utilities & Services profit for Financial Year 2018-19 in the statement of profit and loss.
Company Limited.
e) Impairment charges `903 crore in respect of Property, Plant and
Equipment (including capital work-in-progress) and intangible
assets relating to Global Mineral entities.
91
BOARD’S REPORT
4. Capex and Liquidity Growth in India was 7.1%, primarily due to growth in construction
During the year under review, the Company, on a consolidated sector (8.9%) and manufacturing sector (8.1%). The Gross fixed
basis spent `9,091 crore on capital projects across India, Europe capital formation is estimated to have increased by 10%, thereby
and Canada largely towards essential sustenance, replacement and contributing to 32.3% of GDP.
on-growth projects in India (Kalinganagar plant and Tata Steel BSL Overall, increasing trade tensions took a toll on business confidence,
Limited), and in the Netherlands. Despite this significant spend, the worsening financial market sentiments. Also, tightening financial
Company was able to keep the gross debt level stable during the year. conditions for vulnerable emerging markets in early 2018 and for
The Company’s liquidity position remains strong at `15,284 crore advanced economies later in the year showed its impact on global
as on March 31, 2019, comprising `5,937 crore in cash and cash demand, leading to a slowdown in global economic growth.
equivalent and `9,347 crore in undrawn bank lines.
2. Economic Outlook
5. Management Discussion and Analysis According to the International Monetary Fund (‘IMF’), global
The Management Discussion and Analysis as required in terms economic growth is expected to further decline to 3.3% in 2019 but
of the Listing Regulations is annexed to the report (Annexure 2) return to 3.6% in 2020. While the slow paced growth in the second
and is incorporated herein by reference and forms an integral part half of 2018 is likely to continue in the first half of 2019, growth in
of this report. the second half of 2019 is expected to gain momentum, owing to
an ongoing build-up of policy stimulus in China, improvements in
B. Integrated Report global financial market sentiment, waning of some temporary drags
on growth in the euro area, and a gradual stabilisation of conditions
In keeping with the Company’s commitment to society, in 2016,
in stressed emerging market economies. Improved momentum
we transitioned from compliance based reporting to governance
for emerging market and developing economies is projected to
based reporting by adopting the <IR> framework developed by the
continue into 2020, primarily reflecting developments in economies
International Integrated Reporting Council.
currently experiencing macroeconomic distress.
We present to you our 4th Integrated Report which highlights the
Growth in advanced economies is expected to slow down from
Company’s efforts during the year that contribute to long-term
2.2% in 2018 to 1.8% in 2019 to 1.7% in 2020. The United States is
sustainability and value creation, paving way for a better tomorrow.
expected to grow at a slower pace of 2.3% in 2019, down to a further
1.9% in 2020 as the impact of the fiscal stimulus fades. Growth in the
C. External Environment
Euro area is expected to decline to 1.3% in 2019 as the effect of the
1. Macroeconomic Conditions weakness in 2018 is likely to carry forward to the first half of 2019.
Following an upswing in the last two years, global growth declined China’s economic growth is expected to be at 6.3% in 2019 due to
to 3.6% in 2018, owing to various factors such as increase in trade lingering impact of trade tensions with the US.
tensions and tariff hikes between the United States and China, The Indian economy is expected to grow at about 7.3% in 2019
decline in business confidence, tightening of financial conditions, and further by 7.5% in 2020, supported by the continued recovery
and higher policy uncertainty across many economies. While the of investment and robust consumption amid a more expansionary
first half of 2018 witnessed strong growth at 3.8%, the second half stance of monetary policy and some expected impetus from fiscal
saw a deceleration in global economic activity, in light of the various policy. Resolution of Non-Performing Assets (‘NPA’) and other
factors affecting major economies. recoveries over the past year have been efficacious. Large NPA
Growth in China was at 6.6%, its slowest pace since 1990, due accounts should continue to see resolution in 2019. The projected
to necessary domestic regulatory tightening, slower domestic increase in growth rate can also be attributed to sustained rise in
investment, and tariff hikes and trade tensions with the United consumption, gradual revival in investments, and greater focus on
States. The United States witnessed a growth of 2.9%, the highest infrastructure development.
since 2015, with major contribution coming from personal spending,
fixed investment, public expenditure and inventories. Growth in the D. Steel Industry
Euro area economy slowed to 1.8% in 2018, owing to weakening 1. Global Steel Industry
consumer and business sentiments, disruptions in car production
According to the World Steel Association (‘WSA’), global crude steel
in Germany due to delay in introduction of new fuel emission
production reached 1,808.6 MnT in 2018, an increase of 4.6% over
standards, fiscal policy uncertainty, elevated sovereign spreads, and
2017. This increase is primarily due to growth in steel consumption
declining investment in Italy, and drop in external demand, especially
in infrastructure, automotive, manufacturing and equipment
from emerging Asia. Growing concerns about a no-deal Brexit also
sectors. China continued to be the world’s largest crude steel
probably weighed on investment spending within the euro area.
producer, contributing to 51.3% of the global crude steel production.
Activity in Japan weakened mainly due to natural disasters.
Crude steel production in India, increased to 106.5 MnT. India’s crude

steel production increased by 4.9% over the previous year, making E. Operations and Performance
India the second largest crude steel producing country.
1. Tata Steel Group
Despite slowdown in the economy, global steel demand increased by
During the year under review, Tata Steel Group (‘the Group’)
2.1% in 2018. The marginal increase over 2017 was mainly supported
recorded total deliveries of 26.80 MnT (previous year: 22.89 MnT).
by government stimulus in China and better than expected economic
Increase in deliveries was due to acquisition of Bhushan Steel Limited
activity. However, steel demand in developed economies slowed to
[renamed Tata Steel BSL Limited (‘TSBSL’)] along with higher volumes
1.8% in 2018 as compared to 3.1% in 2017.
from Tata Steel Kalinganagar. The turnover for the Group was at
Steel demand in the European Union (‘EU’) grew by 2.2% in 2018 as `1,57,669 crore (previous year: `1,24,110 crore), an increase of 27%
against 3.4% in 2017. Output growth in the steel consuming sectors in over the previous year. This increase is primarily attributable to
the EU eased in the second half of 2018, especially in the automotive increase in deliveries and realisations from domestic operations and
sector. Output of passenger cars was negatively impacted by the increase in realisations at Tata Steel Europe.
introduction of new emission testing procedures and a slowdown in
The Group EBITDA was `29,770 crore (previous year: `21,369 crore),
demand both inside and outside the EU. In 2018 the EU was a net
an increase of 39% over the previous year. EBITDA increased mainly at
importer of steel at 16.9 MnT. Exports from China to the rest of the
Tata Steel Limited (Standalone) on account of improved steel margins
world decreased again in 2018 to 68.8 MnT. Changing trade flows
attributable to higher volumes, higher realisations and acquisition
in the global steel market have caused an increase in the amount of
of TSBSL. Increase in EBITDA at Tata Steel Europe is attributable to
anti-dumping measures.
better than expected market conditions with higher selling prices in
2. Outlook for Steel Industry the European market.
As per WSA, global steel demand is forecasted to reach During the year under review, the Group reported a consolidated
1,735 MnT in 2019, an increase of 1.3% over 2018. In 2020, global profit after tax (including discontinued operations) of
steel demand is expected to reach 1,752 MnT, reflecting an increase `9,098 crore (previous year: `17,763 crore) which translated into a
of 1%. Although steel demand is expected to grow, the rate of growth basic Earning per share of `87.75. Profits were lower than previous
will be lower owing to slowdown in global economy. Further, China’s year as previous year’s profit included an exceptional gain of
deceleration, uncertainty surrounding trade policies and the political `9,599 crore primarily due to non-cash accounting surplus arising
situation in many regions suggest a possible moderation in business from the formation of new British Steel Pension Scheme, as against a
confidence and investment. charge of `121 crore during the current year.
China plans for a major structural overhaul of the steel sector by 2. India
2020. Further, it plans to reduce the steel output which would ease
During the year under review, total deliveries at Tata Steel Limited
the uneven supply-demand situation in the sector, modernise the
(Standalone) were at 12.69 MnT (previous year: 12.15 MnT), recording
steel mills to achieve energy consumption and pollutant emissions
an increase of 4.5% over the previous year. Turnover was `70,611
within the nation standard by 2020. Steel demand in developing Asia
crore (previous year: `60,519 crore), 16.7% higher than that of the
excluding China is expected to grow by 6.5% and 6.4% in 2019 and
previous year. EBITDA from Tata Steel Limited (Standalone) was
2020 respectively, making it the fastest growing region in the global
`20,744 crore (previous year: `15,800 crore), 31% higher than that of
steel industry. In the ASEAN region, infrastructure development is
the previous year.
expected to support demand for steel. Steel demand in advanced
economies is expected to grow at a slower pace owing to trade During the year under review, crude steel production in India
tensions and lower spend on construction activities. (including TSBSL) increased by 35% to 16.81 MnT. Total deliveries
at Tata Steel India were at 16.26 MnT, recording an increase of 34%
Steel demand in India is expected to grow at 7% in 2019 as well
over the previous year due to the acquisition of TSBSL and a ramp
as in 2020. Steel demand in India will be driven by broad based
up at both Kalinganagar and TSBSL. Volumes from Indian operations
growth across sectors. Construction is expected to grow boosted
account for more than 61% of the consolidated volumes.
by government spending on infrastructure. The automotive sector
is expected to grow at about 7.5% in 2019 which is lower than The turnover (excluding inter-company eliminations and
that of 2018 as sales slowed towards the end of 2018 and early adjustments) from Indian operations (including TSBSL) was
2019. Policy to support real estate sector will lead to stronger `88,987 crore, 47% higher than that of previous year. This was mainly
growth in 2019. Recovery in the capital goods sector witnessed due to higher steel realisation and volumes.
in 2018 is expected to sustain in 2019. The sector is expected to
Indian operations including TSBSL reported EBITDA (excluding
grow above 7% aided by increasing demand for construction and
inter-company eliminations and adjustments) for the year was
earthmoving equipment.
`23,777 crore, which has been highest ever in history. This has been
Industry consolidation through the Insolvency and Bankruptcy Code, achieved by strong operating and commercial performance.
2016, is expected to lead to improved discipline in the marketplace
Company’s leadership position in chosen segments has been
and stable pricing. Change of ownership will also lead to improved
growing continuously and industrial products and project segments
capacity utilisation levels over the next 1-2 years.
93
BOARD’S REPORT
sales grew by 42% year-on-year. The branded products retails and The Graphene and Fibre Reinforced Polymer businesses have
solutions business grew by 30% year-on-year, the automotive also established required enablers to scale up. The Steel Recycling
segment sales increased by 21% year-on-year, and the automotive Business is setting up the required business model and capabilities.
steel sales volume crossed 2.25 million mark in Financial Year 2018-19.
Going forward, the Company aspires to further strengthen its
The Company is striving for a sustainable business model and has leadership position in the industry and is pursuing the following
undertaken a number of initiatives that will reduce its carbon priorities in the medium term:
footprint across the value chain. The CO2 emission intensity at
Industry leadership in Steel: In the near future, India, given its
Jamshedpur plant improved to 2.28 tonnes of carbon per ton of steel
proposed infrastructure projects, is expected to be one of the
in Financial Year 2018-19. The solid waste utilisation was in excess of
largest consumers of steel and stimulators of steel demand. In order
99%. Tata Steel Kalinganagar Phase - II expansion is progressing as
to meet this increasing demand, the Company has in place, plans
per plan and is scheduled for completion in Financial Year 2021-22.
to consistently grow through brownfield expansions as well as
3. Europe value creating acquisitions. In order to attain leadership position
in the steel industry, key priority for the Company is to progress
During the year under review, production at European operations
on implementation of TSK Phase - II. The Company is also working
was lower by 381k tonnes (4%) on account of operational issues at
towards creating a larger long products portfolio to participate
both the sites, mainly due to overrun of BF5 life extension works in
in the growing market for long products, driven by increase in
the UK Pellet plant overhaul issues and fire at caster 22 in IJmuiden.
urbanisation and infrastructure development. To achieve this
Deliveries declined by 350k tonnes (4%) in line with lower production.
objective, integration of the steel business of Usha Martin Limited
The turnover increased from `59,985 crore in previous year to and a roadmap for growth in Long Products will be the areas of
`64,777 crore during the year owing to increase in average revenue focus for the future. The Company also aspires to attain leadership
per tonne due to improved market conditions. EBITDA increased position in new segments viz. Lifting and Excavation, Oil and Gas,
by `1,701 crore (46%) attributable to better than expected market Pre-Engineered Buildings, etc. and to maintain leadership position in
conditions with higher selling prices in the European market. segments such as Automotive, Emerging Corporate Accounts (Small
and Medium Enterprises), Individual House Builders, etc.
The European Operations reported loss before tax as compared
to profit reported in the previous year which included gain of Consolidate position as global cost leader: The Company has
`13,851crore relating to non-cash accounting surplus arising from consistently been one of the most profitable and lowest cost
the formation of new British Steel Pension Scheme. producers of steel in the world. Cost of captive iron ore and coal
represents almost 50% of the operational cost base of the Company.
F. Strategy Structural cost reduction projects in areas of operational efficiency,
The year under review has been quite rewarding for the Company in employee productivity, logistics, digital-enabled efficiency
terms of meeting profitability targets, preparing for the future and enhancement, etc. are being undertaken to consolidate and to
witnessing progress on initiatives commenced in the previous years. maintain the Company’s position as a cost leader. Realisation of the
planned synergy benefits with Tata Steel BSL Limited is also a top
The acquisition of Bhushan Steel Limited (renamed Tata Steel BSL priority in this area.
Limited) has enhanced the overall capacity of the Company by 5 MnT,
thereby providing the structurally strong Indian business operations the Insulate revenues from steel cyclicality: The steel industry is
required scale. The Company has further growth plans including growth cyclical in nature. In order to insulate itself from this cyclicality, the
of its long products business. During the year, the Company also entered Company is focusing on strengthening the branded consumer
into definitive agreements to divest majority stake in its South-East Asian business and downstream product portfolio. Tata Steel has embarked
operations in order to focus resources on growth in India. on Services & Solutions (‘S&S’) business to reduce the impact of steel
cyclicality. Pravesh and Nest In are examples of our offering in S&S.
The Company has also taken steps to establish a sustainable These businesses are seeing significant growth. Leveraging our deep
leadership position through simplification of the organisation and knowledge of customer needs and ability to execute insight-driven
building scale in capabilities and new businesses. As part of its innovation, we believe that this portfolio will provide us with
strategy, various teams have been set up to achieve certain goals for significant competitive advantage in future. We are planning for
the organisation. These teams include: (i) an integrated technology strong growth in S&S and these businesses can contribute 20% of
team, to achieve the goal of being amongst the top 5 in steel our revenue going forward.
technology globally; (ii) a One IT team to achieve the goal of value
creation through digital transformation by investing in the required Tata Steel is also scaling up a portfolio of new materials, currently
infrastructure and partnerships; and (iii) an integrated supply chain comprising of Graphene and Fibre Reinforced Polymer. These new
team to enable multi-locational growth and greater efficiency. In the businesses have exciting possibilities and we will use technology
Services & Solutions portfolio, ‘Pravesh’ (steel doors and windows) is to create differentiating value propositions and new applications.
making progress towards achieving the required scale. S&S and new materials businesses will provide added impetus to our
differentiated play and provide a unique growth opportunity.

Industry leader in Corporate Social Responsibility and Safety, Company by way of a composite scheme of amalgamation and have
Health and Environment: As one of the leading steel producers in recommended a merger ratio of 1 equity share of `10 each fully paid
the world, the Company aspires to be a leader in sustainable business up of the Company for every 15 equity shares of `2 each fully paid up
practices in the industry. Towards this objective, the Company is held by the public shareholders of TSBSL.
taking steps to reduce its environment footprint. Focusing on steel
As part of the scheme, the equity shares held by BNPL and the
scrap recycling business to promote sustainable steel making and
preference shares held by the Company in TSBSL shall stand
to create a circular economy for steel is one of the key elements
cancelled. The equity shares held by the Company in BNPL shall also
of our business model for growth in Long Products. The Company
stand cancelled. The amalgamation is subject to shareholders and
also recognises the need to create a safe and healthy environment
other regulatory approvals.
for all employees and stakeholders and desires to be an industry
leader in Corporate Social Responsibility (‘CSR’) and Safety, Health & Acquisition of Creative Port Development Private Limited
Environment (‘SHE’). This will be achieved through enhanced focus
In January 2017, the Company entered into definitive agreement
on reducing unsafe incidents at the workplace, carbon emissions and
to acquire 51% equity stake in Creative Port Development Private
consumption of natural resources such as water. The Company will
Limited (‘CPDPL’) for the development of Subarnarekha Port at
continue to deepen the engagement with communities, aiming to
Odisha through a wholly-owned subsidiary Subarnarekha Port
touch many more lives through its CSR initiatives.
Private Limited. On September 18, 2018, the Company completed
Strategic enablers: Creation of a set of core capabilities in the the acquisition of 51% equity stake in CPDPL, a proposed
organisation is essential for the Company to achieve its Strategic greenfield port project.
Objectives. People are the key to success for any organisation and
hence, the Company continues to direct its efforts towards building Acquisition of Steel Business of Usha Martin Limited
a skilled, engaged and diverse workforce. Along with this, the On September 22, 2018, the Company, as a part of its strategy to grow
Company is also focussed on creating the right organisation culture in long products, executed definitive agreements for acquisition of
that encourages agility and innovation. The Company is also focussed steel business of Usha Martin Limited (‘UML’), a special steel and wire
on investing in various digital initiatives, enabling new business rope manufacturer, through a slump sale on a going concern basis.
models and enhancing the digital maturity of the organisation.
Tata Sponge Iron Limited (‘TSIL’), a 54.5% subsidiary company
During the year under review, initiatives were taken to put in place
engaged in the sponge iron business, had been evaluating various
an innovation framework. In the coming year, the focus will be to
strategic options to enhance its product portfolio and had identified
put in place a structure and engagement mechanism for partnering
an entry into steel manufacturing in long products as a route to
with startups. The Integrated Technology Organisation will focus on
ensure sustainable value creation for its shareholders.
creating outcome-based external collaborations and developing
deep expertise in identified strategic thrust areas. On October 24, 2018, the Company extended support for TSIL’s
entry into steel business and identified it as the strategic vehicle for
G. Key Developments acquisition of steel business of UML.
Acquisitions and Investments On April 9, 2019, TSIL completed the acquisition of steel business
undertaking including captive power plants, for a cash consideration
Acquisition of Bhushan Steel Limited (renamed Tata Steel BSL
of `4,094 crore, which is subject to further hold backs of `640 crore,
Limited)
pending transfer of some of the assets including mines and certain
During the year under review, the Company through its wholly-owned land parcels.
subsidiary, Bamnipal Steel Limited (‘BNPL’) completed the acquisition
of controlling stake of 72.65% in Bhushan Steel Limited (renamed Tata Investment in TRF Limited
Steel BSL Limited) (‘TSBSL’), pursuant to the Resolution Plan (‘RP’) as In March 2019, the Company acquired 25,00,00,000, 12.5%
approved by the National Company Law Tribunal vide its Order dated Non-Convertible Redeemable Preference Shares of face
May 15, 2018, under Corporate Insolvency and Resolution Process value `10 each of TRF Limited on private placement basis,
(‘CIRP’) of the Insolvency and Bankruptcy Code, 2016 (‘IBC’). aggregating to `250 crore.
In March 2019, the Company acquired 1070,00,00,000 – 11.09%
Investment in Tata Metaliks Limited
Non-Convertible Redeemable Preference Shares of face value
`10 each, aggregating to `10,700 crore, in two tranches and In March 2019, the Company acquired 27,97,000 equity shares of
900,00,00,000 – 8.89% Optionally Convertible Redeemable face value `10 each of Tata Metaliks Limited at a price of `642 per
Preference Shares of face value `10 each, aggregating to `9,000 equity share aggregating to `179.57 crore and 34,92,500 Warrants
crore, in two tranches, of TSBSL. of face value `10 each at a price of `642 per Warrant, with a right
exercisable by the Company to subscribe for one equity share per
Further, on April 25, 2019, the Board of Directors of the Company Warrant of face value of `10 each, aggregating to `224.22 crore (25%
approved the amalgamation of BNPL and TSBSL into and with the paid on application).
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BOARD’S REPORT
Divestments Issue of Securities

Divestment of stake in Black Ginger 461 Pty. Ltd. Issue of Debt Securities
On October 18, 2018, T S Global Minerals Holdings Pte. Ltd. entered On March 1, 2019, the Company allotted 43,150 - 9.8359% Unsecured
into an agreement with IMR Asia Holding Pte Ltd, a group company Redeemable, Rated, Listed, Non-Convertible Debentures (‘NCDs’)
of IMR Metallurgical Resources AG, a global metals and mining having face value `10 lakh each for an amount aggregating to
group headquartered in Switzerland, to divest its entire stake `4,315 crore, to identified investors on private placement basis.
in its wholly-owned step down subsidiary Black Ginger 461 Pty. The NCDs are listed on the WDM segment of BSE Limited. The NCDs
Ltd. which in turn holds 64% in Sedibeng Iron ore Pty Ltd, South mature in 4 equal instalments at the end of the 12th, 13th, 14th and
Africa, the operating company. The divestment was completed on 15th year from the date of allotment. The last and final maturity date
February 18, 2019. of NCDs is March 1, 2034.
Sale of shares in NatSteel Holdings Pte. Ltd. (‘NSH’) and Tata First and final call on Partly Paid Shares
Steel (Thailand) Public Company Ltd. (‘TSTH’) In Financial Year 2017-18, the Board approved the simultaneous
T S Global Holdings Pte. Ltd. (‘TSGH’), an indirect wholly-owned but unlinked issue of 4:25 fully paid shares for an amount up to
subsidiary of the Company, executed definitive agreements to `8,000 crore at a price of `510 per share and 2:25 partly paid shares
divest its entire equity stake held in NSH (100%) and TSTH (67.9%) for an amount upto `4,800 crore at price of `615 per share (`154
to a company in which 70% equity shares will be held by an entity paid-up) on rights basis. The shares were allotted to the shareholders
controlled by HBIS Group Co. Ltd (‘HBIS’) and the balance 30% will on March 14, 2018.
be held by TSGH.
The first and final call on partly paid shares was to be made within
The definitive agreements signed between the two companies 12 months from the date of allotment. In terms of regulatory
is a significant milestone in strategic relationship, offering the clarification(s) received, the Company is permitted to make the call
South-East Asian business robust growth opportunities, given the on partly-paid shares beyond 12 months if (i) the issue size exceeds
access to resources, technical expertise and regional understanding `500 crore and (ii) the Company complies with the requirement under
of HBIS. The Company remains committed through its shareholding the applicable SEBI (Issue of Capital and Disclosure Requirements)
to help create a sustainable future for all stakeholders. Regulations regarding monitoring agency. The Company is in
compliance with both these conditions. Accordingly, the Board will
Joint Venture between Tata Steel and thyssenkrupp AG make the first and final call on the partly paid shares of the Company
Following the signing of a Memorandum of Understanding in at an appropriate time.
September 2017, the Company, on June 30, 2018, signed definitive
agreements with thyssenkrupp AG to combine the European Steel Credit Rating
Business into a 50:50 joint venture, named thyssenkrupp Tata Steel During the year under review, Moody’s Investors Services upgraded
BV, which will be positioned as a leading pan European high quality long-term Corporate Family Rating of the Company by one notch
flat steel producer with a strong focus on performance, quality from Ba3 to Ba2 while S&P has revised its ratings outlook on the
and technology leadership. The joint venture is built on the strong Company from ‘Stable’ to ‘Positive’ and affirmed the long-term credit
foundations of common value systems and a long heritage in the rating of ‘BB-’.
industry. The transaction is subject to merger control clearance in
several jurisdictions, including the European Union. H. Sustainability
Tata Steel and thyssenkrupp have been engaging parallelly with the Stemming from our founder’s belief that, what comes from society
European Commission (‘EC’) to provide information in relation to should go back to society, sustainability is deep rooted in the culture
the businesses which would be part of the proposed joint venture. of the organisation. The belief is embedded in Company’s Vision
Following pre-notification engagement with the EC, both parties which balances the aspiration of value creation and commitment to
notified the proposed joint venture to the EC on September 25, 2018. being a Corporate Citizen.
On October 30, 2018, in line with the expected timelines of the The sustainability approach of the Company is articulated in
merger review process, the EC announced that it will undertake an Sustainability Policy of the Company as well as in the Corporate Social
indepth review of the merger proposal and investigate certain areas Responsibility Policy, Environment Policy, Energy Policy, Climate
of preliminary competition concern. The Company has noted the Change Policy, Biodiversity Management Policy, Affirmative Action
EC’s concerns and will continue its discussions with the EC including Policy, and Human Resource policy, etc which reinforces the triple
providing further information and analysis, especially in relation to bottom-line approach in its systems and processes. The Company
sectors they have identified, to secure approval for the proposed also has systems in place to capture the voice of stakeholders
joint venture. Until completion of the JV process, thyssenkrupp periodically and review its long-term strategy in line with the
Steel Europe and Tata Steel Europe will continue to operate as stakeholder expectations.
separate companies.

Bracing itself for the future, the Company is working towards the Indian Steel Association, Confederation of Indian Industries and
integrating the key issues on planet and people into its strategy various other organisations. The Company has in place a board level
and business practices across the value chain. During the year, Safety, Health & Environment Committee that provides necessary
Environment, Social and Governance aspects of material issues direction and guidance on matters relating to environment and
were revisited through a third party Materiality Study covering monitors the performance of the Company and its impact on
stakeholders across all locations. This will further reinforce the the environment.
Company’s strategy for value creation across all stakeholders and
During the year, Tata Steel continued its efforts to reduce its
capitals. Aspirations of taking our carbon emissions to less than
carbon footprint by adopting best available technologies for
2 tCO2/tcs, zero waste and zero effluent discharge and doubling our
energy efficiency and heat recovery. The Plant at Jamshedpur is
CSR reach by 2025 are significant facets of this strategy.
the benchmark in India for CO2 emissions intensity at 2.29 tonnes
In order to mainstream sustainability in the decision making, the of CO2/tcs through BF-BOF route. The Company continues to use
Company organised a Sustainability Immersion Programme designed the internal Carbon Pricing mechanism for evaluation of capital
and facilitated by Cambridge Institute of Sustainability Leadership expenditure projects with shadow price of carbon @US$15/tCO2.
for Board Members, Senior Management, Senior Executives, and Contributing to national commitment towards the Paris agreement,
Union Leadership Team. During the year, the Company organised the Company has taken up aspirational goals to achieve global
four batches of the programme covering majority of the Board benchmark levels of less than 2 t/tcs CO2 emissions. Various cross
Members, entire senior Management team and more than 100 senior functional projects have been undertaken to identify and reduce
executives and Union Leadership Team across locations. CO2 emissions. Recycling steel scrap is an important lever to reduce
carbon footprint and the Company has set up a Steel Recycling
The Company is committed to serving its customers through a portfolio
business unit which will facilitate formalisation of the scrap market in
of eco-friendly products. During the year, the Company obtained CII’s
India and make more scrap available for conversion to steel.
GreenPro eco-label for Tata Pravesh Steel Doors and Windows and Tata
Structura and Tata Pipes. The third party eco-label certification ensures In Europe, the Company continues to invest in short to medium
customers of minimal environmental impacts of the certified products term CO2 emission reduction and energy efficiency improvements.
in a transparent way. For the first time in India, Steel Products have In addition to these improvements, as a follow up to the ULCOS
received the eco-label. Going forward, the Company will adopt the (Ultra-Low CO2 Steelmaking, co-operative research initiative to
global best practice of having Environmental Product Declaration of achieve a step change in CO2 emissions from steelmaking), the
key products to enable a transparent declaration of the environmental Company is also working on a major long-term project to develop
impacts of its products and processes in order to enable informed a new smelting reduction technology (‘HIsarna’) to produce steel
purchasing by the end consumer. without the need for coke making or agglomeration processes,
thereby improving efficiency, reducing energy consumption and
The continued focus on ‘Sustainability’ across the value chain has helped
reducing CO2 emissions. The pilot plant is located at the Company’s
the Company in being adjudged as the Steel Industry Leader globally on
IJmuiden site in the Netherlands.
Sustainability in Dow Jones Sustainability Index in 2018 with a top score
of 100 percentile in Environmental Dimension. The Company has also Climate Change
received the distinction of being recognized as Sustainability Champion
Climate change is one of the most pressing issues the world faces
by World Steel Association for the second year in a row.
today and the Company recognises its obligation to minimise
Environment its contribution to climate change. The Company aims to play a
leadership role in addressing the challenge of climate change.
The Company aims to be the benchmark for environmental
The Company recognises that, though steel is considered a ‘hard
stewardship in the steel industry by focusing on operational
to abate’ sector globally, it will be an integral part of the solution to
excellence aimed at resource efficiency through a ‘Prevent, Minimise,
climate change because of its infinite recycling properties.
Recover, Reuse and Recycle’ hierarchical approach to reduce its
ecological footprint. The Company is committed to responsible use Considering all these factors, the Company has formulated a climate
and protection of the natural environment through conservation and change strategy based on 5 key themes as outlined below:
sustainable practices. The Company has implemented environmental
management systems that meet the requirements of international Emissions Reduction: The Company will continue to improve its
standard ISO 14001:2015 at Jamshedpur Works and has initiated current processes to increase its energy efficiency and to reduce its
proceedings at Kalinganagar Works. These systems provide the carbon footprint.
Company with a framework for managing compliance and improving Investing in Technology: The Company will continue to invest in
environmental performance, making it future ready to address long-term breakthrough technologies.
stakeholder requirements.
The Company pursues responsible advocacy on policy and regulatory
issues by being member of the World Steel Association Environment
Committee, the Central Pollution Control Board’s National Taskforce,
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BOARD’S REPORT
Market Opportunities: The Company endeavours to develop such initiatives to improve their safety performance, the Company has
new products and services that reduce the environmental impact also taken upon itself to ensure that contractor employees in India
over its products’ life-cycles and help its customers to reduce their have the desired skills and competencies to perform their job safely.
carbon footprints. They are being tested and certified by Shavak Nanavati Technical
Institute (‘SNTI’) to ensure competence. In many cases they are also
Employee Engagement: The Company will actively engage its
being trained to achieve desired skills and competence. During the
workforce and encourage everyone to contribute to its strategy.
year under review, the Company covered a large part of the contractor
Lead by Example: The Company will further develop its pro-active role employee workforce in India. It’s an ongoing process and we expect
in global steel sector initiatives through the World Steel Association. to achieve 100% coverage within a year.
Health and Safety The Company is leveraging state of the art digital technology
Health and Safety Management remains Tata Steel’s foremost priority at various places to improve surveillance and analytics, reduce
and we are committed to being a benchmark in the industry. To us, hazardous man-machine interface and for various other corrective
Health and Safety is not just a metric but a part of our value system. and preventive actions.
The desire to being a benchmark is demonstrated through leadership On the health front, during the year under review, three distinct
commitment and is cascaded across the organisation in the form of campaigns were launched for the Indian operations. A detailed
long, medium and short-term action plans. ergonomic study has been undertaken in labour intensive
The Company has been working on six corporate level long-term departments, industrial hygiene projects have been undertaken
strategies viz. Build (Safety) leadership capability at all levels in departments where it has been assessed as a health risk and
to achieve zero harm, improve competency and capability for physical exercise has been introduced off duty hours, facilitated
hazard identification & risk management, contractor safety risk by a professional agency at various locations of the Company at
management, elimination of safety incidents on road & rail, Kalinganagar, Bhubaneswar, Joda, Jamshedpur, etc. to improve
excellence in process safety management, and establishing industrial employee health and wellness. This has helped to improve health
hygiene and improving occupational health. These strategies are index of the Company vis-à-vis previous year. These initiatives will
enablers through which several initiatives are undertaken that aid continue with increased intensity in times to come.
the Company in achieving its objective of ‘Committed to Zero’. At Tata Steel Europe, the long-term strategies to focus on occupational
For the Indian operations, one of the key initiatives undertaken health and process safety has facilitated in achieving zero fatality.
during the year under review was to strengthen Company’s quality Training for senior managers focusing on their leadership role related
management system, which is the foundation on which all other to health & safety continued during the year. The combined LTIFR in
systems are based. The company-wide IT based, Generic Document Financial Year 2018-19 for employees and contractors deteriorated
Control System (GDCS) was re-designed and re-launched to ensure to 1.45 as compared to 1.36 in the previous year. The recordable
availability of latest and controlled Standard Operating Procedures rate, which includes lost time injuries as well as minor injuries, also
(‘SOPs’) to employees for performing their tasks safely. The plant at deteriorated from 4.13 in Financial Year 2017-18 to 4.92 in Financial
Jamshedpur was re-certified for OHSAS 18001:2007 and a similar Year 2018-19. A campaign focusing on hazard identification and risk
process has begun for the plant at Kalinganagar. minimisation continued during the year under review and there were
various initiatives undertaken to accelerate deployment of standards,
During the year under review, a concerted effort has been made understand the mindset and behaviour and improve maturity of the
to increase risk sensitivity of the Company. A well articulated Group’s health & safety management system
methodology to evaluate and assess safety related risks has been
developed with its associated mitigation techniques. This is currently Research and Development
being rolled out in phases and it has already helped in achieving 26% In line with the aspiration to be amongst the top five innovation
reduction of high potential incidences in comparison to last year. driven companies in the world, the Company has put in place a
The initiative to roll out Process Safety through a ‘Center of Excellence’ new technology organisational structure. The technology road map
methodology at Jamshedpur has been appreciated by World Steel as exercise has materialised and teams are formed to work on selected
the ‘best practice’ of 2018, across the industry. Currently, the process projects. The year has been rewarding on many fronts for Research &
safety has been rolled out to 30 of 41 operating departments at Development. During the year under review, the Company became a
Jamshedpur and Kalinganagar. The balance departments will be leading player in the Indian Steel industry in terms of patent filing by
covered by Fiscal 2020. crossing the 1,000 mark. There is a progress in Graphene work from
Contractor employees’ fatality remains the topmost safety concern commercialisation perspective. Industrial solutions developed with
for the Company. It is with deep regret that we report two fatalities in graphene doped composites have offered significant improvement
India and one fatality in Singapore involving our contractor partners. in the operational costs of the process plants. Also, Graphene anti
The Company is continuously channelising its efforts to eliminate corrosion coatings have been established towards a green alternative
such incidents and achieve zero fatality. Apart from taking various to the current coating technologies. A number of breakthrough
projects have crossed the ‘proof-of concept’ stage and ventured into

advanced stages. The Company has successfully conducted trials on Environment friendly products such as polysteel and chrome free
an innovative process to make use of non-coking coal along with passivation based coatings have been developed for the ECA
coking coal. Amongst the notable new developments, a new process (Emerging Corporate Accounts) business. Polysteel has the potential
to produce high purity iron powder using in-plant byproducts has to eliminate the dependency on 7 tank degreasing process, which
been developed. A grade of the said iron powder with high sinter results in environmentally hazardous discharge. In addition,
ability and superior toughness properties has been tested and polysteel also provides long-term corrosion protection, better
commercialised for Diamond cutting tools. surface finish, anti-fingerprint surface and high scratch resistance.
Chrome free passivation in galvanised products is environment
In Europe, Research & Development has contributed to several
friendly and eliminates requirement of oiling. The trials are successful
new products. The range of Prime Lubrication Treatment has
for clean room partition panels and supply for appliance segment will
been extended to the MagiZinc protective galvanising coating.
be initiated shortly. Services and solution, a new business vertical,
XPF1000 has been launched as a new ultra-high strength steel grade
successfully launched Tata Pravesh vista windows, an extension of the
for the Chassis & Suspension market, and a new range of hybrid
existing product, Tata Pravesh doors. Vista windows were launched
sandwich panels is now available for Construction via Building
with 3 novel design elements: unique slide cum swing, concealed
Systems. Further, Research and Development has also been vital in
spring loaded auto lock tower bolt, and gas spring assist and hold,
getting many potential new products to reach higher Technology
providing comfort and safety.
Readiness levels throughout the year.
In Europe, 22 new products were launched during the year.
In order to make technology development more effective and robust
These launches include major developments for the automotive,
for the Company in the future, the cross-functional delivery of the TSE
construction, and engineering markets. Notable example of product
technology roadmap is now coordinated via a new committee, the
and service launches includes XPF1000. XPF1000, latest addition to
Central Technology Committee, chaired by the Director R&D Europe
Tata Steel’s XPF hot rolled product family for the automotive chassis
and sponsored by the Chief Technology Officer. This Committee
and suspension market, combines ultra-high 1000MPa tensile
ensures that priorities and gaps in the delivery of technology are
strength with excellent formability and fatigue properties. A new
identified and dealt with in an appropriate manner. Research &
range of 25mm/1’ gauge hot rolled products was developed for
Development continues to provide significant effort towards various
the engineering and yellow goods markets, enabling customers to
research and technology initiatives such as sustainable and more
replace equivalent reversing mill plate offerings and to achieve better
environment friendly steel production through the HIsarna project
part yield and surface finish. Improved Colorcoat® prepainted steels
that has progressed on the maturity ladder with a formal move from
using Tata Steel’s next generation MagiZinc® hot dip galvanised
the HIsarna pilot plant from an R&D environment to full integration
coating for optimised product longevity in construction building
with the MLE manufacturing hub. HIsarna is a novel and more flexible
envelope applications was also developed. Packaging has continued
reduction technology for iron production. In the past year, the
to commercialise its already launched Protact® products, including
HIsarna pilot plant has set several new production records. R&D will
Protact® for food.
continue to support this development way forward.
Customer Relationship
New Product Development
During the year under review, the Company undertook specially
In order to achieve the Company’s endeavour to create superior
designed initiatives to create and maintain long-term relationship
customer experience, the Company has adopted best in class
with channel partners and customers to be the first choice of
manufacturing practices, invested in creating brands, developed
producer. In India, the Company largely caters to B2B, B2C and B2ECA
products keeping customers at the centre, and focussed on
(Emerging Corporate Accounts) customer groups. These segments
environment and safety. Furthermore, the Company is steadily
are further bifurcated into micro segments based on application
venturing into a new gamut of solutions and ready to use products
and buying behaviour. The Company focusses to understand
for further value creation.
the expectations and requirements of current and potential
During the year under review, the Company developed 114 new customers/market segments to deliver customer specific products
products in India. Tata Steel Kalinganagar plant played a key role and services and provide value-creating solutions.
by developing 61 products such as high strength steel grades for
During the year under review, the Company organised its
global players in Lifting & Excavation, and Pre-Engineered Building
biennial ‘Driving Steel’ summit on Automotive Steels. The summit
(PEB) manufacturers, approval upto API 5L X60 grade from state
brought together industry experts including automotive majors
owned Natural Gas Processing & Distribution company for Oil & Gas
and ancillaries, from around the globe as well as from India.
pipelines and the first approvals of hi-tensile (590MPa) grades in
The knowledge summit facilitated the Company to develop
automotive applications. In addition, the products developed have
insightful understanding of the emerging trends in the automotive
also helped ‘Tata Astrum’ to enter in the Transmission & Distribution
industry, and to help build new partnerships. The Company engages
segment with high strength grade of ASTM A572 Gr 65.
with B2B customers through cross-functional Customer Service
Teams (‘CSTs’) to work on new product development, quality
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BOARD’S REPORT
improvement and value-creating ideas which help to achieve Europe this year. These launches include major developments for
operational excellence. In addition, the Company has collaborated the automotive, construction, and engineering markets. Along with
with key automotive customers to provide cost and weight products, the Company also offers services such as Electronic Data
reduction solutions using the Value Analysis & Value Engineering Interchange, Track and Trace, Early Vendor Involvement, Design
(‘VAVE’) platform and the Advanced Product Application support. and Engineering support, Building Information Modelling, Life
This has also enabled the Company to partner with discerning Cycle Analysis and Technical Support. In addition, the Company
customers for future product launches. Engagement through CST has a commercial improvements programme called ‘Future
and VAVE is deployed to B2B customers of Industrial Products and Commercial Excellence’ which focusses on driving improvements for
Projects Vertical. Senior leadership team actively engaged with commercial terms.
leading B2B customers by visiting premises of customers and
attending exclusive interacting sessions organised across regions. Human Resources Management & Industrial Relations
Human resource has always been one of the most valued stakeholders
Collaborative Reform with ECA for Advanced Technical Enhancement
for Tata Steel. The Company is committed towards creating and
(‘CREATE’) was conceptualised to provide support to various ECA
maintaining an ideal work culture for engaged and capable workforce
customers by generating cost and weight savings via redesigning
to deliver for the future. Tata Steel has strong values, pioneering
of components. Platforms such as APPLICON (Appliance segment),
practices, a culture of working together through joint consultation
and PANORAMA (Panel segment) were conceived to gain
between Union and Management and a very strong commitment
deeper understanding and engagement with microsegments.
towards community development. Our people practices have always
These platforms witnessed participation of Original Equipment
been centered around employee welfare and wellness, creating an
Manufacturers (‘OEM’) from consumer durable industry and provided
environment of collaboration and connect which has aided us to
an opportunity to engage with policy making bodies such as CEAMA
achieve industrial harmony of over 90 years.
(Consumer Electronics & Appliance Manufacturers Association), and
COSMA (Control Panel and Switchgear Manufacturers’ Association) Improving employee productivity is of utmost importance to
and to enable all stakeholders to understand the upcoming the organisation and achieving benchmark performance in this
technologies in the microsegments. area year-on-year is the goal for the organisation. This led to an
improvement in productivity from 769 tonnes of crude
During the year under review, the Company also rolled out various
steel/employee/year to 800 tonnes of crude steel/employee/year
digital initiatives across customer groups. ‘Aashiyana’, an e-selling
and the employees on roll moving from 34,072 to 32,984.
platform has been launched for multiple B2C brands and has
crossed a turnover of `100 crore. ‘COMPASS’, a digital supply chain The year under review was a milestone year for the Company as it
visibility solution rolled out to select B2B customers, generated embarked on major improvements in areas related to diversity and
122KT of sales this year. DigEca, an initiative that captures lead inclusion. Various initiatives such as Wings, an employee resource
management for ECAs has achieved 659 KT sales enquiries group for LGBTQ+; Take Two, a career opportunity for women on a
and 375 KT purchase orders making the process convenient break; Step-up-to-success, an in-house women’s mentoring program;
for the customers. Deployment of women in B-shift operations; and Paternity leave for
blue collared workforce, were introduced to bring about a change in
In services & solutions space, select platforms have been developed
the culture and mindset of the workforce with regard to the aspects of
to understand the consumer decision making, such as the ‘Consumer
diversity and inclusion. The focus for the year was on Gender diversity
Connect’ programme wherein the lady of the house is invited to
and Differently Abled Persons. Efforts have been taken on hiring and
join the program, visit exclusive retail outlet for experience and
creating infrastructure for diverse workforce as well as retaining and
have an option of display van carrying the product closer to the
developing women leaders to create a pool of diverse talent in the
consumer and ‘consultative selling’ wherein a sales expert helps in
organisation. Our continuous efforts in this direction have led to the
product demonstration.
increase in gender diversity from 6.1% to 6.5% of the total workforce.
In Europe, the Company partners with customers to help them excel
Continuing the capability development journey, the Capability
in their market, co-creating more sustainable value throughout the
Development wing, during the year, started serving external clients
entire value chain. ‘Customer Focus’, contains several company wide
as well as generating a revenue through their products and services.
and local programmes such as Strategic Account Management
programme that reinforce our mission and drive towards customer The Management has been focusing on digitalisation since past
centricity. Improvements on this front have also been acknowledged few years. During the year under review, the role of digitalisation
in the Tata Business Excellence Model assessment. The Company in providing a rich employee experience has been immense.
also has a value chain transformation programme known as The Company launched the first HR Chat-bot – ‘Amigo’ to provide
‘Future Value Chain’ programme, which focusses on driving service interactive resolutions to the queries pertaining to HR policies.
and quality improvements. European operations are also focusing The year has also been significant for Digital HR owing to the major
on a balanced portfolio and differentiation strategy, which aims to involvement of teams in designing and development of a customised
increase the proportion of high-margin differentiated products. HRM Talent Suite. Data analytics and reporting have become key
As part of the strategy, the Company launched 22 new products in inputs in formulating policies and strategies for the Company.

During the year under review, the Company acquired Bhushan Steel The Company is working closely with tribal communities in its
Limited (renamed Tata Steel BSL Limited). The seamless integration of areas of operation in India. The Company has partnered with State
the newly acquired organisation with Tata Steel was ensured through Governments of Jharkhand and Odisha and with various reputed
deployment of the Company’s employees in the key functional national and international development organisations in delivering
areas such as Safety, Ethics, Supply Chain, etc. and senior leadership its programmes.
positions and by adopting and implementing various policies
The Company has in place a CSR policy which provides guidelines to
and practices. Trust was built among the workforce by bringing in
conduct CSR activities of the Company. The CSR policy is available on
transparency and openness in the system and by imbibing Tata
the website of the Company www.tatasteel.com
Philosophy across the value chain.
During the year under review, the Company spent `314.94 crore on
During the year under review, Tata Steel was certified as Great Place
CSR activities. The Annual Report on CSR activities, in terms of Section
to Work in the Great Place to Work study conducted for the year 2019.
135 of the Companies Act, 2013 and the Rules framed thereunder, is
Tata Steel was declared as one of the top 25 ‘India’s Best Places to
annexed to this report (Annexure 3).
Work in the Manufacturing sector’ by Great Place to Work. Tata Steel
also secured 8th rank in the ‘Best Companies to work for’ survey In Europe, the Company focusses on local Communities. The Company
by Business Today and featured in the top 10 companies for the nurtures and sustains the communities close to its operational plants.
2nd year in a row. Tata Steel won the Golden Peacock Award for HR The Company conducts regular dialogues with these communities to
Excellence (Steel Sector) in 2019. This recognition was bestowed on understand and address their concerns. The Company is transparent
the Company for the 2nd year in a row. The Company was conferred with information on the environmental impact of its activities, as
with CII Eastern Region Productivity Award for overall improvement well as its goals and improvement targets. Local communities are
in productivity. part of the sustainable economy as we help each other to co-exist
successfully with a good understanding of the mutual benefits that
In Europe, the Company continues to invest in the recruitment,
we provide to one another. The Company runs regular programmes
engagement, health and development of its employees. The Tata
to invite the public to see our work and also enjoy and see the
Steel Academy in Europe aims to strengthen the organisation’s
important wildlife and flora that flourish on its sites. The Company
competitive advantage by enabling its people to achieve the
sponsors local activities and support charities. In IJmond, the
highest standards of technical and professional expertise, with a
Company celebrated the annual Tata Steel Chess Tournament that
combined use of practical ‘on the job’, virtual and classroom training
attracts thousands of players and spectators and boosts the local
to maximise training effectiveness. The Company aims to offer
tourism economy in the off-season in January. We sponsor local
modern employment conditions that ensure healthy long-term
sports teams and children’s events, most notably in recent years the
employability and are responsive to the needs of both current and
Tata Kids of Steel® triathlons. We also engage with communities as
future employees. In Europe, the Company strives to ensure that
an existing and potential workforce, running programmes to involve
the employees’ motivation and capabilities are enhanced by its
young people, and girls in particular, so that they can discover the
leaders, organisational structure, operational protocols, including
interesting career opportunities that our organisation offers.
daily management and operational excellence programmes,
communication processes & business excellence and reward and
I. Corporate Governance
recognition policies. The Company also focusses on promoting
physical health through various central and local programmes and At Tata Steel, we ensure that we evolve and follow the corporate
provides training and support to promote mental health inside and governance guidelines and best practices dilligently, not just to
outside the workplace. boost long-term shareholder value but also to respect minority
rights. We consider it our inherent responsibility to disclose timely
Corporate Social Responsibility and accurate information regarding the operations & performance,
The Company’s vision is to be a global benchmark in ‘value creation’ leadership and governance of the Company.
and ‘corporate citizenship’. The objective of the Company’s Corporate In accordance with the Tata Steel Group’s Vision, the Tata Steel Group
Social Responsibility (‘CSR’) initiatives is to improve the quality of life aspires to be the global steel industry benchmark for value creation
of communities through long-term value creation for all stakeholders. and corporate citizenship. The Tata Steel Group expects to realise its
For decades, the Company has pioneered various CSR initiatives. Vision by taking such actions as may be necessary in order to achieve
The Company continues to remain focussed on improving the quality its goals of value creation, safety, environment and people.
of life. During the year under review, the Company impacted the Pursuant to the Listing Regulations, the Corporate Governance Report
lives of more than a million children, women and men from our along with the Certificate from a Practicing Company Secretary,
communities through initiatives in health, drinking water, certifying compliance with conditions of Corporate Governance, is
education, livelihood, sports, infrastructure development, etc. annexed to this report (Annexure 4).
101
BOARD’S REPORT
Board Meetings governance, safety, health and environment, industry & regulatory
For seamless scheduling of meetings, a calendar is prepared and trends, competition and future outlook are available on the website
circulated in advance. The Board met 7 times during the year under of the Company www.tatasteel.com
review, the details of which are given in the Corporate Governance
Evaluation
Report. The intervening gap between the meetings was within
the period prescribed under the Companies Act, 2013 and the The Board evaluated the effectiveness of its functioning, that of the
Listing Regulations. Committees and of individual Directors.
The Board sought the feedback of Directors on various
Selection of new Directors and Board Membership Criteria
parameters including:
The Nomination and Remuneration Committee (‘NRC’) works with
the Board to determine the appropriate characteristics, skills and • Degree of fulfillment of key responsibilities towards stakeholders
experience for the Board as a whole as well as for its individual (by way of monitoring corporate governance practices,
members with the objective of having a Board with diverse participation in the long-term strategic planning, etc.);
backgrounds and experience in business, government, education • Structure,
composition and role clarity of the Board
and public service. Characteristics expected of all Directors include and Committees;
independence, integrity, high personal and professional ethics,
sound business judgement, ability to participate constructively in • Extent of co-ordination and cohesiveness between the Board and
deliberations and willingness to exercise authority in a collective its Committees;
manner. The Company has in place a Policy on appointment & • Effectiveness of the deliberations and process management;
removal of Directors (‘Policy’).
• Board/Committee culture and dynamics; and
The salient features of the Policy are:
• Quality of relationship between Board Members and
• It acts as a guideline for matters relating to appointment and the Management.
re-appointment of directors.
The Chairman of the Board had one-on-one meeting with the
• It contains guidelines for determining qualifications, positive Independent Directors (‘IDs’) and the Chairman of NRC had
attributes for directors, and independence of a Director one-on-one meeting with the Executive and Non-Executive,
• It lays down the criteria for Board Membership Non-Independent Directors. These meetings were intended to obtain
Directors’ inputs on effectiveness of the Board/Committee processes.
• It sets out the approach of the Company on board diversity
The Board considered and discussed the inputs received from the
• It lays down the criteria for determining independence of a Directors. Further, the IDs at their meeting reviewed the performance
director, in case of appointment of an Independent Director of the Non-Independent Directors, the Board as a whole and
The Policy was adopted by the Board on March 31, 2015 and the Chairman of the Board after taking into account views of Executive
same was revised on March 29, 2019 to incorporate the changes Directors and other Non-Executive Directors.
in regulatory requirements pertaining to criteria for determining The evaluation process endorsed the Board Members’ confidence
independence of a director. in the ethical standards of the Company, cohesiveness amongst the
The Policy is available on the website of the Company Board Members, constructive relationship between the Board and
www.tatasteel.com the Management and the openness of the Management in sharing
strategic information to enable Board Members to discharge their
Familiarisation Programme for Directors responsibilities.
All new Directors (including Independent Directors) inducted In the coming year, the endeavour is to enhance focus on
to the Board go through a structured orientation programme. de-leveraging Balance Sheet (Reduction of debt) and making the
Presentations are made by Senior Management giving an overview of European Operations more sustainable.
the operations, to familiarize the new Directors with the Company’s
business operations. The new Directors are given an orientation on Remuneration Policy for the Board and Senior Management
the products of the business, group structure and subsidiaries, Board Based on the recommendations of the NRC, the Board has approved
constitution and procedures, matters reserved for the Board, and the the Remuneration Policy for Directors, Key Managerial Personnel
major risks and risk management strategy of the Company. Visits to (‘KMPs’) and all other employees of the Company. As part of the
plant and mining locations are organised for the new Directors to policy, the Company strives to ensure that:
enable them to understand the business better.
• thelevel and composition of remuneration is reasonable and
During the year under review, no new Independent Directors were sufficient to attract, retain and motivate Directors of the quality
inducted to the Board. Details of orientation given to the existing required to run the Company successfully;
independent directors in the areas of strategy, operations &

• relationship between remuneration and performance is clear and Inductions to the Board
meets appropriate performance benchmarks; and On the recommendations of the Nomination and Remuneration
• remuneration to Directors, KMP and Senior Management involves Committee, the Board appointed Mr. Vijay Kumar Sharma as
a balance between fixed and incentive pay, reflecting short, Additional (Non-Executive) Director of the Company effective
medium and long-term performance objectives appropriate to the August 24, 2018. Mr. Sharma brings to Board valued insights and
working of the Company and its goals. perspectives on complex financial and operational issues.
The Remuneration Policy for Directors, KMPs and other Employees The resolution for confirming the appointment of Mr. Vijay Kumar
was adopted by the Board on March 31, 2015. Sharma as Director of the Company forms part of the Notice
convening the Annual General Meeting (‘AGM’) scheduled to be held
The salient features of the Policy are: on July 19, 2019.
• Itlays down the parameters based on which payment of
Re-appointments
remuneration (including sitting fees and commission) should
be made to Independent Directors (IDs) and Non-Executive In terms of the provisions of the Companies Act, 2013,
Directors (NEDs). Mr. Koushik Chatterjee retires by rotation at the ensuing AGM and
being eligible, seeks re-appointment.
• Itlays down the parameters based on which remuneration
(including fixed salary, benefits and perquisites, bonus/ During the year under review, based on the recommendations
performance linked incentive, commission, retirement benefits) of Nomination and Remuneration Committee (‘NRC’), the Board
should be given to whole-time directors, KMPs and rest of re-appointed Mr. T. V. Narendran as Chief Executive Officer &
the employees. Managing Director of the Company for a period of five years effective
September 19, 2018, not liable to retire by rotation. The Board
• It lays down the parameters for remuneration payable to Director approved the re-appointment of Mr. Narendran based on his
for services rendered in other capacity. significant contributions to the Company and the same is subject to
During the year under review, there have been no changes to the approval of the Members of the Company.
the Policy. The Policy is available on the website of the Company Based on the recommendations of the NRC and pursuant
www.tatasteel.com to the performance evaluation of Ms. Mallika Srinivasan as
a Member of the Board, the Board proposed to re-appoint
Particulars of Employees
Ms. Srinivasan as an Independent Director of the Company, not
Disclosures pertaining to remuneration and other details as required liable to retire by rotation, to hold office for a second term effective
under Section 197(12) of the Companies Act, 2013, read with Rule 5(1) August 14, 2019 through May 20, 2022.
of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are annexed to this report (Annexure 5). Also, based on the recommendation of the NRC and pursuant
to the performance evaluation of Mr. O. P. Bhatt as a Member of
In terms of the provisions of Section 197(12) of the Companies Act, the Board, the Board proposed to re-appoint Mr. O. P. Bhatt as an
2013 read with Rules 5(2) and 5(3) of the Companies (Appointment Independent Director of the Company, not liable to retire by rotation,
and Remuneration of Managerial Personnel) Rules, 2014, a statement to hold office for a second term effective August 14, 2019 through
showing the names and other particulars of employees drawing June 9, 2023.
remuneration in excess of the limits set out in the said Rules forms
part of this report. The necessary resolutions for re-appointments of
Mr. Koushik Chatterjee, Mr. T. V. Narendran, Ms. Mallika Srinivasan and
Independent Directors’ Declaration Mr. O. P. Bhatt form part of the notice convening the ensuing AGM
The Company has received the necessary declaration from each scheduled to be held on July 19, 2019.
Independent Director in accordance with Section 149(7) of the The profile and particulars of experience, attributes and skills of the
Companies Act, 2013, read with Regulations 16 and 25(8) of the above Directors is disclosed in the Notice convening the AGM to be
Listing Regulations that he/she meets the criteria of independence as held on Friday, July 19, 2019.
laid out in Section 149(6) of the Companies Act, 2013 and Regulations
16(1)(b) and 25(8) of the Listing Regulations. Cessation
Mr. D. K. Mehrotra stepped down as a Member of the Board effective
Directors
May 16, 2018. Mr. Mehrotra joined the Board as a Non-Executive
The year under review saw the following changes to the Board of Director on October 22, 2012.
Directors (‘Board’).
The Board of Directors places on record its appreciation towards
Mr. Mehrotra’s contributions during his tenure as Director
of the Company.
103
BOARD’S REPORT
Key Managerial Personnel Committee. The Internal Audit team develops an annual audit plan
Pursuant to Section 203 of the Companies Act, 2013, the Key based on the risk profile of the business activities. The Internal
Managerial Personnels of the Company as on March 31, 2019 Audit plan is approved by the Audit Committee, which also reviews
are – Mr. T. V. Narendran, Chief Executive Officer & Managing compliance to the plan.
Director, Mr. Koushik Chatterjee, Executive Director & The Internal Audit team monitors and evaluates the efficacy and
Chief Financial Officer and Mr. Parvatheesam K, Company adequacy of internal control systems in the Company, its compliance
Secretary & Chief Legal Officer (Corporate & Compliance). with operating systems, accounting procedures and policies at all
During the year under review, there has been no change in the locations of the Company and its subsidiaries. Based on the report
Key Managerial Personnels. of internal audit function, process owners undertake corrective
action(s) in their respective area(s) and thereby strengthen the
Audit Committee
controls. Significant audit observations and corrective action(s)
The Audit Committee was constituted in the year 1986. The thereon are presented to the Audit Committee.
Committee has adopted a Charter for its functioning. The primary
objective of the Committee is to monitor and provide effective The Audit Committee at its meetings reviews the reports submitted
supervision of the Management’s financial reporting process, to by the Internal Auditor. Also, the Audit Committee at frequent
ensure accurate and timely disclosures, with the highest levels of intervals has independent sessions with the statutory auditor and
transparency, integrity and quality of financial reporting. the Management to discuss the adequacy and effectiveness of
internal financial controls.
The Committee met 5 times during the year under review, the details
of which are given in the Corporate Governance Report. As on Risk Management
March 31, 2019, the Committee comprises Mr. O. P. Bhatt (Chairman), Given the uncertain and volatile business environment, companies
Mr. Aman Mehta, Dr. Peter Blauwhoff and Mr. Saurabh Agrawal. face continuous changes in technology, geo-politics, financial
markets, regulations, etc. which affect the value chain. To build a
Internal Control Systems and Internal Audit
sustainable business that can weather these changes, companies
The Board of Directors of the Company is responsible for ensuring need to manage risk and opportunities on a pro-active basis.
that Internal Financial Controls have been laid down in the
Company and that such controls are adequate and operating Keeping this in mind, the Company has adopted a robust Enterprise
effectively. The Internal Financial Controls (‘IFC’) are based on the Risk Management (‘ERM’) process across the organisation.
Tata Code of Conduct (‘TCoC’), policies and procedures adopted by The objective of the ERM process is to develop a ‘risk intelligent’
the Management, corporate strategies, annual business planning culture which drives informed decision making and builds resilience
process, management reviews, management system certifications to adverse developments while ensuring that opportunities are
and the risk management framework. exploited to create value for all stakeholders. In order to achieve this,
the Company focusses on 4 broad principles viz. risk oversight, risk
The Company has an IFC framework, commensurate with the size, Infrastructure, risk process and ownership, and risk integration.
scale and complexity of the Company’s operations. The framework
has been designed to provide reasonable assurance with respect • The Risk oversight function consists of the Board of Directors,
to recording and providing reliable financial and operational Risk Management Committee (‘RMC’) and Group Risk Review
information, complying with applicable laws, safeguarding assets Committee (‘GRRC’) to oversee the risk management policy, to
from unauthorised use, executing transactions with proper provide guidelines for implementing the ERM framework and ERM
authorisation and ensuring compliance with corporate policies. process across the Company. The RMC also reviews the key risks
The controls, based on the prevailing business conditions and that the Company faces and the progress of the mitigation plans.
processes have been tested during the year and no reportable GRRC is a Management Committee comprising the Senior
material weakness in the design or effectiveness was observed. Management team as its members. The GRRC is responsible for
The framework on Internal Financial Controls over Financial the implementation of ERM process across the Company and
Reporting has been reviewed by the internal and external auditors. providing the necessary resources, framework & structures to
The Company uses various IT platforms to keep the IFC framework enable the ERM. The GRRC reviews the risks and the proposed
robust and our Information Management Policy governs these IT mitigation plans and engages with risk owners regularly across the
platforms. The systems, standard operating procedures and controls business to drive mitigation.
are implemented by the executive leadership team and are reviewed A dedicated ERM team has been set up to deploy the ERM process
by the internal audit team whose findings and recommendations are across the Business Units. The ERM team is led by Group Head –
placed before the Audit Committee. Corporate Finance & Risk Management who acts as the Chief Risk
The scope and authority of the Internal Audit function is defined in the Officer (CRO) of the Company. The CRO regularly reports to the
Internal Audit Charter. To maintain its objectivity and independence, RMC and the GRRC on the progress of the implementation of ERM
the Internal Audit function reports to the Chairman of the Audit and the various risks faced by the Company

• The Company has developed a 5 step ERM process (establish the Management any actual or possible violation of the TCoC or any
context, risk identification, risk assessment & evaluation, event wherein he or she becomes aware of any event that could
mitigation and monitor, review & report), which takes inputs from affect the business or reputation of the Company.
international standards and references such as Committee of
The Whistle Blower Reward and Recognition Guidelines for
Sponsoring Organisation of the Treadway Commission (‘COSO’),
employees has been implemented to encourage employees to
ISO 31000 and best practices from industries across the globe.
report genuine misconduct or unethical activity taking place in the
For better efficacy, the process is deployed using a ‘top down’ and
Company. The disclosures reported are addressed in the manner and
‘bottom up’ approach.
within the time frames prescribed in the Whistle Blower Policy.
• The Company strives to integrate the ERM process with the existing The Whistle Blower Protection Policy for Business Associates including
management processes and embed it across the Company.
vendors and customers provides protection to Business Associates
The top-down risks in conjunction with the bottom up risks
from any victimisation or unfair trade practices by the Company.
identified by the Business Units drive the strategy and the capital
allocation of the Company. The Company has adopted a Policy for Receipts of Gift and Hospitality
that requires its employees to take the right decisions when they
During the year under review, the Company has been continuously
are offered gifts or hospitality while conducting business or official
working on strengthening the ERM process including facilitating the
transactions on behalf of the Company. The Company has also
top-down risk assessment process, deploying various analytical tools
adopted a Conflict of Interest policy. The policy requires employees
to analyse the risks, and strengthening the integration with strategy,
to act in the best interest of the Company without any conflicts and
capital allocation and internal audit. The strengthening has also
declare conflicts, if any (real, potential or perceived).
enhanced coverage of ERM across the Company with the ERM roll
out to new business units and domestic subsidiaries. During the year under review, the Company undertook a series of
communication and training programmes for internal stakeholders
During the year under review, the Company was declared as Winner
and vendors, with the aim to create awareness about Tata values, TCoC
of ‘Golden Peacock Award for Risk Management’ for 2018 for
and other ethical practices of the Company. The Company undertook
attaining significant achievements in the field of Risk Management.
various theme based campaigns, town hall and departmental events.
The Company was also awarded the India Risk Management Awards
‘Neeti Katha’ i.e. storytelling through snippet series on scenarios of
for Best Risk Management Framework & Systems under the ‘Metals &
‘The ethics of safety’ and ‘Trust Behaviour’ were mailed to employees
Mining’ and ‘Risk Governance’ categories for the second year in a row.
as part of the awareness campaign. The Company also celebrates the
Vigil Mechanism month of July as Ethics Month. All communications and programmes
are theme based. This practice has helped in reinforcing employee
Commitment towards highest moral and ethical standards in the
involvement in driving the MBE.
conduct of business is of utmost importance to the Company.
To advance standards of ethical practices, the Company has deployed The Company’s robust system to raise concerns on unethical
the Management of Business Ethics (‘MBE’) across the organisation behaviour, efforts undertaken to make stakeholders aware of such
through a well-defined framework. systems as well as of their responsibility to report such concerns,
practice of non-retaliation and strong mechanism to address such
The Company also has a Vigil Mechanism that provides a formal
concerns instills in our stakeholders the confidence to report any
channel for all its Directors, employees and vendors to approach
ethical violations.
the Ethics Counselor/Chairman of the Audit Committee and make
protective disclosures about the unethical behaviour, actual or Related Party Transactions
suspected fraud or violation of the Tata Code of Conduct (‘TCOC’).
During the year under review, the Company did not have any
In order to adhere to the highest of the ethical standard, the vigil contracts or arrangements with related parties in terms of
Mechanism includes policies viz. the Whistle Blower Policy for Section 188(1) of the Companies Act, 2013.
Directors & Employees, the Whistle Blower Policy for Business
Accordingly, particulars of contracts or arrangements with related
Associates, the Whistle Blower Protection Policy for Business
parties referred to in Section 188(1) of the Companies Act, 2013
Associates (vendors/customers), the Policy for Receipts of Gift and
along with the justification for entering into such contracts or
Hospitality and the Conflict of Interest Policy for Employees.
arrangements in Form AOC-2 does not form part of the report, as the
The Whistle Blower Policies for Directors & Employees and Business same is not applicable.
Associates are an extension of the TCoC that encourage every
Director, employee and Business Associate to promptly report to
105
BOARD’S REPORT
Disclosure as per the Sexual Harassment of Women at e) that proper systems to ensure compliance with the provisions
Workplace (Prevention, Prohibition and Redressal) Act, 2013 of all applicable laws were in place and that such systems were
adequate and operating effectively.
The Company has zero tolerance towards sexual harassment at
the workplace. The Company has adopted a Policy on Prevention, Business Responsibility Report
Prohibition and Redressal of Sexual Harassment at Workplace in
The Securities and Exchange Board of India (‘SEBI’) requires
line with the provisions of the Sexual Harassment of Women at
companies to prepare and present to stakeholders a Business
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the
Responsibility Report (‘BRR’) in the prescribed format. SEBI, however,
Rules thereunder.
allows companies to follow an internationally recognized framework
The Company has complied with the provisions relating to the to report on the environmental and social initiatives undertaken
constitution of the Internal Complaints Committee as per the Sexual by the Company. Further, SEBI has on February 6, 2017 advised
Harassment of Women at Workplace (Prevention, Prohibition and companies that are required to prepare BRR to transition towards an
Redressal) Act, 2013. Integrated Report.
During the year under review, the Company received 20 complaints As stated earlier in the Report, the Company has followed the
of sexual harassment, out of which 19 complaints have been resolved <IR> framework of the International Integrated Reporting Council
by taking appropriate actions. The 1 pending complaint is under to report on all the six capitals that are used to create long-term
investigation as on the date of this report. stakeholder value. Our Integrated Report has been assessed and
KPMG has provided the required assurance. We have also provided
Directors’ Responsibility Statement the requisite mapping of principles between the Integrated Report,
Based on the framework of internal financial controls established the Global Reporting Initiative (‘GRI’) and the BRR as prescribed by
and maintained by the Company, work performed by the internal, SEBI. The same is available on our website www.tatasteel.com.
statutory, cost and secretarial auditors and external agencies
including audit of internal financial controls over financial reporting Subsidiaries, Joint Ventures and Associates
by the statutory auditors and the reviews performed by Management We have 237 subsidiaries and 54 associate companies (including
and the relevant Board Committees, including the Audit Committee, 28 joint ventures) as on March 31, 2019. During the year under review,
the Board is of the opinion that the Company’s internal financial the Board of Directors reviewed the affairs of material subsidiaries.
controls were adequate and effective during Financial Year 2018-19. We have, in accordance with Section 129(3) of the Companies Act,
2013 prepared the consolidated financial statements of the Company
Accordingly, pursuant to Section 134(5) of the Companies Act,
and all its subsidiaries, which form part of the Integrated Report.
2013, the Board of Directors, to the best of its knowledge and
Further, the report on the performance and financial position of each
ability confirms:
subsidiary, associate and joint venture and salient features of their
a) that in the preparation of the annual accounts, the applicable Financial Statements in the prescribed Form AOC-1 is annexed to this
accounting standards have been followed and that there were report (Annexure 6).
no material departures;
In accordance with the provisions of Section 136 of the Companies
b) that we have selected such accounting policies and applied Act, 2013 and the amendments thereto, read with the Listing
them consistently and made judgements and estimates that are Regulations, the audited Financial Statements, including the
reasonable and prudent so as to give a true and fair view of the Consolidated Financial Statements and related information of the
state of affairs of the Company at the end of the financial year Company and financial statements of the subsidiary companies will
and of the profit of the Company for that period; be available on our website www.tatasteel.com. These documents
will also be available for inspection during business hours at the
c)
that proper and sufficient care has been taken for the
Registered Office of the Company and will also be kept open at the
maintenance of adequate accounting records in accordance
venue of AGM till the conclusion of AGM.
with the provisions of the Companies Act, 2013 for safeguarding
the assets of the Company and for preventing and detecting The names of companies that have become or ceased to be
fraud and other irregularities; subsidiaries, and associates (including joint venture companies) are
disclosed in an annexure to this report (Annexure 7).
d)
that the annual accounts have been prepared on a
going concern basis; Auditors
e)
that proper internal financial controls were laid down and Statutory Auditors
that such internal financial controls were adequate and were
Members of the Company at the AGM held on August 8, 2017,
operating effectively; and
approved the appointment of Price Waterhouse & Co Chartered
Accountants LLP (‘PW’), Chartered Accountants, as the statutory

auditors of the Company for a period of five years commencing from The extract of Annual Return in Form MGT 9 as per provisions of the
the conclusion of the 110th AGM held on August 8, 2017 until the Companies Act, 2013 and Rules thereto is available on the Company’s
conclusion of 115th AGM of the Company to be held in the year 2022. website at https://www.tatasteel.com/media/9083/mgt-9.pdf
The report of the Statutory Auditor forms part of the Annual Report. Significant and Material Orders passed by the Regulators or
The said report does not contain any qualification, reservation, Courts
adverse remark or disclaimer. During the year under review, the
There have been no significant and material orders passed by the
Auditors did not report any matter under Section 143 (12) of the
regulators or courts or tribunals impacting the going concern status
Act, therefore no detail is required to be disclosed under Section
and the Company’s future operations. However, Members’ attention
134(3)(ca) of the Act.
is drawn to the statement on contingent liabilities, commitments in
Cost Auditors the notes forming part of the Financial Statements.
In terms of Section 148 of the Companies Act, 2013 (‘Act’), the Particulars of Loans, Guarantees or Investments
Company is required to maintain cost records and have the audit
Particulars of loans, guarantees given and investments made
of its cost records conducted by a Cost Accountant. Cost records
during the year under review in accordance with Section 186 of the
are made and maintained by the Company as required under
Companies Act, 2013 is annexed to this report (Annexure 10).
Section 148(1) of the Act. The Board of Directors of the Company
has, on the recommendation of the Audit Committee, approved Energy Conservation, Technology Absorption and Foreign
the appointment of M/s Shome & Banerjee as the cost auditors of Exchange Earnings and Outgo
the Company (Firm Registration No. 000001) for the year ending
Details of the energy conservation, technology absorption
March 31, 2020.
and foreign exchange earnings and outgo are annexed to this
In accordance with the provisions of Section 148(3) of the Act read report (Annexure 11).
with Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the
remuneration payable to the Cost Auditors as recommended by the Deposits
Audit Committee and approved by the Board has to be ratified by During the year under review, the Company has not accepted any
the Members of the Company. Accordingly, appropriate resolution deposits from public in terms of the Companies Act, 2013. Further, no
forms part of the Notice convening the AGM. We seek your support amount on account of principal or interest on deposits from public
in ratifying the proposed remuneration of `20 lakh plus applicable was outstanding as on the date of the balance sheet.
taxes and reimbursement of out-of-pocket expenses payable to the
Cost Auditors for the Financial Year ending March 31, 2020. Secretarial Standards
The Company has in place proper systems to ensure compliance
M/s Shome & Banerjee have vast experience in the field of cost
with the provisions of the applicable secretarial standards issued by
audit and have been conducting the audit of the cost records of the
The Institute of Company Secretaries of India and such systems are
Company for the past several years.
adequate and operating effectively.
The Cost Audit Report of the Company for the Financial Year
ended March 31, 2018 was filed by the Company in XBRL mode on J. Acknowledgements
August 21, 2018. We thank our customers, vendors, dealers, investors, business
associates and bankers for their continued support during the year.
Secretarial Auditors
We place on record our appreciation of the contribution made by
Section 204 of the Companies Act, 2013 inter alia requires every listed employees at all levels. Our resilience to meet challenges was made
company to annex to its Board’s report, a Secretarial Audit Report, possible by their hard work, solidarity, co-operation and support.
given in the prescribed form, by a Company Secretary in practice.
We thank the Government of India, the State Governments where
The Board appointed Parikh & Associates, Practicing Company we have operations, Governments of various countries and other
Secretaries, as the Secretarial Auditor to conduct Secretarial Audit government agencies for their support and look forward to their
of the Company for the Financial Year 2018-19 and their report is continued support in the future.
annexed to this report (Annexure 8). There are no qualifications,
observations, adverse remark or disclaimer in the said Report.
The Board has also appointed Parikh & Associates as Secretarial On behalf of the Board of Directors
Auditor to conduct Secretarial Audit of the Company for
Financial Year 2019-20. sd/-
N. CHANDRASEKARAN
Extract of Annual Return Mumbai Chairman
The extract of the Annual Return in Form MGT-9, as per provisions April 25, 2019 DIN: 00121863
of the Companies Act, 2013 and Rules thereto, is annexed to this
report (Annexure 9).
107
BOARD’S REPORT | DIVIDEND DISTRIBUTION POLICY
Declaration regarding Compliance by Board Members and Senior Management Personnel with the Code
of Conduct
This is to confirm that the Company has adopted the Tata Code of Conduct for its employees including the Managing Director and the
Whole-time Directors. In addition, the Company has adopted the Tata Code of Conduct for the Non-Executive Directors. Both these Codes are
available on the Company’s website at www.tatasteel.com
I confirm that the Company has in respect of the Financial Year ended March 31, 2019, received from the Senior Management Team of the
Company and the Members of the Board, a declaration of compliance with the Code of Conduct as applicable to them.
For the purpose of this declaration, Senior Management Team means the Members of the Management one level below the Chief Executive
Officer & Managing Director as on March 31, 2019.
sd/-
T. V. NARENDRAN
Chief Executive Officer &
Mumbai Managing Director
April 25, 2019 DIN: 03083605

ANNEXURE 1
Dividend Distribution Policy
1. Preamble 3.4 The Policy reflects the intent of the Company to reward its
shareholders by sharing a portion of its profits after retaining
1.1 The Dividend Distribution Policy (hereinafter referred to as the
sufficient funds for growth of the Company. The Company shall
‘Policy’) has been developed in accordance with the extant
pursue this Policy, to pay, subject to the circumstances and
provisions of the Companies Act, 2013 and SEBI regulations.
factors enlisted hereon, progressive dividend, which shall be
1.2
The Board of Directors (the ‘Board’) of Tata Steel Limited consistent with the performance of the Company over the years.
(the ‘Company’) has adopted the Policy of the Company
as required in terms of Regulation 43A of the SEBI (Listing 4.
Parameters to be considered while declaring
Obligations and Disclosure Requirements) Regulations, 2015 Dividends
(the ‘Listing Regulations’) at its meeting held on April 20, 2017.
4.1 Financial Parameters
1.3 Under Section 2(35) of the Companies Act, 2013, ‘Dividend’ a) Magnitude of current year’s earnings of the Company: Since
includes any interim dividend. In common parlance, ‘dividend’ dividend is directly linked with the availability of earning over
means the profit of a company, which is not retained in the long haul, the magnitude of earnings will significantly
the business and is distributed among the shareholders in impact the dividend declaration decisions of the Company.
proportion to the amount paid-up on the shares held by them.
In case of listed companies, Section 24 of the Companies b) Operating cash flow of the Company: If the Company cannot
Act, 2013 confers on SEBI, the power of administration of the generate adequate operating cash flow, it may need to rely on
provisions pertaining to non-payment of dividend. outside funding to meet its financial obligations and sometimes
to run the day-to-day operations. The Board will consider the same
2. Effective Date before its decision whether to declare dividend or retain its profits.
The Policy shall become effective from the date of its adoption c) Return on invested capital: The efficiency with which the
by the Board i.e. April 20, 2017. Company uses its capital.
d) Cost of borrowings: The Board will analyze the requirement
3. Purpose, Objectives and Scope
of necessary funds considering the long-term or short-term
3.1 The Securities and Exchange Board of India (‘SEBI’) vide its projects proposed to be undertaken by the Company and
Gazette Notification dated July 8, 2016 has amended the the viability of raising funds from alternative sources vis-a-vis
Listing Regulations by inserting Regulation 43A in order to plough back its own funds.
make it mandatory to have a Dividend Distribution Policy in
place by the top five hundred listed companies based on their e) Obligations to lenders: The Company should be able to repay
market capitalisation calculated as on the 31st day of March its debt obligations without much difficulty over a reasonable
of every year. period of time. Considering the volume of such obligations and
time period of repayment, the decision of dividend declaration
3.2 As the Company is one of the top five hundred companies as shall be taken.
on March 31, 2016, the Board has laid down a broad framework
for distribution of dividend to its shareholders and/or retaining f) Inadequacy of profits: If during any financial year, the Board
or plough back of its profits. The Policy also sets out the determines that the profits of the Company are inadequate, the
circumstances and different factors for consideration by the Board may decide not to declare dividends for that financial year.
Board at the time of taking such decisions of distribution or of g) Post dividend EPS: The post dividend EPS can have strong
retention of profits, in the interest of providing transparency to impact on the funds of the Company, thus, impacting the overall
the shareholders. operations on day-to-day basis and therefore, affects the profits
3.3 Declaration of dividend on the basis of parameters in addition and can impact the decision for dividend declaration during a
to the elements of this Policy or resulting in amendment particular year.
of any element or the Policy will be regarded as deviation.
4.2 Proposals for major capital expenditures
Any such deviation on elements of this Policy in extraordinary
circumstances, when deemed necessary in the interests of The Board may also take into consideration the need for
the Company, along with the rationale will be disclosed in the replacement of capital assets, expansion and modernisation or
Annual Report by the Board. augmentation of capital asset including any major sustenance,
improvement and growth proposals.
109
DIVIDEND DISTRIBUTION POLICY
4.3
Agreements with lending institutions/ Bondholders/ 6. Target Dividend
Debenture Trustees 6.1
The Company has adopted a progressive dividend policy,
The decision of dividend pay-out shall also be affected by intending to maintain or grow the dividend each year.
the restrictions and covenants contained in the agreements
6.2 The Company targets to pay dividend up to 50% of profit after tax
as may be entered into with the lenders of the Company
of the Company subject to the applicable rules and regulations.
from time to time.
4.4 Statutory requirements 7.

Circumstances under which the Shareholders
can or cannot expect Dividend
The Company shall observe the relevant statutory requirements
including those with respect to mandatory transfer of a 7.1 The Board shall consider the factors provided under Clause 4
certain portion of profits to any specific reserve such as and 5 above, before determination of any dividend payout after
Debenture Redemption Reserve, Capital Redemption Reserve, analysing the prospective opportunities and threats, viability of
etc. as provided in the Companies Act, 2013, which may be the options of dividend payout or retention, etc.
applicable to the Company at the time of taking decision with 7.2 The decision of dividend payout shall, majorly be based on
regard to dividend declaration or retention of profit. the aforesaid factors considering the balanced interest of the
shareholders and the Company.
5. Factors that may affect Dividend Payout
5.1 External Factors 8. Manner of Dividend Payout
Macroeconomic conditions: Considering the current and
8.1 Given below is a summary of the process of declaration and
future outlook of the economy of the Country, the policy payment of dividends, and is subject to applicable regulations
decisions that may be formulated by the Government and 8.2 In case of final dividends:
other similar conditions prevailing in the global market which
may have a bearing on or affect the business of the Company, a)
Recommendation, if any, shall be done by the Board,
the management may consider retaining a larger part of the usually in the Board meeting that considers and approves
profits to have sufficient reserves to meet the exigency during the annual financial statements, subject to approval of the
unforeseen circumstances. shareholders of the Company.
Cost of raising funds from alternative sources: If the cost of

b)
The dividend as recommended by the Board shall be
raising funds to pursue its planned growth and expansion plans approved/declared at the annual general meeting
is significantly higher, the management may consider retaining of the Company.
a larger part of the profits to have sufficient funds to meet the c) The payment of dividends shall be made within 30 days
capital expenditure plan. from the date of declaration to the shareholders entitled
Taxation and other regulatory provisions: Dividend
to receive the dividend on the record date/book closure
distribution tax or any tax deduction at source as required by period as per the applicable law.
applicable tax regulations in India, as may be applicable at the 8.3 In case of interim dividend:
time of declaration of dividend. Any restrictions on payment of
dividends by virtue of any regulation as may be applicable to the a) Interim dividend, if any, shall be declared by the Board.
Company at the time of declaration of dividend. b) Before declaring interim dividend, the Board shall consider
the financial position of the Company that allows the
5.2 Internal Factors
payment of such dividend.
• The Company’s long-term growth strategy which requires to
conserve cash in the Company to execute the growth plan. c) The payment of dividends shall be made within 30 days
from the date of declaration to the shareholders entitled
• The liquidity position of the Company including its working to receive the dividend on the record date as per the
capital requirements and debt servicing obligations applicable laws.
• The trend of the performance/reputation of the Company that d) In case no final dividend is declared, interim dividend paid
has been during the past years determine the expectation of during the year, if any, will be regarded as final dividend in
the shareholders. the annual general meeting.

9. Policy as to how the retained earnings will be 10.4 Dividend when declared shall be first paid to the preference
utilised shareholders of the Company, if any as per the terms and
conditions of their issue.
9.1 The Board may retain its earnings in order to make better use of
the available funds and increase the value of the stakeholders
11. Applicability of the policy
in the long run.
11.1 The Policy shall not apply to:
9.2
The decision of utilisation of the retained earnings of the
Company shall be based on the following factors: • Determination and declaring dividend on preference shares
as the same will be as per the terms of issue approved by
• Long-term strategic plans the shareholders
• Augmentation/Increase in production capacity • Distribution of dividend in kind, i.e. by issue of fully or partly
• Market expansion plan paid bonus shares or other securities, subject to applicable law
• Product expansion plan • Distribution of cash as an alternative to payment of dividend
• Modernisation plan by way of buyback of equity shares
• Diversification of business
• Replacement of capital assets 12. Reporting and Disclosure
• Balancing the Capital Structure by de-leveraging the As prescribed by Regulation 43A of the Listing Regulation,
company this Policy shall be disclosed on the Company’s website and
the Annual report.
• Other such criteria as the Board may deem fit from time
to time.
13. Review of the Policy
10. Provisions in regard to various classes of shares 13.1
This Policy shall be subject to review as may be deemed
necessary as per any regulatory amendments.
10.1 The Company has only one class of equity shareholders and
does not have any issued preference share capital. However, in 13.2 Such amended Policy shall be periodically placed before the
case Company issue different class of equity shares any point Board for adoption immediately after such changes.
in time, the factors and parameters for declaration of dividend
to different class of shares of the Company shall be same as 14. Compliance Responsibility
covered above. Compliance of this Policy shall be the responsibility of the
10.2 The payment of dividend shall be based on the respective rights Company Secretary of the Company who shall have the power
attached to each class of shares as per their terms of issue. to ask for any information or clarifications from the management
in this regard.
10.3 The dividends shall be paid out of the Company’s distributable
profits and/or general reserves, and shall be allocated among
shareholders on a pro-rata basis according to the number of
each type and class of shares held.
111
MANAGEMENT DISCUSSION AND ANALYSIS
ANNEXURE 2
Management Discussion and Analysis
A. Overview The saleable steel production and sales trend over the years is
The following operating and financial review is intended to as follows:
convey the Management’s perspective on the financial and
operating performance of the Company at the end of the PRODUCTION AND SALES OF STEEL DIVISION (k tonnes)
Financial Year 2018-19. This Report should be read in conjunction
Production
with the Company’s financial statements, the schedules and notes Sales
12,980
thereto and other information included elsewhere in the Integrated
12,692
12,237
12,151
Report. The Company’s financial statements have been prepared
11,351
10,973
in accordance with the Indian Accounting Standards (‘Ind AS’)
9,698
9,543
9,073
8,750
complying with the requirements of the Companies Act, 2013, as
amended and regulations issued by the Securities and Exchange
Board of India (‘SEBI’) from time to time.
This report is an integral part of the Board’s Report. Aspects on industry
structure and developments, outlook, risks, internal control systems
and their adequacy, material developments in human resources and FY15 FY16 FY17 FY18 FY19
industrial relations have been covered in the Board’s Report and is
incorporated herein by reference and forms an integral part of this During the Financial Year 2018-19, the saleable steel production
report. Your attention is also drawn to sections on Strategy, Risk and stood at 12.98 MnT which is ~6.07% increase over the previous
Opportunities forming part of the Integrated Report. This section year. The hot metal production for the Financial Year 2018-19 was at
gives significant details on the performance of the Company. 14.24 MnT which is 2.8% increase over previous year. The improvement
in performance is due to stabilisation of operations and the ongoing
B. Tata Steel Group Operations improvement initiatives undertaken by the Company through the
Shikhar25 program. Accordingly, Tata Steel Jamshedpur (‘TSJ’) has
1. Tata Steel India (TSI)
achieved the Indian benchmark in specific consumption of energy,
(` crore)
refractory, pulverised coal injection and coke rate.
FY 19 FY 18
Turnover 70,611 60,519 At Tata Steel Kalinganagar (‘TSK’), the commercial production at Phase-I
EBITDA 20,744 15,800 of 3 MnTPA plant commenced since June 2016 and has achieved the
Profit before tax (PBT), before exceptional 16,341 10,005 rated capacity during the Financial Year 2018-19. TSK strives to maintain
Profit before tax (PBT) 16,227 6,638 a world-class environment in the premises by following environmental
Profit after tax (PAT), before exceptional 10,647 7,536 management systems in accordance with rules and regulations framed
Profit after tax (PAT) 10,533 4,170 by the Government and have comprehensive processes in place for
ensuring health and safety of people, plant and equipment. The plant
a) Operations is designed to have minimal water foot print, by-product gas based
(mn tonnes)
power generation leading to reduction in carbon footprints, Coke
FY 19 FY 18 Change (%)
Dry Quenching technology, zero-effluent discharge and significant
reduction of noise and dust pollution.
Hot Metal 14.24 13.86 3
Crude Steel 13.23 12.48 6 Financial Year 2018-19 saw a significant quality ramp-up in steel
Saleable Steel 12.98 12.24 6 making and rolling ahead of plan with successful development of
Sales 12.69 12.15 4 new products that was well accepted by customers.
After successful ramp up, TSK has embarked upon second phase of
expansion which will take its production capacity to 8 MnTPA.

b) Marketing and Sales Initiatives industry leader in Liquid Petroleum Gas and Medium & High Carbon
During Financial Year 2018-19, our Steel Business Unit (‘SBU’) has segments. During the year under review, the Engineering Segment
achieved a growth in sales of ~4% over previous year contributed (Pre-Engineered Building, Lifting & Excavation, Construction
primarily from sales in domestic market. & Projects and Oil & Gas) achieved annual sales of 0.450 MnT
thereby registering a growth of 49% year-on-year. Despite rising
The break-up of sales in our various segments and the break-up of protectionism, the Company maintained its presence in international
domestic sales to exports are as follows: markets and crossed 1 MnT in exports for second consecutive year.
(mn tonnes) The Company has increased its downstream businesses such as Cut &
FY 19 FY 18 Bend with Tiscon Readybuild, recording annual sales of 0.144 MnT in
Automotive & Special products 2.12 1.94 the Financial Year 2018-19 as against 0.138 MnT in previous financial
Branded Products, Retail & Solutions 3.90 3.80 year. Further, ‘Sm@rtFAB’ - India’s first branded welded wire fabric
Industrial Products & Projects 4.69 4.24 achieved an annual sales of ~1,000 tonnes.
Domestic 10.71 9.98
Services & Solutions: The Company has further strengthened its
Exports 1.06 1.15
position in Service & Solutions space by providing better consumer
Domestic + Exports 11.77 11.13
connect and experience. Since inception, 1 lakh units of Tata Pravesh
Transfers (Wires, Tubes, Agrico, Tinplate) 0.92 1.02
Total Deliveries 12.15 have been installed and over 10,000 consumers have been served
12.69
until this financial year. During the year under review, the turnover
Following are the Key Business Initiatives and achievements of from Tata Pravesh Doors and Windows have increased by ~80% as
Financial Year 2018-19: compared to previous year. Further, another premium Services
& Solutions brand – ‘Nest-In’ has doubled its business during
Automotive and Special Products: The Company achieved annual
Financial Year 2018-19 compared to previous year.
sales in Automotive sector of 2.12 MnT in Financial Year 2018-19 as
against 1.94 MnT in the previous Financial Year. Further, the Company Digital Initiatives: During the Financial Year 2018-19, the Company
registered a growth of 8.2% as against industry growth of 6.3% and has rolled out various digital initiatives across various customer
has retained its leadership in automotive flat products with a market groups. E-selling platform ‘Aashiyana’ was launched for multiple
share of 42% in the Financial Year 2018-19. Sales from Jamshedpur B2C brands, ‘COMPASS’ - a digital supply chain visibility solution
Continuous Annealing & Processing Company Private Limited was rolled out to select B2B customers and an initiative called
(‘JCAPCPL’) grew by 40% year-on-year to 289 kilo tonnes in Financial ‘DigEca’ was undertaken to capture lead management for Emerging
Year 2018-19 as against 206 kilo tonnes in previous year. Corporate Accounts (‘ECAs’) for making the process convenient for
the customers. These initiatives have contributed to the growth of
During Financial Year 2018-19, as a recognition of various initiatives
Company’s turnover for the Financial Year 2018-19.
and contributions, the Company received various accolades and
awards from its key customers and automotive leaders, including the c) Sustainable Steel Business Initiatives
‘Overall Performance Award’ for exhibiting exemplary performance
in Quality, Cost, Delivery and Development for the 4th consecutive i) New Materials Business (‘NMB’)
year and ‘Gold Business Alignment Award’ in recognition of its efforts The NMB was set up during the Financial Year 2018-19 with a vision
to cater to increased volumes. to partially insulate revenues from cyclicity of the steel business and
respond to growing demands of alternative materials from a range
Branded Products, Retail and Solutions: During the Financial
of industries.
Year 2018-19, the Company achieved an annual sales of branded
products at 3.9 MnT thereby registering growth of ~3% over NMB currently focusses on Fibre Reinforced Polymer (‘FRP’)
previous year. Brands like Tata Tiscon and Tata Astrum achieved composites with products mainly made of Glass Reinforced Polymer
higher sales of 1.43 MnT and 1.52 MnT respectively during the (‘GRP’). FRP is a composite material comprising glass/carbon/any
Financial Year 2018-19, thereby registering a year-on-year growth other fibre, embedded in a resin matrix. Its key benefits include
of 3.5% and 9% respectively. The Company’s first portal for the lightweight, corrosion resistance, high strength to weight ratio
individual home builder, ‘Aashiyana’, crossed the milestone of `100 and design freedom. NMB successfully completed India’s first ever
crore turnover in Financial Year 2018-19, since its launch in May 2018. FRP based foot over bridge project in March 2019 and sees a huge
The portal now hosts six retail brands – Tata Tiscon, Tata Pravesh, Tata potential for such bridges in the country.
Wiron, Tata Structura, Tata Agrico and Tata Shaktee and hosts over
Further, the Company has set up a Graphene Centre to explore the
5,000 service partners.
potential usage of Graphene in a variety of applications. The main
Industrial Products, Projects and Exports: The Company continues application was the development of anti-corrosion coatings on
to enrich its product portfolio with its focus towards value added cut and bend rebars. Brand GFX Ultima Superlinks launched in
and engineering segments. The annual sales of value added flat 2018 has performed well and is proposed to be upscaled in the
products in industrial segment grew by 27% year-on-year with a Financial Year 2019-20. The Company is pursuing to develop markets
total sales volume of 0.585 MnT. The Company continues to be the in industrial, retail, mobility, energy, wellness and medical verticals.
113
The Company is one of the first entrants from the organised sector in During the Financial Year 2018-19, FAMD achieved 19% growth in its
India and large corporate groups in the composites industry working production primarily in dolomite for meeting the requirements of TSJ
on a growth strategy through current manufacturing partners and and TSK. However, sales were lower than previous year due to lower
other inorganic means. availability of rakes for despatches.
ii) Steel Recycling business The division has launched a digital initiative ’Drishti’ to enable
end to end tracking of shipments and increase of visibility in the
Steel is 100% recyclable and can be recycled to create new steel
outbound supply chain to eliminate weight loss between plant
products in a closed-material loop, making it a perfect candidate for
and end customer.
a circular economy. Recycled steel maintains the inherent properties
of the original steel. The division won the ‘National Safety Award 2016’ from his excellency
Hon’ble President of India and ‘Kalinga Safety Award 2017’ from his
Steel demand in India, is poised to grow with the scrap demand at
excellency Governor of Odisha.
present being ~30 MnTPA, with ~5 MnTPA imported from outside
India. The supply is likely to increase due to some impending e) Tubes Division
Government policies, rapid urbanisation and economic activity.
Our Tubes Strategic Business Unit is a leading manufacturer of
Steel production through the Electric Arc Furnace (‘EAF’) route, has pipes and tubes in India having its manufacturing facility situated
potential to reduce carbon emissions, resources and consumption by at Jamshedpur with an annual production capacity of ~500 kilo
60-70%, compared to traditional steel production routes. tonnes. The three main lines of businesses are conveyance tubes
(Tata Pipes), structural tubes (Tata Structura), precision tubes for auto
Sensing these opportunities, the Company started the Steel
and boiler segments.
Recycling business to meet the long-term growing demands in a
more sustainable manner.
PRODUCTION AND SALES OF TUBES DIVISION (k tonnes)
Our steel recycling business seeks to collaborate with the Government
on multiple frontiers to formalise the scrap industry. Production
Sales
524
523
India’s first State of Art Scrap Processing Centre is being set-up
509
511
487
483
462
through an outsourced model, on BOO (Built, Own, Operate) 459

444
444
basis, with a capacity to process 0.5 MnT of scrap annually.

The commercial production is expected to begin in the latter half of
the Financial year 2019-20.
d) Ferro Alloys and Minerals Division

Our Ferro Alloys and Minerals Division (‘FAMD’) is one of the leading
chrome alloy producers in the world with operations spanning FY15 FY16 FY17 FY18 FY19
across continents. In India, it is the largest producer of ferro chrome
and leading producer of manganese alloy. It’s production facilities During the Financial Year 2018-19, the division achieved 3% growth
(from Mines to Market) are integrated with production bases in sales over previous year mainly contributed by higher sales of
spanning across four Indian States and having customers across ‘Structura’ due to growth in demand in the construction sector.
the world. FAMD has captive plants at Joda, Bamnipal and Gopalpur
(since June 2018) and have Ferro Processing Centres (‘FPCs’) under The division is focusing on increase in revenues from branded
a business partnering agreement for production of Chrome and products and has launched two new brands in the retail segment
Manganese alloys. - Tata Structura Z+ and Tata Pipes Jeevan along with thin organic
coating spray. The division has leveraged advance technology across
PRODUCTION AND SALES OF FAMD (k tonnes)
functions to bring in more operational efficiencies and accordingly
Production introduced e-initiatives in supply chain ‘COMPASS’, ‘TEJ app’ for
Sales channel partners and ‘Aashiyana’ - an e-commerce portal for online
1,441
sale of tubes. Post-acquisition of Bhushan Steel Limited on May 18,

1,327
1,320
1,270
1,241
2018 (renamed Tata Steel BSL Limited), Tubes SBU has launched
1,114
Tata Structura and Tata Pipes for its B2B and B2SME customers in
infrastructural and industrial segments.
740
585
The division has been awarded the GreenPro certification for Tata
Structura & Tata Pipes by CII Green Building Council and ‘Making of
315
315
Developed India’ award for Brand & Marketing excellence by World

FY15 FY16 FY17 FY18 FY19 Federation of Marketing.

f) Industrial By-Products and Management Division PRODUCTION AND SALES OF WIRES DIVISION (k tonnes)
Our Industrial By-products and Management Division (‘IBMD’) Production
handles variety of by-products in the entire value chain. The business Sales
385
383
operates on the principle of 3Rs (Reduce, Reuse, Recycle), thereby
366
360
ensuring contribution towards the green journey of Tata Steel.
321
320
310
309
307
302
With the objective of harnessing ‘Value from waste and by-products’,
IBMD is committed to becoming a knowledge driven business unit
leveraging digital and innovation as key pillars. The division has also
delved into downstream value enhancement of by-products which
serve as quality benchmarks in the industry.
FY15 FY16 FY17 FY18 FY19
During the year under review, the division saw substantial growth
in its brands Tata Nirman and Tata Aggreto mainly contributed by fly During the Financial Year 2018-19, the division achieved 6%
ash bricks and road making applications. growth in production and 5% growth in sales due to a consistent
year-on-year growth in infrastructure at 11% and in retail at 7%.
By-product utilisation at the Plant increased substantially by ~26% The division introduced two new products – Wiron Aayush Farming
over the previous year. and GI Knotted Fence.
The division’s Wire Plant in Tarapur has been awarded the national
award for achieving ‘manufacturing competitiveness’ by Indian
BY-PRODUCT UTILISATION AT PLANT AND SALES OF
IBM DIVISION (k tonnes) Research Institute of Manufacturing.
By-product utilisation h) Bearings Division

Sales The Bearings Division is one of India’s largest quality bearing
984
980
manufacturers, having its manufacturing facility situated at

907
865
Kharagpur, West Bengal with an annual production capacity of

790
40 million bearing numbers. The Company is foremost in the

manufacturing of a wide variety of bearings and auto assemblies
and product range includes Ball Bearings, Taper Roller Bearings, Hub
395
Unit Bearings, Clutch Release Bearings, Double Row Angular Contact

312
Bearings, Centre Bearings and Magneto Bearings. It is the only

230
194
152
bearings manufacturer in India to win the TPM Award (2004) from

FY15 FY16 FY17 FY18 FY19 Japan Institute of Plant Maintenance, Tokyo.
During the year under review, the division has achieved best-ever
100% LD Slag Utilisation at TSJ and TSK, successfully implemented PRODUCTION AND SALES OF BEARINGS
DIVISION (mn nos.)
E-inspection (digital material inspection) to achieve benefits on safety,
reduced cycle time and increase in customer base. Tata Aggreto was Production
approved for usage in rural roads by Indian Road Congress for the Sales
39
first time in India.

38
38
38
37
37
37
36
35
34
The division has been awarded ‘Company of the year’ at the 14th
Global Slag Conference and Exhibition 2019 in Aachen, Germany for
its work in innovative applications of Slag.
g) Wires Division
Our Global Wires India (‘GWI’) Business Unit is the largest manufacturer
of steel wires in India. The plants are located at Tarapur, Pithampur
and Jamshedpur, contributing to nearly 70% of its sales volume, with FY15 FY16 FY17 FY18 FY19
remaining 30% being catered by Wires Processing Centres. GWI caters The sales have reduced by 5% over previous year due to drop in
to the requirements of the Indian Automobile Industry, Construction production in the automobile segment, low priced imports from
Industry and the rural markets with various products. China and increase in cost of basic raw materials - steel and alloy steel.
The Division has improved plant availability by debottlenecking and
leveraging its existing resources for sustainable operations.
115
i) Shikhar25 (Operational Improvement Programmes) The production and sales performance of TSBSL is given below:
The Shikhar25 program, a multi-divisional, multi-location, cross (mn tonnes)
functional program, completed four years in Financial Year 2018-19. FY 19
The Company has been pursuing the ‘journey for improvement’ Crude Steel 3.58
since its inception. The continuous learning and improvement Saleable Steel 3.50
journey has been one of the foundation pillars for driving benchmark Sales 3.57
performance across the value chain.
During the Financial Year 2018-19, the saleable steel production
The programme covers entire steel value chain with structured stood at 3.5 MnT and the crude steel production stood at 3.58 MnT.
collaboration from Raw Materials division to Marketing & Sales
The long-term sustainability of TSBSL requires structured and
division as an umbrella initiative. It intends to drive break through
accelerated operational excellence and integration with Tata
improvement projects with best of rigor and simplified governance,
Steel. Post the acquisition, many improvement projects have been
without compromising on safety, environment and people standards
undertaken at TSBSL. We have put in place strategies to optimise the
and in collaboration with internal/external stakeholders to achieve
use of the existing assets and reach higher level of capacity utilisation
best in class operational performance.
to produce value added grades, increase the customer base and
During the year under review, basis previous years’ learnings, the bring about development in domestic market and value creation
Shikhar25 programme was extended to tap potentials for Cross through synergy initiatives.
cutting themes across divisions and its facility at TSK. Three new
TSBSL is working towards stabilising the operations at the plant,
IMPACT Centers were established namely Tubes, JUSCO and Finance
debottlenecking existing facilities, raising its standards to the
& Accounts. All the Impact Centres focussed on new technology
benchmark demonstrated performance and realising synergies.
adaptation in collaboration with suppliers and integrating digital
Further, TSBSL plans to achieve benchmark performance across all
initiatives to explore new horizons of improvements. Key levers
areas to achieve rated capacity and generate strong cash flows.
for improvement were improvement in sale of enriched products,
increase in throughput at West Bokaro collieries, maximising captive In July 2018, TSBSL launched an accelerated performance
iron ore supply to Tata Steel BSL Limited (formerly Bhushan Steel improvement plan to achieve industry benchmark in operational
Limited), cost reduction of clean coal from Jharia and iron ore, excellence and customer focus with the agenda of deep change
reduction of solid fuel in pellet plant, reduction in graphite electrode management encompassing employee engagement and capability
consumption in LDs, HM +Scrap yield at LDs, cost reduction of Lime building. Accordingly, the IMPACT Centre (‘IC’) methodology along
Consumption & Ferro Alloys at LDs, reduction in inbound/outbound with the D0-D4 stage gate approach (based on degree of hardness)
logistics spend base, packaging cost, energy efficiency, cost was leveraged to drive this program.
optimisation for other procured goods and services amongst others.
Under the program, 13 ICs were rapidly setup and stabilised
Total improvement savings achieved in the Financial Year 2018-19 across the entire value chain laying down the culture for
is `2,801 crore. continuous improvement, ownership and drive. These ICs are
working on over 500 ideas including synergy initiatives across
2. Tata Steel BSL Limited (formerly Bhushan Steel Limited) the value chain. The benefits achieved from these initiatives in the
The Company acquired controlling stake in Bhushan Steel Limited Financial Year 2018-19 is ~`630 crore.
[renamed Tata Steel BSL Limited (‘TSBSL’)] vide National Company
Law Tribunal (‘NCLT’) Order dated May 15, 2018 under the Insolvency 3. Tata Steel Europe (‘TSE’)
and Bankruptcy Code (‘IBC’). The Financial Statements of TSBSL have Global GDP growth in 2018 was 3.2%. The eurozone economy grew
been consolidated effective May 18, 2018 and hence previous year’s by 1.8% in 2018 compared to 2.5% in 2017. Growth was negatively
figures are not comparable. impacted by a slowing Chinese economy and US protectionism.
The UK economic growth eased to 1.4% in 2018 compared to 1.7% in
The turnover and profit/loss figures of TSBSL for the Financial Year
2017 mainly due to ongoing uncertainty towards Brexit which caused
2018-19 are given below:
businesses to postpone decisions regarding future investments.
(` crore)
FY 19 As economic growth weakened, capacity utilisation in the global steel
Turnover 18,376 industry reduced causing steel prices and margins to fall. The World
EBITDA 3,033 Steel Association predicts that EU steel demand is expected to grow
Profit before tax (PBT), before exceptional (922) by only 0.5% in 2019. Margins are expected to remain under pressure
Profit before tax (PBT) (881) in 2019 as further reductions to global overcapacity is unlikely.
Profit after tax (PAT), before exceptional (922)
Profit after tax (PAT) (881) Negotiations between the EU and the UK in relation to Brexit and the
evolving political situations are being monitored by the TSE Brexit
Working Group, which includes an assessment of the threats and
opportunities that Brexit may impose on the EU steel market and

the TSE customers. TSE is committed to maintaining close dialogue and unplanned downtime. Further progress was also achieved in its
with its customers and partners to ensure that all potential Brexit ‘Strategic Asset Roadmap’ (‘STAR’) capital investment programme
scenarios are planned for, short-term disruption is minimised and to support the strategic growth of differentiated, high value
opportunities for the re-alignment of supply chains are identified. products in the automotive, lifting & excavating, energy and power
market sectors.
The European Commission granted the UK a 6-month extension to
Brexit till October 31, 2019 averting the UK to leave the EU without The World Economic Forum announced that Tata Steel IJmuiden
a deal. As part of its risk management, TSE has identified a number had been inducted into its prestigious community of ‘Lighthouses’
of mitigating actions it would implement for a ‘no-deal’ scenario. for its Advanced Analytics-programme, a distinction awarded to
Due to the ongoing Brexit uncertainty, the pound has continued to manufacturing facilities which are leaders in the technologies of the
remain weak against major currencies in the Financial Year 2018-19 Fourth Industrial Revolution. In 2018, Tata Steel IJmuiden celebrated
averaging 1.13 against the euro (2017-18: 1.14) and 1.32 versus the its centennial anniversary. The festivities were highly valued by the
US dollar (2017-18: 1.33). employees and visitors to the site.
The turnover and profit/loss figures of TSE (continuing operations) Strip Products UK – During the year under review, the liquid steel
are given below: production at Port Talbot Steel Works, Wales was at 3.2 MnT which
(` crore) was lower by 0.4 MnT from the previous year due to an outage to
FY 19 FY 18 extend the life of Blast Furnace 5. During Financial Year 2018-19 Strip
Turnover 64,777 59,985 Products UK further optimised its new automotive finishing line
EBITDA 5,414 3,713 (‘AFL’) and extensive work was undertaken on the power plant to
Profit before tax (PBT), before exceptional (1,078) (1,803) extend its generation capability. Further progress was achieved in
Profit before tax (PBT) (1,147) 12,048 its ‘Delivering Our Future’ improvement initiative programme that
Profit after tax (PAT), before exceptional (1,405) (2,164) is now incorporated more deeply across the full UK supply chain.
Profit after tax (PAT) (1,475) 11,687
In addition, the ‘Sustainable Operational Excellence’ programme
was rolled out across the hub with a significant impact on daily
The production and sales performance of TSE (continuing operations)
management activities through the mass engagement and coaching
is given below:
of points of leadership and their teams.
(mn tonnes)
Strategic Activities
Liquid Steel Production 10.31 10.69 (4)
Deliveries 9.64 9.99 (4) During the year under review,
• TSE signed definitive agreements with thyssenkrupp AG
TSE’s revenue of `64,777 crore for the Financial Year 2018-19 to combine the European Steel Business into a 50:50 joint
increased by 8% over previous year primarily owing to an increase venture, named thyssenkrupp Tata Steel BV on June 30, 2018.
in average revenue per tonne due to improved market conditions The transaction is subject to merger control clearance in several
partly offset by reduction in deliveries. jurisdictions, including the European Union.
The principal activities in Financial Year 2018-19 comprised • TSE successfully completed a major project to extend the life of
manufacture and sale of steel products throughout the world. Blast Furnace 5 at Port Talbot. The project comprised a capital
TSE’s continuing operations produced carbon steel by the basic investment of £56m and is expected to extend the life of the
oxygen steelmaking method at its integrated steelworks in the furnace by 5 to 7 years and improve its operational stability.
Netherlands at IJmuiden and in the UK at Port Talbot. During Financial
Year 2018-19 these plants produced 10.3 MnT of liquid steel. • TSE announced its intention to divest its Cogent, Kalzip, Firsteel,
Engineering Steels Service Centre (Wolverhampton) and Tata
Whilst the Group seeks to increase its differentiated/premium Steel Istanbul Metals (Colours) businesses. The disposal of the
business which is less dependent on market price movements, it Kalzip business to Donges SteelTec GmbH was completed on
still retains focus in both the UK and IJmuiden on improving its October 1, 2018. Discussions to divest the other businesses
operations, consistency, and taking measures to protect against remain ongoing.
unplanned interruptions and property damage.
Awards and Accolades:
Strip Products Mainland Europe – During the Financial Year
2018-19, the liquid steel production at IJmuiden Steel Works, • TSE won an award for its innovative construction software ‘BIM DNA
Netherlands was at 7.1 MnT which remained unchanged compared Profiler’ which was named the best new product at the BIM show.
to previous year. Record annual outputs of 1.4 MnT were achieved • TSE won an award for ‘Excellence in Education and Training’ at the
at the Direct Sheet Plant. Further, during the year under review, Steelie Awards 2018.
Strip Products Mainland Europe continued with its ‘Sustainable
Profit’ programme which targets improvements to delivery and • TSE has been named a sustainability champion by the World
yield performance, commercial mix and reduce operating costs Steel Association.
117
4. South East Asia Operations ‘Excellence in Corporate Social Responsibility in 2018’ by the CII-ITC
On January 28, 2019, T S Global Holdings Pte. Ltd. (‘TSGH’) (an Centre for Excellence for Sustainable Development.
indirect wholly-owned subsidiary of the Company) executed
6. The Tinplate Company of India Limited
definitive agreements to divest its entire equity stake in NatSteel
Holdings Pte. Ltd. (‘NSH’) and Tata Steel (Thailand) Public Company The turnover and profit/loss figures of The Tinplate Company of India
Ltd. (‘TSTH’) As per the agreement, the divestment will be made Limited (‘TCIL’) for Financial Year 2018-19 are as follows:
to a company, to be formed, in which 70% equity shares will be (` crore)
held by an entity controlled by HBIS Group Co., Ltd. and 30% will FY 19 FY 18
be held by TSGH. Turnover 2,611 1,931
Profit before tax (PBT) 92 115
The assets and liabilities of these companies have been classified
Profit after tax (PAT) 58 73
as held for sale as on March 31, 2019 and have been presented
separately in the Consolidated Balance Sheet of Tata Steel. The TCIL is the largest indigenous producer of tin coated and tin free steel
results for the current period of these companies have been disclosed used for metal packaging. It has also been ‘value-adding’ its products
within discontinued operations and results for the previous periods by way of providing printing and lacquering facility to reach closer
have been restated accordingly. to food processors/fillers. TCIL has two Cold Rolling Mills and two
electrolytic tinning lines with an installed annual production capacity
Loss of `89 crore for the Financial Year 2018-19 (Previous Year Profit
of around 379 kilo tonnes of tinplate and tin-free steel.
of `141 crore) have been reported under ‘discontinued operations’
in the Statement of Profit and Loss of Tata Steel for the period During the year under review, TCIL’s consumption in India grew
ended March 31, 2019. by ~6% primarily driven by paints & aerosol end use segments
growing at ~8% each. Tin Free Steel (‘TFS’) for crown caps also
5. Tata Metaliks Limited increased considerably by 18%. However, the demand from oil can,
The turnover and profit/loss figures of Tata Metaliks Limited (‘TML’) one of the largest end use segments, was much lower than expected
for Financial Year 2018-19 are as follows: due to fillers choosing alternate packaging medium owing to steep
(` crore) increase in the tinplate price.
FY 19 FY 18
Turnover 2,155 1,894 During the Financial Year 2018-19, TCIL achieved deliveries of
Profit before tax (PBT) 212 200 359 kilo tonnes as against 361 kilo tonnes of previous year due to
Profit after tax (PAT) 182 159 sluggish demand. The turnover is higher over the previous year
due to increase in realisations as there has been an increase in steel
TML has its manufacturing plant at Kharagpur, West Bengal, India prices. However, PAT is lower than previous year due to increase in
which produces annually 300 kilo tonnes of pig iron and 200 kilo cost of raw materials.
tonnes of ductile iron pipes. Pig iron is marketed under the brand
name ‘Tata eFee’ (world’s first brand) and ductile iron pipe is marketed TCIL was awarded ‘Award for Excellence in Consistent TPM
under the brand name ‘Tata Ductura’. Commitment’ for 2018, by Japan Institute of Plant Maintenance.
During the Financial Year 2018-19, the sale of pig iron was at 7. Tata Steel Processing and Distribution Limited
280 kilo tonnes as against 291 kilo tonnes of previous year owing to The turnover and profit/loss figures of Tata Steel Processing and
a sluggish demand. However, the sale of ductile iron pipes increased Distribution Limited (‘TSPDL’) for the Financial Year 2018-19
to 240 kilo tonnes as against 209 kilo tonnes of previous year due to are as follows:
higher demand in the project segment. (` crore)
FY 19 FY 18
TML has started Pulverised Coal Injection (‘PCI’) and usage of pellets
Turnover 4,281 3,196
in both the Mini Blast Furnaces (‘MBFs’).
Profit before tax (PBT) 118 96
The increase in turnover is due to an increase in net realisation of Profit after tax (PAT) 76 64
pig-iron and ductile iron pipes offset by lower sale of pig iron.
TSPDL is India’s largest steel service centre organisation with
The increase in PAT is due to improvement in cost primarily due to primary operations being steel coil slitting, cut-to-length, blanking,
improvement in specific consumption of raw materials – coke, iron corrugation, plate burning and fabrication. TSPDL is the pioneer and
ore, operational efficiency and lower overheads. a leader in the organised steel processing and distribution market.
During the year under review, TML was awarded with ‘Noteworthy World-class processing facilities and comprehensive quality
Water Efficient Unit’ at the 4th Water Innovation Summit 2018 assurance systems combine to make TSPDL a benchmark in the
(Economic Growth & Human Development in Context of Water steel service industry. TSPDL has developed IT rack solutions (Wall
Security) & National Awards for Excellence in Water Management and Mounted, Floor Standing and Open) for various applications.

TSPDL currently has a processing capacity of 3.5 MnT with around C. Financial Performance
75% of utilisation in the Financial Year 2018-19 as compared to the
1. Tata Steel Limited (Standalone)
processing capacity of 3.2 MnT in the previous year.
During the year under review, the Company recorded a profit after
During the Financial Year 2018-19, TSPDL achieved 1,807 kilo tonnes tax of `10,533 crore (previous year: `4,170 crore). The increase is
of tolling volumes and 805 kilo tonnes of distribution volumes, an primarily on account of improved realisations, higher deliveries and
increase of 19% and 18% respectively over previous year which lower exceptional charges over previous year. The basic and diluted
resulted in an increase in turnover. The profits are higher primarily earnings per share for the Financial Year 2018-19 were at `90.41 per
due to higher contribution from tolling. share and `90.40 per share respectively (previous year: basic: `38.57
TSPDL won the Suraksha Puraskar (Bronze Trophy) and was awarded per share, diluted: `38.56 per share).
‘CII National Energy Management award 2018- Energy Efficient Unit’ The analysis of major items of the financial statements is given below:
8. Tata Sponge Iron Limited a) Revenue from operations
The turnover and profit/loss figures of Tata Sponge Iron Limited (` crore)
(‘TSIL’) for the Financial Year 2018-19 are as follows: FY 19 FY 18 Change (%)
(` crore) Sale of products 67,214 57,614 17
FY 19 FY 18 Sale of power and water 1,709 1,691 1
Turnover 992 817 Other operating revenue 1,688 1,214 39
Profit before tax (PBT) 188 210 Total revenue from
70,611 60,519 17
Profit after tax (PAT) 124 141 operations
TSIL is a manufacturer of sponge iron with an annual production During the year under review, sale of products was higher as
capacity of 390 kilo tonnes and generates 26 MW of power through compared to the previous year, primarily due to higher realisations
the waste heat recovery route. and increased volumes. The Ferro Alloys and Mineral Division
During the Financial Year 2018-19, sale of sponge iron was 437 kilo registered a higher revenue owing to higher production of Ferro
tonnes as against 414 kilo tonnes of previous year. The turnover has Chrome along with improved demand in the international market.
increased by 21% due to increase in net realisation from sponge iron The Wires and Tubes division registered higher revenue due to
and higher sales volume. However, the profit is lower than previous increase in realisations. Other operating revenue increased mainly
year due to higher cost of ore and coal. due to higher benefits arising out of exports.
9. Bhubaneshwar Power Private Limited b) Purchases of stock-in-trade

The turnover and profit/loss figures of Bhubaneshwar Power Private (` crore)
Limited (‘BPPL’) for the Financial Year 2018-19 are as follows:
Purchases of stock-in-trade 1,808 647 179
(` crore)
FY 19 FY 18
Turnover 541 74 During the year under review, purchases of stock-in-trade was higher
Profit before tax (PBT) 64 (6) as compared to the previous year due to higher purchases of steel
Profit after tax (PAT) 60 (6) wire rods, imported rebars, hot rolled coils, cold rolled coils and slabs,
owing to higher requirement.
Note: The Financial Year 2017-18 is reported from February 1, 2018 to
March 31, 2018, as BPPL became a subsidiary of Tata Steel Limited effective
c) Cost of materials consumed
February 1, 2018.
(` crore)
BPPL is in the business of generation of power. It owns 135 MW FY 19 FY 18 Change (%)
(2x67.5 MW) coal based power plant in Odisha. During the Financial Cost of materials consumed 19,840 16,878 18
Year 2018-19, the plant operated at a load factor of 78.1%, generated
924 million units of power, an improvement of ~8% over the During the year under review, the cost of materials consumed
previous year with a plant availability of 94%. BPPL supplies increased primarily due to higher consumption of coal and purchased
120.5 MW power to the Company and T S Alloys Limited. pellet along with higher cost of imported coal.
Further, during the Financial Year 2018-19, BPPL reported profit
d) Employee benefits expense
against loss in previous year.
(` crore)
Employee benefits expense 5,131 4,829 6
119
During the year under review, the expense increased primarily g) Finance costs and net finance costs
on account of salary revisions, its consequential impact on the (` crore)
retirement provisions. FY 19 FY 18 Change (%)
Finance costs 2,824 2,811 0
e) Depreciation and amortisation expense Net Finance costs 600 2,068 (71)
(` crore)
During the year under review, finance costs were almost at par with
Depreciation and
3,803 3,727 2 the previous year. Net finance charges were lower on account of
amortisation expense
higher interest income on inter-company deposits (‘ICDs’) partly
The increase in depreciation is due to regular additions in fixed assets. offset by lower income from mutual funds.
f) Other expenses h) Exceptional items

(` crore) (` crore)
FY 19 FY 18 Change (%) FY 19 FY 18 Change (%)
Other expenses 23,823 21,841 9 Exceptional items (114) (3,366) N.A.
The details of exceptional items for the current year and previous
Other expenditure represents the following expenditure: year are as follows:
(` crore)
• Impairment of investments/doubtful advances amounting to
Consumption of `12 crore (2017-18: `35 crore) relates to provision recognised
4,040 3,306 22 for impairment of investments in subsidiaries and joint ventures.
stores and spares
Repairs to buildings 61 72 (15) During financial year 2017-18 the Company had recognised
Repairs to machinery 2,950 2,603 13 provision in respect of advances paid for repurchase of equity
Relining expenses 88 52 69 shares in Tata Teleservices Limited from NTT Docomo Inc
Fuel oil consumed 211 154 37 amounting to `27 crore.
Purchase of power 2,823 2,771 2 • Provision for demands and claims amounting to `329 crore
Conversion charges 2,722 2,838 (4) (2017-18: `3,214 crore) relating to certain statutory demands and
Freight and handling charges 4,320 4,102 5 claims on environment and mining matters.
Rent 72 75 (4)
Royalty 2,003 1,573 27 • Provision for Employee Separation scheme (ESS) under Sunehere
Rates and taxes 1,201 966 24 Bhavishya Ki Yojana (‘SBKY’) scheme amounting to `35 crore
Insurance charges 133 111 20 (2017-18: `90 crore).
Commission, Partly offset by,
189 194 (3)
discounts and rebates
• Profit on sale of non-current investments in TRL Krosaki
Allowance for credit losses/
1 54 (98) Refractories Limited (an associate of the Company) amounting to
provision for advances
`262 crore (2017-18: Nil)
Excise Duty (including
0 903 (100)
recovered on sales) i) Property, plant & equipment (PPE) including intangibles
Other expenses 3,809 2,404 58 (` crore)
Less : Expenditure (other than FY 19 FY 18 Change (%)
interest) transferred to capital (800) (337) (137) Property,
& other accounts 70,417 70,943 (1)
Plant and Equipment
Total Other expenses 23,823 21,841 9 Capital work-in-progress 5,686 5,642 1
Intangible assets 805 786 2
Other expenses were higher as compared to the previous year Intangible assets
primarily on account of higher consumption of stores and spares 110 32 244
under development
on account of increased operations and shutdowns at TSJ and TSK, Total property, plant &
higher repairs and maintenance expenses mainly due to higher equipment (PPE) including 77,018 77,402 (0)
contract jobs at mines and collieries, increase in royalty on account intangibles
of increase in volumes and rates, higher freight and handling in line
The movement in total PPE including intangible is almost at par with
with higher volumes.
the previous year.

j) Investments Net debt was higher as compared to previous year. This is attributable
(` crore) to decrease in current investments along with cash and bank balances.
Investment in Gross debt was marginally higher due to issue of non-convertible
Subsidiary, JVs and 4,438 3,666 21 debentures and fresh loan drawn of term loan, partly offset by
Associates scheduled repayment and pre-payments.
Investments - Non-current 34,492 5,971 478
Investments - Current 477 14,640 (97) n) Cash Flows
Total Investments 39,407 24,277 62 (` crore)
Net Cash from/(used in)
The increase in investments was predominantly on account of 15,193 11,791 29
operating activities
higher investments in preference shares of subsidiaries mainly in Net Cash from/(used in)
TSBSL (formerly Bhushan Steel Limited), partly offset by decrease in (16,350) (12,273) (33)
investing activities
investments in mutual funds. Net Cash from/(used in)
(2,887) 4,166 (169)
financing activities
k) Inventories Net increase/(decrease) in
(` crore) (4,044) 3,684 (210)
cash and cash equivalents
Finished and Net cash flow from/(used in) operating activities
semi-finished goods 4,205 3,658 15
including stock-in-trade During the year under review, the net cash generated from operating
Work-in-progress 14 7 100 activities was `15,193 crore as compared to `11,791 crore during the
Raw materials 4,496 4,953 (9) previous year. The cash inflow from operating profit before working
Stores and spares 2,540 2,405 6 capital changes and direct taxes during the current year was `19,949
Total Inventories 11,255 11,023 2 crore as compared to inflow of `15,109 crore during the previous year
due to higher operating profit. Cash outflow from working capital
Finished and semi-finished inventory increased as compared to changes in 2018-19 is `223 crore mainly due to increase in inventories
previous year mainly due to increase in flat products inventory. by `215 crore and increase in Non-current/Current financial and other
The decrease in raw material inventories over the previous year assets by `611 crore partly offset by increase in Non-current/current
was mainly due to decrease in coal inventory. Stores and spares financial and other liabilities/provisions by `603 crore. The income
inventory had increased mainly on account of higher consumption taxes paid during the current year was `4,533 crore as compared to
and increase in prices. `2,503 crore during Financial Year 2017-18.
l) Trade receivables Net cash flow from/(used in) investing activities

(` crore) During the year under review, the net cash outflow from investing
activities amounted to `16,350 crore as compared to `12,273 crore
Gross trade receivables 1,398 1,907 (27)
during the previous year. The outflow during the current year broadly
Less: allowance
35 31 13 represents, purchase of investments in subsidiaries `29,076 crore,
for credit losses
Net trade receivables 1,363 1,876 (27) capex of `3,677 crore partly offset by proceeds from sale of current
investments of `14,760 crore.
Decrease in trade receivables as compared to previous year is
Net cash flow from/(used in) financing activities
primarily due to higher discounting.
During the year under review, the net cash outflow from financing
m) Gross debt and net debt activities was `2,887 crore as compared to an inflow of `4,166 crore
(` crore) during the previous year. The outflow during the current year broadly
FY 19 FY 18 Change (%) represents payment of interest `2,608 crore, payment of dividend
Gross debt 29,701 28,126 6 including taxes `1,371 crore and proceeds from borrowings (net of
Less: Cash and Bank balances repayments) `1,437 crore.
753 4,717 (84)
(incl. Non-current balances)
Less: Current investments 477 14,640 (97)
Net Debt 28,471 8,769 225
121
o) Changes in key financial ratios TSE reported increase mainly on account of an increase in average
The details of changes in the key financial ratios as compared to revenue per tonne, supported by favourable forex impact
previous year are stated below: on translation.
FY 19 FY 18 Change (%) Increase in ‘Others’ primarily reflects transactions through TSPDL,
Inventory Turnover (days) 60 67 (10) TCIL and Tata Steel Global Procurement (‘TSGP’), which are,
Debtors Turnover 1 (days) 8 12 (33) eliminated on consolidation.
Current Ratio (Times) 0.73 0.91 (20)
Interest Coverage
9.57 7.08 35
b) Purchases of stock-in-trade
Ratio 2 (Times) (` crore)
Debt Equity (Times) 0.44 0.49 (10) FY 19 FY 18 Change (%)
Net Debt Equity 3 (Times) 0.42 0.15 180 Tata Steel 1,808 647 179
EBITDA Margin (%) 29.38 26.11 13 TSBSL 7 - N.A.
Net Profit Margin 4 (%) 14.92 6.89 117 TSE 4,814 4,800 0
Return on Average Others 6,110 4,327 41
15.43 7.21 114
Networth 5 (%) Eliminations & Adjustments (6,171) (4,399) (40)
Total purchases of stock-
6,568 5,375 22
1) Debtors Turnover Ratio: Improved primarily on account of in-trade
decrease in debtors by 27% owing to higher discounting.
Expense was higher mainly at Tata Steel (Standalone) due to higher
2) Interest Coverage Ratio: Improved primarily on account of higher
purchases of wire rods, imported rebars, hot rolled coils, cold rolled
operating profits.
coils and slabs owing to higher requirement.
3) Net Debt Equity Ratio: Increased primarily on account of
significant decline in cash and bank balances and other liquid c) Cost of materials consumed
investments over previous year. (` crore)
4) Net Profit Margin: Increased primarily on account of increase in Tata Steel 19,840 16,878 18
net profits attributable to higher operating profits, lower exceptional TSBSL 9,840 - N.A.
charge and higher finance income during Financial Year 2018-19. TSE 23,407 22,629 3
Others 34,758 28,569 22
5) Return on net worth: Increased primarily on account of increase
Eliminations & Adjustments (33,536) (27,314) (23)
in net profits attributable to higher operating profits during Total cost of materials
Financial Year 2018-19. 54,309 40,762 33
consumed
2. Tata Steel Limited (Consolidated) Consumption was higher mainly on account of acquisition of
Tata Steel Consolidated profit after tax (including discontinued TSBSL. Increase at Tata Steel (Standalone) was higher due to higher
operations) was `9,098 crore as against `17,763 crore in the previous consumption of coal and purchased pellet, along with higher cost
year. The decrease was mainly due to previous year’s exceptional gain of imported coal. TSE reported an increase mainly on account of
of `9,599 crore as against charge of `121 crore during current year. adverse exchange impact on translation.
Others primarily reflects activities at Tata Steel Global Procurement
a) Revenue from Operations
(‘TSGP’) which are majorly eliminated on consolidation.
(` crore)
d) Employee benefits expense
Tata Steel 70,611 60,519 17
(` crore)
TSBSL 18,376 - N.A. FY 19 FY 18 Change (%)
TSE 64,777 59,985 8 Tata Steel 5,131 4,829 6
Others 46,877 38,261 23 TSBSL 327 - N.A.
Eliminations & Adjustments (42,972) (34,655) (24) TSE 12,444 11,407 9
Total revenue from Others 857 734 17
1,57,669 1,24,110 27
operations Total employee benefits
18,759 16,970 11
expense
The consolidated revenue from operations was higher as compared
to the previous year primarily due to acquisition of TSBSL. Acquisition of TSBSL resulted in increase in employee benefit
Increase at Tata Steel Standalone was primarily on account of higher expense. Expense at Tata Steel (Standalone) increased mainly
Steel volumes and realisations and higher other operating income. on account of salary revisions and its consequential impact on

the retirement provisions. TSE reported increase due to adverse Expense was higher mainly due to acquisition of TSBSL.
exchange impact on translation and normal salary increase. Tata Steel (Standalone) reported increase mainly on account of higher
consumption of stores and spares, higher repairs and maintenance
e) Depreciation and amortisation expense expenses, royalty charges and freight and handling charges.
(` crore)
FY 19 FY 18 Change (%) TSE reported increase mainly on account of higher stores and spares
Tata Steel 3,803 3,727 2 consumed, higher level of repairs and maintenance, power cost
TSBSL 1,228 - N.A. along with exchange impact on translation.
TSE 1,936 1,727 12
Increase in Others was mainly at Tata Steel Global Holdings on
Others 375 288 30
Total depreciation and account of adverse exchange rate movement.
7,342 5,742 28
amortisation expense
g) Finance costs and net finance costs
(` crore)
Expense was higher than previous year mainly on account of FY 19 FY 18 Change (%)
acquisition of TSBSL. Increase in expense at Tata Steel (Standalone) Tata Steel 2,824 2,811 0
was in line with normal addition. Expense at TSE was higher in TSBSL 2,834 - N.A.
line with normal addition along with adverse exchange impact TSE 4,631 3,912 18
on translation. Others 7,273 2,786 161
f) Other expenses Finance costs 7,660 5,455 40
(` crore)
FY 19 FY 18 Change (%) (` crore)
Tata Steel 23,823 21,841 9 FY 19 FY 18 Change (%)
TSBSL 4,661 - N.A. Tata Steel 600 2,068 (71)
TSE 18,826 17,793 6 TSBSL 2,727 - N.A.
Others 3,864 1,881 105
TSE 4,592 3,868 19
Others 238 (358) 166
Total other expenses 48,746 39,470 24
Net Finance costs 6,626 4,509 47
Other expenditure represents the following expenditure:
(` crore) Finance cost was higher due to external borrowings taken by
FY 19 FY 18 Change (%) Bamnipal Steel Limited for the acquisition of TSBSL.
Consumption of
11,160 8,440 32 Expense at TSBSL mainly relates to fund provided by Bamnipal Steel
stores and spares
Repairs to buildings 133 99 34 Limited for the acquisition which was eliminated on consolidation.
Repairs to machinery 6,672 5,708 17
Relining expenses 88 52 69 Net finance charge was higher in line with increase in finance cost.
Fuel oil consumed 451 351 28 However, expense was lower at Tata Steel (Standalone) mainly on
Purchase of power 4,865 4,090 19 account of interest income from inter-company deposits (‘ICD’)
Conversion charges 2,681 2,657 1 given to Bamnipal Steel Limited for acquisition of TSBSL, which was
Freight and handling charges 8,389 7,950 6 eliminated on consolidation.
Rent 3,455 2,379 45
Royalty 2,191 1,650 33 h) Exceptional items
Rates and taxes 1,485 1,235 20 (` crore)
Insurance charges 272 282 (4) FY 19 FY 18 Change (%)
Commission, Tata Steel (114) (3,366) N.A.
260 255 2
discounts and rebates TSBSL 41 - N.A.
Allowance for credit losses/
174 94 85 TSE (69) 13,851 N.A.
provision for advances
Excise Duty (including Others 79 (921) N.A.
0 861 (100) Eliminations & Adjustments (58) 35 N.A.
recovered on sales)
Other expenses 8,134 4,368 86 Total exceptional items (121) 9,599 N.A.
Less : Expenditure (other than
interest) transferred to capital (1,664) (1,001) (66)
& other accounts
Total Other expenses 48,746 39,470 24
123
Exceptional items during the current financial year, • Impairment charges ₹903 crore in respect of property, plant and
primarily represents: equipment (including Capital Work-in-Progress) and intangible
assets relating to Global Mineral entities.
• Provision for demands and claims amounting to `329 crore
relating to certain statutory demands and claims on environment i) Property, plant & equipment (PPE) including intangibles
and mining matters at Tata Steel Limited (Standalone). (` crore)
• Provision of `172 crore in respect of advances with public bodies Tata Steel 77,018 77,402 (0)
paid under protest by TSBSL.
TSBSL 29,673 - N.A.
• Provision for Employee Separation Scheme (‘ESS’) under Sunehere TSE 21,880 20,562 6
Bhavishya Ki Yojana (‘SBKY’) scheme amounting to `35 crore at NSH (0) 811 (100)
Tata Steel Limited (Standalone). TSTH 0 692 (100)
Others 10,669 9,512 12
• Impairment charges of `10 crore in respect of property, plant Eliminations & Adjustments (154) (359) 57
and equipment (including capital work-in-progress and capital Total property, plant &
advances) and intangible asset at TSBSL. equipment (PPE) including 1,39,086 1,08,620 28
Partly offset by, intangibles
• Profit on sale of non-current investments amounting to `180 crore, Increase in PPE and intangibles mainly due to acquisition of TSBSL
primarily in TRL Krosaki Refractories Limited (an associate of the was partly offset by decrease at NatSteel Holdings and Tata Steel
Company) and certain other subsidiaries and joint ventures. Thailand as these companies have been classified as ‘held for sale’ as
• Restructuring and write back of provisions amounting to `245 on March 31, 2019.
crore which primarily includes write-back of liabilities no longer
j) Inventories
required at TSBSL and arbitration settlement at Jamshedpur
(` crore)
Utilities & Services Company Ltd., partly offset by charge at FY 19 FY 18 Change (%)
Tata Steel Europe. Finished and
The exceptional items in Financial Year 2017-18 primarily include: semi-finished goods 11,152 9,854 13
including stock-in-trade
• Gains arising out of modification in benefit structure for members Work-in-progress 4,592 5,145 (11)
of the new pension scheme (‘NBSPS’) versus their benefits under Raw materials 11,425 9,551 20
Tata Steel Europe’s British Steel Pension Scheme (‘BSPS’), offset by Stores and spares 4,487 3,780 19
settlement charges for those members who did not join the NBSPS Total inventories 31,656 28,331 12
and one-off costs at Tata Steel Europe amounting to `13,851 crore.
(` crore)
Partly offset by,
• Provision of `3,214 crore in respect of certain statutory demands Tata Steel 11,255 11,023 2
and claims relating to environment and mining matters, net of TSBSL 4,582 - N.A.
liability written back towards District Mineral Fund (DMF) at Tata TSE 13,714 13,762 (0)
Steel Limited (Standalone). NSH 0 1,053 (100)
TSTH 0 725 (100)
• Provision for advances paid for repurchase of equity shares in Tata Others 2,256 1,826 24
Teleservices Ltd. from NTT DoCoMo Inc. amounting to `27 crore at Eliminations & Adjustments (151) (58) (160)
Tata Steel Limited (Standalone). Total inventories 31,656 28,331 12
• Provision for Employee Separation Scheme (‘ESS’) under Increase was primarily on account of acquisition of TSBSL. Tata Steel
Sunehere Bhavishya Ki Yojana (‘SBKY’) scheme `108 crore mainly Standalone reported increase on account of higher finished and
at Tata Steel Limited (Standalone) and at Jamshedpur Utilities & semi-finished goods, stores and spares, partly offset by decrease at
Services Company Ltd. NatSteel Holdings and Tata Steel Thailand as these companies have
been classified as held for sale as on March 31, 2019.

k) Trade receivables changes and direct taxes during the current year was `27,840 crore
(` crore) as against `20,187 crore during the previous year reflecting higher
FY 19 FY 18 Change (%) operating profits. Cash inflow from working capital changes during
Tata Steel 1,363 1,876 (27) the current period was `2,591 crore primarily due to increase in
TSBSL 697 - N.A. Non-current/Current financial and other liabilities/provisions by
TSE 5,607 6,451 (13) `3,774 crore, partly offset by increase in inventories by `1,069 crore
NSH 0 516 (100) and Non-current/Current financial and other assets `115 crore.
TSTH (0) 254 (100) The payments of income taxes during the year under review were
Others 15,531 14,805 5
`5,094 crore as compared to `2,888 crore during the previous year.
Eliminations & Adjustments (11,387) (11,486) 1
Net trade receivables 11,811 12,416 (5) Net cash flow from/(used in) investing activities
Decrease at NatSteel Holdings and Tata Steel Thailand was During the year under review, the net cash outflow from investing
primarily on account of their classification as ‘held for sale’ as on activities was `29,902 crore as against an outflow of `12,026
March 31, 2019. Decrease at Tata Steel (Standalone) was primarily due crore during the previous year. The outflow in the Financial Year
to better realisations. These decreases were partly offset by increase 2018-19 broadly represents capex `9,091 crore, acquisition of
on account of acquisition of TSBSL. subsidiaries/undertakings `35,282 crore, mainly related to amount
paid for acquisition of TSBSL, partly offset by sale (net of purchase) of
l) Gross debt and net debt current investments amounting to `13,093 crore.
(` crore)
FY 19 FY 18 Change (%) Net cash flow from/(used in) financing activities
Gross debt 1,00,816 92,147 9
During the year under review, net cash outflow from financing
Less: Cash and Bank
balances (incl. 3,412 8,023 (57) activities amounted to `673 crore as against inflow of `6,640 crore
Non-current balances) during the previous year. The net outflow primarily represents
Less: Current investments 2,525 14,909 (83) interest paid `7,152 crore and payment of dividend including taxes
Net debt 94,879 69,215 37 `1,424 crore, partly offset by proceeds from borrowings (net of
repayment) `8,518 crore.
Net debt was higher by `25,664 crore over previous year.
n) Changes in key financial ratios
Gross Debt at `1,00,816 crore was higher by `8,669 crore as compared The details of changes in the key financial ratios as compared to
to the previous year. Increase in Gross Debt was mainly on account of previous year are stated below:
proceeds from borrowings (net of repayment) by `8,340 crore along FY 19 FY 18 Change (%)
with exchange impact on translation being `345 crore. Inventory Turnover (days) 72 80 (10)
The increase in borrowings was mainly at TSBSL and Tata Steel Debtors Turnover (days) 28 35 (20)
Standalone, partly offset by decrease at Tata Steel Europe and Current Ratio (Times) 1.39 1.46 (5)
Singapore based entities. Interest Coverage
4.38 4.13 6
Ratio (Times)
The increase in Net Debt was in line with increase in gross debt along Debt Equity (Times) 1.51 1.82 (17)
with decrease in current investments along with cash and bank Net Debt Equity (Times) 1.43 1.37 4
balances mainly at Tata Steel Standalone. EBITDA Margin (%) 18.88 17.22 10
Net Profit Margin 1 (%) 5.77 14.31 (60)
m) Cash flows Return on
13.67 35.09 (61)
(` crore) Average Networth1 (%)
Net Cash from/(used in) 1
Decreased primarily on account of decrease in net profits
25,336 8,024 216
operating activities attributable to higher exceptional gains arising out of modification
Net Cash from/(used in) in benefit structure of Pension Scheme during the previous year.
(29,902) (12,026) (149)
Net Cash from/(used in) D. Statutory Compliance
(673) 6,640 (110)
Net increase/(decrease) in The Chief Executive Officer and Managing Director makes a
(5,239) 2,638 (299) declaration at each Board Meeting regarding compliance with
cash and cash equivalents
provisions of various statutes after obtaining confirmation from
Net cash flow from/(used in) operating activities respective units of the Company. The Company Secretary & Chief
During the year under review, the net cash from operating activities Legal Officer (Corporate & Compliance) ensures compliance with
was `25,336 crore as compared to `8,023 crore during the previous Company Law, SEBI, and other laws applicable to the Company.
year. The cash inflow from operating profit before working capital
125
ANNUAL REPORT ON CSR ACTIVITIES
ANNEXURE 3
Annual Report on Corporate Social Responsibility Activities
[Pursuant to Section 135 of the Companies Act, 2013 and
the Companies (Corporate Social Responsibility Policy) Rules, 2014]
I. Overview of the Corporate Social Responsibility promotion and growth of the rural economy, rural welfare,
(‘CSR’) Policy socio-economic development and upliftment of the people
in rural areas.
Our CSR initiatives are guided by our CSR Policy (‘Policy’) adopted
by the Board of Directors on September 17, 2014. The Policy is
Tribal Cultural Society (‘TCS’), a registered society under
available on the Company’s website www.tatasteel.com. Our CSR Societies Registration Act, 1860. The principal objective of the
activities focus on initiatives in the areas of education, health, society is to promote and undertake cultural activities, cultural
water, livelihood, rural and urban infrastructure and are aligned education and training of various tribes.
to the key focus areas of the Tata Group. We also undertake
Tata Steel Skill Development Society (‘TSSDS’), a registered
community-centric interventions in the areas of sports, disaster
society under Societies Registration Act, 1860. The principal aim
relief, environment and ethnicity.
and object of the society is to provide facilities for technical and
other skill enhancement trainings within the nation.
II. Composition of CSR and Sustainability
Committee of the Board Tata Steel Family Initiatives Foundation (‘TSFIF’), a registered trust
At the helm of our CSR governance structure is the Corporate under Indian Trusts Act, 1882. The principal objective of the trust
Social Responsibility and Sustainability Committee of the is to undertake projects/programmes on reproductive health,
Board that comprises Mr. Deepak Kapoor (Chairperson), prevention of drug or alcohol addiction and empowerment of
Mr. O. P. Bhatt, Mr. Koushik Chatterjee and Mr. T. V. Narendran. women through literacy and income generation.
Tata Steel Zoological Society (‘TSZS’), a registered society
III. CSR Advisory Council under Societies Registration Act, 1860. The principal objective

We have a CSR Advisory Council comprising eminent of the society is to provide natural habitats to various animals
personalities from academia and the development sector. suitable for their conservation and propagation. It also acts as
The members of the Advisory Council provide macro policy-level a facilitator to spread the message of nature conservation by
inputs to the apex CSR and Sustainability Committee and guide building awareness and conducting educational programmes.
the Company’s approach towards CSR.
V. Financial Details
IV. CSR Delivery Arms Particulars (` crore)
In terms of the Companies Act, 2013, companies are allowed Average net profit of the Company for last 4,120.15
to carry out their CSR activities through registered trusts three financial years
and/or societies. We carry out our community centric Prescribed CSR expenditure 82.40
interventions through a number of CSR delivery arms including (2% of the average net profits)
the following: Details of CSR spent during the financial year:
Tata Steel Foundation (‘TSF’), a Section 8 Company incorporated (a) Total amount to be spent for 82.40
the financial year
under the Companies Act, 2013. The main objective of the
formation of TSF is to consolidate, strengthen and broaden the (b) Amount spent 314.94
CSR programme deployment as well as create a distinct brand (c) Amount unspent, if any Nil
identity for it. The manner in which the amount is spent on CSR activities
Tata Steel Rural Development Society (‘TSRDS’), a registered undertaken during the year is given as an annexure to this
society under Societies Registration Act, 1860. The principal aim report. Details of CSR projects undertaken during the year along
and objective of the society is to undertake, promote, sponsor, with its impact is discussed in the Social & Relationship capital
assist or aid directly any activity/project/programme for the section of this Integrated Report.

VI. Responsibility Statement

We hereby affirm that the CSR Policy, as approved by the Board, has been implemented and the Corporate Social Responsibility
and Sustainability Committee monitors the implementation of CSR Projects and activities in compliance with our CSR objectives
and CSR Policy of the Company.
sd/- sd/-
DEEPAK KAPOOR T. V.NARENDRAN
Chairman of CSR and Chief Executive Officer &
Sustainability Committee Managing Director
DIN: 00162957 DIN: 03083605
Mumbai
April 25, 2019
Annexure to the Corporate Social Responsibility Annual Report

Manner in which the amount spent during the financial year is detailed below:
(` crore)
(1) (2) (3) (4) (5) (6) (7) (8)
Cumulative
Amount spent
amount spent on Amount spent:
on the projects
CSR project or activity Sector in which the Location of project Amount the projects or Direct or through
Sl. No or programmes
identified project is covered (District & State) outlay programmes upto implementing
during current
current reporting agency
reporting period
period
Jharkhand - East
Singhbhum,
Direct,
West Singhbhum,
TSRDS,
Promoting health care Dhanbad, Ramgarh
TCS,
1 including preventive Health Odisha - Ganjam, 114.60 168.94 434.73
TSFIF,
Healthcare and Sanitation Jajpur, Kendujhar,
TSF
Sundargarh
Maharashtra - Mumbai
West Bengal - Kolkata
Total 114.60 168.94 434.73
Jharkhand - East
Singhbhum,
Direct,
West Singhbhum,
Making Available TSRDS,
2 Drinking Water Dhanbad, Ramgarh 9.01 9.75 64.71
safe Drinking Water TSF
Odisha - Ganjam, Jajpur,
Kendujhar, Sundargarh
West Bengal - Haldia
Total 9.01 9.75 64.71
Jharkhand - East
Singhbhum, West
Direct,
Singhbhum, Dhanbad,
TSRDS,
Promotion of education including Ramgarh, Ranchi
3 Education 69.81 66.52 272.22 TCS,
special education Odisha - Ganjam,
TSF
Jajpur, Kendujhar,
Sundargarh, Puri
Maharashtra - Tarapur
Total 69.81 66.52 272.22
Employment enhancing Vocational Jharakhand - East Direct,
4 skills especially to Women, Children, Singhbhum, West TSRDS,
Differently abled Singhbhum, Dhanbad,
Livelihood 27.24 18.35 133.11 TCS,
Ramgarh, Ranchi
Odisha - Ganjam, Jajpur, TSSDS,
5 Livelihood enhancement projects
Kendujhar, Sundargarh TSF
Total 27.24 18.35 133.11
127
ANNUAL REPORT ON CSR ACTIVITIES | CORPORATE GOVERNANCE REPORT
(` crore)
(1) (2) (3) (4) (5) (6) (7) (8)
Cumulative
Amount spent
amount spent on Amount spent:
on the projects
CSR project or activity Sector in which the Location of project Amount the projects or Direct or through
Sl. No or programmes
identified project is covered (District & State) outlay programmes upto implementing
during current
current reporting agency
reporting period
period
Environmental sustainability, Jharkhand - East
protection of flora & fauna, agro Singhbhum, Ramgarh Direct,
6 forestry, animal welfare, resource Environment Odisha - Jajpur, 2.50 2.63 18.12 TSRDS,
conservation, maintaining quality Kendujhar TSZS
of soil, air, water West Bengal – Burdwan
Total 2.50 2.63 18.12
Jharakhand -
Protection and restoration of East Singhbhum,
national heritage, promotion of West Singhbhum,
7 Ethnicity 6.66 8.06 27.01 TCS
art, culture, handicrafts, setting up Ramgarh, Ranchi
public libraries etc Odisha - Kendujhar,
Jajpur
Total 6.66 8.06 27.01
Jharkhand - East
Singhbhum, West Direct,
Promotion of Rural, Nationally
Singhbhum, Dhanbad,
8 recognised, Paralympic and Sports 17.63 10.19 35.62 TSRDS,
Ramgarh, Ranchi
Olympic sports especially training TSF
Odisha - Ganjam, Jajpur,
Kendujhar, Sundargarh
Total 17.63 10.19 35.62
Jharkhand - East
Singhbhum, Direct,
Rural development
Rural & Urban West Singhbhum,
9 projects (infrastructure and 17.22 19.72 81.63 TSRDS,
Infrastructure Dhanbad, Ramgarh
other developments) TSF
Odisha - Ganjam,
Jajpur, Kendujhar
Total 17.22 19.72 81.63
Total Direct expenses of projects & programmes (A) 264.67 304.16 1,067.15
Overhead Expenses (restricted to the 5% of total CSR expenditure) (B) 12.22 10.78 48.94
Total (A) + (B) 276.89 314.94 1,116.09
Note: Cumulative amount spent on the projects or programmes upto current reporting period has been calculated from Financial Year 2014-15 onwards.

ANNEXURE 4
Corporate Governance Report
Company’s Corporate Governance Philosophy All our Promoters (including Promoter group), Directors, Employees
Corporate governance is the creation and enhancement of long-term of the Company and its material subsidiaries identified as Designated
sustainable value for our stakeholders through ethically driven Persons, and their Immediate Relatives and other Connected Persons
business process. At Tata Steel, it is imperative that our Company’s such as auditors, consultants, bankers amongst others, who could
affairs are managed in a fair and transparent manner. have access to the unpublished price sensitive information of the
Company, are governed under this Insider Trading Code.
We ensure that we evolve and follow not just the stated corporate
governance guidelines, but also global best practices. We consider it Mr. Parvatheesam K, Company Secretary & Chief Legal Officer
our inherent responsibility to protect the rights of our shareholders (Corporate & Compliance) of the Company is the ‘Compliance Officer’
and disclose timely, adequate and accurate information regarding in terms of this Code.
our financials and performance, as well as the leadership and
governance of the Company. Corporate Governance Guidelines
The Board of Directors (‘the Board’) has adopted the Tata Group
In accordance with our Vision, Tata Steel Group (‘the Group’) aspires
Guidelines on Board Effectiveness to help fulfil its corporate
to be the global steel industry benchmark for ‘value creation’ and
governance responsibility towards its stakeholders. These guidelines
‘corporate citizenship’. The Group expects to realise its Vision by
provide for the composition and role of the Board and ensure that
taking such actions as may be necessary to achieve its goals of value
the Board will have the necessary authority and processes in place to
creation, safety, environment and people.
review and evaluate the Company’s operations.
The Company is in compliance with the requirements stipulated under
Regulation 17 to 27 read with Schedule V and Regulation 46(2)(b)(i) Board of Directors
of Securities and Exchange Board of India (Listing Obligations and The Board is at the core of our corporate governance practice and
Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), oversees and ensures that the Management serves and protects the
as applicable, with regard to corporate governance. long-term interest of all our stakeholders. We believe that an active,
well-informed and independent Board is necessary to ensure the
Code of Conduct highest standards of corporate governance.
The Company has a strong legacy of fair, transparent and ethical
governance practices. Size and Composition of the Board
The Company has adopted the Tata Code of Conduct (‘TCoC’) for Our policy is to have an appropriate mix of Executive Directors
Executive Directors (‘EDs’), Senior Management Personnel and (‘EDs’), Non-Executive, Non-Independent Directors (‘NEDs’) and
other Executives and Employees, which is available on the website Independent Directors (‘IDs’) to maintain the Board’s independence
www.tatasteel.com The Company has received confirmations and separate its functions of governance and management.
from the EDs as well as Senior Management Personnel regarding As on March 31, 2019, the Board comprised of ten members, two
compliance of the Code during the year under review. The Company of whom are EDs, three NEDs and five IDs, including a Woman
has also adopted the Code of Conduct for Non-Executive Directors Director. The Board periodically evaluates the need for change in its
(‘NEDs’) of the Company which includes Code of Conduct for composition and size. Detailed profile of our Directors is available
Independent Directors (‘IDs’) which suitably incorporates the on our website www.tatasteel.com None of our Directors serve as
duties of Independent Directors as laid down in the Companies Director in more than eight listed companies, as IDs in more than
Act, 2013. The same is available on the website www.tatasteel.com. seven listed companies and none of the EDs serve as IDs on any listed
The Company has received confirmations from the NEDs and IDs company. Further, none of our IDs serve as Non-Independent Director
regarding compliance of the Code for the year under review. of any company on the board of which any of our Non-Independent
Director is an ID.
Tata Code of Conduct for Prevention of Insider Independent Directors are non-executive directors as defined under
Trading & Code of Corporate Disclosure Practices Regulation 16(1)(b) of the Listing Regulations read with Section
In accordance with the Securities and Exchange Board of India 149(6) of the Act along with rules framed thereunder. In terms of
(Prohibition of Insider Trading) Regulations, 2015, as amended from Regulation 25(8) of Listing Regulations, they have confirmed that they
time to time, the Board of Directors of the Company has adopted the are not aware of any circumstance or situation which exists or may
revised Tata Code of Conduct for Prevention of Insider Trading and be reasonably anticipated that could impair or impact their ability
the Code of Corporate Disclosure Practices (‘Insider Trading Code’). to discharge their duties. Based on the declarations received from
129
CORPORATE GOVERNANCE REPORT
the Independent Directors, the Board of Directors has confirmed that The Company has issued formal letters of appointment to the IDs.
they meet the criteria of independence as mentioned under Section As required under Regulation 46 of the Listing Regulations, as
149 of the Companies Act, 2013 and Regulation 16(1)(b) of the Listing amended, the terms and conditions of appointment of IDs including
Regulations and that they are independent of the management. their role, responsibility and duties are available on our website
www.tatasteel.com
Table A: Composition of the Board and Directorships held as on March 31, 2019
Indian Public Board Committees(2) Directorship in other listed entity
Name of the Director
Companies(1) Chairperson Member (Category of Directorship)
Non-Executive, Non-Independent Directors
Mr. Natarajan Chandrasekaran 5 - - a. Tata Consultancy Services Limited
Chairman (Non-Executive, Non-Independent)
DIN: 00121863 b. Tata Motors Limited
(Non-Executive, Non-Independent)
c. Tata Global Beverages Limited
d. The Tata Power Company Limited
e. The Indian Hotels Company Limited
Mr. Saurabh Agrawal 6 1 2 a. The Tata Power Company Limited
DIN: 02144558 (Non-Executive, Non-Independent)
b. Tata AIG General Insurance Co. Ltd
Mr. Vijay Kumar Sharma(3) 2 - - a. ACC Limited
b. Mahindra and Mahindra Limited
(Nominee Director)
Independent Directors
Ms. Mallika Srinivasan 7 - - a. Tata Global Beverages Limited
DIN: 00037022 (Non-Executive, Independent)
b. The United Nilgiri Tea Estates Company Limited
Mr. O. P. Bhatt 3 1 3 a. Tata Consultancy Services Limited
b. Hindustan Unilever Limited
(Non-Executive, Independent)
c. Tata Motors Limited
Dr. Peter Blauwhoff - - - -
DIN: 07728872
Mr. Aman Mehta 5 1 5 a. Wockhardt Limited
b. Godrej Consumer Products Limited
c. Max Financial Services Limited
d. Tata Consultancy Services Limited
e. Vedanta Limited
Mr. Deepak Kapoor 2 1 2 a. HCL Technologies Limited

Indian Public Board Committees(2) Directorship in other listed entity

Name of the Director
Companies(1) Chairperson Member (Category of Directorship)
Executive Directors
Mr. T. V. Narendran 6 - - a. Tata Sponge Iron Limited
Chief Executive Officer & (Non-Executive, Non-Independent)
Managing Director b. Tata Steel BSL Limited
Mr. Koushik Chatterjee 6 1 2 a. Tata Metaliks Limited
Executive Director & (Non-Executive, Non-Independent)
Chief Financial Officer b. The Tinplate Company of India Limited
c. Tata Sponge Iron Limited
d. Tata Steel BSL Limited
Notes:
Selection of New Directors and Board Membership Criteria
(1) Directorships in Indian Public Companies (listed and unlisted) excluding Tata
Steel Limited and Section 8 Companies. The Nomination and Remuneration Committee (‘NRC’) works with
(2)
As required under Regulation 26(1)(b) of the Listing Regulations, the the Board to determine the appropriate qualifications, positive
disclosure includes chairmanship/membership of the Audit Committee and attributes, characteristics, skills and experience required for the
Stakeholders’ Relationship Committee in Indian Public companies (listed and Board as a whole and its individual members with the objective of
unlisted) excluding Tata Steel Limited.
having a Board with diverse backgrounds and experience in business,
(3) Mr. Vijay Kumar Sharma was appointed as an Additional (Non-Executive, government, education and public service. The updated Policy for
Non-Independent) Director effective August 24, 2018.
appointment and removal of Directors and determining Directors’
(4) During Financial Year 2018-19, none of our Directors acted as Member in independence is available on our website at www.tatasteel.com
more than 10 committees or as Chairperson in more than 5 committees
across all Indian public companies (listed and unlisted) where he/she is a
Director. For this purpose, committee will include only Audit Committee and Key Board Qualifications, Expertise and Attributes
Stakeholders’ Relationship Committee. The Directors are committed to ensuring that the Board is in
(5) There are no inter-se relationships between our Board Members. compliance with the highest standards of Corporate Governance.
The table below summarizes the key qualifications, skills and
attributes which are taken into consideration by the NRC while
recommending appointment of Directors to the Board
Table B: Director qualifications, skills, expertise, competencies and attributes desirable in Company’s business and sector in
which it functions
Skills and Attributes Description
Alignment with Company
Exhibit high levels of integrity and be appreciative of the core values of the Company and the Tata Group
culture and value system
Experience in leading and managing large corporations and have an understanding of the business environment,
Experience in managing complex business processes, strategic planning, risk management, etc. Also, possess experience in driving growth
large corporations through acquisitions and other integration plans with the ability to evaluate opportunities that are in line with the
Company’s strategy.
Experience and knowledge of the functioning, operations, growth drivers, business environment and changing
Understanding of
trends in the metals & mining, manufacturing and engineering industries as well as experience in overseeing large
industry and operations
supply chain operations
Understanding of finance Experience in financial management of large corporations with understanding of capital allocation & funding and
and related aspects financial reporting processes
Understanding of emerging trends in technology and innovation that may have an impact on the business and
Knowledge of
have the ability to guide necessary interventions that can be utilised in making the business more competitive
technology and innovation
and sustainable
Understanding of the legal ecosystem within which the Company operates and possess knowledge on
Knowledge of
matters of regulatory compliance, governance, internal controls. Experience in policy advocacy at national and
Governance and Law
international level
131
Familiarisation Programme for Directors (including be taken towards mitigating risks arising from global sustainability
Independent Directors) trends and climate change.
All new Directors (including Independent Directors) inducted As stated in the Board’s Report, the details of orientation given to
to the Board are given a formal orientation. The familiarisation our existing Independent Directors are available on our website
programme for our Directors is customised to suit their individual www.tatasteel.com
interests and area of expertise. The Directors are encouraged to visit
the plant and raw material locations of the Company and interact Board Evaluation
with members of Senior Management as part of the induction
The NRC has formulated a Policy for evaluation of the Board, its
programme. The Senior Management make presentations giving
Committees and Directors and the same has been approved and
an overview of the Company’s strategy, operations, products,
adopted by the Board. The details of Board Evaluation forms part of
markets, group structure and subsidiaries, Board constitution and
the Board’s Report.
guidelines, matters reserved for the Board and the major risks and
risk management strategy. This enables the Directors to get a deep Remuneration Policy for Board and Senior Management
understanding of the Company, its people, values and culture and
The Board has approved the Remuneration Policy for Directors,
facilitates their active participation in overseeing the performance
Key Managerial Personnel (‘KMP’) and all other employees of the
of the Management. Further, during the year, a Sustainability
Company. The same is available on our website www.tatasteel.com
Workshop by the Cambridge Institute for Sustainability Leadership
Details of remuneration for Directors in Financial Year 2018-19 are
(CISL) was organised for the Directors and the Senior Management
provided in Table C below.
of the Company. The objective of the Workshop was to provide an
understanding on the imperatives for the Company and actions to
Table C: Shares held and remuneration paid to Directors for the year ended March 31, 2019
(` lakh)
Fixed Salary
Sitting Total
Name Perquisite/ Total Fixed Commission 6
Basic Fees Compensation
Allowance Salary
Non-Executive, Non-Independent Directors
Mr. N. Chandrasekaran 1 – – – – 4.80 4.80
Mr. D. K. Mehrotra 2
– – – 38.00 2.40 40.40
Mr. Vijay Kumar Sharma 2
– – – – 6.40 6.40
Mr. Saurabh Agrawal 3
– – – 36.00 1.20 37.20
Ms. Mallika Srinivasan – – – 125.00 4.00 129.00
Mr. O. P. Bhatt – – – 181.00 9.60 190.60
Dr. Peter Blauwhoff 4
– – – 111.00 6.80 117.80
Mr. Aman Mehta – – – 90.00 4.80 94.80
Mr. Deepak Kapoor – – – 106.00 8.00 114.00
Executive Directors
Mr. T. V. Narendran 5 132.00 190.63 322.63 800.00 – 1,122.63
Mr. Koushik Chatterjee 5
123.00 234.14 357.14 725.00 – 1,082.14

Notes: Table D: Attendance details of Directors for the year ended

1. As a Policy, Mr. N. Chandrasekaran, Chairman has abstained from receiving March 31, 2019 are given below:
commission from the Company.
No. of Meetings Attendance
2. The commission of Mr. D. K. Mehrotra and Mr. Vijay Kumar Sharma is paid Name of the Director Category
Attended (%)
to Life Insurance Corporation of India. Mr. D. K. Mehrotra ceased to be a
Member of the Board effective May 16, 2018. Mr. Vijay Kumar Sharma was Mr. N. Chandrasekaran
NED 7 100
inducted on the Board as an Additional (Non-Executive, Non-Independent) (Chairperson)
Director effective August 24, 2018. Mr. D. K. Mehrotra 1 NED 2 100
Mr. Saurabh Agrawal NED 7 100
3. In line with the internal guidelines of the Company, no payment is made
towards commission to the Non-Executive Directors of the Company, who Mr. Vijay Kumar Sharma 2 NED 3 100
are in full time employment with any other Tata Company. Ms. Mallika Srinivasan ID 5 71
Mr. O. P. Bhatt ID 6 86
4. Dr. Peter Blauwhoff is a Director of Tata Steel Europe (‘TSE’) and Chairman Dr. Peter Blauwhoff ID 7 100
and Member of Supervisory Board of Tata Steel Nederland BV (‘TSN BV’). Mr. Aman Mehta ID 6 86
Towards this, he additionally receives an annual fee of £70,000 from TSE
Mr. Deepak Kapoor ID 7 100
and annual fee of €80,000 plus expenses allowance of €1,500 from TSN BV.
The fee paid is consistent with the market practices and are aligned to the Mr. T. V. Narendran ED 7 100
benchmark figures published by global consulting firms. Mr. Koushik Chatterjee ED 7 100
5. Mr. T. V. Narendran holds 2,032 Fully Paid Ordinary Shares and 139 Partly NED – Non-Executive Director; ID – Independent Director;
Paid Ordinary Shares of the Company and Mr. Koushik Chatterjee holds ED – Executive Director
1,531 Fully Paid Ordinary Shares and 105 Partly Paid Ordinary Shares of the
Company as on March 31, 2019.
1. Mr. D. K. Mehrotra ceased to be a Member of the Board
effective May 16, 2018.
6. Commission relates to the Financial Year ended March 31, 2019, which
was approved by the Board on April 25, 2019, to be paid during the 2. Mr. Vijay Kumar Sharma was inducted on the Board as Additional
Financial Year 2019-20. (Non-Executive, Non-Independent) Director effective August 24, 2018.
7. None of our Directors hold stock options or convertible securities of the Video/tele-conferencing facilities are also used to facilitate Directors
Company as on March 31, 2019. None of the Executive Directors are eligible travelling/residing abroad or at other locations to participate
for payment of any severance fees and the contracts with Executive Directors in the meetings.
may be terminated by either party giving the other party six months’ notice
or the Company paying six months’ salary in lieu thereof. All the Directors as on the date of the AGM were present at the AGM
of the Company held on Friday, July 20, 2018.
Board Meetings
Meeting of the Independent Directors
Scheduling and selection of agenda items for Board Meetings
Pursuant to Schedule IV of the Companies Act, 2013, the Independent
Dates for Board Meetings in the ensuing financial year are decided Directors met on April 3, 2018 and March 29, 2019 without the
in advance and communicated to the members of the Board. presence of Non-Independent Directors and Members of the
The information as required under Regulation 17(7) read with Management. The Independent Directors, inter alia, evaluated the
Schedule II Part A of the Listing Regulations, as amended, is made performance of the Non-Independent Directors and the Board of
available to the Board. The Board reviews minutes of the meetings Directors as a whole, evaluated the performance of the Chairman of
of Board of Directors of the unlisted subsidiaries of the Company. the Board taking into account views of Executive and Non-Executive
The agenda and explanatory notes are sent to the Board in advance. Directors and discussed aspects relating to the quality, quantity and
The Board periodically reviews compliance reports of all laws timeliness of the flow of information between the Company, the
applicable to the Company. The Board meets at least once a quarter to Management and the Board.
review the quarterly financial results and other items on the agenda.
Additional meetings are held, when necessary. Committees of the Board Committees
Board usually meet the day before the Board meeting, or whenever
the need arises for transacting business. The recommendations Audit Committee
of the Committees are placed before the Board for necessary The primary objective of the Audit Committee is to monitor and
approval and/or noting. provide an effective supervision of the Management’s financial
reporting process, to ensure accurate and timely disclosures, with
7 Board meetings were held during the year ended March 31, 2019
the highest levels of transparency, integrity and quality of financial
on April 3, 2018, May 16, 2018, June 27, 2018, August 13, 2018,
reporting. The Committee oversees the work carried out in the
November 13, 2018, February 8, 2019 and March 29, 2019. The gap
financial reporting process by the Management, the internal auditor,
between any two Board meetings during this period did not exceed
the statutory auditor and the cost auditor and notes the processes
one hundred and twenty days.
and safeguards employed by each of them. The Committee further
133
reviews the process and controls including compliance with laws, Company. The remuneration policy and the criteria for making
Tata Code of Conduct and Tata Code of Conduct for Prevention payments to Non-Executive Directors is available on our website
of Insider Trading and Code for Corporate Disclosure Practices, www.tatasteel.com The Committee has the overall responsibility
Whistle Blower Policy and related cases thereto, functioning of the of approving and evaluating the compensation plans, policies
Prevention of Sexual Harassment at Workplace Policy and guidelines and programmes for Executive Directors and the Senior
and internal controls. Management. The Committee reviews and recommends to the
Board, the base salary, incentives/commission, other benefits,
The Board of Directors of the Company adopted the Audit Committee
compensation or arrangements for the Executive Directors for its
Charter on March 31, 2015 which was revised on March 2, 2017 and
approval. The Committee coordinates and oversees the annual
February 8, 2019.
self-evaluation of the performance of the Board, Committees and of
The Company Secretary and Chief Legal Officer (Corporate & individual Directors.
Compliance) acts as the Secretary to the Committee. The internal
5 meetings of the Committee were held during the year ended
auditor reports functionally to the Audit Committee. The Executive
March 31, 2019 on April 3, 2018, May 16, 2018, August 13, 2018,
Directors and Senior Management of the Company also attend the
March 12, 2019 and March 29, 2019.
meetings as invitees whenever required to address concerns raised
by the Committee Members. Table F: The composition of the Committee and the
5 meetings of the Committee were held during the year ended attendance details of the Members for the year ended
March 31, 2019, on May 16, 2018, August 13, 2018, November 13, 2018, March 31, 2019 are given below:
February 7, 2019 and March 28, 2019. No. of Meetings Attendance
Name of Members Category
Attended (%)
Table E: The composition of the Committee and the Ms. Mallika Srinivasan
attendance details of the Members for the year ended ID 5 100
(Chairperson)
March 31, 2019 are given below: Mr. O. P. Bhatt ID 5 100
Mr. N. Chandrasekaran NED 5 100
Name of Members Category
Attended (%) ID – Independent Director; NED – Non-Executive Director
Mr. O. P. Bhatt (Chairperson) ID 5 100 Ms. Mallika Srinivasan, Chairperson of the NRC was present at the
Mr. Aman Mehta ID 3 60 AGM of the Company held on Friday, July 20, 2018.
Dr. Peter Blauwhoff ID 5 100
Mr. Saurabh Agrawal NED 4 80 Corporate Social Responsibility and Sustainability
Committee
ID – Independent Director; NED – Non-Executive Director
The purpose of our Corporate Social Responsibility and Sustainability
Mr. O. P. Bhatt, Chairperson of the Audit Committee was present at (‘CSR&S’) Committee is to formulate and recommend to the Board,
the AGM of the Company held on Friday, July 20, 2018. a Corporate Social Responsibility Policy, which shall indicate the
initiatives to be undertaken by the Company, recommend the amount
Nomination and Remuneration Committee
of expenditure the Company should incur on Corporate Social
The purpose of the Nomination and Remuneration Committee (‘NRC’) Responsibility (‘CSR’) activities and to monitor from time to time the
is to oversee the Company’s nomination process including succession CSR activities and Policy of the Company. The Committee provides
planning for the senior management and the Board and specifically guidance in formulation of CSR strategy and its implementation and
to assist the Board in identifying, screening and reviewing individuals also reviews practices and principles to foster sustainable growth
qualified to serve as Executive Directors, Non-Executive Directors and of the Company by creating values consistent with long-term
Independent Directors consistent with the criteria as stated by the preservation and enhancement of financial, manufacturing, natural,
Board in its Policy on Appointment and Removal of Directors. social, intellectual and human capital.
The Board has adopted the NRC Charter for the functioning of the The Board has approved a Charter is for the functioning of the
Committee on May 20, 2015 which was revised on March 29, 2019 Committee, on March 31, 2015 which is revised from time to time.
basis the amendments in Listing Regulations.
The CSR policy is available on our website at www.tatasteel.com
The NRC also discharges the Board’s responsibilities relating to
compensation of the Company’s Executive Directors and Senior 3 meetings of the Committee were held during the year
Management. The Committee has formulated Remuneration ended March 31, 2019 on May 15, 2018, July 19, 2018 and
Policy for Directors, KMPs and all other employees of the November 12, 2018.

Table G: The composition of the Committee and the Table H: The composition of the Committee and the
attendance details of the Members for the year ended attendance details of the Members for the year ended
March 31, 2019 are given below: March 31, 2019 are given below:
Name of Members Category No. of Meetings Attendance
Attended (%) Name of Members Category
Attended (%)
Mr. Deepak Kapoor
ID 3 100
(Chairperson) Mr. O. P. Bhatt (Chairperson) ID 3 100
Mr. O. P. Bhatt ID 3 100 Mr. Aman Mehta ID 2 67
Mr. D. K. Mehrotra 1 NED 1 100 Mr. Deepak Kapoor ID 3 100
Mr. T. V. Narendran ED 2 67 Mr. D. K. Mehrotra 1 NED 1 100
Mr. Koushik Chatterjee ED 3 100 Mr. Saurabh Agrawal NED 3 100
ID – Independent Director; NED – Non-Executive Director; Mr. T. V. Narendran ED 3 100
Mr. Koushik Chatterjee ED 3 100
ED – Executive Director
Dr. Hans Fischer MoM 2 67
1. Mr. D. K. Mehrotra ceased to be a Member of the Board effective Mr. Anand Sen MoM 3 100
May 16, 2018 and consequently ceased to be Member of the CSR&S Mr. Sandip Biswas MoM 3 100
Committee effective same date. Mr. N. K. Misra MoM 2 67
Mr. Deepak Kapoor, Chairperson of the Committee was present at the ID – Independent Director; NED – Non-Executive Director;
AGM of the Company held on Friday, July 20, 2018. ED – Executive Director; MoM – Member of Management.
Risk Management Committee 1. Mr. D. K. Mehrotra ceased to be a Member of the Board effective
May 16, 2018 and consequently ceased to be a Member of the RMC
Risk Management is crucial to achieve the Group’s objective in
effective same date.
strengthening its financial position, safeguarding interests of
stakeholders, enhancing its ability to continue as a going concern Stakeholders’ Relationship Committee
and maintain a consistent sustainable growth.
The Stakeholders’ Relationship Committee (‘SRC’) considers and
The Company has constituted a Risk Management Committee (‘RMC’) resolves the grievances of our shareholders, debenture holders and
for framing, implementing and monitoring the risk management other security holders, including complaints relating to non-receipt
policy of the Company. The Committee assists the Board in of annual report, transfer and transmission of securities, non-receipt
fulfilling its oversight responsibility with respect to Enterprise Risk of dividends/interests, issue of new/duplicate certificates, general
Management (‘ERM’). meetings and such other grievances as may be raised by the security
holders from time to time.
The terms of reference of the RMC are:
The Committee also reviews:
a) Overseeing key risks, including strategic, financial, operational,
IT (including cyber security) and compliance risks. a)
Measures taken for effective exercise of voting rights
by Shareholders;
b) Assisting the Board in framing, implementing and monitoring
the risk management plan for the Company and reviewing and b)
Service standards adopted by the Company in respect of
guiding the Risk Policy. services rendered by our Registrars & Transfer Agent;
c)
Developing risk management policy and risk management c)
Measures and initiatives taken for reducing quantum
system/framework for the Company. of unclaimed dividends and ensuring timely receipt of
dividend/annual report/notices and other information
The Board has adopted a Charter for RMC Committee on May 20, 2015.
by Shareholders.
3 meetings of the Committee were held during the year
T he Board has adopted a Charter for the functioning of the SRC on
ended March 31, 2019 on May 15, 2018, August 13, 2018 and
April 11, 2014 which was revised on February 8, 2019.
November 13, 2018.
135
1 meeting of the Committee was held during the year ended During the year, the business of the Committee was transacted
March 31, 2019 on February 7, 2019. primarily by passing resolutions through circulation and the same
were then placed before the Board for noting.
Table I: The composition of the Committee and the attendance
details of the Members for the year ended March 31, 2019 are 1 meeting of the Committee was held during the year ended
given below: March 31, 2019 on September 20, 2018.
Names of Members Category

No. of meetings Attendance Table K: The composition of the Committee and the
attended (%) attendance details of the Members for the year ended
Mr. Deepak Kapoor 1 March 31, 2019 are given below:
ID 1 100
(Chairperson)
Mr. T. V. Narendran ED 1 100 No. of Meetings Attendance
Names of Members Category
Mr. Koushik Chatterjee ED 1 100 Attended (%)
ID – Independent Director; NED – Non-Executive Director; Mr. N. Chandrasekaran

NED 1 100
ED – Executive Director (Chairperson)
Mr. O. P. Bhatt ID - -
Mr. D. K. Mehrotra ceased to be a Member of the Board effective Mr. Saurabh Agrawal NED 1 100
May 16, 2018 and consequently ceased to be a Chairperson and Mr. T. V. Narendran ED 1 100
Member of the SRC effective same date. Mr. Koushik Chatterjee ED 1 100
Mr. Saurabh Agrawal was appointed as the Chairperson of SRC NED – Non-Executive Director; ID – Independent Director;
effective May 16, 2018 and was present at the AGM of the Company ED – Executive Director
held on Friday, July 20, 2018. He ceased to be a Member of SRC
effective August 13, 2018. Safety, Health and Environment Committee
The Safety, Health and Environment Committee (‘SH&E Committee’)
1. Mr. Deepak Kapoor was appointed as Chairperson and
of the Board oversees the policies relating to Safety, Health and
Mr. T. V. Narendran was appointed as the Member of SRC effective
Environment and their implementation across the Tata Steel Group.
August 13, 2018.
The Board has approved a Charter for the functioning of the
In terms of Regulation 6 and Schedule V of the Listing Regulations,
Committee on October 27, 2009.
the Board has appointed Mr. Parvatheesam K, Company Secretary
& Chief Legal Officer (Corporate & Compliance) as the Compliance 4 meetings of the Committee were held during the year ended
Officer of the Company. March 31, 2019 on May 15, 2018, July 19, 2018, November 12, 2018
and February 7, 2019.
The details of complaints received and resolved during the Financial
Year ended March 31, 2019 are given in Table J below. The complaints Table L: The composition of the Committee and the
relate to non-receipt of annual report, dividend, share transfers and attendance details of the Members for the year ended
other investor grievances. March 31, 2019 are given below:
Table J: Details of complaints received and resolved during No. of Meetings Attendance
the year ended March 31, 2019: Names of Members Category
Attended (%)
Opening as on April 1, 2018 21 Dr. Peter Blauwhoff

Received during the year 1,866 ID 4 100
(Chairperson)
Resolved during the year 1,887 Mr. Deepak Kapoor ID 4 100
Closing as on March 31, 2019 0 Mr. T. V. Narendran ED 3 75
Dr. Hans Fischer MoM 4 100
Executive Committee of the Board
ID – Independent Director; ED – Executive Director,
The Executive Committee of the Board (‘ECOB’) approves capital
MoM – Member of Management
expenditure schemes or any change in their scope, if any and donations
within the stipulated limits and to recommend to the Board, capital
General Information for Shareholders
budgets and other major capital schemes, to consider new businesses,
acquisitions, alliances and joint ventures, subsidiaries, divestments, Disclosures regarding the appointment or re-appointment of
changes in organisational structure, financing requirements of the Directors
Company and Company contracts above 5 years. It also periodically In terms of relevant provisions of the Companies Act, 2013, as
reviews the Company’s business plans and future strategies and metrics amended, Mr. Koushik Chatterjee (DIN: 00004989) is liable to retire by
for long-term value creation. The Committee also reviews climate rotation at the ensuing Annual General Meeting (‘AGM’) and being
change matters and regulatory compliance and policy advocacy. eligible, seeks re-appointment.

During the year under review, based on the recommendation of the Investor grievance and share transfer system
Nomination and Remuneration Committee (‘NRC’), the Board: We have a Board-level Stakeholders’ Relationship Committee to
a)
Appointed Mr. Vijay Kumar Sharma (DIN: 02449088) as an examine and redress investors’ complaints. The status on complaints
Additional (Non-Executive, Non-Independent) Director effective and share transfers are reported to the entire Board.
August 24, 2018. During the Financial Year 2018-19, the Securities and Exchange Board
b)
Proposes to re-appoint (i) Ms. Mallika Srinivasan of India (‘SEBI’) and Ministry of Corporate Affairs (‘MCA’) has mandated
(DIN: 00037022) as Independent Director of the Company, not that existing members of the Company who hold securities in
liable to retire by rotation, for a second term on the Board with physical form and intend to transfer their securities after April 1, 2019,
effect from August 14, 2019 up to May 20, 2022; (ii) Mr. O. P. Bhatt can do so only in dematerialised form. Therefore, Members holding
(DIN: 00548091) as Independent Director of the Company, not shares in physical form were requested to consider converting their
liable to retire by rotation, for a second term on the Board with shareholding to dematerialised form. During the year, the Company
effect from August 14, 2019 up to June 9, 2023. has sent necessary intimations to its shareholders regarding the
restriction on transfer of securities in the physical form.
c) Re-appointed Mr. T. V. Narendran as the Chief Executive Officer
and Managing Director of the Company with effect from Share transactions in electronic form can be effected in a simpler and
September 19, 2018 to September 18, 2023, upon the terms and faster manner. After a confirmation of a sale/purchase transaction
conditions as mentioned in the Notice convening the AGM. from the broker, shareholders should approach the Depository
Participant (‘DP’) with a request to debit or credit the account for
The Board recommends the above appointment/re-appointments the transaction. The DP will immediately arrange to complete the
for approval of the Shareholders at the ensuing AGM. transaction by updating the account. There is no need for a separate
The detailed profiles of the above Directors including particulars communication to the Company to register these share transfers.
of their experience, skills or attributes are provided in the Notice Shareholders should communicate with TSR Darashaw Limited, the
convening the AGM. Company’s Registrars and Transfer Agents (‘RTA’) quoting their Folio
Number or Depository Participant ID (‘DP ID’) and Client ID number,
Communication to the Shareholders
for any queries to their securities.
We send quarterly financial results to our Shareholders electronically.
Key financial data is published in The Indian Express, Financial Details of non-compliance
Express, Nav Shakti, Free Press Journal and Loksatta. The financial The Company has complied with the requirements of the Stock
results along with the earnings releases are also posted on the Exchanges, SEBI and other statutory authorities on all matters
Company’s website www.tatasteel.com relating to capital markets during the last three years. There has been
Earnings calls are held with analysts and investors and their no instance of non-compliance with any legal requirements during
transcripts are published on the website. Presentations made to the year under review.
analysts and others are also made available on the Company’s None of the Company’s listed securities are suspended from trading.
website www.tatasteel.com
Certificates from Practising Company Secretaries
All price sensitive information and matters that are material to
shareholders are disclosed to the respective Stock Exchanges As required by Regulation 34(3) and Schedule V Part E of the Listing
where the securities of the Company are listed. All submissions to Regulations, the certificate given by Parikh & Associates, Practicing
the Exchanges are made through their respective electronic online Company Secretaries, is annexed to this report.
filing systems. The same are also available on the Company’s website As required by Clause 10 (i) of Part C under Schedule V of the Listing
www.tatasteel.com Regulations, the Company has received a certificate from Parikh &
The Company’s website is a comprehensive reference on it’s Associates, Practicing Company Secretaries certifying that none
leadership, management, vision, mission, policies, corporate of our Directors have been debarred or disqualified from being
governance, sustainability, investor relations, products and processes appointed or continuing as Directors of the Company by Securities
and updates and news. The section on ‘Investors’ serves to inform the and Exchange Board of India or Ministry of Corporate Affairs or such
Shareholders, by giving complete financial details, stock exchange other statutory authority.
compliances including shareholding patterns and updated credit
CEO and CFO certification
ratings amongst others, corporate benefits, information relating
to Stock Exchanges, details of Registrars & Transfer Agent and As required by Regulation 17(8) read with Schedule II Part B of
frequently asked questions. Investors can also submit their queries the Listing Regulations, the Chief Executive Officer & Managing
by submitting ‘Shareholder Query Form’ and get feedback online. Director and Executive Director & Chief Financial Officer have given
The section on ‘Media’ includes all major press reports and releases, appropriate certifications to the Board of Directors.
awards and campaigns by the Company, amongst others.
137
Reconciliation of Share Capital Audit Policy for Determining Material Subsidiaries

In terms of Regulation 40(9) and 61(4) of the Listing Regulations, The Company has formulated a Policy for Determining Material
certificates, on half-yearly basis, have been issued by a Company Subsidiaries and the same is available on the Company’s website
Secretary in Practice with respect to due compliance of share and www.tatasteel.com
security transfer formalities by the Company.
Vigil Mechanism
The Company Secretary in Practice carried out a Reconciliation of
The Vigil Mechanism approved by the Board provides a formal
Share Capital Audit to reconcile the total admitted capital with
mechanism for all Directors, employees and vendors of the Company
National Securities Depository Limited (‘NSDL’) and Central
to approach the Ethics Counsellor/Chairman of the Audit Committee
Depository Services (India) Limited (‘CDSL’) (collectively
of the Company and make protective disclosures regarding the
‘Depositories’) and the total issued and listed capital. The Audit
unethical behaviour, actual or suspected fraud or violation of the
confirms that the total paid-up capital is in agreement with the
Company’s Code of Conduct. Under the Policy, every Director,
aggregate of the total number of shares in physical form and in
employee or vendor/business associate of the Company has an
dematerialised form (held with Depositories). The Audit Report is
assured access to the Ethics Counsellor/Chairman of the Audit
disseminated to the Stock Exchanges on quarterly basis and is also
Committee. Details of the Vigil Mechanism are given in the Board’s
available on our website www.tatasteel.com under ‘Investors’ section.
Report. The whistle blower policy is available on the Company’s
Related Party Transactions website www.tatasteel.com
All transactions entered into with related parties as defined under the Disclosures as per the Sexual Harassment of Women at
Companies Act, 2013 and Regulation 23 of the Listing Regulations, Workplace (Prevention, Prohibition and Redressal) Act, 2013
each as amended, during the year under review were on an arm’s
The disclosure regarding the complaints of sexual harassment are
length price basis and in the ordinary course of business. These have
given in the Board’s Report.
also been approved by the Audit Committee. The Company has not
entered into any materially significant related party transaction that Consolidated Fees paid to Statutory Auditors
may have potential conflict with the interests of the Company at
During the Financial Year 2018-19, the total fees for all services paid
large. The Board of Directors have approved and adopted a Policy
by the Company and its subsidiaries, on a consolidated basis, to Price
on Related Party Transactions and the same is updated from time to
Waterhouse & Co Chartered Accountants LLP, Statutory Auditors of
time, basis amendments in the regulatory provisions. The Policy is
the Company is as under:
available on the Company’s website www.tatasteel.com
During the Financial Year 2018-19, the Company did not have any Table M: Consolidated fees paid to statutory auditors:
material pecuniary relationship or transactions with Non-Executive (` crore)
Directors apart from paying Director’s remuneration. Further, the Particulars Amount
Directors have not entered into any contracts with the Company or Services as statutory auditors 29.36
its subsidiaries, which will be in material conflict with the interest Taxation matters and audit 2.94
of the Company. Other services 11.41
Out-of-pocket expenses 0.78
The Board has received disclosures from KMPs relating to material,
Total 44.49
financial and commercial transactions where they and/or their
relatives have personal interest.
General Body Meetings

Table N: Location and time, where last three AGMs were held:
Financial Year Ended Date Time Venue Special Resolution Passed
Birla Matushri Sabhagar, Issue of Non-Convertible Debentures on private

March 31, 2018 July 20, 2018 placement basis not exceeding `12,000 crore
19, Sir Vithaldas
3:00 p.m. (IST)
March 31, 2017 August 8, 2017 Thackersey Marg, Issue of Non-Convertible Debentures on Private
March 31, 2016 August 12, 2016 Mumbai - 400 020 Placement basis not exceeding `10,000 crore
No Special Resolution was passed by the Company last year through Postal Ballot. None of the businesses proposed to be transacted at the
ensuing AGM require passing a Special Resolution through Postal Ballot.

Table O: Details of Annual General Meeting 2019:

Date July 19, 2019
Time 3:00 p.m. (IST)
Venue Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai - 400 020
Financial Year April 1, 2018 to March 31, 2019
Book Closure Dates Saturday, July 6, 2019 to Friday, July 19, 2019 (both days inclusive) (for both, Fully
Paid & Partly Paid Ordinary Shares)
Dividend Payment Date On and from Tuesday, July 23, 2019, if approved by shareholders at the AGM
Dematerialisation of shares and liquidity prices over the long term tend to track underlying raw material
The Company’s Ordinary Shares are tradable compulsorily in prices thus providing a natural hedge to the business. Further, in
electronic form. We have established connectivity with both the India the Company has captive iron ore and coal mines which meet a
depositories, i.e., NSDL and CDSL. The International Securities significant part of the requirement of its Indian business and help it
Identification Number (‘ISIN’) allotted to the Fully Paid and Partly Paid manage raw material price volatility.
Ordinary Shares under the Depository System are INE081A01012 In addition, to address the short-term volatility, the Company
and IN9081A01010 respectively. specifically hedges certain commodities in the derivatives market
The Company has 1,18,29,61,937 Ordinary Shares (including Fully as well as tries to buy part of its strategic material requirements on
Paid and Partly Paid Ordinary Shares) representing 98.24% of the annual fixed prices.
Company’s share capital which is dematerialised as on March 31, Further, to manage the raw material sourcing, the Company has
2019. Further, during Fiscal 2019, the Securities and Exchange Board a dedicated strategic procurement team with understanding of
of India (‘SEBI’) and the Ministry of Corporate Affairs (‘MCA’) has international commodity markets including raw material required
mandated that existing members of the Company who hold for steel industry operations. This experienced team works closely
securities in physical form and intend to transfer their securities after with key raw material producers across the globe and is tasked with
April 1, 2019, can do so only in dematerialised form. Hence, to enable developing a reliable and lowest cost supply chain. The team carries
us to serve our Shareholders better, we request our Shareholders out a risk assessment of the supply chain and works consciously
whose shares are in physical mode to dematerialise shares and to towards mitigating the risk of any disruption in supply chain. It
update their bank accounts and email ids with their respective DPs. ensures there is adequate diversification in terms of vendors,
Further, outstanding GDR Shares 1,34,73,958 (March 31, 2018: geographies etc. and also carries out risk assessment of vendors with
1,27,40,651) of face value of `10 per share represent the shares regards reliability of supply, financial strength etc. The team also
underlying GDRs which were issued during 1994 and 2010. Each GDR has a value in use (VIU) optimization framework in place and closely
represents one underlying Ordinary Share. monitors and analyses price movements in grades of raw materials to
arrive at the most effective source and cost of supply.
Commodity price risk or foreign exchange risk and hedging
Exposure of the Company to commodity and commodity risk faced
activities
by the Company throughout the year:
The Company inherently faces risks arising out of raw material price
volatility which impacts its profitability and cash flows. However, steel 1. Total exposure of the listed entity to commodities: `12,038 crore.
2. Exposure to the listed entities to various commodities (based on materiality):

Exposure in INR % of such exposure hedged through commodity derivatives
Exposure in Quantity
towards the particular Domestic Market International Market
Commodity Name terms towards the
commodity Total
particular commodity OTC Exchange OTC Exchange
(crore)
85,00,000 Nil
Coal 9,758 Nil Nil Nil Nil
tonnes (imported)
Limestone 1,072 41,71,873 tonnes Nil Nil Nil Nil Nil
Refractories 993 1,05,619 tonnes Nil Nil Nil Nil Nil
Apart from the strategic procurement of coal and other commodities, Tata Steel has been a miner for the last hundred years and it mines 100%
of its iron ore requirements and about one fourth of its coking coal requirement from its captive mines. Thus, its exposure is naturally hedged
to the above extent.
139
Designated e-mail address for investor services Compliance with discretionary requirements
To serve the investors better and as required under Regulation All mandatory requirements of the Listing Regulations have been
46(2)(j) of the Listing Regulations, the designated e-mail address complied with by the Company. The status of compliance with the
for investor complaints is [email protected] The e-mail address discretionary requirements, as stated under Part E of Schedule II to
for grievance redressal is continuously monitored by the Company’s the Listing Regulations, is as under:
Compliance Officer.
The Board: As on date, the positions of the Chairman and the Chief
Investor Awareness Executive Officer are separate. Mr. N. Chandrasekaran is the Non-
As part of good governance we have provided subscription facilities Executive Chairman of the Board and Mr. T. V. Narendran is the Chief
to our investors for IR alerts regarding press release, results, webcasts, Executive Officer & Managing Director of the Company.
analyst meets and presentations amongst others. We also provide Shareholder Rights: The half-yearly financial performance of the
our investors facility to write queries regarding their rights and Company is sent to all the Members possessing e-mail IDs. The results
shareholdings and have provided details of persons to be contacted are also available on the Company’s website www.tatasteel.com
for this purpose. We encourage investors to visit our website for
reading the documents and for availing the above facilities at Modified opinion(s) in Audit Report: The Auditors have expressed
www.tatasteel.com an unmodified opinion in their report on the financial statements of
the Company.
Legal proceedings
Reporting of Internal Auditor: The Internal Auditor reports to the
There are certain pending cases related to disputes over title to shares Audit Committee.
in which the Company had been made a party. However, these cases
are not material in nature.
Table P: Distribution of Shareholding of Ordinary Shares
Fully Paid Ordinary Shares
Total No. of Shareholders % to total holders Total No. of Shares % to total capital
Share Holding as on March 31 as on March 31 as on March 31 as on March 31
2019 2018 2019 2018 2019 2018 2019 2018
1 23,884 21,327 3.01 2.76 23,884 21,327 0.00 0.00
2-10 1,20,513 1,13,210 15.18 14.64 8,09,676 7,61,432 0.07 0.07
11-50 2,37,534 2,29,602 29.93 29.70 69,86,169 66,82,927 0.62 0.59
51-100 1,24,173 1,20,595 15.64 15.60 96,55,582 92,35,996 0.86 0.82
101-200 1,23,759 1,25,266 15.59 16.20 1,79,62,365 1,80,02,217 1.60 1.60
201-500 96,515 96,320 12.16 12.46 2,98,88,109 2,95,63,645 2.65 2.63
501-1,000 34,385 34,067 4.33 4.40 2,43,91,805 2,40,00,787 2.17 2.13
1,001-5,000 28,091 27,738 3.54 3.59 5,57,76,758 5,47,92,310 4.95 4.86
5,001-10,000 2,775 2,782 0.35 0.36 1,92,47,829 1,92,88,108 1.71 1.71
10,001-1,00,000 1,841 1,832 0.23 0.24 4,49,56,780 4,38,39,362 3.99 3.89
1,00,001 and above 323 371 0.04 0.05 91,67,90,723 92,02,96,704 81.38 81.70
Total 7,93,793 7,73,110 100.00 100.00 1,12,64,89,680 1,12,64,84,815 100.00 100.00
Partly Paid Ordinary Shares

Total No. of Shareholders % to total holders Total No. of Shares % to total capital
Share Holding as on March 31 as on March 31 as on March 31 as on March 31
2019 2018 2019 2018 2019 2018 2019 2018
1 5,793 5,990 3.34 3.45 5,793 5,990 0.01 0.01
2-10 58,209 60,702 33.53 34.99 3,39,421 3,53,322 0.44 0.45
11-50 72,068 74,752 41.52 43.08 17,64,981 18,17,111 2.27 2.34
51-100 16,844 16,382 9.70 9.44 12,75,721 12,16,790 1.64 1.57
101-200 9,326 8,405 5.37 4.84 13,88,448 12,22,880 1.79 1.57
201-500 6,458 4,790 3.72 2.76 21,22,136 15,04,180 2.73 1.94
501-1,000 2,436 1,409 1.40 0.81 18,15,750 10,00,904 2.34 1.29
1,001-5,000 1,899 807 1.09 0.47 40,32,985 16,13,296 5.19 2.08
5,001-10,000 253 90 0.15 0.05 18,11,588 6,31,577 2.33 0.81
10,001-1,00,000 257 138 0.15 0.08 69,21,073 50,38,057 8.92 6.49
1,00,001 and above 45 44 0.03 0.03 5,61,58,809 6,32,30,518 72.34 81.45
Total 1,73,588 1,73,509 100.00 100.00 7,76,36,705 7,76,34,625 100.00 100.00

Transfer of Unclaimed Dividend and Shares to Investor Amount of Unclaimed Dividend Number of Shares
Financial Year
Education and Protection Fund (‘IEPF’) Transferred (`) Transferred
Pursuant to the provisions of the Companies Act, 2013 read with 2010-11 7,56,12,546.00 3,86,473
Investor Education Protection Fund Authority (Accounting, Audit, The Company has sent individual communication to the concerned
Transfer and Refund) Rules, 2016, as amended, the dividends, shareholders at their registered address, whose dividend remained
unclaimed for a period of seven years from the date of transfer to the unclaimed and whose shares were liable to be transferred to the IEPF
Unpaid Dividend Account of the Company are liable to be transferred by September 7, 2018. The communication was also published in
to the IEPF. Accordingly, unclaimed dividends of Shareholders for national English and local Marathi newspapers.
the Financial Year 2011-12 lying in the unclaimed dividend account of
the Company as on September 17, 2019 will be transferred to IEPF on Any person whose unclaimed dividend and shares pertaining
the due date i.e. September 18, 2019. Further, the shares (excluding thereto, matured deposits, matured debentures, application money
the disputed cases having specific orders of the Court, Tribunal or any due for refund, or interest thereon, sale proceeds of fractional shares,
Statutory Authority restraining such transfer) pertaining to which redemption proceeds of preference shares, amongst others has been
dividend remains unclaimed for a consecutive period of seven years transferred to the IEPF Fund can claim their due amount from the
from the date of transfer of the dividend to the unpaid dividend IEPF Authority by making an electronic application in e-form IEPF-5.
account is also mandatorily required to be transferred to the IEPF Upon submitting a duly completed form, Shareholders are required
Authority established by the Central Government. Accordingly, the to take print of the same and send physical copy duly signed along
Company has transferred unclaimed dividend and eligible Shares to with requisite documents as specified in the form to the attention of
IEPF Demat Account within statutory timelines. the Nodal Officer, at the Registered Office of the Company. The e-form
can be downloaded from our website www.tatasteel.com under
The details of unclaimed dividends and shares transferred to IEPF ‘unclaimed dividend’ tab in ‘investor’ section and simultaneously
during Financial Year 2018-19 are as follows: from the website of Ministry of Corporate Affairs at www.iepf.gov.in
The Shareholders can file only one consolidated claim in a financial
year as per the IEPF Rules.
Table Q: The status of dividend remaining unclaimed is given hereunder:

Unclaimed Dividend Status Whether it can be claimed Can be claimed from Action to be taken
Office of Registrar of Companies, Claim to be forwarded in prescribed
Transferred to the
Up to and including Central Government Office Form No. II of the Companies
General Revenue
the Financial Year Yes Building, ‘A’ Wing, 2nd Floor, Next Unpaid Dividend (Transfer to
Account of the
1994-95 to Reserve Bank of India, CBD, General Revenue Account of the
Central Government
Belapur-400 614 Central Government) Rules, 1978
IEPF Authority to pay the claim
Submit e-form IEPF 5 to the amount to the Shareholder
For the Financial Transferred to
Registered Office of the Company based on the verification report
Years 1995-96 to the IEPF of the Yes
addressed to the Nodal Officer submitted by the Company
2010-2011 Central Government
along with complete documents. and the documents submitted
by the investor.
For the Financial Amount lying in
TSR Darashaw Limited,
Years 2011-12 to respective Unpaid Yes Letter on plain paper
Registrars and Transfer Agent
2017-18 Dividend Accounts
The Company has hosted on its website the details of the unclaimed dividend/interest/principal amounts for the Financial Year 2017-18 as per
the Notification No. G S R 352 (E) dated May 10, 2012 of Ministry of Corporate Affairs (as per Section 124 of the Companies Act, 2013, as amended).
Table R: Details of date of declaration & due date for transfer to IEPF
Financial Year Dividend Per Share Date of Declaration Due date for Transfer to IEPF
2011-12 12 August 14, 2012 September 18, 2019
2017-18 10 July 20, 2018 August 22, 2025
Shareholders are requested to get in touch with the RTA for encashing the unclaimed dividend/interest/principal amount, if any, standing to
the credit of their account.
141
Nomination Facility • In case of holdings in dematerialised form, by contacting their

Shareholders whose shares are in physical form and wish to DP and giving suitable instructions to update the bank details in
make/change a nomination in respect of their shares in the Company, their demat account.
as permitted under Section 72 of the Companies Act, 2013, may submit
to RTA the prescribed Forms SH-13/SH-14. The Nomination Form can
• In case of holdings in physical form, by informing the Company’s
RTA i.e., TSR Darashaw Limited, through a signed request letter
be downloaded from the Company’s website www.tatasteel.com
with details such as their Folio No(s), Name and Branch of the Bank
under the section ‘Investors’.
in which they wish to receive the dividend, the Bank Account type,
Shares held in Electronic Form Bank Account Number allotted by their banks after implementation
of Core Banking Solutions the 9 digit MICR Code Number and the
Shareholders holding shares in electronic form may please note that
11 digit IFSC Code. This letter should be supported by cancelled
instructions regarding change of address, bank details, e-mail ids,
cheque bearing the name of the first shareholder.
nomination and power of attorney should be given directly to the DP.
Further, as mandated by SEBI vide its Circular No.
Shares held in Physical Form SEBI/HO/MIRSD/DOP1/CIR/P/2018/73 dated April 20, 2018, the
Shareholders holding shares in physical form may please note that Company has sent three reminder letters to its share holders
instructions regarding change of address, bank details, e-mails ids, advising them to update their PAN and Bank details with the
nomination and power of attorney should be given to the Company’s Company/Depositories.
RTA i.e., TSR Darashaw Limited.
Listing on Stock Exchanges
Further, Shareholders may note that SEBI and MCA has mandated that
The Company has issued Fully and Partly paid Ordinary shares
existing Members of the Company who hold securities in physical
which are listed on BSE Limited and National Stock Exchange of
form and intend to transfer their securities after April 1, 2019, can do
India Limited in India. The annual Listing fees has been paid to the
so only in dematerialised form. We request you to dematerialise your
respective stock exchanges.
physical shares for ease of transfer.
Table S: ISIN details
Updation of bank details for remittance of dividend/cash
benefits in electronic form Stock Exchanges ISIN Stock Code
The Securities and Exchange Board of India (‘SEBI’) vide its Circular No. BSE Limited (‘BSE’) INE081A01012 500470
Phiroze Jeejeebhoy Towers, (Fully Paid Shares) (Fully Paid Shares)
CIR/MRD/DP/10/2013 dated March 21, 2013 (‘Circular’) to all listed Dalal Street,
companies requires them to update bank details of their shareholders Mumbai - 400 001, IN9081A01010 890144
holding shares in demat mode and/or physical form, to enable Maharashtra, India (Partly Paid Shares) (Partly Paid Shares)
usage of the electronic mode of remittance i.e. National Automated National Stock Exchange of INE081A01012 TATASTEEL
Clearing House (‘NACH’) for distributing dividends and other cash India Limited (‘NSE’) (Fully Paid Shares) (Fully Paid Shares)
benefits to the shareholders. Exchange Plaza, 5th Floor,
Plot No. C/1, G Block,
The Circular further states that in cases where either the bank details Bandra-Kurla Complex, IN9081A01010 TATASTEELPP
Mumbai - 400 051, (Partly Paid Shares) (Partly Paid Shares)
such as Magnetic Ink Character Recognition (‘MICR’) and Indian
Financial System Code (‘IFSC’), amongst others, that are required Maharashtra, India
for making electronic payment are not available or the electronic
Table T: International Listings of securities issued by the
payment instructions have failed or have been rejected by the bank,
Company are as under:
companies or their Registrars and Transfer Agents may use physical
payment instruments for making cash payments to the investors. Global Depository Receipts (‘GDRs’):
Companies shall mandatorily print the bank account details of the GDRs 1994 2009
investors on such payment instruments.
ISIN US87656Y1091 US87656Y4061
Regulation 12 of the Listing Regulations, allows the Company to pay Listed on Luxembourg Stock Exchange London Stock Exchange
dividend by cheque or ‘payable at par’ warrants where payment by
Table U (i): Perpetual Hybrid Securities in the form of Non-
electronic mode is not possible. Shareholders to note that payment
Convertible Debentures are listed on the Wholesale Debt
of dividend and other cash benefits through electronic mode has
Market segments of the Stock Exchanges as under:
many advantages like prompt credit, elimination of fraudulent
encashment/delay in transit amongst others. They are requested to Rate (%) 11.80 11.50
opt for any of the above mentioned electronic modes of payment of ISIN INE081A08165 INE081A08173
dividend and other cash benefits and update their bank details: Principal Amount (` in crore) 1,500 775
Date of Maturity Perpetual Perpetual
Listed on NSE & BSE NSE

Table U (ii): Unsecured Redeemable Non-Convertible Debentures (‘NCDs’) are listed on the Wholesale Debt Market segment of
the Stock Exchanges as under:
(` in crore)
Maturity
Coupon Rate (%) ISIN Principal Amount Credit Ratings
Amount Date
10.40 INE081A08124 650.90 650.90 May 15, 2019 AA by CARE & India Ratings
11.00 INE081A08132 1,500.00 1,500.00 May 19, 2019 AA by India Ratings
AA by CARE & AA
9.15 INE081A08207 500.00 500.00 January 24, 2021
(Stable) by Brickwork
AA by CARE & AA
2.00 INE081A08181 1,500.00 1,500.00 April 23, 2022
(Positive) by Brickwork
AA by CARE & AA
8.15 INE081A08215 1,000.00 1,000.00 October 1, 2026
(Positive) by Brickwork
166.67 December 22, 2028
10.25 INE081A08140 500.00 166.67 December 22, 2029
166.66 December 22, 2030
AA by CARE
833.34 January 6, 2029
10.25 INE081A08157 2,500.00 833.33 January 6, 2030
833.33 January 6, 2031
1,078.75 February 28, 2031
1,078.25 March 1, 2032
9.8359% INE081A08223 4,315 AA by CARE & India Ratings
1,078.25 March 1, 2033
1,078.25 March 1, 2034
Notes:
(a) 9.15% NCDs (ISIN: INE081A08199) aggregating to `500 crore were redeemed on the due date, January 24, 2019.
(b) Further, during the year, Moody’s Investors Services upgraded long-term Corporate Family Rating of the Company by one notch from Ba3 to Ba2 while S&P
has revised its ratings outlook on the Company from ‘Stable’ to ‘Positive’ and affirmed the long-term credit rating of ‘BB-’.
The above details are available on our website www.tatasteel.com

Market Information
Table V: Market Price Data–High, Low and volume during each month in Financial Year 2018-19 of Fully Paid Shares:
BSE Limited National Stock Exchange of India Limited
Volume Volume
Month
High (`) Low (`) (No. of shares High (`) Low (`) (No. of shares
traded) traded)
April 2018 623.90 558.00 98,26,825 624.50 557.55 15,89,73,695
May 2018 636.30 536.60 1,24,16,613 636.80 536.55 16,32,19,616
June 2018 607.55 538.35 1,26,32,920 608.20 538.25 16,05,19,735
July 2018 586.50 493.50 1,44,46,724 586.50 493.00 19,37,12,376
August 2018 614.30 540.55 1,41,99,557 614.50 540.60 18,34,79,813
September 2018 646.70 574.50 1,17,14,794 647.60 575.00 16,47,09,554
October 2018 594.45 530.10 1,21,63,197 594.40 529.35 14,07,29,681
November 2018 610.00 513.25 1,63,86,023 610.60 512.50 16,91,41,179
December 2018 552.50 486.90 1,17,80,584 552.70 486.15 13,67,75,994
January 2019 524.05 442.10 1,37,78,177 524.50 441.35 16,92,95,871
February 2019 511.95 452.30 1,47,55,120 512.30 452.00 20,36,24,453
March 2019 531.80 502.75 88,48,525 531.90 502.00 12,52,26,366
Yearly 646.70 442.10 15,29,49,059 647.60 441.35 1,96,94,08,333
143
Tata Steel Share Price versus BSE Sensex/NIFTY
700 12,000 700 40,000

600 39,000
600 11,500 38,000
500 500 37,000
11,000
400 400 36,000
10,500 35,000
300 300 34,000
200 10,000 200 33,000
Apr-18
May-18
June-18
July-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-18
May-18
June-18
July-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Tata Steel on NSE Nifty (RHS) Tata Steel on BSE Sensex (RHS)
The Company’s shares are regularly traded on BSE Limited and Green Initiative
National Stock Exchange of India Limited, as is seen from the volume As a responsible corporate citizen, the Company supports the
of shares indicated in the Table containing Market Information. ‘Green Initiative’ undertaken by the Ministry of Corporate Affairs,
Government of India, enabling electronic delivery of documents
Secretarial Audit
including the Annual Report, quarterly and half-yearly results,
The Company’s Board of Directors appointed Parikh and Associates, amongst others, to Shareholders at their e-mail address previously
Practising Company Secretaries Firm, to conduct secretarial audit registered with the DPs and RTAs.
of its records and documents for the Financial Year 2018-19.
The secretarial audit report confirms that the Company has complied Shareholders who have not registered their e-mail addresses so
with all applicable provisions of the Companies Act, 2013, Secretarial far are requested to do the same. Those holding shares in demat
Standards, Depositories Act 2018, SEBI (Listing Obligations and form can register their e-mail address with their concerned DPs.
Disclosure Requirements) Regulations, 2015, SEBI (Prohibition of Shareholders who hold shares in physical form are requested to
Insider Trading) Regulations, 2015, each as amended and all other register their e-mail addresses with the RTA, by sending a letter, duly
regulations and guidelines of SEBI as applicable to the Company. signed by the first/sole holder quoting details of Folio No.
The Secretarial Audit Report forms part of the Board’s Report.

Major Plant Locations:

Tata Steel Kalinganagar Plant Wire Division, Pithampur Ferro Alloy Plant, Joda
Tata Steel Limited Pithampur Wire Division Tata Steel Limited - Joda
Kalinganagar Industrial Complex, Plot 158 & 158A, Sector III Dist. Keonjhar, Odisha - 758 034
Duburi, Dist. Jajpur Industrial Estate, Pithampur
Odisha - 755 026 Madhya Pradesh - 454 774
Bearings Division Ferro Chrome Plant
Tata Steel Limited Tata Steel Limited - Gopalpur Project
Tata Steel Jamshedpur Plant P.O. Rakha Jungle, Nimpura Industrial Estate P.O. Chamakhandi, Chatrapur Tahsil,
Tata Steel Limited Kharagpur, West Bengal - 721 301 Dist. Ganjam, Odisha - 761 020
P.O. Bistupur,
Jamshedpur – 831 001
Chromite Mine, Sukinda Investor Contact:
Tata Steel Limited - Sukinda
Cold Rolling Mill Complex, Bara Registered Office:
Chromite Mine, P.O. Kalarangiatta,
Tata Steel Limited Dist. Jajpur, Odisha - 755 028 Bombay House, 24, Homi Mody Street,
P.O. Agrico, P.S. Sidhgora, Fort, Mumbai - 400 001
Block: Jamshedpur, Dist. Purbi Singhbhum Tel.: +91 22 6665 8282
Pin - 831 009 Noamundi Iron Mine E-mail: [email protected]
Tata Steel Limited Website: www.tatasteel.com
West Singhbhum, Noamundi, CIN: L27100MH1907PLC000260
Tata Steel Growth Shop Jharkhand - 833 217
Growth Shop
Tata Steel Limited Name, designation & address of
Ferro Alloys Plant
Adityapur Industrial Estate, Compliance Officer:
P.O. Gamharia, Dist. Seraikela-Kharsawan Tata Steel Limited
P.O. Bamnipal, Dist. Keonjhar, Mr. Parvatheesam K,
Pin - 832 108
Odisha - 758 082 Company Secretary & Chief Legal Officer
(Corporate & Compliance)
Tata Steel Tubes Division Bombay House, 24, Homi Mody Street, Fort,
Tubes Division Joda West Manganese Mines Mumbai - 400 001
Tata Steel Limited Tata Steel Limited Tel.: +91 22 6665 7279
P.O. Burma Mines, P.O. Bichakundi, Joda, Dist. Keonjhar, E-mail: [email protected]
Jamshedpur - 831 007 Odisha - 758 034
Name, designation & address of
Joda East Iron Mine Bamebari Manganese Mines Investor Relations Officer:
Joda Central Organisation Tata Steel Limited Mr. Sandep Agrawal,
Tata Steel Limited, Joda, P.O. Polaso ‘Ka’, Via: Joda, Dist. Keonjhar, Head - Group Investor Relation
Dist. Keonjhar, Odisha - 758 034 Odisha - 758 036 One Forbes, 6th Floor, 1, Dr. V. B. Gandhi
Marg, Fort, Mumbai - 400 001
Gomardih Dolomite Quarry Tel.: +91 22 6665 0530;
Cold Rolling Complex (West)
E-mail: [email protected]
Tata Steel Limited Tata Steel Limited
Plot No S 76, Tarapur Industrial Area, P.O. Tunmura, Dist. Sundergarh,
P Box 22, Tarapur Industrial Estate Post Office, Odisha - 770 070 Registrars and Transfer Agents:
District Palghar, Maharashtra - 401 506 TSR Darashaw Limited
Jharia Division CIN: U67120MH1985PLC037369
Wire Division, Tarapur Tata Steel Limited Unit: Tata Steel Limited,
Tata Steel Limited - Wire Division Jamadoba, Dhanbad, 6-10, Haji Moosa Patrawala Industrial Estate,
Plot F8 & A6, Tarapur MIDC, Jharkhand - 828 112 Near Famous Studio, 20, Dr. E Moses Road,
P.O. Boisar, Dist. Palghar - 401 506 Mahalaxmi, Mumbai - 400 011
West Bokaro Division Contact Person: Ms. Mary George
Tel.: +91 22 6656 8484/8411/8412/8413
Wire Division, Indore Tata Steel Limited Fax: +91 22 6656 8494
Indore - Tata Steel Limited, Wire Division Ghatotand, Dist. Ramgarh, Timings: Monday to Friday,
Plot 14/15/16 & 32 Industrial Estate, Jharkhand - 825 314 10 a.m. (IST) to 3.30 p.m. (IST)
Laxmibai Nagar, Fort Indore, E-mail: [email protected]
Madhya Pradesh - 452 006 Hooghly Met Coke Division Website: www.tsrdarashaw.com
Tata Steel Limited
Patikhali, Haldia, Purba,
Medinipur, West Bengal - 721 606
145
Stock Exchanges: London Stock Exchange Central Depository Services (India)

BSE Limited 10 Paternoster Square, Limited
Phiroze Jeejeebhoy Towers, London - EC4M 7LS Marathon Futurex, A-Wing, 25th Floor,
Dalal Street, Mumbai - 400 001 Tel: (+44) 20 7797 1000 NM Joshi Marg,
Tel.: +91 22 2272 1233; Website: www.londonstockexchange.com Lower Parel (East), Mumbai - 400 013
Fax: +91 22 2272 1919 Tel.: +91 22 2305 8640/8624/8639/8663
Website: www.bseindia.com Depository Services: E-mail: [email protected],
National Stock Exchange of India National Securities Depository Limited Investor Grievance:
[email protected]
Limited Trade World, A Wing, 4th & 5th Floors, Website: www.cdslindia.com
Exchange Plaza, Plot No. C/1, Kamala Mills Compound,
G Block Bandra-Kurla Complex, Lower Parel, Mumbai - 400 013
Bandra (E), Mumbai - 400 051 Tel.: +91 22 2499 4200; Debenture Trustee:
Tel.: +91 22 2659 8100; Fax: +91 22 2497 6351
E-mail: [email protected] IDBI Trusteeship Services Limited
Fax: +91 22 2659 8120
Investor Grievance: [email protected] Asian Building, Ground Floor,
Website: www.nseindia.com
Website: www.nsdl.co.in 17, R. Kamani Marg, Ballard Estate,
Mumbai - 400 001
Luxembourg Stock Exchange Tel.: +91 22 4080 7000;
Fax: +91 22 6631 1776
35A Boulevard Joseph II
E-mail: [email protected]
L-1840 Luxembourg,
Website: www.idbitrustee.com
Tel: (+352) 4779361
Fax: (+352) 473298
Website: www.bourse.lu
Details of Corporate Policies

Particulars Website Details/Links
Dividend Distribution Policy https://www.tatasteel.com/media/6086/dividend-policy-final.pdf
Composition and Profile of the Board of Directors
https://www.tatasteel.com/corporate/our-organisation/leadership/
Terms and conditions of appointment of https://www.tatasteel.com/media/2917/terms-and-conditions-of-appointment-of-
Independent Directors independent-directors.pdf
https://www.tatasteel.com/media/6816/policy-on-appointment-and-removal-
Policy on Appointment and Removal of Directors
of-directors.pdf
Familiarisation Programme for https://www.tatasteel.com/media/7040/familiarisation-programme-for-
Independent Directors independent-directors.pdf
Remuneration Policy of Directors, KMPs &
https://www.tatasteel.com/media/6817/remuneration-policy-of-directors-etc.pdf
Other Employees
Tata Code of Conduct https://www.tatasteel.com/media/1864/tcoc.pdf
Criteria for Making Payments to
https://www.tatasteel.com/media/3931/criteria-of-making-payments-to-neds.pdf
Non-Executive Directors
Corporate Social Responsibility Policy https://www.tatasteel.com/media/5804/csr-a.pdf
Code of Conduct for Non-Executive Directors https://www.tatasteel.com/media/3930/tcoc-non-executive-directors.pdf
Policy on Related Party Transactions https://www.tatasteel.com/media/5891/policy-on-related-party-transactions.pdf
Policy on Determining Material Subsidiary https://www.tatasteel.com/media/5890/policy-on-determining-material-subsidiaries.pdf
https://www.tatasteel.com/media/7527/wb-policy-for-business-associates-23052017.pdf
Whistle Blower Policy https://www.tatasteel.com/media/7528/whistle-blower-policy-for-
directors-employees-1.pdf
Code of Corporate Disclosure Practices https://www.tatasteel.com/media/6843/code-of-corporate-disclosure-practices.pdf
Policy on Determination of
https://www.tatasteel.com/media/6844/tata-steel-determination-of-materiality-policy.pdf
Materiality for Disclosure
Document Retention and Archival Policy https://www.tatasteel.com/media/6845/tata-steel-document-retention-policy.pdf
Prevention of Sexual Harassment (POSH) at
https://www.tatasteel.com/media/7526/posh.pdf
Workplace Policy
https://www.tatasteel.com/investors/stock-exchange-compliances/reconciliation-of-share-
Reconciliation of Share Capital Audit Report
capital-audit-reports/

PRACTISING COMPANY SECRETARIES’ CERTIFICATE ON DIRECTORS
To,
The Members
Tata Steel Limited
This certificate is issued pursuant to clause 10(i) of the Part C of Schedule V of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as amended vide circular dated May 9, 2018 of the Securities and Exchange Board of India.
We have examined the compliance of provisions of the aforesaid clause 10(i) of the Part C of Schedule V of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and to the best of our information and according to the explanations given to us by the Company, and the
declarations made by the Directors, we certify that none of the directors of Tata Steel Limited (‘the Company’) CIN L27100MH1907PLC000260
having its registered office at Bombay House, 24-Homi Mody Street, Fort, Mumbai - 400 001 have been debarred or disqualified as on
March 31, 2019 from being appointed or continuing as directors of the Company by SEBI/Ministry of Corporate Affairs or any other
statutory authority.
For Parikh & Associates

Practising Company Secretaries
sd/-
P. N. PARIKH
Mumbai, April 25, 2019 FCS No.: 327 CP No.: 1228
PRACTISING COMPANY SECRETARIES’ CERTIFICATE ON CORPORATE GOVERNANCE
To,
The Members
Tata Steel Limited
We have examined the compliance of the conditions of Corporate Governance by Tata Steel Limited (‘the Company’) for the year ended on
March 31, 2019, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46 and para C, D & E of Schedule V
of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’).
The compliance of the conditions of Corporate Governance is the responsibility of the management. Our examination was limited to the review
of procedures and implementation thereof, as adopted by the Company for ensuring compliance with conditions of Corporate Governance.
It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and the representations made by the Directors
and the management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the SEBI Listing
Regulations for the year ended on March 31, 2019.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness
with which the management has conducted the affairs of the Company.

Practising Company Secretaries
sd/-
P. N. PARIKH
Mumbai, April 25, 2019 FCS No.: 327 CP No.: 1228
147
PARTICULARS OF REMUNERATION
ANNEXURE 5
Particulars of Remuneration
Part A: Information pursuant to Section 197(12) of the Companies Act, 2013
[Read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014]
Ratio of the remuneration of each Director/KMP to the median remuneration of all the employees of the Company for the Financial Year:
Median remuneration of all the employees of the Company for the Financial Year 2018-19 `9,98,769
The percentage increase in the median remuneration of employees in the Financial Year 5.60%
The number of permanent employees on the rolls of Company as on March 31, 2019 32,984

Remuneration for Financial Year (` lakh) % increase in Ratio of remuneration to median
Name of Director
2018-19 2017-18 remuneration remuneration of all employees(6)
Non-Executive Directors
Mr. N. Chandrasekaran (1) - - - -
Mr. D. K. Mehrotra (2) 40.40 85.30 * *
Mr. V. K. Sharma (2) 37.20 - * *
Mr. Saurabh Agrawal (3) - - - -
Ms. Mallika Srinivasan 129.00 119.40 8.04 12.92
Mr. O. P. Bhatt 190.60 180.00 5.89 19.08
Dr. Peter Blauwhoff 117.80 79.40 48.36 11.79
Mr. Aman Mehta 94.80 84.40 12.32 9.49
Mr. Deepak Kapoor 114.00 75.60 50.79 11.41
Executive Directors/KMP
Mr. T. V. Narendran (4) 1,122.63 942.94 19.06 112.40
Mr. Koushik Chatterjee (4) 1,082.14 913.80 18.42 108.35
Mr. Parvatheesam K (5) 169.92 124.91 ^ *
^ Since the remuneration of Mr. Parvatheesam K is only for part of the previous year, increase in remuneration is not stated.
*Since the remuneration of these Directors/KMP is only for part of the year, the ratio of their remuneration to median remuneration is not comparable and hence
increase in remuneration is not stated.
Notes:
(1) As a policy, Mr. N. Chandrasekaran, Chairman, has abstained from receiving commission from the Company and hence not stated.
(2) Mr. D. K. Mehrotra stepped down as Member of the Board effective May 16, 2018 and Mr. V. K. Sharma was appointed as an Additional (Non-Executive)
Director effective August 24, 2018. The commission of Mr. Mehrotra and Mr. Sharma is paid to Life Insurance Corporation of India.
(3) In line with the internal guidelines of the Company no payment is made towards commission to the Non-Executive Directors of the Company, who are in full
time employment with any other Tata Company and hence not stated.
(4) Mr. T. V. Narendran and Mr. Koushik Chatterjee do not receive any remuneration or commission from any of the subsidiary companies in which they are
Members of the Board.
(5) Mr. Parvatheesam K was on leave between August 28, 2017 and July 11, 2018. Accordingly, his remuneration for the previous year includes salary drawn by
him as Company Secretary and Compliance Officer for the period April 1, 2017 through August 27, 2017 and salary received by him up to March 31, 2018
towards his earned leave. His remuneration for the current year includes salary drawn by him for the period July 12, 2018 through March 31, 2019.
(6) The ratio of remuneration to median remuneration is based on remuneration paid during the period April 1, 2018 to March 31, 2019.
During the year, the average percentage increase in salary of the Company’s employees, excluding the Key Managerial Personnel (‘KMP’) was
6.26%. The total remuneration of the KMPs for the Financial Year 2018-19 was `2,374.69 lakh as against `1,981.65 lakh during the previous
year. The percentage increase in remuneration during the Financial Year 2018-19 to Mr. T. V. Narendran, Chief Executive Officer & Managing
Director was 19.06% and to Mr. Koushik Chatterjee, Executive Director & Chief Financial Officer was 18.42%. During the year, there has been no
exceptional increase in remuneration to the KMPs. Remuneration is as per the remuneration policy of the Company.
On behalf of the Board of Directors
sd/-
N. CHANDRASEKARAN
Mumbai Chairman
April 25, 2019 DIN: 00121863

Part B: Statement of Disclosure pursuant to Section 197 of Companies Act, 2013
[Read with Rules 5(2) and 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
A. Names of Top 10 employees in terms of remuneration drawn during the Financial Year 2018-19:
Date of
Sl. Remuneration Experience Age
Name Designation Qualification commencement of Last employment
No. (`) (Years) (Years)
STRATEGIC REPORT | 1-88
employment
Chief Executive Officer & 9,72,63,186 B.E, PGDM 30 01-07-1988 53 -
1 T. V. Narendran
Managing Director
Executive Director & 9,57,13,917 B.Com. (Hons), FCA 23 13-11-1995 50 Tata Sons Ltd.
2 Koushik Chatterjee
Chief Financial Officer
B.Tech (Hons),
3 Anand Sen President (TQM & Steel Business) 6,15,99,396 37 27-07-1981 59 -
Met. Engg., PGDBM
Vice President M. Sc., Diploma in
4 Suresh Dutt Tripathi 4,74,80,420 36 18-10-2012 58 SRF Ltd
(Human Resource Management) Social Welfare
B.Com.(Hons), First India Asset
5 Sandip Biswas Group Executive Vice President (Finance) 4,18,39,396 26 01-04-2005 51
ACA, ACS Management Co. (P) Ltd.
6 Ranganath Raghupathy Rao Vice President (Finance India & SE Asia) 3,34,40,751 B.Sc, A.C.A 35 16-05-2013 59 Cairn India Ltd.
Vice President
7 Sanjiv Paul 3,23,24,009 B. Sc. (Engg) 32 01-07-1986 56 -
(Safety, Health & Sustainability)
8 Dibyendu Bose Vice President (Supply Chain) 2,94,56,437 B. Tech., PGDM 30 01-07-1988 57 Tisco Collieries
STATUTORY REPORTS | 89-194
9 Chanakya Chaudhary Vice President (Corporate Services) 2,87,44,528 B. E. 30 16-12-1988 54 -

10 Rajesh Ranjan Jha Vice President (Engineering & Projects) 2,85,86,941 B.E, PGDBM 28 02-07-1990 49 Tata Projects Ltd
B. Names of other employees who are in receipt of aggregate remuneration not less than Rupees One crore and two lakh during the Financial Year 2018-19:
Date of
employment
1 A. D. Kothari General Manager (Projects TSK) 1,50,85,017 B. Tech. 27 01-07-1991 50 -
2 A. K. Bhatnagar Chief (Natural Resources Division) 1,20,85,187 B. Tech. 26 01-07-1992 49 -
B. Sc. (Hons),
3 Ajay Tiwari Chief (HRM PC & Corporate Functions) 1,43,79,846 19 01-08-2014 48 Hindustan Lever Ltd.
PGD (PM&IR)
4 Ajit Kar Chief (Electrical Maintenance Steel Making) 1,05,93,388 B. Tech. 26 13-07-1992 50 -
5 Amit Kumar Chatterjee Chief (Electrical Maintenance TSK) 1,53,73,586 B.E 31 27-07-1987 56 -
FINANCIAL STATEMENTS | 195-418
Free Markets
6 Amitabh Panda Group Head (Shipping & Logistics) 1,23,65,150 B. E., PGDBM 29 01-10-2004 51
Services Pvt. Ltd.
7 Amitava Baksi Chief (Procurement Officer) 1,63,98,715 B. Sc. (Engg) 32 30-06-1986 55 -
8 Amrendra Ranjan Chief (Electrical Maintenance) 1,39,74,417 B. Tech, PGDBM 38 01-07-1980 59 -
9 Anup Sahay* Chief (Corporate Strategy & Planning) 74,51,530 BA (Hons), PGDBM 32 01-07-1986 57 S B Billimoria & Company
10 Anurag Agnihotri Chief (IT Projects) 1,02,23,092 B.E 32 30-06-1986 53 -
11 Anurag Pandey Chief (Marketing & Sales, Wire Division) 1,04,36,003 B.E, XLRI (Mgmt) 25 01-07-1993 47 -
12 Anurag Saxena Chief (Electrical T & D) 1,12,82,959 B.E, MBA 31 17-12-1999 52 National Fertilizers Ltd.
13 Arun Kumar Singh Chief (Projects BOP TSK) 1,05,74,584 B.E, PGDBM 34 02-07-1984 57 -
14 Arun Misra Vice President (Raw Material) 2,56,81,218 B.Tech 30 01-07-1988 53 -
15 Ashok Kumar* Chief (Technology Officer, Process) 1,30,39,594 B.Tech 34 01-07-1984 57 -
16 Atrayee Sarkar Chief (Group HR) 1,21,82,437 B.A, PGDBM 24 01-06-1998 48 Hindustan Lever Ltd.
149
150
Date of
employment
17 Avneesh Gupta Vice President (Shared Services) 2,26,41,869 B.Tech,PGDBM 32 01-07-1986 55 -
18 Baidyanath Saha Chief (Engineering Structural) 1,23,33,390 B. E. 11 01-12-2012 55 Tata Power Company Ltd.
19 Baran Sengupta Chief (Project Engineering) 1,13,96,102 B. Tech.,M.E., ICWA 34 18-11-2013 58 Ausenco Engineers Ltd.
20 Brajendra Khandelwal Chief (Special Project) 1,05,19,345 B.E., MBA 36 08-08-2014 58 Essar Steel India Ltd.
21 Ch. Ramesh Babu Chief (Design & Engineering-Process) 1,52,49,283 B.E 34 24-12-2012 54 AEGIS Ltd
22 Chacko Joseph Chief (Financial Controller) 1,17,81,409 C.S, B.Com, ICWA, C.A 36 01-07-1982 59 -
23 Chaitanya Bhanu General Manager (Operations, TSK) 1,34,32,591 M. Tech., B.Tech 26 15-07-1992 48 -
24 D.B. Sundara Ramam Principal Executive Officer 1,92,81,957 B. Sc. (Engg) 28 28-07-1990 49 -
25 Debashis Das Chief (Manufacturing, Long Product) 1,51,09,473 B.Tech 36 02-08-1982 59 -
Vice President
26 Debashish Bhattacharjee 1,70,60,055 B. E., M.Tech, Ph.D 25 01-04-1996 53 University Of Cambridge
(Technology & New Materials Business)
Aditya Birla Magt.
27 Devraj Sinh* Chief (Corporate Legal - Finance & M&A) 30,25,066 B.A., LLB, LL.M 35 01-09-2008 58
Corp. Pvt. Ltd.
28 Dibyendu Dutta Group Head (M&A and Treasury) 1,67,88,681 B.Com, F.C.A, ICWA 25 16-04-2009 52 Indian Hotels Co. Ltd.
INTEGRATED REPORT & ANNUAL ACCOUNTS 2018-19 | 112TH YEAR

29 Dipali Talwar Group General Counsel 2,42,74,743 B.A, LLB,LL.M 24 30-06-2014 49 Pfizer Inc.
GM (Design & Engineering, Kalinganagar B.Sc,. (Engg),
30 Dwarika Nand Jha 2,03,48,972 38 01-08-1980 59 -
and Growth Shop) PGDM
31 G. Mukherjee* Chief (Wire Rod Mill) 36,79,520 B.Sc 37 22-12-1980 60 -
32 Gopal Prasad Choudhary Chief (Security & Brand Protection) 1,84,65,069 B A(Hons),LLB 30 01-01-2013 55 Wipro Ltd
Tata Consultancy
33 Jayanta Banerjee Chief (Information Officer) 1,46,97,570 B.Sc (Hons), MCA 25 15-01-2018 52
Services Ltd
34 Karamveer Singh Chief (Hot Strip Mill, TSK) 1,12,87,026 B.Sc (Engg) 28 01-10-1990 53 -
35 M. C. Thomas Executive-in-Charge (FAM) 1,22,60,145 B. E. 26 01-07-1992 47 -
36 Manish Kumar Singh Chief (Automation & IT Shikhar) 1,20,86,834 B. Sc. (Engg) 22 02-05-1996 52 Rashtriya Ispat Nigam Ltd.
Chief (Corporate Audit & Assurance)
37 Manish Sharma 1,44,53,605 B. Tech, PGDM 27 25-08-1991 54 -
India & South East Asia
38 Meena Lall Chief Legal Officer (Industrial & Litigation) 1,45,01,242 B. Sc., LLB 29 10-01-1990 54 -
39 Nirbhay Singh Salar Chief (Project Planning) 1,28,86,636 B.E, M.Tech 28 01-07-2013 52 CGPL (Tata Power)
40 P. Anand Chief (Services & Solutions) 1,03,49,246 B.E, XLRI (Mgmt) 25 12-07-1993 49 -
41 P. K. Ghose* Chief (Special Projects) 65,46,568 B. Tech. 27 01-07-1991 49 -
Pipavav Defence
42 Parthasarathi Mishra Chief (HRM OM&Q) 1,10,33,635 M.A, LLB, 24 02-09-2013 54 & Offshore
Engineering Co. Ltd.
Parvatheesam Company Secretary & B Com (Hons),

43 1,69,92,369 19 12-01-2015 43 Infosys Ltd
Kanchinadham Chief Legal Officer (Corporate & Compliance) A.C.S, LLM, MBA
44 Peeyush Gupta Vice President (Steel Marketing & Sales) 2,42,34,314 B.E, MBA 26 01-01-1993 50 -
45 Prabhat Kumar Executive-In-Charge (IBMD) 1,32,05,290 B. Sc. (Engg) 28 01-10-1990 51 -
46 Prakash Singh Chief (Capability Development) 1,20,98,435 B.E, XLRI (Mgmt) 25 01-07-1993 47 -
47 Prakhar Mishra Chief (Coke Plants) 1,11,95,289 B - Tech 34 01-07-1984 58 -
B-Tech, MMS
48 Prashant M Ursekar* Chief (Business Dev. -Global Wires Bus.) 97,42,508 32 15-07-1986 60 -
(Operational Research)
PARTICULARS OF REMUNERATION
Date of
employment
49 Probal Ghosh Chief (Mechanical Maintenance) 1,37,52,797 B. E. 28 02-07-1990 51 -
50 Prosenjit Sarkar* Chief (Utilities & Power Systems, TSK) 1,08,67,675 B. Sc. (Engg), PGDBM 38 02-02-1981 60 -
51 Rajesh Chintak Chief (HRM E&P) 1,19,21,061 B. Sc. (Engg) 29 01-07-1989 51 -
52 Rajesh Kumar Chief (Manufacturing, Flat Product) 1,20,57,508 B.Tech, PGDBM 31 01-07-1987 52 -
53 Rajesh N. COMS (Automotive & Special Products) 1,29,99,653 B.Tech 30 01-07-1988 52 -

54 Rajiv Kumar Vice President (Operation - TSK) 2,69,76,162 B. Sc. (Engg) 28 01-10-1990 51 -
55 Rajiv Kumar Soni Executive-In-Charge (Global Wires-India) 1,46,56,402 B. Sc. (Engg), PGDBM 36 02-08-1982 58 -
56 S K Singh General Manager (Coal) 1,55,05,533 B.Tech 27 01-07-1991 50 -
57 Sahabji Kuchroo Chief (Operations West Bokaro) 1,05,45,025 B.E 30 29-09-1988 55 -
58 Samir Chakrabarti* Chief (Customer Relationship Mgmt.) 82,71,237 B-Tech 36 02-08-1982 60 -
Group Head-Corp Finance &
59 Samita Shah 1,99,77,994 B A(Hons), PGDM 26 18-10-2012 48 Axis Bank
Risk Management
60 Sanjay Chandra Chief (Research & Development) 1,48,96,304 B.Tech, Ph.D 35 08-08-1983 58 -
Chief (Mechanical Century Cement
61 Sanjay Kumar Kedia 1,04,64,116 B. E. 27 20-09-1991 56
Maintenance Steel Making) & Maihar Cement
B.E., Diploma Natesteel Iranian
62 Sanjay S Sahni COMS (Branded Products & Retail) 1,03,73,607 24 13-07-1994 46
(Material Mgmt) Pvt. Jt. Stock Co.
B. Sc. (Hons),
63 Sarajit Jha Chief (BTDS & CP) 1,48,80,295 18 01-04-2015 43 -
PGDM
64 Satish Kumar Tiwary Chief (Mechanical Maintenance TSK) 1,29,55,954 B.E 29 01-07-1989 53 -
Diploma
65 Shailesh Verma Chief (Resident Executive, Jharkhand) 1,09,54,237 27 01-07-1991 52 -
Engineering, B.E
66 Shankar K. Marar Chief (Group Investment Management) 1,12,43,225 B. E., PGDBM 21 01-04-2005 49 Jindal Steel Ltd.
67 Sharat Chandra Kumar Chief (Projects TSJ) 1,07,31,537 B.Sc (Engg) 33 01-07-1985 56 -
68 Sudhansu Pathak Vice President (Steel Manufacturing) 2,82,11,894 B.E, PGDBM 34 02-07-1984 57 -
69 Sunil Bhaskaran* Vice President (Corporate Services) 2,62,15,114 B.Tech, PGDM 34 01-07-1987 54 Tata International
70 Sushanta Ganguli Chief (Sales Planning & Administration) 1,08,12,293 B.Sc, M.Sc, MBA 18 05-09-2000 55 -
71 T.V.Srinivas Shenoy Chief (New Material Business) 1,09,74,517 B.E, MBA 26 01-07-1992 49 -
72 Ujjal Chakraborti Executive-in-Charge (Tubes) 1,42,45,605 B. E. 28 02-07-1990 50 -
73 Uttam Singh Vice President (Iron Making) 2,33,10,303 B.Tech 26 13-07-1992 50 -
74 V. Ravichandran COMS (Industrial Products,Projects&Export 1,19,51,535 Diploma Engineering 20 22-06-1998 57 -
75 V.K. Shah Chief (Hot Strip Mill) 1,07,56,608 B. E., PGDM 28 02-07-1990 51 -
76 Ved Prakash Srivastava Chief (Infra & Technology Excellence) 1,46,14,052 B.Tech, PGDM 38 01-08-1980 59 -
77 Vijay Kumar Nirala Chief (Mechanical Maintenance Iron Making) 1,08,55,408 B.E., Diploma (Mgmt) 24 01-01-1999 48 Malvika Steel Ltd.
78 Vinay V. Mahashabde Chief (Technology Officer Products) 1,37,53,216 B.Tech 32 01-07-1986 53 -
Notes:
(1) Gross Remuneration Comprises salary, allowances, monetary value of perquisites, commission to the Directors and the Company’s contribution to Provident and Superannuation Funds but
excludes contribution to Gratuity Fund on the basis of actuarial valuation as separate figures are not available.
(2) The nature of employment in all cases is contractual.
(3) None of the employees mentioned above is a relative of any Director of the Company or Manager of the Company.
(4) *Indicates employed for the part of the Financial Year 2018-19.
sd/-
N. CHANDRASEKARAN
Mumbai Chairman
151
April 25, 2019 DIN: 00121863
152
ANNEXURE 6
Form AOC-1
Statement containing salient features of the financial statements of the Subsidiaries/Joint Ventures/Associate Companies
Pursuant to Section 129(3) of the Companies Act, 2013
[Read with Rule 5 of the Companies (Accounts) Rules, 2014]
PART ‘A’- Summary of Financial Information of Subsidiary Companies
Profit Provision
Reserves Total Total Total Profit after Proposed
Sl. Date since when Reporting Exchange Share Capital* Turnover before for Ownership
Name of the Company & Surplus Assets Liabilities Investments Taxation Dividend
No. subsidiary was acquired currency rate@ (` crore) (` crore) Taxation Taxation (%)
(` crore) (` crore) (` crore) (` crore) (` crore) (` crore)
(` crore) (` crore)
1 ABJA Investment Co. Pte Ltd. April 12, 2013 USD 69.15 1.38 (170.32) 21,082.45 21,251.39 - - 111.58 18.82 92.77 - 100.00
2 Adityapur Toll Bridge Company Limited June 12, 2002 INR 1.00 46.78 3.08 65.79 15.93 15.93 7.87 2.52 (7.60) 10.12 - 88.50
3 Tata Steel Special Economic Zone Limited October 11, 2006 INR 1.00 460.43 (12.22) 472.60 24.39 - 0.38 (5.68) - (5.68) - 100.00
4 The Indian Steel & Wire Products Ltd December 20, 2003 INR 1.00 5.99 80.09 152.66 66.58 0.00 288.64 19.95 6.86 13.09 - 95.01
Jamshedpur Utilities & Services
5 August 25, 2003 INR 1.00 24.35 112.99 855.89 718.55 13.68 1,114.13 58.96 14.00 44.95 - 100.00
Company Limited
6 Haldia Water Management Limited December 6, 2008 INR 1.00 27.77 (104.46) 0.23 76.92 - - 97.20 - 97.20 - 60.00

7 Kalimati Global Shared Services Limited January 8, 2018 INR 1.00 4.00 0.01 10.28 6.27 - 20.13 0.35 0.09 0.26 - 100.00
8 Mohar Export Services Pvt Ltd April 30, 2015 INR 1.00 0.01 (0.05) 0.06 0.10 - - (0.00) - (0.00) - 66.46
9 NatSteel Asia Pte. Ltd. February 15, 2005 USD 69.15 1,189.12 (267.94) 12,044.38 11,123.20 11,002.34 - (537.55) - (537.55) - 100.00
10 TS Asia (Hong Kong) Ltd. September 27, 2006 USD 69.15 7.89 166.82 473.28 298.57 - 2,467.45 29.29 4.58 24.71 - 100.00
11 Rujuvalika Investments Limited April 30, 2015 INR 1.00 1.33 97.25 98.63 0.05 98.33 - 2.75 0.00 2.75 - 100.00
12 T S Alloys Limited March 14, 2007 INR 1.00 65.71 50.60 151.53 35.22 4.60 174.96 (7.62) (3.75) (3.87) - 100.00
13 Tata Korf Engineering Services Ltd October 30, 1985 INR 1.00 0.40 (10.27) 0.89 10.76 - - (0.03) - (0.03) - 100.00
14 Tata Metaliks Ltd. February 7, 2008 INR 1.00 28.09 738.99 1,382.49 615.42 0.02 2,155.11 212.06 30.17 181.89 9.83 55.06
15 Tata Sponge Iron Limited August 28, 2012 INR 1.00 15.40 1,068.07 1,324.28 240.81 242.52 992.05 187.77 63.43 124.33 19.25 54.50
16 TSIL Energy Limited November 20, 2012 INR 1.00 1.06 0.16 1.22 0.01 1.21 - 0.06 - 0.06 - 100.00
17 Tata Steel (KZN) (Pty) Ltd. $ November 20, 2012 ZAR 4.77 - - (0.00) (0.00) - - - - - - 90.00
18 T Steel Holdings Pte. Ltd. July 5, 2006 GBP 90.52 53,697.09 (45,698.39) 16,399.53 8,400.83 - - (103.86) - (103.86) - 100.00
19 T S Global Holdings Pte. Ltd. July 4, 2008 GBP 90.52 53,123.82 (46,931.85) 50,504.80 44,312.83 - 0.93 (781.25) 289.08 (1,070.33) - 100.00
20 Orchid Netherlands (No.1) B.V. March 20, 2009 GBP 90.52 0.16 1.61 30.28 28.51 - - (0.29) - (0.29) - 100.00
21 NatSteel Holdings Pte. Ltd. May 23, 2008 SGD 51.03 1,020.64 (1,082.82) 1,848.43 1,910.61 26.43 3,692.07 (166.19) (36.15) (130.04) - 100.00
22 Easteel Services (M) Sdn. Bhd. February 15, 2005 MYR 16.97 33.94 3.63 181.38 143.81 - 588.46 2.72 0.65 2.07 - 100.00
23 Eastern Steel Fabricators Philippines, Inc. February 15, 2005 SGD 51.03 22.16 (66.05) 12.65 56.54 - - - - - - 67.00
24 NatSteel (Xiamen) Ltd. February 15, 2005 CNY 10.32 630.47 (630.16) 0.32 - - - 63.10 - 63.10 - 100.00
25 NatSteel Recycling Pte Ltd. February 15, 2005 SGD 51.03 51.03 177.14 283.16 55.00 - 1,520.44 5.21 0.63 4.58 - 100.00
NatSteel Trade International
26 February 15, 2005 CNY 10.32 - - - - - - 0.92 0.04 0.88 - -
(Shanghai) Company Ltd.
27 NatSteel Trade International Pte. Ltd. February 15, 2005 USD 69.15 9.96 6.19 16.53 0.39 - - (0.10) - (0.10) - 100.00
28 NatSteel Vina Co. Ltd. February 15, 2005 VND 0.00 72.12 (7.09) 111.57 46.54 - 453.01 (7.90) 0.20 (8.10) - 56.50
29 The Siam Industrial Wire Company Ltd. February 15, 2005 THB 2.18 100.24 1,108.28 1,315.06 106.53 - 1,378.29 61.11 3.51 57.60 - 100.00
30 TSN Wires Co. Ltd. April 5, 2012 THB 2.18 152.54 (118.74) 198.95 165.15 - 195.01 (17.54) - (17.54) - 60.00
31 Tata Steel Europe Limited April 2, 2007 GBP 90.52 37,467.18 (52,225.74) 25,833.46 40,592.02 - - 2,648.95 4.53 2,644.42 - 100.00
32 Apollo Metals Limited April 2, 2007 USD 69.15 0.00 163.79 208.92 45.14 - 202.25 36.28 0.17 36.11 - 100.00
33 Automotive Laser Technologies Limited April 2, 2007 GBP 90.52 0.00 - 0.00 - - - - - - - 100.00
FINANCIAL INFORMATION OF SUBSIDIARY COMPANIES
Profit Provision
(` crore) (` crore)
Beheermaatschappij
34 April 2, 2007 EUR 77.66 0.14 (54.89) 54.56 109.31 - - (0.77) (0.19) (0.58) - 100.00
Industriele Produkten B.V.
35 Bell & Harwood Limited April 2, 2007 GBP 90.52 0.00 (0.00) - - - - - - - - 100.00
36 Blastmega Limited April 2, 2007 GBP 90.52 0.00 841.97 841.99 0.02 - - - - - - 100.00
37 Bore Samson Group Limited April 2, 2007 GBP 90.52 0.00 135.86 192.12 56.26 - - - - - - 100.00
38 Bore Steel Limited April 2, 2007 GBP 90.52 0.00 144.84 144.84 - - - - - - - 100.00
39 British Guide Rails Limited April 2, 2007 GBP 90.52 0.00 43.98 43.98 - - - - - - - 100.00
40 British Steel Corporation Limited April 2, 2007 GBP 90.52 163.63 112.50 276.14 - - - - - - - 100.00
41 British Steel Directors (Nominees) Limited April 2, 2007 GBP 90.52 0.00 - 0.00 - - - - - - - 100.00
British Steel Engineering Steels
42 April 2, 2007 GBP 90.52 0.00 - 0.11 0.11 - - - - - - 100.00
(Exports) Limited
43 British Steel Nederland International B.V. April 2, 2007 EUR 77.66 0.14 378.64 415.32 36.54 10.76 - 30.66 1.32 29.34 - 100.00
44 British Steel Service Centres Limited April 2, 2007 GBP 90.52 181.05 315.46 709.24 212.73 - - - - - - 100.00
45 British Tubes Stockholding Limited April 2, 2007 GBP 90.52 0.00 - 0.00 - - - - - - - 100.00
46 C V Benine April 2, 2007 EUR 77.66 16.83 (0.02) 96.51 79.69 - - - - - - 76.92
47 C Walker & Sons Limited April 2, 2007 GBP 90.52 31.68 115.40 630.49 483.40 - - - - - - 100.00
48 Catnic GmbH April 2, 2007 EUR 77.66 0.20 51.13 65.58 14.25 - 138.11 2.31 1.09 1.21 - 100.00
49 Catnic Limited April 2, 2007 GBP 90.52 2.03 (2.59) 0.17 0.72 - - - - - - 100.00
50 CBS Investissements SAS April 2, 2007 EUR 77.66 0.62 1.45 3.37 1.29 - - 0.09 0.03 0.06 - 100.00
51 Cogent Power Inc. April 2, 2007 CAD 51.93 1.56 143.83 285.09 139.70 - 781.57 (12.29) (5.23) (7.06) - 100.00
52 Tata Steel Mexico SA de CV April 2, 2007 USD 69.15 0.03 0.69 1.88 1.16 - - 0.34 0.01 0.33 - 100.00
53 Cogent Power Inc. April 2, 2007 USD 69.15 2.07 (2.96) 0.42 1.30 - - (0.88) - (0.88) - 100.00
54 Cogent Power Limited April 2, 2007 GBP 90.52 386.24 (275.51) 418.71 307.98 - - (9.06) - (9.06) - 100.00
55 Color Steels Limited April 2, 2007 GBP 90.52 0.41 40.63 113.56 72.52 - - - - - - 100.00
56 Corbeil Les Rives SCI April 2, 2007 EUR 77.66 4.99 4.56 9.57 0.03 - - - - - - 67.30
Corby (Northants) & District Water
57 April 2, 2007 GBP 90.52 2.35 3.17 7.34 1.82 - 1.98 (0.00) 0.02 (0.02) - 100.00
Company Limited
58 Cordor (C& B) Limited April 2, 2007 GBP 90.52 0.00 2.94 2.94 - - - - - - - 100.00
59 Corus CNBV Investments April 2, 2007 GBP 90.52 0.00 - 0.00 - - - - - - - 100.00
60 Corus Cold drawn Tubes Limited April 2, 2007 GBP 90.52 45.26 (60.86) - 15.60 - - - - - - 100.00
61 Corus Engineering Steels (UK) Limited April 2, 2007 GBP 90.52 90.52 324.14 414.67 - - - - - - - 100.00
62 Corus Engineering Steels Holdings Limited April 2, 2007 GBP 90.52 3,764.76 270.32 5,124.34 1,089.26 - - - - - - 100.00
63 Corus Engineering Steels Limited April 2, 2007 GBP 90.52 4,183.07 121.85 4,304.92 - - - - - - - 100.00
Corus Engineering Steels Overseas
64 April 2, 2007 GBP 90.52 0.00 9.00 17.70 8.70 - - - - - - 100.00
Holdings Limited
Corus Engineering Steels Pension Scheme
65 GBP 90.52 0.00 - 0.00 - - - - - - - 100.00
Trustee Limited
66 Corus Group Limited April 2, 2007 GBP 90.52 15,838.48 (22,050.49) 9,557.26 15,769.27 - - (709.67) - (709.67) - 100.00
67 Corus Holdings Limited April 2, 2007 GBP 90.52 2.26 2.96 5.23 - - - - - - - 100.00
Corus International (Overseas
68 April 2, 2007 GBP 90.52 1,278.25 3,116.82 4,403.61 8.53 - - 75.04 - 75.04 - 100.00
Holdings) Limited
69 Corus International Limited April 2, 2007 GBP 90.52 4,438.98 (1,693.29) 2,986.67 240.98 0.21 - - - - - 100.00
70 Corus International Romania SRL. April 2, 2007 RON 16.30 0.01 0.55 0.70 0.14 - - 0.15 0.01 0.14 - 100.00
71 Corus Investments Limited April 2, 2007 GBP 90.52 199.15 6.16 205.31 - - - - - - - 100.00
72 Corus Ireland Limited April 2, 2007 EUR 77.66 0.00 7.42 8.03 0.61 - - 0.97 0.10 0.87 - 100.00
153
Profit Provision
154
(` crore) (` crore)
73 Corus Large Diameter Pipes Limited April 2, 2007 GBP 90.52 0.00 658.49 672.33 13.84 - - - - - - 100.00
74 Corus Liaison Services (India) Limited April 2, 2007 GBP 90.52 9.05 (30.70) 1.62 23.26 - - - - - - 100.00
75 Corus Management Limited April 2, 2007 GBP 90.52 0.00 155.26 2,002.35 1,847.08 - - - - - - 100.00
76 Corus Primary Aluminium B.V. April 2, 2007 EUR 77.66 13.02 (134.83) 318.98 440.79 - - (3.65) (0.91) (2.74) - 100.00
77 Corus Property April 2, 2007 GBP 90.52 0.00 - 0.01 0.01 - - - - - - 100.00
78 Corus Service Centre Limited April 2, 2007 GBP 90.52 0.00 144.48 144.48 0.00 - - - - - - 100.00
79 Corus Steel Service STP LLC April 6, 2009 RUB 1.04 0.12 (0.62) 0.00 0.51 - - (0.33) - (0.33) - 100.00
80 Corus Tubes Poland Spolka Z.O.O October 12, 2006 PLZ 18.05 - 0.34 0.65 0.31 - - - - - - 100.00
81 Corus UK Healthcare Trustee Limited March 31, 2009 GBP 90.52 0.00 - 0.00 - - - - - - - 100.00
82 Corus Ukraine Limited Liability Company UAH 2.53 0.01 0.01 0.02 - - - - - - - 100.00
83 CPN (85) Limited April 2, 2007 GBP 90.52 0.00 - 0.00 - - - - - - - 100.00
84 Crucible Insurance Company Limited April 2, 2007 GBP 90.52 4.53 267.98 388.94 116.43 - - 36.52 - 36.52 - 100.00
85 Degels GmbH April 2, 2007 EUR 77.66 0.62 76.53 194.07 116.91 - 461.53 37.47 1.24 36.23 - 100.00
86 Demka B.V. April 2, 2007 EUR 77.66 47.79 20.30 68.09 - - - (0.02) (0.00) (0.01) - 100.00
87 DSRM Group Plc. April 2, 2007 GBP 90.52 45.26 134.37 179.63 - - - - - - - 100.00
88 Esmil B.V. April 2, 2007 EUR 77.66 112.74 (91.74) 21.05 0.05 - - 0.08 0.02 0.06 - 100.00
89 Europressings Limited April 2, 2007 GBP 90.52 0.00 - 0.00 - - - - - - - 100.00

90 Firsteel Group Limited April 2, 2007 GBP 90.52 57.03 (136.66) 77.85 157.48 - - - - - - 100.00
91 Firsteel Holdings Limited April 2, 2007 GBP 90.52 0.06 70.00 156.88 86.81 - - - - - - 100.00
92 Fischer Profil GmbH April 2, 2007 EUR 77.66 79.42 (79.29) 276.87 276.74 - 746.93 19.53 4.24 15.29 - 100.00
93 Gamble Simms Metals Limited April 2, 2007 EUR 77.66 4.93 (6.03) - 1.10 - - - - - - 100.00
94 Grant Lyon Eagre Limited April 2, 2007 GBP 90.52 3.39 - 3.39 - - - - - - - 100.00
95 H E Samson Limited April 2, 2007 GBP 90.52 0.00 47.28 47.28 - - - - - - - 100.00
96 Hadfields Holdings Limited April 2, 2007 GBP 90.52 0.91 (12.22) - 11.32 - - - - - - 62.50
97 Halmstad Steel Service Centre AB March 31, 2015 SEK 7.45 0.04 68.30 226.19 157.85 - 435.11 (4.96) - (4.96) - 100.00
98 Hammermega Limited April 2, 2007 GBP 90.52 20.37 - 20.37 - - - - - - - 100.00
99 Harrowmills Properties Limited April 2, 2007 GBP 90.52 0.01 - 0.01 - - - - - - - 100.00
100 Hille & Muller GmbH April 2, 2007 EUR 77.66 39.75 100.31 451.33 311.27 - 725.34 9.44 (1.51) 10.95 - 100.00
101 Hille & Muller USA Inc. April 2, 2007 USD 69.15 0.02 91.57 102.47 10.87 - 20.82 0.76 - 0.76 - 100.00
102 Hoogovens USA Inc. April 2, 2007 USD 69.15 420.72 42.99 562.82 99.11 - - 1.69 - 1.69 - 100.00
103 Huizenbezit ‘Breesaap’ B.V. April 2, 2007 EUR 77.66 0.35 (8.59) 0.26 8.50 - - 0.10 0.02 0.07 - 100.00
104 Inter Metal Distribution SAS April 2, 2007 EUR 77.66 0.59 47.13 104.10 56.38 - 555.86 15.00 4.72 10.28 (7.77) 100.00
105 Layde Steel S.L. EUR 77.66 38.83 48.52 370.46 283.11 0.01 1,129.71 (5.07) - (5.07) - 100.00
106 Lister Tubes Limited April 2, 2007 EUR 77.66 0.00 12.56 12.56 - - - - - - - 100.00
107 London Works Steel Company Limited April 2, 2007 GBP 90.52 0.00 (93.29) 50.69 143.98 - - - - - - 100.00
108 Midland Steel Supplies Limited April 2, 2007 GBP 90.52 0.00 - 0.00 - - - - - - - 100.00
109 Montana Bausysteme AG April 2, 2007 CHF 69.62 27.85 73.06 204.02 103.12 - 458.92 26.75 4.02 22.73 (8.08) 100.00
110 Naantali Steel Service Centre OY March 31, 2015 EUR 77.66 0.02 19.99 165.33 145.32 - 338.94 (6.71) - (6.71) - 100.00
111 Nationwide Steelstock Limited April 2, 2007 GBP 90.52 0.02 (0.02) - - - - - - - - 100.00
112 Norsk Stal Tynnplater AS March 31, 2015 NOK 8.03 21.27 25.55 177.90 131.08 - 434.83 (17.15) - (17.15) - 100.00
113 Norsk Stal Tynnplater AB March 31, 2015 NOK 8.03 0.37 15.84 69.51 53.30 - 320.87 1.04 - 1.04 - 100.00
114 Orb Electrical Steels Limited April 2, 2007 GBP 90.52 0.00 (0.00) 0.00 - - - - - - - 100.00
115 Ore Carriers Limited April 2, 2007 GBP 90.52 18.40 7.39 25.85 0.06 - - - - - - 100.00
116 Oremco Inc. April 2, 2007 USD 69.15 0.69 (14.69) 1.49 15.49 - - (0.52) 0.00 (0.52) - 100.00
117 Plated Strip (International) Limited April 2, 2007 GBP 90.52 20.39 (4.30) 16.20 0.11 - - - - - - 100.00
Profit Provision
(` crore) (` crore)
118 Precoat International Limited April 2, 2007 GBP 90.52 7.46 62.71 90.24 20.07 0.09 - - - - - 100.00
119 Precoat Limited April 2, 2007 GBP 90.52 9.96 (29.17) 5.78 24.99 - - - - - - 100.00
120 Rafferty-Brown Steel Co Inc Of Conn. April 2, 2007 USD 69.15 21.90 7.20 29.10 - - - (0.73) - (0.73) - 100.00
121 Round Oak Steelworks Limited April 2, 2007 GBP 90.52 27.16 (460.88) 1.08 434.81 - - - - - - 100.00
122 Runblast Limited April 2, 2007 GBP 90.52 77.55 393.52 471.06 - - - - - - - 100.00
123 Runmega Limited April 2, 2007 GBP 90.52 3.94 - 3.94 - - - - - - - 100.00
124 S A B Profiel B.V. April 2, 2007 EUR 77.66 1.05 253.72 366.03 111.26 - 778.02 15.90 3.58 12.32 - 100.00
125 S A B Profil GmbH April 2, 2007 EUR 77.66 0.23 131.78 159.45 27.43 - 270.19 (0.61) 1.64 (2.24) (0.82) 100.00
126 Seamless Tubes Limited April 2, 2007 GBP 90.52 181.05 (12.96) 168.09 - - - - - - - 100.00
127 Service Center Gelsenkirchen GmbH EUR 77.66 142.98 33.67 458.44 281.79 0.70 1,174.58 21.39 1.61 19.79 (19.50) 100.00
128 Service Centre Maastricht B.V. April 2, 2007 EUR 77.66 0.42 51.60 694.82 642.80 - 1,937.79 (8.03) (0.58) (7.45) - 100.00
Societe Europeenne De
129 April 2, 2007 EUR 77.66 97.08 125.50 302.26 79.68 - 524.22 16.38 4.80 11.59 - 100.00
Galvanisation (Segal) Sa
130 Staalverwerking en Handel B.V. April 2, 2007 EUR 77.66 349.49 337.71 1,443.50 756.30 - - (4.90) (1.23) (3.68) - 100.00
131 Steel StockHoldings Limited April 2, 2007 GBP 90.52 0.00 41.47 41.71 0.24 - - - - - - 100.00
132 Steelstock Limited April 2, 2007 GBP 90.52 0.18 - 69.56 69.38 - - - - - - 100.00
133 Stewarts & Lloyds Of Ireland Limited April 2, 2007 EUR 77.66 0.74 (0.74) - - - - - - - - 100.00
134 Stewarts And Lloyds (Overseas) Limited April 2, 2007 GBP 90.52 185.21 0.05 185.27 - - - - - - - 100.00
135 Surahammar Bruks AB April 2, 2007 SEK 7.45 44.69 7.36 130.83 78.79 - 216.24 (52.90) - (52.90) - 100.00
136 Swinden Housing Association Limited^^ April 2, 2007 GBP 90.52 0.00 11.31 11.36 0.04 - - - - - - 100.00
137 Tata Steel Belgium Packaging Steels N.V. April 2, 2007 EUR 77.66 119.87 30.36 190.26 40.03 - 106.79 10.04 3.38 6.66 - 100.00
138 Tata Steel Belgium Services N.V. April 2, 2007 EUR 77.66 130.84 73.34 554.88 350.70 32.32 - 2.13 (0.66) 2.79 (91.84) 100.00
139 Tata Steel Denmark Byggsystemer A/S April 2, 2007 DKK 10.47 0.52 21.29 23.27 1.46 - - 0.39 (0.25) 0.65 - 100.00
140 Tata Steel Europe Distribution BV April 2, 2007 EUR 77.66 5.68 (25.08) 54.36 73.77 - - 10.84 2.71 8.13 - 100.00
141 Tata Steel Europe Metals Trading BV EUR 77.66 0.10 288.10 532.27 244.06 - - 0.57 0.14 0.43 - 100.00
142 Tata Steel France Batiment et Systemes SAS April 2, 2007 EUR 77.66 31.07 (100.21) 269.23 338.37 1.02 465.78 (52.13) - (52.13) - 100.00
143 Tata Steel France Holdings SAS April 2, 2007 EUR 77.66 38.83 832.00 1,595.83 725.00 - - 1.70 31.50 (29.81) - 100.00
144 Tata Steel Germany GmbH April 2, 2007 EUR 77.66 1,027.19 (668.00) 1,192.96 833.78 - - 34.20 (10.17) 44.38 (111.31) 100.00
145 Tata Steel IJmuiden BV EUR 77.66 873.72 19,409.81 29,925.49 9,641.96 154.16 34,827.11 2,346.94 582.26 1,764.68 - 100.00
Tata Steel International
146 April 2, 2007 USD 69.15 4,510.87 (3,888.05) 1,864.25 1,241.43 - - 23.24 - 23.24 - 100.00
(Americas) Holdings Inc
147 Tata Steel International (Americas) Inc April 2, 2007 USD 69.15 61.55 1,148.17 1,306.33 96.61 - 270.65 18.89 (0.06) 18.95 - 100.00
Tata Steel International
148 April 2, 2007 CAD 51.93 0.05 1.88 1.94 - - - 0.09 - 0.09 - 100.00
(Canada) Holdings Inc
Tata Steel International (Czech
149 April 2, 2007 CZK 3.01 0.36 5.67 6.55 0.52 - - 4.57 0.89 3.68 (2.42) 100.00
Republic) S.R.O
150 Tata Steel International (Denmark) A/S April 2, 2007 DKK 10.47 0.95 1.86 5.75 2.94 - - 2.40 0.53 1.86 (0.88) 100.00
151 Tata Steel International (Finland) OY April 2, 2007 EUR 77.66 0.98 0.00 2.06 1.08 - - 0.00 - 0.00 - 100.00
152 Tata Steel International (France) SAS April 2, 2007 EUR 77.66 1.55 37.31 42.75 3.89 - - 2.51 0.36 2.15 - 100.00
153 Tata Steel International (Germany) GmbH April 2, 2007 EUR 77.66 6.76 (5.07) 65.56 63.88 - - 18.22 1.16 17.06 (12.87) 100.00
Tata Steel International (South America)
154 USD 69.15 1.49 (0.29) 1.52 0.31 - - 0.31 (0.04) 0.35 - 100.00
Representações LTDA
155 Tata Steel International (Italia) SRL April 2, 2007 EUR 77.66 58.64 (48.85) 27.44 17.65 - - (2.88) 50.61 (53.49) (10.87) 100.00
156 Tata Steel International (Middle East) FZE April 2, 2007 AED 18.86 84.89 37.40 150.80 28.51 - 109.91 19.01 - 19.01 - 100.00
155
157 Tata Steel International (Nigeria) Limited June 10, 2008 NGN 0.19 - - - - - - - - - - 100.00
Profit Provision
156
(` crore) (` crore)
158 Tata Steel International (Poland) sp Zoo April 2, 2007 PLZ 18.05 15.90 (11.28) 5.25 0.63 - - 0.42 0.06 0.36 - 100.00
159 Tata Steel International (Schweiz) AG April 2, 2007 CHF 69.62 0.70 4.11 5.00 0.20 - - 0.04 - 0.04 - 100.00
160 Tata Steel International (Sweden) AB April 2, 2007 SEK 7.45 0.07 8.92 12.52 3.53 - - 2.87 0.66 2.20 - 100.00
161 Tata Steel International (India) Limited April 2, 2007 INR 1.00 6.39 39.40 54.69 8.90 - 11.07 2.93 - 2.93 - 100.00
162 Tata Steel International Iberica SA April 2, 2007 EUR 77.66 1.17 9.31 20.10 9.62 - - 11.59 2.51 9.08 (10.83) 100.00
Tata Steel Istanbul Metal
163 April 2, 2007 USD 69.15 79.71 (68.24) 188.67 177.20 - 324.34 (13.67) - (13.67) - 100.00
Sanayi ve Ticaret AS
164 Tata Steel Maubeuge SAS April 2, 2007 EUR 77.66 58.25 91.22 938.58 789.11 10.79 2,919.02 (70.64) 0.00 -70.64 - 100.00
165 Tata Steel Nederland BV April 2, 2007 EUR 77.66 3,010.30 9,214.30 16,182.49 3,957.89 - - 116.46 (99.22) 215.68 - 100.00
Tata Steel Nederland Consulting &
166 April 2, 2007 EUR 77.66 69.90 (73.79) 2.31 6.20 - - (0.00) (0.00) (0.00) - 100.00
Technical Services BV
167 Tata Steel Nederland Services BV April 2, 2007 EUR 77.66 3.30 255.67 630.99 372.01 - - 6.36 1.85 4.51 - 100.00
168 Tata Steel Nederland Star-Frame BV April 2, 2007 EUR 77.66 3.49 (3.37) 0.12 0.00 - - (0.03) (0.01) (0.02) - 100.00
169 Tata Steel Nederland Technology BV April 2, 2007 EUR 77.66 0.14 503.01 639.26 136.11 - - (2.36) (11.58) 9.22 - 100.00
170 Tata Steel Nederland Tubes BV April 2, 2007 EUR 77.66 372.79 (568.36) 713.65 909.23 - 1,681.55 (124.71) (48.25) (76.46) - 100.00
171 Tata Steel Netherlands Holdings B.V. EUR 77.66 39,484.49 (37,822.76) 45,129.70 43,467.97 - - (1,641.03) (307.38) (1,333.65) - 100.00
172 Tata Steel Norway Byggsystemer A/S April 2, 2007 NOK 8.03 0.98 52.57 84.94 31.39 - 189.47 4.80 1.07 3.73 - 100.00

173 Tata Steel Sweden Byggsystem AB April 2, 2007 SEK 7.45 0.74 0.90 75.33 73.68 - 123.62 (27.38) - (27.38) - 100.00
174 Tata Steel UK Consulting Limited GBP 90.52 15.71 (21.28) 1.78 7.35 - 6.52 (5.47) - (5.47) - 100.00
175 Tata Steel UK Holdings Limited GBP 90.52 31,660.79 (51,542.64) 29,911.34 49,793.18 - - (177.30) - (177.30) - 100.00
176 Tata Steel UK Limited April 2, 2007 GBP 90.52 20,298.56 (24,618.61) 39,141.92 43,461.97 65.10 21,785.53 (3,141.43) 91.93 (3,233.35) - 100.00
177 Tata Steel USA Inc. April 2, 2007 USD 69.15 0.97 84.11 110.83 25.75 - - (0.11) (0.28) 0.17 - 100.00
The Newport And South Wales Tube
178 April 2, 2007 GBP 90.52 0.01 0.30 5.12 4.81 - - - - - - 100.00
Company Limited
179 The Stanton Housing Company Limited April 2, 2007 GBP 90.52 0.54 8.17 8.72 - - - - - - - 100.00
180 The Templeborough Rolling Mills Limited April 2, 2007 GBP 90.52 27.16 116.53 143.69 - - - - - - - 100.00
181 Thomas Processing Company April 2, 2007 USD 69.15 - 148.07 155.52 7.45 - 27.19 (0.50) - (0.50) - 100.00
182 Thomas Steel Strip Corp. April 2, 2007 USD 69.15 55.32 (317.37) 403.02 665.08 0.79 669.88 (1.77) 0.01 (1.77) - 100.00
183 Toronto Industrial Fabrications Limited April 2, 2007 GBP 90.52 0.14 (0.14) - - - - - - - - 100.00
TS South Africa Sales Office
184 August 31, 2015 ZAR 4.77 - 1.00 1.26 0.26 - - 0.03 0.29 (0.26) - 100.00
Proprietary Limited
185 Tulip UK Holdings (No.2) Limited April 2, 2007 GBP 90.52 31,713.81 (31,714.18) - 0.37 - - - - - - 100.00
186 Tulip UK Holdings (No.3) Limited April 2, 2007 GBP 90.52 31,717.17 (54,277.57) 30,241.63 52,802.03 - - (415.04) - (415.04) - 100.00
187 U.E.S. Bright Bar Limited April 2, 2007 GBP 90.52 13.58 - 13.58 - - - - - - - 100.00
188 UK Steel Enterprise Limited April 2, 2007 GBP 90.52 90.53 50.04 173.35 32.78 46.50 29.41 (2.77) - (2.77) - 100.00
189 UKSE Fund Managers Limited April 2, 2007 GBP 90.52 0.32 0.10 0.67 0.26 - - - - - - 100.00
190 Unitol SAS April 2, 2007 EUR 77.66 357.25 70.51 747.43 319.66 0.94 1,340.71 (13.88) - (13.88) - 100.00
Walker Manufacturing And
191 April 2, 2007 GBP 90.52 0.00 312.09 312.09 - - - - - - - 100.00
Investments Limited
192 Walkersteelstock Ireland Limited April 2, 2007 EUR 77.66 75.80 (75.80) 12.56 12.57 - - - - - - 100.00
193 Walkersteelstock Limited April 2, 2007 GBP 90.52 9.05 - 9.05 - - - - - - - 100.00
194 Westwood Steel Services Limited April 2, 2007 GBP 90.52 212.73 - 212.73 - - - - - - - 100.00
195 Whitehead (Narrow Strip) Limited April 2, 2007 GBP 90.52 81.47 22.35 103.82 - - - - - - - 100.00
196 British Steel Trading Limited January 23, 2019 - - - - - - - - - - 100.00
197 Blume Stahlservice GmbH October 12, 2006 EUR 77.66 - - - - - - - - - - -
Profit Provision
(` crore) (` crore)
Corus Aluminium
198 October 12, 2006 EUR 77.66 - - - - - - - - - - -
Verwaltungsgesellschaft Mbh
199 Corus Building Systems Bulgaria AD June 19, 2008 LEV 39.75 - - - - - - - - - - -
200 Kalzip Asia Pte Limited October 12, 2006 SGD 51.03 - - - - - - 15.80 - 15.80 - -
201 Kalzip FZE November 1, 2012 AED 18.86 - - - - - 7.28 0.87 - 0.87 (3.59) -
202 Kalzip GmbH October 12, 2006 EUR 77.66 - - - - - - (0.01) - (0.01) (0.98) -
203 Kalzip GmbH October 12, 2006 EUR 77.66 - - - - - 185.53 5.91 1.83 4.08 - -
204 Kalzip India Private Limited INR 1.00 - - - - - 24.07 0.28 - 0.28 - -
205 Kalzip Italy SRL June 11, 2010 EUR 77.66 - - - - - - 0.06 0.03 0.03 (0.32) -
206 Kalzip Limited October 12, 2006 GBP 90.52 - - - - - - 0.09 - 0.09 - -
207 Kalzip Spain S.L.U. October 12, 2006 EUR 77.66 - - - - - - 0.06 0.02 0.04 (11.36) -
208 Tata Steel International Hellas SA EUR 77.66 - - - - - - - - - - -
209 T S Global Minerals Holdings Pte Ltd. August 1, 2008 USD 69.15 9,121.54 (6,595.74) 5,782.95 3,257.15 3,110.47 - (1,143.18) 17.24 (1,160.42) - 100.00
210 Al Rimal Mining LLC February 25, 2008 OMR 180.19 18.02 (11.45) 9.54 2.98 - - (0.00) - (0.00) - 70.00
211 Kalimati Coal Company Pty. Ltd. August 1, 2009 AUD 49.16 29.50 (29.49) 0.00 0.00 - - 223.44 - 223.44 - 100.00
212 TSMUK Limited September 23, 2010 USD 69.15 4,074.90 (389.90) 7,498.52 3,813.53 2,005.21 - (0.07) - (0.07) - 100.00
213 T S Canada Capital Ltd December 31, 2012 USD 69.15 0.00 34.76 34.80 0.05 - - (0.12) 0.04 (0.16) - 100.00
214 Tata Steel Minerals Canada Limited December 31, 2010 USD 69.15 6,071.78 (3,271.68) 7,025.56 4,225.46 - - (48.61) - (48.61) - 77.68
215 Black Ginger 461 (Proprietary) Ltd March 6, 2008 ZAR 4.77 - - - - - 11.18 27.05 - 27.05 - -
216 Sedibeng Iron Ore Pty. Ltd. February 24, 2011 ZAR 4.77 - - - - - 730.88 168.35 44.66 123.69 - -
217 Tata Steel Cote D’ Ivoire S.A May 15, 2012 FCFA 0.12 - - - - - - (0.61) - (0.61) - -
Tata Steel International (Singapore)
218 January 25, 2008 USD 69.15 479.13 (4.35) 488.88 14.10 9.01 1.42 111.04 0.97 110.07 - 100.00
Holdings Pte. Ltd.
219 Tata Steel International (Singapore) Pte. Ltd.January 25, 2008 USD 69.15 8.51 (8.51) - - - - (8.97) - (8.97) - 100.00
220 Tata Steel International (Asia) Limited January 25, 2008 HKD 8.83 0.00 6.26 6.26 - - 248.95 4.98 - 4.98 - 100.00
221 Tata Steel International (Thailand) Limited THB 2.18 - - - - - - - - - - -
222 TSIA Holdings (Thailand) Limited THB 2.18 - - - - - - - - - - -
223 Tata Steel International (Shanghai) Ltd. January 25, 2008 CNY 10.32 5.04 0.77 5.94 0.14 - 4.28 0.39 0.01 0.38 - 100.00
224 Tata Steel (Thailand) Public Company Ltd. April 4, 2006 THB 2.18 1,835.22 1,074.16 3,336.93 427.55 - 93.47 13.97 (0.07) 14.04 - 67.90
225 N.T.S Steel Group Plc. April 4, 2006 THB 2.18 1,008.53 (920.46) 1,179.90 1,091.84 - 4,656.21 (63.39) (0.01) (63.38) - 99.76
226 The Siam Construction Steel Co. Ltd. April 4, 2006 THB 2.18 381.36 171.92 755.46 202.19 0.00 2,046.87 27.81 5.21 22.60 - 99.99
227 The Siam Iron And Steel (2001) Co. Ltd. April 4, 2006 THB 2.18 26.15 241.74 421.92 154.03 - 1,109.40 (5.47) (0.15) (5.32) - 99.99
228 T S Global Procurement Company Pte. Ltd. April 23, 2010 USD 69.15 688.93 1,739.72 28,513.71 26,085.06 - 30,144.07 406.67 72.69 333.98 - 100.00
229 ProCo Issuer Pte. Ltd. September 8, 2010 GBP 90.52 0.00 181.33 8,130.55 7,949.22 - 628.86 64.86 10.87 53.99 - 100.00
230 Tata Steel Odisha Limited June 22, 2012 INR 1.00 2.57 -2.59 0.02 0.04 - - (0.01) - (0.01) - 100.00
Tata Steel Processing and
231 July 14, 2009 INR 1.00 68.25 613.18 1,512.68 831.25 - 4,280.92 117.78 41.68 76.10 - 100.00
Distribution Limited
232 Tayo Rolls Limited December 1, 2008 INR 1.00 10.26 -478.47 62.03 530.24 0.00 - (19.89) - (19.89) - 54.91
233 The Tata Pigments Limited May 18, 1985 INR 1.00 0.75 53.26 87.38 33.36 24.93 115.70 6.86 1.98 4.88 0.75 100.00
234 The Tinplate Company of India Ltd April 1, 2011 INR 1.00 104.80 606.31 1,176.33 465.23 96.96 2,611.10 91.77 33.78 58.00 20.93 74.96
235 Tata Steel Foundation August 16, 2016 INR 1.00 1.00 0.71 12.95 11.24 2.07 43.66 (6.94) - (6.94) - 100.00
Jamshedpur Football and
236 July 7, 2017 INR 1.00 32.00 (19.08) 24.67 11.75 0.06 46.52 (10.92) 0.00 (10.93) - 100.00
Sporting PrivateLimited
237 Sakchi Steel Limited January 16, 2018 INR 1.00 0.01 (0.01) 0.00 0.00 - - (0.01) - (0.01) - 100.00
238 Jugsalai Steel Limited January 18, 2018 INR 1.00 0.01 (0.01) 0.00 0.00 - - (0.01) - (0.01) - 100.00
157
Profit Provision
158
(` crore) (` crore)
239 Noamundi Steel Limited January 18, 2018 INR 1.00 0.01 (0.01) 0.00 0.00 - - (0.01) - (0.01) - 100.00
240 Straight Mile Steel Limited January 15, 2018 INR 1.00 0.01 (0.01) 0.00 0.00 - - (0.01) - (0.01) - 100.00
241 Bistupur Steel Limited January 18, 2018 INR 1.00 0.01 (0.01) 0.00 0.00 - - (0.01) - (0.01) - 100.00
242 Jamadoba Steel Limited January 19, 2018 INR 1.00 0.01 (0.01) 0.00 0.00 - - (0.01) - (0.01) - 100.00
243 Dimna Steel Limited January 24, 2018 INR 1.00 0.01 (0.01) 0.00 0.00 - - (0.01) - (0.01) - 100.00
244 Bhubaneshwar Power Private Limited August 6, 2008 INR 1.00 253.25 25.34 1,024.50 745.91 - 540.63 64.03 4.36 59.67 - 100.00
245 Bamnipal Steel Limited January 19, 2018 INR 1.00 258.90 (15.66) 403.85 160.62 170.14 - (15.66) - (15.66) - 100.00
246 Tata Steel BSL Limited May 18, 2018 INR 1.00 218.69 18,115.58 39,609.13 21,274.86 1,595.76 18,261.32 (879.83) - (879.83) - 72.65
247 Bhushan Steel (Orissa) Limited May 18, 2018 INR 1.00 0.05 (0.02) 0.03 0.00 - - (0.01) - (0.01) - 100.00
248 Bhushan Steel (South) Limited May 18, 2018 INR 1.00 0.05 (1.06) 0.00 1.01 - - (0.76) - (0.76) - 100.00
249 Bhushan Steel Madhya Bharat Limited May 18, 2018 INR 1.00 0.05 (0.02) 0.03 0.00 - - (0.01) - (0.01) - 100.00
250 Bhushan Steel (Australia) PTY Ltd. May 18, 2018 AUD 49.16 269.47 (262.78) 12.85 6.16 - - (0.24) - (0.24) - 90.97
251 Bowen Energy PTY Ltd. May 18, 2018 AUD 49.16 89.00 (111.90) 0.17 23.07 - - (0.23) - (0.23) - 100.00
252 Bowen Coal PTY Ltd. May 18, 2018 AUD 49.16 0.00 0.00 0.00 - - - - - - - 100.00
253 Bowen Consolidated PTY Ltd. May 18, 2018 AUD 49.16 0.00 0.00 0.00 - - - - - - - 100.00
254 Creative Port Development Private Limited September 18, 2018 INR 1.00 0.25 (1.06) 24.37 25.18 - - (0.06) 0.00 (0.06) - 51.00

255 Subarnarekha Port Private Limited September 18, 2018 INR 1.00 6.00 34.76 61.42 20.65 - - (0.24) (0.14) (0.11) - 50.40
Notes:
* Includes share application money
# Reporting period for subsidiary companies at Sl. 46, 56, 70, 79, 199 is December
@ Closing exchange rate as on March 31, 2019 has been considered for calculation
$ Not considered for consolidation as financial information is not available

Name of the subsidiaries which have been liquidated or sold during the year
1 NatSteel Trade International (Shanghai) Company Ltd.
2 Blume Stahlservice GmbH
3 Corus Aluminium Verwaltungsgesellschaft Mbh
4 Corus Building Systems Bulgaria AD
5 Kalzip Asia Pte Limited
6 Kalzip FZE
7 Kalzip GmbH
8 Kalzip GmbH
9 Kalzip India Private Limited
10 Kalzip Italy SRL
11 Kalzip Limited
12 Kalzip Spain S.L.U.
13 Tata Steel International Hellas SA
14 Black Ginger 461 (Proprietary) Ltd
15 Sedibeng Iron Ore Pty. Ltd.
16 Tata Steel Cote D’ Ivoire S.A
17 Tata Steel International (Thailand) Limited
18 TSIA Holdings (Thailand) Limited

Name of the subsidiaries which are yet to commence operations
1 Subarnarekha Port Private Limited
2 TSIL Energy Limited
3 Bhushan Steel (Orissa) Limited
4 Bhushan Steel (South) Limited
5 Bhushan Steel Madhya Bharat Limited
6 Bhushan Steel (Australia) PTY Ltd.
7 Bowen Energy PTY Ltd.
8 Bowen Coal PTY Ltd.
9 Bowen Consolidated PTY Ltd.

PART ‘B’- Joint Ventures and Associates
No. of shares held Amount of Net worth Share of profit/loss for the year
Date on which the Description Reason why the
Latest audited by the company Investment in attributable to (` crore)
Associate or Joint Reporting Extend of of how there associate/joint
Sl. No. Name of the Entity balance sheet in associate/joint associate/joint shareholding
Venture was associated currency* holding (%) is significant venture Considered in Not considered
date venture on the venture as per latest
or acquired influence is not consolidated consolidation in consolidation
year end (` crore) balance sheet
A. Joint Venture
1 Himalaya Steel Mill Services Private Limited March 31, September 15, 2010 INR 36,19,945 3.62 26.00 1 - 4.15 1.15 3.28
2 mjunction services limited March 31, February 1, 2001 INR 40,00,000 4.00 50.00 1 - 139.62 20.84 20.84
3 S & T Mining Company Private Limited March 31, September 18, 2008 INR 1,29,41,400 12.94 50.00 1 - (4.61) - (2.69)
4 Tata BlueScope Steel Private Limited March 31, February 9, 2005 INR 43,30,00,000 433.00 50.00 1 - 400.52 80.71 80.27
5 BlueScope Lysaght Lanka (Pvt) Ltd March 31, April 1, 2015 LKR 1,06,35,000 4.19 100.00 5 - 8.54 (0.03) -
6 Tata NYK Shipping Pte Ltd. March 31, March 19, 2007 USD 6,51,67,500 350.14 50.00 1 - 85.67 14.78 14.78
7 Tata NYK Shipping (India) Private Limited March 31, April 1, 2015 INR 12,50,000 0.13 100.00 5 - 1.74 0.04 0.04
Jamshedpur Continuous Annealing & Processing
8 March 31, August 17, 2012 INR 62,83,20,000 628.32 51.00 4 - 371.37 17.26 16.59
Company Private Limited
9 T M Mining Company Limited - December 22, 2010 INR 2,29,116 0.23 74.00 4 $ - - -
10 TM International Logistics Limited March 31, January 18, 2002 INR 91,80,000 9.18 51.00 4 - 198.72 19.76 18.98
11 International Shipping and Logistics FZE March 31, February 1, 2004 USD 1 1.24 100.00 5 - 232.62 3.83 3.68
12 TKM Global China Ltd. March 31, June 25, 2008 CNY 1 4.39 100.00 5 - 3.84 0.14 0.13
13 TKM Global GmbH March 31, March 1, 2005 EUR 100 1.11 100.00 5 - 182.77 1.57 1.51
14 TKM Global Logistics Limited March 31, January 18, 2002 INR 36,00,000 5.16 100.00 5 - 27.72 1.79 1.72
15 Industrial Energy Limited March 31, - INR 17,31,60,000 173.16 26.00 1 - 199.33 28.89 82.23
16 Jamipol Limited March 31, April 24, 1995 INR 44,75,000 9.18 39.78 1 - 64.08 9.43 14.28
17 Nicco Jubilee Park Limited - May, 2001 INR 3,40,000 - 25.31 1 - - - -
18 Medica TS Hospital Private Limited - August 5, 2014 INR 2,60,000 0.26 26.00 1 - - - -
19 SEZ Adityapur Limited. March 31, October 30, 2006 INR 25,497 0.03 51.00 5 - (0.04) - (0.01)
20 Naba Diganta Water Management Limited March 31, January 9, 2008 INR 1,36,53,000 13.65 74.00 5 - 16.89 2.73 0.96
21 Air Products Llanwern Limited September 30, April 2, 2007 GBP 50,000 0.45 50.00 2 - 7.02 2.82 2.82
22 Laura Metaal Holding B.V. December 31, April 2, 2007 EUR 2,744 9.67 49.00 2 - 159.78 24.55 25.55
23 Ravenscraig Limited December 31, April 2, 2007 GBP 100 0.00 33.33 2 - (49.24) (3.65) (7.30)
24 Tata Steel Ticaret AS December 31, April 2, 2007 TRY 80,000 0.10 50.00 2 - 16.32 8.25 8.25
25 Texturing Technology Limited March 31, April 2, 2007 GBP 10,00,000 9.05 50.00 2 - 12.40 4.66 4.66
26 Hoogovens Court Roll Service Technologies VOF March 31, April 2, 2007 EUR - 10.45 50.00 2 - 17.74 1.37 1.37
27 Minas De Benga (Mauritius) Limited March 31, November 30, 2007 USD 27,13,43,558 2,439.05 35.00 2 - (1,165.76) (44.90) (83.39)
28 Andal East Coal Company Private Limited March 31, May 18, 2018 INR 3,30,000 1.46 33.89 1 ** - - -
29 Afon Tinplate Company Limited April 2, 2007 GBP - - - 2 - - - -
30 Bsr Pipeline Services Limited April 2, 2007 EUR - - - 1 - - - -
31 TVSC Construction Steel Solutions Limited May 30, 2014 HKD - - - 2 - - (2.44) (2.44)
B. Associate
1 Kalinga Aquatic Ltd - - INR 10,49,920 - 30.00 1 ** - - -
2 Kumardhubi Fireclay & Silica Works Ltd - - INR 1,50,001 - 27.78 1 ** - - -
3 Kumardhubi Metal Casting and Engineering Limited - - INR 10,70,000 - 49.31 1 ** - - -
Not consolidated, as
4 Strategic Energy Technology Systems Private Limited - - INR 2,56,14,500 25.61 25.00 1 the investment value - - -
is impaired
5 Tata Construction & Projects Ltd. - - INR 11,97,699 - 27.19 1 ** - - -
6 TRF Limited. March 31, October 16, 1963 INR 37,53,275 5.79 34.11 1 - (22.89) (36.01) (69.56)
7 TRF Singapore Pte Limited March 31, April 1, 2015 SGD 2,59,83,481 91.81 100.00 5 - 44.93 6.79 13.11
8 TRF Holdings Pte Limited March 31, April 1, 2015 USD 1 0.00 100.00 5 - 0.00 15.15 29.27
9 Dutch Lanka Trailer Manufacturers Limited March 31, April 1, 2015 USD 15,23,06,150 123.25 100.00 5 - 8.11 3.78 7.29
10 Dutch Lanka Engineering (Private) Limited March 31, April 1, 2015 LKR 11,50,000 0.60 100.00 5 - 1.61 0.10 0.19
11 Dutch Lanka Trailer LLC - April 1, 2015 OMR 1,05,000 1.45 70.00 1 - - (0.23) (0.75)
12 Hewitt Robins International Ltd March 31, April 1, 2015 GBP 2,000 27.83 100.00 5 - 15.32 1.68 3.25
13 Hewitt Robins International Holdings Ltd March 31, April 1, 2015 GBP 200 57.57 100.00 5 - 0.23 - -
14 YORK Transport Equipment (India) Private Limited March 31, April 1, 2015 INR - - - 5 - - 0.45 0.87
15 YORK Transport Equipment (Asia) Pte Ltd March 31, April 1, 2015 USD - - - 5 - - (0.56) (1.09)
16 YORK Transport Equipment Pty Ltd March 31, April 1, 2015 AUD - - - 5 - - (0.06) (0.11)
17 YORK Sales (Thailand) Co. Ltd March 31, April 1, 2015 THB - - - 5 - - (0.31) (0.60)
18 York Transport Equipment (SA) (Pty) Ltd March 31, April 1, 2015 ZAR - - - 5 - - (0.02) (0.05)
19 Rednet Pte Ltd. March 31, April 1, 2015 USD - - - 5 - - (0.00) (0.00)
20 YTE Special Products Pte Ltd March 31, April 1, 2015 USD - - - 5 - - 0.01 0.02
21 Qingdao YTE Special Products Co. Ltd March 31, April 1, 2015 CNY - - - 5 - - (0.77) (1.48)
22 YORK Transport Equipment (Shanghai) Co. Ltd March 31, April 1, 2015 CNY - - - 5 - - (0.03) (0.05)
23 PT York Engineering April 1, 2015 USD - - - 5 - - - -
24 Malusha Travels Pvt Ltd - August 5, 2014 INR 3,352 0.00 33.23 1 - - - -
159
25 European Profiles (M) Sdn. Bhd. December 31, January 25, 2008 MYR 7,00,000 1.19 20.00 3 @ - - 0.33
26 Albi Profils SRL December 31, - EUR 1,800 0.71 30.00 2 # - - -
No. of shares held Amount of Net worth Share of profit/loss for the year
160
Date on which the Description Reason why the
Latest audited by the company Investment in attributable to (` crore)
Associate or Joint Reporting Extend of of how there associate/joint
Sl. No. Name of the Entity balance sheet in associate/joint associate/joint shareholding
Venture was associated currency* holding (%) is significant venture Considered in Not considered
date venture on the venture as per latest
or acquired influence is not consolidated consolidation in consolidation
year end (` crore) balance sheet
27 GietWals Onderhoud Combinatie B.V. December 31, April 2, 2007 EUR 50 10.24 50.00 2 - 19.69 (12.42) (12.42)
455,000 shares of the
variable part; 25,000
28 Hoogovens Gan Multimedia S.A. De C.V. Unknown April 2, 2007 MXN of the minimum fixed 0.01 50.00 2 # - - -
part of the capital
stock
29 ISSB Limited June 30, April 2, 2007 GBP 500 0.00 50.00 2 # - - -
30 Wupperman Staal Nederland B.V. December 31, April 2 2007 EUR 2,400 66.27 30.00 2 - 126.48 14.97 34.92
31 Fabsec Limited December 31, May 18 2001 GBP 250 0.00 25.00 2 # - - -
32 New Millennium Iron Corp. March 31, - CAD 4,74,02,908 340.08 26.18 1 - 35.10 (3.74) (10.54)
33 9336-0634 Québec Inc - March 30, 2017 CAD 1 - 33.33 1 $ - - -
34 Bhushan Energy Limited March 31, May 18, 2018 INR 6,50,00,000 350.00 47.71 5 & - - -
35 Bhushan Capital & Credit Services Private Limited March 31, May 18, 2018 INR 86,43,742 9.40 42.58 5 - - - -
36 Jawahar Credit & Holdings Private Limited March 31, May 18, 2018 INR 86,43,742 9.40 39.65 5 - - - -
37 TRL Krosaki Refractories Limited - May 31, 2011 INR - - - 1 - - 12.76 35.17
Notes
1 Controls more than 20% of the total share capital
2 Controls more than 20% of the total share capital and has significant influence over operational and financial decision making
3 Insignificant influence on the financial and operating policy decisions
4 More than 50% stake, instead considered as joint venture as there is less significant influence over the control of the entity
5 Under the Ind AS regime, associate/joint venture of a subsidiary is also an indirect associate/joint venture & subsidiary of an associate/joint venture is also an indirect associate/
joint venture
@ No control over financial and operating policies and hence not considered for consolidation

# The operations of the companies are not significant and hence are immaterial for consolidation
## Partnership without share capital
* Closing rate as on March 31, 2019 has been considered for calculation
** Companies are in liquidation
& Not considered for consolidation as corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 was initiated
$ Not considered for consolidation as financial information is not available
Names of associates or joint ventures which have been liquidated or sold during the year
1 Afon Tinplate Company Limited
2 BSR Pipeline Services Limited
3 TVSC Construction Steel Solutions Limited
4 TRL Krosaki Refractories Limited
5 York Transport Equipment (Asia) Pte Ltd
6 York Transport Equipment (India) Pvt Ltd
7 York Transport Equipment Pty Ltd
8 York Sales (Thailand) Company Limited
9 York Transport Equipment (SA) (Pty) Ltd
10 Rednet Pte Ltd
11 PT York Engineering
12 YTE Special Products Pte. Limited
13 Qingdao YTE Special Products Co. Limited
14 York Transport Equipment (Shanghai) Co. Ltd
For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/- sd/-

N. Chandrasekaran Mallika Srinivasan O. P. Bhatt Peter Blauwhoff Deepak Kapoor Aman Mehta
Chairman Director Director Director Director Director
DIN: 00121863 DIN: 00037022 DIN: 00548091 DIN: 07728872 DIN: 00162957 DIN: 00009364
sd/- sd/- sd/- sd/- sd/-

V. K. Sharma Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam K.
Director Director Chief Executive Officer Executive Director Company Secretary & Chief Legal
DIN: 02449088 DIN: 02144558 & Managing Director & Chief Financial Officer Officer (Corporate & Compliance)
DIN: 03083605 DIN: 00004989 ACS: 15921
Mumbai, April 25, 2019
FINANCIAL INFORMATION OF SUBSIDIARY COMPANIES | INFORMATION ON SUBSIDIARIES, ETC.
ANNEXURE 7
Companies that have become/ceased to be Company’s Subsidiaries
or Associate Companies (including Joint Venture Companies)
The names of companies which have become Subsidiaries or Associate Companies (including Joint Venture Companies) during the year:
Sl. No. Name of the Company

Subsidiary
1. Tata Steel BSL Limited*
2. Bhushan Steel (Orissa) Limited
3. Bhushan Steel (South) Limited
4. Bhushan Steel Madhya Bharat Limited
5. Bhushan Steel (Australia) PTY Ltd.
6. Bowen Energy PTY Ltd.
7. Bowen Coal PTY Ltd.
8. Bowen Consolidated PTY Ltd.
9. Creative Port Development Private Limited
10. Subarnarekha Port Private Limited
11. British Steel Trading Limited
Associate
1. Bhushan Energy Limited**
2. Bhushan Capital & Credit Services Private Limited
3. Jawahar Credit & Holdings Private Limited
Joint Venture
1. Andal East Coal Company Private Limited ***
* Earlier known as Bhushan Steel Limited. The name change was effective November 27, 2018
** Under CIRP Process of IBC
*** Under liquidation
The names of companies which have ceased to become Subsidiaries or Associate Companies (including Joint Venture Companies) during the year:

Subsidiary
1. Tata Steel International (Thailand) Limited
2. Kalzip GmbH
3. Blume Stahlservice GmbH
4. Corus Building Systems Bulgaria AD
5. TSIA Holdings (Thailand) Limited
6. Kalzip India Private Limited
7. Tata Steel Cote D’ Ivoire S.A
8. Kalzip Asia Pte Limited
9. Kalzip FZE
10. Kalzip GmbH
11. Kalzip Italy SRL
12. Kalzip Limited
13. Kalzip Spain S.L.U.
14. Tata Steel International Hellas SA
15. Corus Aluminium Verwaltungsgesellschaft Mbh
16. Black Ginger 461 (Proprietary) Ltd
17. Sedibeng Iron Ore Pty. Ltd.
18. NatSteel Trade International (Shanghai) Company Ltd.
161
INFORMATION ON SUBSIDIARIES, ETC. | SECRETARIAL AUDIT REPORT

Associate
1. York Transport Equipment (Asia) Pte Ltd
2. York Transport Equipment (India) Private Limited
3. York Transport Equipment Pty Ltd
4. York Sales (Thailand) Company Limited
5. York Transport Equipment (SA) (Pty) Ltd
6. Rednet Pte Ltd
7. PT York Engineering
8. YTE Special Products Pte. Limited
9. Qingdao YTE Special Products Co. Limited
10. York Transport Equipment (Shanghai) Co. Ltd
11. TRL Krosaki Refractories Limited
Joint Venture
1. TVSC Construction Steel Solutions Limited
2. Afon Tinplate Company Limited
3. BSR Pipelines Services Limited
sd/-
N. CHANDRASEKARAN
Mumbai Chairman
April 25, 2019 DIN: 00121863

ANNEXURE 8
Form No. MR-3
Secretarial Audit Report for the Financial Year Ended March 31, 2019
Pursuant to section 204 (1) of the Companies Act, 2013
[Read with rule no. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, (b) The Securities and Exchange Board of India (Prohibition of

The Members Insider Trading) Regulations, 2015;
Tata Steel Limited
(c) The Securities and Exchange Board of India (Issue of Capital
We have conducted the secretarial audit of the compliance of and Disclosure Requirements) Regulations, 2009 and The
applicable statutory provisions and the adherence to good corporate Securities and Exchange Board of India (Issue of Capital
practices by Tata Steel Limited (hereinafter called the Company). and Disclosure Requirements) Regulations, 2018 and
Secretarial Audit was conducted in a manner that provided us a amendments from time to time;
reasonable basis for evaluating the corporate conducts/statutory
(d) The Securities and Exchange Board of India (Share Based
compliances and expressing our opinion thereon.
Employee Benefits) Regulations, 2014; (Not applicable to
Based on our verification of the Company’s books, papers, minute the Company during the audit period)
books, forms and returns filed and other records maintained by the
(e) The Securities and Exchange Board of India (Issue and
Company, the information provided by the Company, its officers,
Listing of Debt Securities) Regulations, 2008;
agents and authorised representatives during the conduct of
secretarial audit, the explanations and clarifications given to us and (f ) The Securities and Exchange Board of India (Registrars
the representations made by the Management, we hereby report that to an Issue and Share Transfer Agents) Regulations, 1993
in our opinion, the Company has, during the audit period covering regarding the Companies Act and dealing with client;
the financial year ended on March 31, 2019, generally complied (Not applicable to the Company during the audit period)
with the statutory provisions listed hereunder and also that the
(g) The Securities and Exchange Board of India (Delisting of
Company has proper Board processes and compliance mechanism
Equity Shares) Regulations, 2009; (Not applicable to the
in place to the extent, in the manner and subject to the reporting
Company during the audit period) and
made hereinafter:
(h) The Securities and Exchange Board of India (Buyback of
We have examined the books, papers, minute books, forms and
Securities) Regulations, 1998; The Securities and Exchange
returns filed and other records made available to us and maintained
Board of India (Buyback of Securities) Regulations, 2018;
by the Company for the financial year ended on March 31, 2019
(Not applicable to the Company during the audit period)
according to the provisions of:
(vi) Other laws applicable specifically to the Company namely:
The Companies Act, 2013 (‘the Act’) and the rules
(i)
made thereunder; 1.
The Mines Act, 1952 and the rules, regulations
made thereunder.
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) and the
rules made thereunder; 2. Mines and Minerals (Development & Regulation) Act, 1957
and the rules made thereunder.
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws
framed thereunder; 3. Air (Prevention and Control of Pollution) Act, 1981 and the
rules and standards made thereunder.
(iv)
Foreign Exchange Management Act, 1999 and the rules
and regulations made thereunder to the extent of Foreign 4. Water (Prevention and Control of Pollution) Act, 1974 and
Direct Investment, Overseas Direct Investment and External Water (Prevention and Control of Pollution) Rules, 1975
Commercial Borrowings;
5.
Environment Protection Act, 1986 and the rules,
(v) The following Regulations and Guidelines prescribed under the notifications issued thereunder.
Securities and Exchange Board of India Act, 1992 (‘SEBI Act’)
6. Factories Act, 1948 and allied State Laws.
(a) The Securities and Exchange Board of India (Substantial

Acquisition of Shares and Takeovers) Regulations, 2011;
163
SECRETARIAL AUDIT REPORT
e have also examined compliance with the applicable clauses

W abeyance in the Rights Issue of 2018. The details for the same
of the following: are as follows:
(i)
Secretarial Standards issued by The Institute of Company −− 324 Fully Paid Ordinary Shares allotted on July 27, 2018
Secretaries of India with respect to board and general meetings.
−− 3,840 Fully Paid Ordinary Shares allotted on
(j) The Listing Agreements entered into by the Company with December 18, 2018
BSE Limited and National Stock Exchange of India Limited
read with the Securities and Exchange Board of India (Listing
• 2,080 Partly Paid Ordinary Shares of `10 each (`2.504 paid-up)
were allotted to the shareholders whose shares were kept in
Obligations and Disclosure Requirements) Regulations, 2015.
abeyance in the Rights Issue of 2018. The details for the same
During the period under review, the Company has complied with the are as follows:
provisions of the Act, Rules, Regulations, Guidelines, standards, etc.
mentioned above.
−− 162 Partly Paid Ordinary Shares allotted on July 27,2018

D uring the year certain forms DIR-12 in respect of
−− 1,918 Partly Paid Ordinary Shares allotted on
December 18, 2018
appointment/cessation of Directors could not be filed due to
technical error at MCA. • 701 Ordinary Shares of `10 each were allotted to the
shareholders whose shares were kept in abeyance in the
We further report that:
Rights Issue of 2007. The details for the same are as follows:
T he Board of Directors of the Company is duly constituted with
proper balance of Executive Directors, Non-Executive Directors and
−− 26 Ordinary Shares allotted on December 18, 2018
Independent Directors. The changes in the composition of the Board −− 675 Ordinary Shares allotted on March 27, 2019
of Directors that took place during the period under review were
4. The Company through its wholly-owned subsidiary, Bamnipal
carried out in compliance with the provisions of the Act.
Steel Limited completed the acquisition of controlling stake of
dequate notice was given to all directors to schedule the Board
A 72.65% in Tata Steel BSL Limited (formerly known as Bhushan
Meetings, agenda and detailed notes on agenda were sent at Steel Limited), pursuant to the Resolution Plan as approved
least seven days in advance for meetings other than those held at by National Company Law Tribunal vide its Order dated
shorter notice, and a system exists for seeking and obtaining further May 15, 2018, under Corporate Insolvency and Resolution
information and clarifications on the agenda items before the Process of the Insolvency and Bankruptcy Code, 2016.
meeting and for meaningful participation at the meeting.
Further, during the year, the Company acquired 1070,00,00,000 –
Decisions at the Board Meetings were taken unanimously. 11.09% Non-Convertible Redeemable Preference Shares of face
value `10 each, aggregating to `10,700 crore, in two tranches
e further report that there are adequate systems and processes
W
and 900,00,00,000 – 8.89% Optionally Convertible Redeemable
in the Company commensurate with the size and operations of the
Preference Shares of face value `10 each, aggregating to `9,000
Company to monitor and ensure compliance with applicable laws,
crore, in two tranches, of Tata Steel BSL Limited.
rules, regulations and guidelines.
5. On March 22, 2019, the Company acquired 25,00,00,000, 12.5%
e further report that during the audit period the Company had
W
Non-Convertible Redeemable Preference Shares of TRF Limited
following events which had bearing on the Company’s affairs in
on private placement basis aggregating to `250 crore.
pursuance of the above referred laws, rules, regulations, guidelines,
standards, etc. 6. On March 28, 2019, the Company acquired 27,97,000 Equity
Shares of Tata Metaliks Limited at a price of `642 per Equity
1.
The Committee of Directors of the Company by circular
Share aggregating to `179,56,74,000 and 34,92,500 Warrants
resolution-CR No. 32, dated March 1, 2019, approved the
at a price of `642 per Warrant, with a right exercisable by the
allotment of 43,150 – 9.8359% Unsecured, Redeemable, Rated,
Warrant holder to subscribe for one equity share per Warrant of
Listed, Non-Convertible Debentures of face value of `10,00,000
face value of `10 each, aggregating to `224,21,85,000 (25% paid
each, aggregating `4,315 crore (‘NCDs’) with ISIN INE081A08223.
on application).
These NCDs are listed and traded on BSE Limited.
7. On January 28, 2019, T S Global Holdings Pte. Ltd. (TSGH), an
2.
The Company has redeemed 9.15% NCDs of Series I
indirect wholly-owned subsidiary of the Company, executed
(ISIN INE081A08199) aggregating `500 crore on the due date,
definitive agreements to divest its entire equity stake held in
January 24, 2019.
NatSteel Holdings Pte. Ltd (100%) and Tata Steel (Thailand)
3. The following shares, earlier kept in abeyance were allotted to Public Company Ltd (67.9%) to a company in which 70% equity
the Shareholders during Fiscal 2019: shares will be held by an entity controlled by HBIS Group Co., Ltd
(HBIS) and the balance 30% will be held by TSGH.
• 4,164 Fully Paid Ordinary Shares of face value `10 each were
allotted to the shareholders whose shares were kept in

8. On September 22, 2018, the Company, as a part of strategy 10. On June 30, 2018, the Company and thyssenkrupp AG signed
to grow in long products, executed definitive agreements for definitive agreements to combine the European Steel Business
acquisition of steel business of Usha Martin Limited (‘UML’), in a 50:50 joint venture. This follows the signing of Memorandum
a special steel and wire rope manufacturer, through a slump of Understanding in September 2017. Only after completion
sale on a going concern basis. Tata Sponge Iron Limited (TSIL) of the JV process, thyssenkrupp Steel Europe and Tata Steel in
is an indirect subsidiary of the Company (54% shareholding). Europe will be integrated as one company.
On October 24, 2018, the Company extended support for
TSIL’s entry into steel business and identified it as the strategic For Parikh & Associates
Company Secretaries
vehicle for acquisition of steel business of UML. On April 9, 2019,
TSIL completed the acquisition of steel business undertaking
sd/-
including captive power plants, for a cash consideration payable
P. N. PARIKH
to UML of `4,094 crore, which is subject to further hold backs
Place: Mumbai Partner
of `640 crore, pending transfer of some of the assets including
Date: April 25, 2019 FCS No.: 327 CP No.: 1228
mines and certain land parcels.
9.
On September 18, 2018, the Company completed the This Report is to be read with our letter of even date which is annexed
acquisition of 51% equity stake in Creative Port Development as Annexure A and Forms an integral part of this report.
Private Limited.
ANNEXURE A
To,
The Members
Tata Steel Limited
Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on
these secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the
contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records.
We believe that the process and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, we have obtained the Management Representation about the Compliance of laws, rules and regulations and
happening of events, etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management.
Our examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which
the management has conducted the affairs of the Company.

Company Secretaries
sd/-
P. N. PARIKH
Date: April 25, 2019 FCS No.: 327 CP No.: 1228
165
EXTRACT OF ANNUAL RETURN
ANNEXURE 9
Form No. MGT 9
Extract of Annual Return as on March 31, 2019
Pursuant to Section 92(3) of the Companies Act, 2013
[Read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. Registration and other details

CIN L27100MH1907PLC000260
Registration Date August 26, 1907
Name Tata Steel Limited
Category/Sub-category of the Company Public listed company having share capital
Registered office address Bombay House, 24 Homi Mody Street, Fort, Mumbai - 400 001
Contact details Phone No. +91 22 6665 8282, Fax No. +91 22 6665 7724
Whether listed company – Yes/No Yes
Registrars and Transfer Agent
Name TSR Darashaw Limited
Address 6-10, Haji Moosa Patrawala Industrial Estate, 20,
Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011
Contact details Phone No. +91 22 6656 8484, Fax No. +91 22 6656 8494
II. Principal Business Activities of the Company

All the business activities contributing 10% or more of the total turnover of the Company shall be stated.
Sl. No. Name and Description of main products NIC Code of the Products % to total turnover of the Company
1 Manufacture of basic iron and steel 241 89.64%
III. Particulars of Holding, Subsidiary and Associate Companies

Sl. No. Name and address of the Company Holding (%)
Subsidiary Companies (Pursuant to Section 2(87)(ii) of Companies Act, 2013
ABJA Investment Co. Pte Ltd.
1. 100.00
22 Tanjong Kling Road, Singapore 628048
Adityapur Toll Bridge Company Limited
2. Aiada Vikash Bhawan, Adityapur, Jamshedpur - 831 013 88.50
CIN: U45201JH1996PLC007124
Tata Steel Special Economic Zone Limited
3. 5th Floor, Zone C/2, Fortune Towers, Chandrasekharpur, Bhubaneswar - 751 023 100.00
CIN: U45201OR2006PLC008971
The Indian Steel & Wire Products Ltd
4. Flat 7 D & E, 7th Floor, Everest House, 46 C Chowringhee Road, Kolkata - 700 071 95.01
CIN: U27106WB1935PLC008447
Jamshedpur Utilities & Services Company Limited
5. Sakchi Boulevard Road, Northerntown, Bistupur, Jamshedpur - 831 001 100.00
CIN: U45200JH2003PLC010315
Haldia Water Management Limited
6. Shakti Palace, Plot No 492 (Old) & 784 (New), 2nd Floor, Mouza, Khanjanchak Haldia - 721 602, West Bengal 60.00
CIN: U74140WB2008PLC126534
Kalimati Global Shared Services Limited
7. 1st Floor, Tata Centre, 43 Jawaharlal Nehru Road, Kolkata - 700 071 100.00
CIN: U74999WB2018PLC224208
Mohar Export Services Pvt Ltd
8. Bank of Baroda Bldg, Bombay Samachar Marg, Mumbai- 400 001, 66.46
CIN: U51900MH1988PTC049518
NatSteel Asia Pte. Ltd.
9. 100.00


TS Asia (Hong Kong) Ltd.
10. 100.00
Room 807, 8/F, Tower 1, Enterprise Square 1, No. 9 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong
Rujuvalika Investments Limited
11. Bombay House 3rd Flr, 24 Homi Mody Street, Mumbai - 400 001 100.00
CIN: U67120MH1988PLC049872
T S Alloys Limited
12. N-3/24, IRC Village, Nayapalli, Bhubaneswar - 751 015 (Odisha) 100.00
CIN: U27109OR2004PLC009683
Tata Korf Engineering Services Ltd
13. Tandem Apartment, 3rd Floor, Flat No.14, 52E, Ballygunge, Circular Road, Kolkata - 700 019 100.00
CIN: U74210WB1985PLC039675
Tata Metaliks Ltd.
14. Tata Centre, 10th Floor, 43, J L Nehru Road, Kolkata - 700 071 55.06
CIN: L27310WB1990PLC050000
Tata Sponge Iron Limited
15. P.O. Joda, Dist- Keonjhar, Odisha - 758 034 54.50
CIN: L27102OR1982PLC001091
TSIL Energy Limited
16. Tata Sponge Administrative Building, Bileipada, P.O. Baneikala, Odisha - 758 038 100.00
CIN: U40109OR2012PLC016232
Tata Steel (KZN) (Pty) Ltd.
17. 90.00
22 Bronze Bar Road, Alton North, Richards Bay-3900, South Africa
T Steel Holdings Pte. Ltd.
18. 100.00
T S Global Holdings Pte. Ltd.
19. 100.00
Orchid Netherlands (No.1) B.V.
20. 100.00
Wenckebachstraat 1, 1951 Jz, Velsen-Noord, Netherlands
NatSteel Holdings Pte. Ltd.
21. 100.00
Easteel Services (M) Sdn. Bhd.
22. 100.00
Suite 6.1A, Level 6, Menara Pelangi, Jalan Kuning, Taman Pelangi, 80400 Johor Bahru, Johor, Malaysia
Eastern Steel Fabricators Philippines, Inc.
23. 67.00
212 Barrio Bagbaguin, Meycauayan, Bulacan, Philippines
NatSteel (Xiamen) Ltd.
24. No. 19, Jiangang Road, Haicang South Industrial District, Xiamen, Fujian Province, People’s Republic of China, 100.00
Postcode 361026
NatSteel Recycling Pte Ltd.
25. 100.00
NatSteel Trade International Pte. Ltd.
26. 100.00
22, Tanjong Kling Road, Singapore 628048
NatSteel Vina Co. Ltd.
27. 56.50
Luu Xa, Cam Gia Ward, Thai Nguyen City, Thai Nguyen Province, Vietnam
The Siam Industrial Wire Company Ltd.
28. 100.00
14th Floor, Rasa Tower, 555 Phaholyothin Road, Kwaeng Chatuchak, Khet Chatuchak, Bangkok 10900 Thailand
TSN Wires Co. Ltd.
29. 60.00
14th Floor, Rasa Tower, 555 Phaholyothin Road, Kwaeng Chatuchak, Khet Chatuchak, Bangkok 10900 Thailand
Tata Steel Europe Limited
30. 100.00
30 Millbank, London, SW1P 4WY
Apollo Metals Limited
31. 100.00
1001, 14th Avenue, Bethlehem, PA 18018-0045, USA
Automotive Laser Technologies Limited
32. 100.00
Beheermaatschappij Industriele Produkten B.V.
33. 100.00
Wenckebachstraat 1, 1951 JZ Velsen-Noord, Netherlands
Bell & Harwood Limited
34. 100.00
167

Blastmega Limited
35. 100.00
Bore Samson Group Limited
36. 100.00
Bore Steel Limited
37. 100.00
British Guide Rails Limited
38. 100.00
British Steel Corporation Limited
39. 100.00
British Steel Directors (Nominees) Limited
40. 100.00
British Steel Engineering Steels (Exports) Limited
41. 100.00
British Steel Nederland International B.V.
42. 100.00
British Steel Service Centres Limited
43. 100.00
British Tubes Stockholding Limited
44. 100.00
C V Benine
45. 76.92
C Walker & Sons Limited
46. 100.00
Catnic GmbH
47. 100.00
Am Leitzenbach 16, 74889 Sinsheim, Germany
Catnic Limited
48. 100.00
CBS Investissements SAS
49. 100.00
Rue Geo Lufbery, Chauny 02301, France
Cogent Power Inc.
50. 100.00
845 Laurentian Drive, Burlington, Ontario, Canada L7N 3W7
Tata Steel Mexico SA de CV
51. Avenida Ing. Armando Birlain Shaffler No 2001 Corporatiave Central Park, Torre 1, 16 Pso C, Col Centro Sur, 100.00
Querenturo, Cp 76090 Mexico
Cogent Power Inc.
52 100.00
250 Bishop Avenue, Bridgeport, CT06610, USA
Cogent Power Limited
53. 100.00
Orb Works, Stephenson Street, Newport, Gwent, NP19 0RB
Color Steels Limited
54. 100.00
Corbeil Les Rives SCI
55. 67.30
Rue Decauville, Corbeil Essonnes 91100, France
Corby (Northants) & District Water Company Limited
56. 100.00
C/o TSUK, PO Box 101, Weldon Road, Corby, Northamptonshire, NN17 5UA
Cordor (C& B) Limited
57. 100.00
Corus CNBV Investments
58. 100.00
Corus Cold drawn Tubes Limited
59. 100.00
Corus Engineering Steels (UK) Limited
60. 100.00
Corus Engineering Steels Holdings Limited
61. 100.00
Corus Engineering Steels Limited
62. 100.00


Corus Engineering Steels Overseas Holdings Limited
63. 100.00
Corus Engineering Steels Pension Scheme Trustee Limited
64. 100.00
17th Floor, 125, Old Broad Street, London EC2N 1AR
Corus Group Limited
65. 100.00
Corus Holdings Limited
66. 100.00
15 Atholl Crescent, Edinburgh, EH3 8HA
Corus International (Overseas Holdings) Limited
67. 100.00
Corus International Limited
68. 100.00
Corus International Romania SRL.
69. 100.00
Bucaresti, Sector 1, Calea Floreasca, Nr. 169A, Corp A, Campus 10, Etaj 4, Birou 2039-2044, Romania
Corus Investments Limited
70. 100.00
Corus Ireland Limited
71. 100.00
70 Sir John Rogerson’s Quay, Dublin 2, Ireland
Corus Large Diameter Pipes Limited
72. 100.00
Corus Liaison Services (India) Limited
73. 100.00
Corus Management Limited
74. 100.00
Corus Primary Aluminium B.V.
75. 100.00
Wenckebachstraat 1, 1951 j2 Velsen-Noord, Netherlands
Corus Property
76. 100.00
Corus Service Centre Limited
77. 100.00
Corus Steel Service STP LLC
78. 100.00
34, Letter A, 9-th line, V.O., Saint Petersburg, 199004, Business centre ‘Magnus’, Saint Petersburg
Corus Tubes Poland Spolka Z.O.O
79. 100.00
Ul. Grabiszynska, Wroclaw 43-234, Poland
Corus UK Healthcare Trustee Limited
80. 100.00
Corus Ukraine Limited Liability Company
81. 100.00
Office 16, Building 11/23B, Chekhivskiy Provulok/Vorovskogo Street, 01054 Kiev, Ukraine
CPN (85) Limited
82. 100.00
Crucible Insurance Company Limited
83. 100.00
35/37, Athol Street, Douglas, Isle of Man
Degels GmbH
84. 100.00
Königsberger Strasse 25, 41460 Neuss, Germany
Demka B.V.
85. 100.00
Wenckebachstraat 1, 1951 J2 Velsen-Noord, Netherlands
DSRM Group Plc.
86. 100.00
Esmil B.V.
87. 100.00
Europressings Limited
88. 100.00
Firsteel Group Limited
89. 100.00
Firsteel Holdings Limited
90. 100.00
169

Fischer Profil GmbH
91. 100.00
Waldstrasse 67, 57250 Netphen, Germany
Gamble Simms Metals Limited
92. 100.00
Tata Steel Service Centre, Steel House, Bluebell Industrial Estate, Bluebell Avenue, Dublin 12
Grant Lyon Eagre Limited
93. 100.00
H E Samson Limited
94. 100.00
Hadfields Holdings Limited
95. 62.50
Halmstad Steel Service Centre AB
96. 100.00
Turbingatan 1, Halmstad, Sweden
Hammermega Limited
97. 100.00
Harrowmills Properties Limited
98. 100.00
Hille & Muller GmbH
99. 100.00
Am Trippelsberg 48, Dusseldorf 40589, Germany
Hille & Muller USA Inc.
100. 100.00
Delaware Avenue N.W., Warren, 44485 Ohio, USA
Hoogovens USA Inc.
101. 100.00
475 N. Martingale road, Suite 400 Schaumburg, IL 60173 USA
Huizenbezit ‘Breesaap’ B.V.
102. 100.00
Inter Metal Distribution SAS
103. 100.00
3 Allee des Barbanniers, 92632 Gennevilliers Cedex, France
Layde Steel S.L.
104. 100.00
Eguzkitza, 11, E-48200 Durango, Bizkaia, Spain
Lister Tubes Limited
105. 100.00
London Works Steel Company Limited
106. 100.00
Midland Steel Supplies Limited
107. 100.00
Montana Bausysteme AG
108. 100.00
Durisolstrasse 11, Villmergen 5612, Switzerland
Naantali Steel Service Centre OY
109. 100.00
Rautakatu 5, Naantali 21110, Finland
Nationwide Steelstock Limited
110. 100.00
Norsk Stal Tynnplater AS
111. 100.00
Habornveien 60, 1630 Gamle Fredrikstad, 0106 Fredrikstad, Norway
Norsk Stal Tynnplater AB
112. 100.00
P.O.B. 17544 S-20010 Malmo, Sweden
Orb Electrical Steels Limited
113. 100.00
Orb Works, Stephenson Street, Newport, NP19 0RB
Ore Carriers Limited
114. 100.00
Oremco Inc.
115. 100.00
60 E42 Street, New York 10165, USA
Plated Strip (International) Limited
116. 100.00
Precoat International Limited
117. 100.00
Precoat Limited
118. 100.00


Rafferty-Brown Steel Co Inc Of Conn.
119. 100.00
2711 Centerville Road, Ste 400 Wilmington, 19808 USA
Round Oak Steelworks Limited
120. 100.00
Runblast Limited
121. 100.00
Runmega Limited
122. 100.00
S A B Profiel B.V.
123. 100.00
Produktieweg 2, 3401 MG IJsselstein, Netherlands
S A B Profil GmbH
124. 100.00
Industriestrasse 13, Niederaula, 36272 Germany
Seamless Tubes Limited
125. 100.00
Service Center Gelsenkirchen GmbH
126. 100.00
Am Trippelsberg 48, Duesseldorf 40589, Germany
Service Center Maastricht B.V.
127. 100.00
P O BOX 3040, 6202 NA Maastricht, Netherlands
Societe Europeenne De Galvanisation (Segal) Sa
128. 100.00
Chassee de Ramioul 50, Ivoz Ramet, 4400 Belgium
Staalverwerking en Handel B.V.
129. 100.00
Steel StockHoldings Limited
130. 100.00
Steelstock Limited
131. 100.00
Stewarts & Lloyds Of Ireland Limited
132. 100.00
1 Stokes Place, St Stephen’s Green, Dublin 2, Ireland
Stewarts And Lloyds (Overseas) Limited
133. 100.00
Surahammar Bruks AB
134. 100.00
Box 201, 735 00, Surahammar, Sweden
Swinden Housing Association Limited
135. 100.00
Swinden House, Moorgate, Rotherham, S60 3AR, UK
Tata Steel Belgium Packaging Steels N.V.
136. 100.00
Walemstraat 38, Duffel 2570, Belgium
Tata Steel Belgium Services N.V.
137. 100.00
Coremansstraat 34, Berchem 2600, Belgium
Tata Steel Denmark Byggesystemer A/S
138. 100.00
Kaarsbergs VEJ2, 8400 Ebeltoft, Denmark
Tata Steel Europe Distribution BV
139. 100.00
Tata Steel Europe Metals Trading BV
140. 100.00
Wenckebachstraat 1, 1951 52 Velsen-Noord, Netherlands
Tata Steel France Batiment et Systemes SAS
141. 100.00
Rue Geo Lufbery, Chauny 02300, France
Tata Steel France Holdings SAS
142. 100.00
3, Allee des Barbanniers, 92632 Gennevilliers Cedex, France
Tata Steel Germany GmbH
143. 100.00
Am Trippelsberg 48, Duesseldorf 40589, Germany
Tata Steel IJmuiden BV
144. 100.00
Wenckebachstraat 1, Velsen-Noord 1951, JZ Netherlands
Tata Steel International (Americas) Holdings Inc
145. 100.00
Wilmington Trust SP Services Inc. 1105 North Market Place, Wilmington, DE 19899, USA
Tata Steel International (Americas) Inc
146. 100.00
475 N, Martingale Road, Suite 400, Schaumburg, IL 60173 USA
171

Tata Steel International (Canada) Holdings Inc
147. 100.00
Dentons Canada LLP, 1 Place Villa Marie, Suite 3900, Montreal, Quebec Canada H3B 4M7
Tata Steel International (Czech Republic) S.R.O
148. 100.00
Mala Stepanska 9, 120 Praha 2, Czech Republic
Tata Steel International (Denmark) A/S
149. 100.00
Frederiksborgvej 23, 3520 Farum, Denmark
Tata Steel International (Finland) OY
150. 100.00
Hitsaajankatu 22, 00810 Helsinki, Finland
Tata Steel International (France) SAS
151. 100.00
3, Allee des Barbanniers, 92632 Gennevilliers Cedex, France
Tata Steel International (Germany) GmbH
152. 100.00
Am Trippelsberg 48, 40589 Duesseldorf, Germany
Tata Steel International (South America) Representações LTDA
153. Santiago & Amboulos Advogados, AV. Rio Branco, 45-10 Andar, Grupo 1013 Centro – Rio De Janiero – 100.00
RJ CEP 20090-003
Tata Steel International (Italia) SRL
154. 100.00
Via G.G. Winckelman 2, Milano 20146, Italy
Tata Steel International (Middle East) FZE
155. 100.00
Plot Number B035R02, PO Box 18294, Jebel Ali, Dubai, UAE
Tata Steel International (Nigeria) Limited
156. 100.00
Block 69 A. Plot 8, Admiralty Way, Lekki, Phase 1, Lagos, Nigeria
Tata Steel International (Poland) sp Zoo
157. 100.00
Ul. Piastowska 7, 40-005 Katowice, Poland
Tata Steel International (Schweiz) AG
158. 100.00
Basilea Treuhand AG, Henric-Petri Strasse 6, 4051 Basel, Switzerland
Tata Steel International (Sweden) AB
159. 100.00
Barlastgatan 2, 41463 Goteborg, Sweden
Tata Steel International (India) Limited
160. 3rd Floor, One Forbes, Dr, V B Gandhi Marg, Fort, Mumbai 400001 100.00
CIN: U74900MH2005PLC151710
Tata Steel International Iberica SA
161. 100.00
CL Rosario Pino 14-16 Torre Rioja 28020 Madrid, Spain
Tata Steel Istanbul Metal Sanayi ve Ticaret AS
162. 100.00
El Madag Harbiye Mahallesi Cumhuriyet Caddesi, 48 Pegasus Evi kat: 7 Sisli, Istanbul, Turkey 34367
Tata Steel Maubeuge SAS
163. 100.00
22, Avenue Abbe Jean de Beco, Louvroil 5970, France
Tata Steel Nederland BV
164. 100.00
Tata Steel Nederland Consulting & Technical Services BV
165. 100.00
Tata Steel Nederland Services BV
166. 100.00
Tata Steel Nederland Star-Frame BV
167. 100.00
Tata Steel Nederland Technology BV
168. 100.00
Tata Steel Nederland Tubes BV
169. 100.00
Souvereinstraat 35, 4903 RH Oosterhout, Netherlands
Tata Steel Netherlands Holdings B.V.
170. 100.00
Wenckebachstraat 1, 1951 JZ Velsen-Noord, Ijmuiden Netherlands
Tata Steel Norway Byggsystemer A/S
171. 100.00
Roraskogen 2, 3739 Skien, Norway
Tata Steel Sweden Byggsystem AB
172. 100.00
Haldelsvagen, 4 30230 Halmstad, Sweden
Tata Steel UK Consulting Limited
173. 100.00


Tata Steel UK Holdings Limited
174. 100.00
Tata Steel UK Limited
175. 100.00
Tata Steel USA Inc.
176. 100.00
475 N Martingale Road, Suite 400, Schaumburg IL 60173, USA
The Newport And South Wales Tube Company Limited
177. 100.00
The Stanton Housing Company Limited
178. 100.00
The Templeborough Rolling Mills Limited
179. 100.00
Thomas Processing Company
180. 100.00
Delaware Avenue N.W., Warren, 44485-2699 Ohio, USA
Thomas Steel Strip Corp.
181. 100.00
Delaware Avenue N.W., Warren, 44485 2699 Ohio, USA
Toronto Industrial Fabrications Limited
182. 100.00
TS South Africa Sales Office Proprietary Limited
183. 100.00
Komogelo Suite A1 & B1 Lakefield Avenue, Lakefield, Benoni South Africa
Tulip UK Holdings (No. 2) Limited
184. 100.00
Tulip UK Holdings (No. 3) Limited
185. 100.00
U.E.S. Bright Bar Limited
186. 100.00
UK Steel Enterprise Limited
187. 100.00
The Innovation Centre 217 Portobello, Sheffield S1 4DP
UKSE Fund Managers Limited
188. 100.00
The Innovation Centre 217 Portobello, Sheffield S1 4DP
Unitol SAS
189. 100.00
1 Rue Fernand Raynaud, Corbeil Essonnes 91814, France
Walker Manufacturing And Investments Limited
190. 100.00
Walkersteelstock Ireland Limited
191. 100.00
Walkersteelstock Limited
192. 100.00
Westwood Steel Services Limited
193. 100.00
Whitehead (Narrow Strip) Limited
194. 100.00
British Steel Trading Limited
195. 100.00
T S Global Minerals Holdings Pte Ltd.
196. 100.00
22 Tanjong Kling Road Singapore 628048
Al Rimal Mining LLC
197. 100.00
P O Box 54, Muscat, Sultanate of Oman, Postal Code 100
Kalimati Coal Company Pty. Ltd.
198. 100.00
Level 2, 400 Queen Street, Brisbane QLD 4000 I GPO Box 2778, Brisbane QLD 4001
TSMUK Limited
199. 100.00
18 Grosvenor Place, London.SW1X 7HS
Tata Steel Minerals Canada Ltd
200. 77.68
Park Place, 666 Burrard Street, Suite 1700, Vancouver, BC V6C 2X8
T S Canada Capital Limited
201. 100.00
Park Place, 666 Burrard Street, Suite 1700, Vancouver, BC V6C 2X8
173

Tata Steel International (Singapore) Holdings Pte. Ltd.
202. 100.00
Tata Steel International (Shanghai) Ltd.
203. 100.00
Room 2006, No. 568 Hengfeng Road, Zhabei District, 200070, Shanghai, China
Tata Steel International (Singapore) Pte. Ltd.
204. 100.00
Tata Steel International (Asia) Limited
205. 100.00
Unit 2313-15, 23/F., Bea Tower, Millennium City 5, 418 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong
Tata Steel (Thailand) Public Company Ltd.
206. 67.90
555 Rasa Tower 2, 20th Floor, Phaholyothin Road, Chatuchak, Bangkok 10900, Thailand
N.T.S Steel Group Plc.
207. 99.76
No. 351, Moo 6, 331 Highway, Hemaraj Chonburi Industrial Estate, Bowin, Sriracha, Chonburi 20230, Thailand
The Siam Construction Steel Co. Ltd.
208. 99.99
Plot 1-23, Map Ta Phut Industrial Estate, Amphur Muang, Rayong 21150, Thailand
The Siam Iron And Steel (2001) Co. Ltd.
209. 99.99
No. 49 Moo 11, Tambon Bang Khamode, Ampher Ban Mor, Saraburi 18270, Thailand
T S Global Procurement Company Pte. Ltd.
210. 100.00
ProCo Issuer Pte. Ltd.
211. 100.00
Tata Steel Odisha Limited
212. Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001 100.00
CIN: U27310MH2012PLC232512
Tata Steel Processing and Distribution Limited
213. Tata Centre, 43 Chowringhee Road, Kolkata - 700 071 100.00
CIN: U27109WB1997PLC084005
Tayo Rolls Limited
214. 3 Circuit House Area (North-East), Road No. 11 PO & PS - Bistupur, Jamshedpur - 831 001 54.91
CIN: L27105JH1968PLC000818
The Tata Pigments Limited
215. Sakchi Boulevard, Jamshedpur - 831 002 100.00
CIN: U24100JH1983PLC001836
The Tinplate Company of India Ltd
216. 4, Bankshall Street, Kolkata-700 001 74.96
CIN: L2811WB1920PLC003606
Tata Steel Foundation
217. 6th Floor, One Forbes, No. 1, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400 001 100.00
CIN: U85300MH2016NPL284815
Jamshedpur Football and Sporting PrivateLimited
218. 6th Floor, One Forbes, No. 1, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400 001 100.00
CIN: U92490MH2017PTC297047
Sakchi Steel Limited
219. Tarapur Complex, Plot No. F8, MIDC, Tarapur Industrial Area, Palghar, 401 506 100.00
CIN: U27310MH2018PLC304205
Jugsalai Steel Limited
CIN: U27109MH2018PLC304352
Noamundi Steel Limited
CIN: U27320MH2018PLC304346
Straight Mile Steel Limited
CIN: U27300MH2018PLC304187
Bamnipal Steel Limited
CIN: U27310MH2018PLC304494


Tata Steel BSL Limited
224. Ground Floor, Mira Corporate Suites, Plot No. 1 & 2, Ishwar Nagar, Mathura Road, New Delhi 110 065 72.65
CIN: L74899DL1983PLC014942
Bhushan Steel (Orissa) Limited
CIN: U27100DL2010PLC202028
Bhushan Steel (South) Limited
CIN: U27100DL2010PLC202027
Bhushan Steel Madhya Bharat Limited
CIN: U27100DL2010PLC202026
Bhushan Steel (Australia) PTY Ltd.
228. 90.97
Mitchell & Partners, Suite 3 Level 2, 66 Clarence Street, Sydney NSW 2000
Bowen Energy PTY Ltd.
229. 100.00
Bowen Coal PTY Ltd.
230. 100.00
Bowen Consolidated PTY Ltd.
231. 100.00
Bistupur Steel Limited
CIN: U27310MH2018PLC304376
Jamadoba Steel Limited
CIN: U27109MH2018PLC304486
Dimna Steel Limited
CIN: U27209MH2018PLC304623
Bhubaneshwar Power Private Limited
235. Golden Edifice, 1st Floor, Opp: Visweswaraya Statue, Khairatabad Circle, Hyderabad - 500 004 100.00
CIN: U40109TG2006PTC050759
Creative Port Development Private Limited
236. Tarapur Complex, Plot No. F8, Midc, Tarapur Industrial Area, Palghar, Thane - 401506, Maharashtra 51.00
CIN: U63032MH2006PTC234335
Subarnarekha Port Private Limited
237. MIG-93, Ananthvihar, Phase - 1, Pokhariput, Bhubaneswar, Puri - 751020, Odisha 50.4
CIN: U45203OR2008PTC010351
175

Associate Companies (Pursuant to Section 2(6) of Companies Act, 2013)
Kalinga Aquatic Ltd
1. 259, Sipasurubali, Puri, Odisha 30.00
CIN: U05004OR1989PLC002356
Kumardhubi Fireclay & Silica Works Ltd
2. Chartered Bank Building, 4, Netaji Subhash Road, Kolkata, West Bengal - 700 001 27.78
CIN: U45209WB1915PLC002601
Kumardhubi Metal Casting and Engineering Limited
3. Xlri Campus, Circuit House, Area, Jamshedpur, Jharkhand - 831 001 49.31
CIN: U27100JH1983PLC001890
Strategic Energy Technology Systems Private Limited
4. 24, Bombay House, First Floor, Homi Mody Street, Mumbai - 400 001 25.00
CIN: U72900MH2006PTC163193
Tata Construction & Projects Ltd.
5. 27.19
6 A Middleton Street, Kolkata - 700 071
TRF Limited.
6. 11, Station Road, Burmamines, Jamshedpur-831 007, Jharkhand 34.11
CIN: L74210JH1962PLC000700
TRF Singapore Pte Limited
7. 100.00
6 Battery Road, #10-01, Singapore - 049906
TRF Holdings Pte Limited
8. 100.00
6 Battery Road, #10-01, Singapore - 049906
Dutch Lanka Trailer Manufactures Limited
9. 100.00
Nattandiya Road, Dankotuwa, Sri Lanka
Dutch Lanka Engineering (Private) Limited
10. 100.00
No. 575, 1st Floor, Orumix Building, Nawala Road, Rajagiriya, Sri Lanka
Dutch Lanka Trailer LLC
11. 70.00
PO Box 453, PC 217, Salalah, Al-Awqdain, Sultanate of Oman
Hewitt Robins International Ltd
12. 100.00
Huntingdon Court, Huntingdon Way, Measham, Derbyshire, DE127NQ,U.K
Hewitt Robins International Holdings Ltd
13. 100.00
Huntingdon Court, Huntingdon Way, Measham, Derbyshire, DE127NQ,U.K
Malusha Travels Pvt Ltd
14. Bank of Baroda Bldg, Bombay Samachar Marg, Mumbai - 400 001, Maharashtra 33.23
CIN: U63040MH1988PTC049514
European Profiles (M) Sdn. Bhd.
15. 20.00
Lot 51, Rawang Industrial Park, Selangor Darul Ehsan, Kualalumpur, Malaysia
Albi Profils SRL
16. 30.00
Zone Industrielle D’albi-Jarlard, Rue Lebon, 81000 Albi, France
GietWalsOnderhoudCombinatie B.V.
17. 50.00
PO Box 159, 1940, AD Beverwijk
Hoogovens Gan Multimedia S.A. De C.V.
18. 50.00
Zaragoza 1300, Sur 6400, Monterrey, 82235, Mexico
ISSB Limited
19. 50.00
Corinthian House, 17 Lansdowne Road, Croydon, Greater London, England, CR0 2BX
Wupperman Staal Nederland B.V.
20. 30.00
Vlasweg 19, 4782 PW Moerdijk, Netherlands
Fabsec Limited
21. 25.00
Cellbeam Ltd., Unit 516, Avenue East, Thorp Arch Estate, Wetherby, West Yorkshire, England, LS237DB
New Millennium Iron Corp.
22. 26.18
1000 - 250 2nd Street SW, Calgary AB, Canada
9336-0634 Québec Inc
23. 33.33
720-900 BOUL. René-Lévesque Est, Québec, G1R2B5, Canada
Bhushan Energy Limited
24. Regus, Level S 2, American Plaza, Nehru Place, New Delhi - 110 019 47.71
CIN: U40105DL2005PLC140748
Bhushan Capital & Credit Services Private Limited
25. Cabin No. 1, 1205, 89 Hemkunth Chamber, Nehru Place, New Delhi - 110 019 42.58
CIN: U74899DL1993PTC054636


Jawahar Credit & Holdings Private Limited
26. Cabin No. 1, 1205, 89 Hemkunth Chamber, Nehru Place, New Delhi - 110 019 39.65
CIN: U74899DL1993PTC054635
Himalaya Steel Mill Services Private Limited
27. Ground Floor, Rings & Agrico Building Armoury Road Northern Town, Jamshedpur, Jharkhand, 831001 26.00
CIN: U74900JH2009PTC000689
mjunction services limited
28. Tata Centre,43 J L Nehru Road, Kolkata - 700 071 50.00
CIN: U00000WB2001PLC115841
S & T Mining Company Private Limited
29. Tata Centre, 1st Floor, 43, J. L. Nehru Road, Kolkata - 700 071 (W.B.) 50.00
CIN: U13100WB2008PTC129436
Tata BlueScope Steel Private Limited
30. Metrolpolitan, Survey No. 21, Final Plot No. 27, Wakdewadi, Shivaji Nagar, Pune - 411 005 50.00
CIN: U45209PN2005PTC020270
BlueScope Lysaght Lanka (Pvt) Ltd
31. 100.00
No. 26 & 27, Sapugaskanda Industrial Estate, Pattiwila Road, Sapugaskanda
Tata NYK Shipping Pte Ltd.
32. 50.00
11 Keppel Road, #10-03, Abi Plaza, Singapore – 089057
Tata NYK Shipping (India) Private Limited
33. 1401, PS Srijan Corporate Park, 14th Floor, Tower-1, Block-GP, Sector-V, Saltlake, Kolkata - 700 091 (India) 100.00
CIN: U61100WB2007PTC118354
Jamshedpur Continuous Annealing & Processing Company Private Limited
34. Tata Centre, 43, Jawaharlal Nehru Road, Kolkata - 700 071 51.00
CIN: U27310WB2011PTC160845
T M Mining Company Limited
35. Tata Centre, 43 Jawaharlal Nehru Road, Kolkata - 700 071 74.00
CIN: U13100WB2010PLC156401
TM International Logistics Limited
36. 43 J L Nehru Road, Tata Centre, Kolkata - 700 071 51.00
CIN: U63090WB2002PLC094134
International Shipping and Logistics FZE
37. 100.00
Office No. TPOFCA0140, P O Box 18490, Jebel Ali, Dubai United Arab Emirates
TKM Global China Ltd.
38. 100.00
Unit G, Floor 11, Hengji Mansion, No. 99 Huai Hai East Road, Shanghai - 200021, P.R. China
TKM Global GmbH
39. 100.00
Spladingstrasse 210, 20097 Hamburg, Germany
TKM Global Logistics Limited
40. Tata Centre, 43, Jawaharlal Nehru Road, Kolkata - 700 071 100.00
CIN: U51109WB1991PLC051941
Industrial Energy Limited
C/O - The Tata Power Company Limited, Corporate Center B, 34 Sant Tukaram Road, Carnac Bunder,
41. 26.00
Mumbai - 400 009, Maharashtra, India
CIN: U74999MH2007PLC167623
Jamipol Limited
42. Namdih Road, Burmamines, Jamshedpur - 831007 39.78
CIN: U24111JH1995PLC009020
Nicco Jubilee Park Limited
43. Jheel Meel, Sector-IV, Salt Lake City, Kolkata, West Bengal - 700 106 25.31
CIN: U45201WB2001PLC092842
Medica TS Hospital Private Limited
44. S-125, Maitri Vihar, P. O. - Rail Vihar, P. S. – Chandrasekharpur, Bhubaneswar - 751 023, Odisha 26.00
CIN: U85110OR2014PTC018162
SEZ Adityapur Limited.
45. Sakchi Boulevard Road, Northern Town, Jamshedpur - 831 005 51.00
CIN: U45200JH2006PLC012633
Naba Diganta Water Management Limited
46. Gn 11-19, Sector-V, Salt Lake, Kolkata - 700 091 74.00
CIN: U93010WB2008PLC121573
177

Air Products Llanwern Limited
47. 50.00
Hersham Place Technology Park, Molesey Road, Walton on Thames Surrey, KT12 4RZ
Laura Metaal Holding B.V.
48. 49.00
Rimurgerweg 40, 6471 XX Eygelshoven, Netherlands
Ravenscraig Limited
49. 33.33
15 Atholl Crescent, Edinburgh, EH3 8HK, Scotland
Tata Steel Ticaret AS
50. 50.00
Cumhuriyet Caddesi No:48 Pegasus Evi Kat:7 Harbiye 34367 Istanbul, Turkey
Texturing Technology Limited
51. PO Box 22, Texturing Technology Ltd Central Road, Tata Steel Site Margam, Port Talbot, West Glamorgan, 50.00
Wales, SA13 2YJ
Hoogovens Court Roll Service Technologies VOF
52 50.00
Wenckebachstraat 1, 1951 Jz Velsen-Noord, Netherlands
Minas De Benga (Mauritius) Limited
53. 35.00
C/o Ocorian Corporate Services Ltd, 6th Floor, Tower A, 1 Cybercity, Ebene, Mauritius
Andal East Coal Company Private Limited
54. 37, Shakespeare Sarani, 4th Floor, Kolkata - 700 017 33.89
CIN: U10300WB2009PTC138558
Note: Companies listed from Sl. No. 27 to 54 are joint venture companies
IV Share Holding Pattern (Equity Share Capital Breakup as Percentage of Total Equity)
A Fully Paid-Up Equity Shares
i) Category-wise Share Holding
Sl Category of Number of shares held (April 1, 2018) Number of shares held (March 31, 2019)
% Change
No. Shareholders Electronic Physical Total % Electronic Physical Total %
(A) Promoters (including Promoter Group)
(1) Indian
(a) Individuals/Hindu Undivided Family - - - - - - - - -
(b) Central Government - - - - - - - - -
(c) State Government(s) - - - - - - - - -
(d) Bodies Corporate 35,98,80,277 - 35,98,80,277 31.95 35,98,80,601 - 35,98,80,601 31.95 -
(e) Financial Institutions/Banks - - - - - - - - -
(f) Any Other (Trust) 10,31,460 - 10,31,460 0.09 - - - - (0.09)
Sub-Total (A) (1) 36,09,11,737 - 36,09,11,737 32.04 35,98,80,601 - 35,98,80,601 31.95 (0.09)
(2) Foreign
Individuals
(a) - - - - - - - - -
Non-Resident Individuals
(b) Other Individuals - - - - - - - - -
(c) Bodies Corporate - - - - - - - - -
(d) Banks/FI - - - - - - - - -
(e) Qualified Foreign Investor - - - - - - - - -
(f) Any Other (specify) - - - - - - - - -
Sub-Total (A) (2) - - - - - - - - -
Total Shareholding of Promoter and
36,09,11,737 - 36,09,11,737 32.04 35,98,80,601 - 35,98,80,601 31.95 (0.09)
Promoter Group (A) = (A)(1)+(A)(2)
(B) Public Shareholding
(1) Institutions
(a) Mutual Funds 14,75,65,586 26,658 14,75,92,244 13.10 16,46,08,291 26,357 16,46,34,648 14.61 1.51
(b) Financial Institutions/Banks 18,95,090 1,60,202 20,55,292 0.18 43,13,216 1,59,322 44,72,538 0.40 0.21
(c) Central Government 6,83,823 - 6,83,823 0.06 12,17,242 - 12,17,242 0.11 0.05
(d) State Governments(s) 500 1,11,277 1,11,777 0.01 500 1,11,277 1,11,777 0.01 -
(e) Venture Capital Funds - - - - - - - - -
(f) Insurance Companies 15,21,05,744 1,380 15,21,07,124 13.50 16,98,31,669 1,230 16,98,32,899 15.08 1.57
(g) Foreign Institutional Investors 21,61,08,805 16,945 21,61,25,750 19.19 17,18,86,794 15,070 17,19,01,864 15.26 (3.93)
(h) Foreign Venture Capital Investors - - - - - - - - -
(i) Any Other (specify)

Sl Category of Number of shares held (April 1, 2018) Number of shares held (March 31, 2019)
% Change
No. Shareholders Electronic Physical Total % Electronic Physical Total %
(i - 1) Qualified Foreign Investor - - - - - - - - -
(i - 2) Foreign Institutional Investors - DR - - - - - - - - -
(i - 3) Foreign Bodies – DR 5,66,956 - 5,66,956 0.05 3,23,635 - 3,23,635 0.03 (0.02)
Foreign Portfolio
(i - 4) 892 - 892 - 892 - 892 - -
Investments – Individual
(i - 5) Foreign National- DR 164 - 164 - 164 - 164 - -
(i - 6) Alternate Investment Funds 1,000 - 1,000 - 34,095 - 34,095 - -
(i - 7) Foreign National 762 - 762 - 2,105 - 2,105 - -
(i – 8) UTI 15,191 16,387 31,578 - 260 16,197 16,457 - -
Sub-Total (B) (1) 51,89,44,513 3,32,849 51,92,77,362 46.10 51,22,18,863 3,29,453 51,25,48,316 45.50 (0.60)
(2) Non-Institutions
(a) Bodies Corporate
i Indian 1,48,89,046 2,42,642 1,51,31,688 1.34 1,50,18,429 2,26,070 1,52,44,499 1.35 0.01
ii Overseas 4,500 - 4,500 - 4,500 - 4,500 - -
(b) Individuals -
Individual shareholders holding
i 13,41,07,082 1,84,82,698 15,25,89,780 13.55 14,38,58,160 1,54,73,274 15,93,31,434 14.14 0.60
nominal share capital up to `1 lakh
Individual shareholders holding
ii nominal share capital in 3,23,54,125 18,43,873 3,41,97,998 3.04 2,85,38,493 15,23,841 3,00,62,334 2.67 (0.37)
excess of `1 lakh
(c) Any Other
i Trusts 70,93,589 51,28,424 1,22,22,013 1.08 1,09,08,766 34,02,549 1,43,11,315 1.27 0.19
ii IEPF Account 28,71,968 - 28,71,968 0.25 32,58,266 - 32,58,266 0.29 0.03
Iii HUF 51,47,726 2,740 51,50,466 0.46 54,84,862 1,973 54,86,835 0.49 0.03
Iv Clearing Member 1,12,34,497 - 1,12,34,497 1.00 99,38,585 - 99,38,585 0.88 (0.12)
v LLP/LLP-DR 1,52,155 - 1,52,155 0.01 29,49,037 - 29,49,037 0.26 0.25
(d) Qualified Foreign Investor - - - - - - - - -
Sub-total (B) (2) 20,78,54,688 2,57,00,377 23,35,55,065 20.73 21,99,59,098 2,06,27,707 24,05,86,805 21.35 0.62
Total Public Shareholding (B) =
72,67,99,201 2,60,33,226 75,28,32,427 66.83 73,21,77,961 2,09,57,160 75,31,35,121 66.85 0.02
(B)(1)+(B)(2)
Shares held by Custodians and
(C) against which Depository Receipts 1,27,40,651 - 1,27,40,651 1.13 1,34,73,958 - 1,34,73,958 1.20 0.06
have been issued*
GRAND TOTAL (A)+(B)+(C) 1,10,04,51,589 2,60,33,226 1,12,64,84,815 100.00 1,10,55,32,520 2,09,57,160 1,12,64,89,680 100.00
Note:
*This represents public non-institutional shareholding.
ii) Shareholding of Promoter (including Promoter Group)

Shareholding (April 1, 2018) Shareholding (March 31, 2019)
Sl. % of Shares % of Shares % change in
Shareholder’s Name No. of % of total No. of % of total
no Pledged/ Pledged/ shareholding
Shares Shares Shares Shares
encumbered encumbered
1 Tata Sons Private Limited – Promoter 34,31,42,275 30.46 1.24 34,31,42,275 30.46 1.24 -
2 Tata Motors Limited 51,41,696 0.46 - 51,41,696 0.46 - -
3 Tata Chemicals Ltd 28,90,693 0.26 - 28,90,693 0.26 - -
4 Tata Investment Corporation Limited 39,27,625 0.35 - 39,27,625 0.35 - -
5 Ewart Investments Limited 20,82,364 0.18 - 20,82,364 0.18 - -
6 Rujuvalika Investments Limited (2) 11,68,393 0.10 - 11,68,393 0.10 - -
7 Sir Dorabji Tata Trust 8,42,460 0.07 - - - - (0.07)
8 Tata Motors Finance Limited 5,70,188 0.05 - 5,70,188 0.05 - -
9 Tata Industries Limited 9,39,358 0.08 - 9,39,358 0.08 - -
10 Sir Ratan Tata Trust 1,89,000 0.02 - - - - (0.02)
11 Titan Company Limited 2,025 - - 2,349 - - -
12 Tata Capital Limited 15,660 - - 15,660 - - -
Total 36,09,11,737 32.04 1.24 35,98,80,601 31.95 1.24 (0.09)
Notes:
(1) Entities listed from Sl. No. 2 to 12 above form part of the Promoter Group.
(2) 11,68,393 Ordinary Shares held by Rujuvalika Investments Limited (a wholly-owned subsidiary of the Company effective May 8, 2015), do not carry
any voting rights
179
iii) Change in Promoter’s (including Promoter Group) Shareholding

Cumulative Shareholding
Shareholding
during the year
Particulars Date
% of total Shares % of total Shares
No. of Shares No. of Shares
of the Company of the Company
Titan Company Limited
At the beginning of the year April 1, 2018 2,025 - 2,025 -
Increase during the year
(Allotment of shares kept in abeyance August 17, 2018 324 - 2,349 -
during Rights Issue of 2018)
At the end of the year March 31, 2019 2349 - 2349 -
Sir Dorabji Tata Trust
At the beginning of the year April 1, 2018 8,42,460 0.07 8,42,460 0.07
Change during the year
May 25, 2018 (8,42,460) (0.07) - -
(Decrease due to sale of Shares)
At the end of the year March 31, 2019 - - - -
Sir Ratan Tata Trust
At the beginning of the year April 1, 2018 1,89,000 0.02 1,89,000 0.02
Change during the year
May 25, 2018 (1,89,000) (0.02) - -
(Decrease due to sale of Shares)
At the end of the year March 31, 2019 - - - -
iv) Shareholding Pattern of Top Ten Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs):
Shareholding Cumulative Shareholding during the year
Sl.
Name of shareholders % of total shares % of total shares of
No No. of shares No. of shares
of the Company the Company
1 Life Insurance Corporation of India
At the beginning of the year 10,83,88,660 9.62 10,83,88,660 9.62
Bought during the year - - 10,83,88,660 9.62
Sold during the year - - 10,83,88,660 9.62
At the end of the year 10,83,88,660 9.62 10,83,88,660 9.62
2 HDFC Trustee Company Limited
Bought during the year 1,15,10,783 1.02 4,88,40,109 4.34
Sold during the year (54,47,012) (0.48) 4,33,93,097 3.85
3 Reliance Capital Trustee Co. Ltd.
Sold during the year (1,50,13,679) (1.33) 3,74,47,280 3.32
4 Aditya Birla Sun Life Trustee Private Limited
Sold during the year (1,51,23,141) (1.34) 1,97,31,272 1.75
5 ICICI Prudential Mutual Fund
6 ICICI Prudential Life Insurance Company Ltd.
At the beginning of the year 15,14,260 0.13 15,14,260 0.13

Shareholding Cumulative Shareholding during the year

Sl.
Name of shareholders % of total shares % of total shares of
No No. of shares No. of shares
7 SBI - Various Mutual Funds
8 Mirae Asset - Various Mutual Funds
Bought during the year 68,72,991 0.61 1,23,62,857 1.10
Sold during the year (26,73,225) (0.24) 96,89,632 0.86
At the end of the year 96,89,632 0.86 96,89,632 0.86
9 NPS Trust - Various Funds
Bought during the year 20,98,117 0.19 89,80,524 0.80
Sold during the year (42,857) (0.00) 89,37,667 0.79
10 Government Pension Fund Global
11 The New India Assurance Company Limited
Bought during the year 0 0.00 89,82,922 0.80
12 Abu Dhabi Investment Authority
13 SBI Life Insurance Co. Ltd.
14 DSP Blackrock - Various Mutual Funds
Sold during the year (1,31,50,503) (1.17) 63,07,367 0.56
15 HDFC Life Insurance Company Limited
Notes:
(1) The above information is based on the weekly beneficiary position received from Depositories.
(2) The date wise increase or decrease in shareholding of the top ten shareholders is available on the website of the Company at www.tatasteel.com
(3) The % of total shares of the Company in respect of shares bought and sold during the year is calculated on the total share capital of the Company as
on March 31, 2019.
181
v) Shareholding of Directors and Key Managerial Personnel

Sl.
Name of the Shareholder % of Total Shares of % of Total Shares of
No. No. of Shares No. of Shares
the Company the Company
Directors
1 Mr. T. V. Narendran 2,032 - 2,032 -
2 Mr. Koushik Chatterjee 1,531 - 1,531 -
Key Managerial Personnel
3 Mr. Parvatheesam K 100 - 100 -
Notes:
(1) Mr. N. Chandrasekaran, Ms. Mallika Srinivasan, Mr. O. P. Bhatt, Dr. Peter Blauwhoff, Mr. Aman Mehta, Mr. Deepak Kapoor and Mr. Saurabh Agrawal does
not hold any fully paid-up ordinary shares in the Company during the year.
(2) Mr. V. K. Sharma through his relative holds 250 fully paid-up ordinary shares of the Company as on March 31, 2019
B Partly Paid-Up Equity Shares

i) Category-wise Share Holding
Number of shares held (April 1, 2018) Number of shares held (March 31, 2019)
Sl.
Category of Shareholders % of Total % of Total % Change
No. Electronic Physical Total Electronic Physical Total
Shares Shares
(A) Promoters (Including Promoter Group)
(1) Indian
(a) Individuals/Hindu Undivided Family - - - - - - - - -
(b) Central Government - - - - - - - - -
(c) State Governments(s) - - - - - - - - -
(d) Bodies Corporate 3,89,42,837 - 3,89,42,837 50.16 3,89,42,999 - 3,89,42,999 50.16 -
(e) Financial Institutions/Banks - - - - - - - - -
(f) Any Other (Trust) - - - - - - - - -
Sub-Total (A) (1) 3,89,42,837 - 3,89,42,837 50.16 3,89,42,999 - 3,89,42,999 50.16 -
(2) Foreign
(a) Individuals Non-Resident Individuals - - - - - - - - -
(b) Other Individuals - - - - - - - - -
(c) Bodies Corporate - - - - - - - - -
(d) Banks/FI - - - - - - - - -
(e) Qualified Foreign Investor - - - - - - - - -
(f) Any Other (specify) - - - - - - - - -
Sub-Total (A) (2) - - - - - - - - -
Total Shareholding of Promoter and Promoter
3,89,42,837 - 3,89,42,837 50.16 3,89,42,999 - 3,89,42,999 50.16 -
Group (A) = (A)(1)+(A)(2)
(B) Public Shareholding
(1) Institutions
(a) Mutual Funds 1,69,99,158 - 1,69,99,158 21.89 92,43,395 - 92,43,395 11.91 (9.98)
(b) Financial Institutions/Banks 13,986 - 13,986 0.02 245 - 245 - (0.02)
(c) Central Government - - - - - - - - -
(d) State Governments(s) - - - - - - - - -
(e) Venture Capital Funds - - - - - - - - -
(f) Insurance Companies 21,89,357 - 21,89,357 2.82 15,98,437 - 15,98,437 2.06 (0.76)
(g) Foreign Institutional Investors 66,81,422 194 66,81,616 8.61 35,79,665 - 35,79,665 4.61 (4.00)
(h) Foreign Venture Capital Investors - - - - - - - - -
(i) Any Other (specify)
(i - 1) Qualified Foreign Investor - - - - - - - - -
(i - 2) Foreign Institutional Investors - DR - - - - - - - - -
(i - 3) Foreign Bodies – DR 53,633 - 53,633 0.07 17,133 - 17,133 0.02 (0.05)
(i - 4) Foreign Portfolio Investments – Individual - - - - - - - - -
(i - 5) Foreign National- DR - - - - - - - - -
(i - 6) Alternate Investment Funds - - - - - - - - -
(i - 7) Foreign National 84 - 84 - 161 - 161 - -
(i – 8) UTI - - - - - - - - -
Sub-Total (B) (1) 2,59,37,640 194 2,59,37,834 33.41 1,44,39,036 - 1,44,39,036 18.60 (14.81)

Number of shares held (April 1, 2018) Number of shares held (March 31, 2019)
Sl.
Category of Shareholders % of Total % of Total % Change
No. Electronic Physical Total Electronic Physical Total
Shares Shares
(2) Non-Institutions
(a) Bodies Corporate
i Indian 10,75,316 1,800 10,77,116 1.39 12,12,265 1,662 12,13,927 1.56 0.18
ii Overseas - - - - - - - - -
(b) Individuals -
Individual shareholders holding nominal
i 76,79,326 2,75,030 79,54,356 10.24 1,48,23,765 2,05,279 1,50,29,044 19.36 19.36
share capital up to `1 lakh
Individual shareholders holding nominal
ii 20,53,660 8 20,53,668 2.64 20,49,177 - 20,49,177 2.64 (0.01)
share capital in excess of `1 lakh
(c) Any Other -
i Trusts 3,92,562 48 3,92,610 0.51 2,23,908 - 2,23,908 0.29 (0.22)
ii IEPF Account - - - - - - - - -
iii HUF 5,10,495 488 5,10,983 0.66 12,24,366 347 12,24,713 1.58 0.92
iv Clearing Member 3,46,741 - 3,46,741 0.45 40,71,561 - 40,71,561 5.24 4.80
v LLP/LLP-DR 4,18,480 - 418480 0.54 4,42,340 - 4,42,340 0.57 0.03
(d) Qualified Foreign Investor - - - - - - - - -
Sub-total (B) (2) 1,24,76,580 2,77,374 1,27,53,954 16.43 2,40,47,382 2,07,288 2,42,54,670 31.24 14.81
Total Public Shareholding (B) = (B)(1)+(B)(2) 3,84,14,220 2,77,568 3,86,91,788 49.84 3,84,86,418 2,07,288 3,86,93,706 49.84 -
Shares held by Custodians and
(C) against which Depository Receipts - - - - - - - - -
have been issued
GRAND TOTAL (A)+(B)+(C) 7,73,57,057 2,77,568 7,76,34,625 100.00 7,74,29,417 2,07,288 7,76,36,705 100.00
ii) Shareholding of Promoter (including Promoter Group)

Sl. % of Shares % of Shares % change in
Shareholder’s Name % of total % of total
No No. of Shares Pledged/ No. of Shares Pledged/ shareholding
Shares Shares
encumbered encumbered
1. Tata Sons Private Limited – Promoter 3,78,30,810 48.73 - 3,78,30,810 48.73 - -
2. Tata Motors Limited 3,54,599 0.46 - 3,54,599 0.46 - -
3. Tata Chemicals Limited 1,99,358 0.26 - 1,99,358 0.26 - -
4. Tata Investment Corporation Limited 2,70,869 0.35 - 2,70,869 0.35 - -
5. Ewart Investments Limited 1,43,611 0.18 - 1,43,611 0.18 - -
6. Tata Motors Finance Limited 39,323 0.05 - 39,323 0.05 - -
7. Tata Industries Limited 1,03,187 0.13 - 1,03,187 0.13 - -
8. Titan Company Limited - - - 162 - - -
9. Tata Capital Limited 1,080 - - 1,080 - - -
3,89,42,837 50.16 - 3,89,42,999 50.16 - -
Note:
Entities listed from Sl. No. 2 to 9 above form part of the Promoter Group.
iii) Change in Promoter’s (including Promoter Group) Shareholding

Shareholding
during the year
Shareholder’s Name Date
No. of % of total Shares No. of % of total Shares
Shares of the Company Shares of the Company
Titan Company Limited
At the beginning of the year April 1, 2018 - - - -
Increase during the year
(Allotment of shares kept in abeyance August 17, 2018 162 - 162 -
during Rights Issue 2018)
At the end of the year March 31, 2019 162 - 162 -
183
iv) Shareholding Pattern of Top Ten Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs):
Shareholding
Sl. during the year
Name of shareholders
No. % of total shares % of total shares of
No. of shares No. of shares
1 Reliance Capital Trustee Co. Ltd.
2 HDFC Trustee Company Limited
Bought during the year - - 25,21,807 3.25
Sold during the year (74,319) (0.10) 24,47,488 3.15
3 The New India Assurance Company Limited
Sold during the year - - 7,76,084 1.00
4 Edelcap Securities Limited
At the beginning of the year 2,160 - 2,160 -
Sold during the year (2,160) - 5,89,254 0.76
5 Jhunjhunwala Rekha Rakesh
Bought during the year 40,000 0.05 5,40,000 0.70
6 Government Pension Fund Global
7 SBI Arbitrage Opportunities Fund
Bought during the year 44,260 0.05 6,08,079 0.78
8 Government Of Singapore
9 HDFC Life Insurance Company Limited
10 Franklin Templeton Investment Funds

Shareholding
Sl. during the year
No. % of total shares % of total shares of
No. of shares No. of shares
11 Aditya Birla Sun Life Trustee Private Limited
12 DSP Blackrock Various Mutual Funds
Notes:
(1) The above information is based on the weekly beneficiary position received from Depositories.
(2) The date wise increase or decrease in shareholding of the top ten shareholders is available on the website of the Company at www.tatasteel.com
(3) The % of total shares of the Company in respect of shares bought and sold during the year is calculated on the total share capital of the Company as
on March 31, 2019.
v) Shareholding of Directors and Key Managerial Personnel

Sl.
Name of the Shareholder % of total Shares % of total Shares
No. No. of Shares No. of Shares
of the Company of the Company
Directors
1 Mr. T. V. Narendran 139 - 139 -
2 Mr. Koushik Chatterjee 105 - 105 -
Note:
Mr. N. Chandrasekaran, Ms. Mallika Srinivasan, Mr. O. P. Bhatt, Dr. Peter Blauwhoff, Mr. Aman Mehta, Mr. Deepak Kapoor, Mr. Saurabh Agrawal and
Mr. V. K. Sharma does not hold any partly paid-up ordinary shares in the Company during the year.
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment.
(` crore)
Secured Loans Unsecured Total
Deposits
excluding deposits Loans Indebtedness
Indebtedness at the beginning of the financial year
(i) Principal Amount *2,528.86 25,596.94 - 28,125.80
(ii) Interest due but not paid - - - -
(iii) Interest accrued but not due - 556.01 - 556.01
Total (i+ii+iii) 2,528.86 26,152.95 - 28,681.81
Change in Indebtedness during the financial year
• Addition 69.68 **6,310.17 - 6,379.85
• Reduction 26.35 #4,764.48 - 4,790.83
Net Change 43.33 1,545.69 - 1,589.02
Indebtedness at the end of the financial year
(i) Principal Amount *2,572.19 27,129.28 - 29,701.47
(ii) Interest due but not paid - - - -
(iii) Interest accrued but not due - 569.36 - 569.36
Total (i+ii+iii) 2,572.19 27,698.64 - 30,270.83
*includes funded interest on SDF loan of `924.77 crore (31.03.2018: `855.09 crore)
**includes revaluation loss (net) of `59.12 crore on forex loans and amortisation of loan issue and premium and discount expenses aggregating
`204.23 crore under effective interest rate method.
#includes realised exchange loss (net) of `0.69 crore on repayment of forex loans.
185
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration of Managing Director, Whole-time Directors and/or Manager
(` lakh)
Name of MD/WTD/Manager
Sl.
Particulars of Remuneration Mr. T. V. Narendran Mr. Koushik Chatterjee Total Amount
No.
CEO & MD ED & CFO
1 Gross salary
(a) Salary as per provisions contained in Section 17(1) of the 201.53 187.24 388.77
Income Tax, Act 1961
(b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961 103.76 153.64 257.40
(c) Profits in lieu of salary under Section 17(3) of the - - -
Income Tax Act, 1961
2 Stock Option - - -
3 Sweat Equity - - -
4 Commission 800.00 725.00 1,525.00
5 Others (retirement benefits) 17.34 16.26 33.60
Total 1,122.63 1,082.14 2,204.77
Ceiling as per the Companies Act, 2013 1,52,517
B. Remuneration to other Directors

(` lakh)
Sl. Total
Name Commission Sitting Fees
No Compensation
I Non-Executive Directors
1 Mr. Natarajan Chandrasekaran - Chairman (1) - 4.80 4.80
2 Mr. D. K. Mehrotra (2) 38.00 2.40 40.40
3 Mr. Saurabh Agrawal (3) - 6.40 6.40
4 Mr. Vijay Kumar Sharma (4) 36.00 1.20 37.20
Total (I) 74.00 14.80 88.80
II Independent Directors
1 Ms. Mallika Srinivasan 125.00 4.00 129.00
2 Mr. O. P. Bhatt 181.00 9.60 190.60
3 Dr. Peter Blauwhoff 111.00 6.80 117.80
4 Mr. Aman Mehta 90.00 4.80 94.80
5 Mr. Deepak Kapoor 106.00 8.00 114.00
Total (II) 613.00 33.20 646.20
Grand Total (I + II) 687.00 48.00 735.00
Overall Ceiling as per the Companies Act, 2013 15,252
Notes:
(1) As a Policy, Mr. N. Chandrasekaran, Chairman, has abstained from receiving commission from the Company.
(2) Mr. D. K. Mehrotra stepped down as a Member of the Board effective May 16, 2018. The commission of Mr. D. K. Mehrotra was paid to Life Insurance
Corporation of India.
(3) In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who are
in full time employment with any other Tata Company.
(4) Mr. Vijay Kumar Sharma was appointed as an Additional (Non-Executive) Director effective August 24, 2018. The commission of Mr. Sharma is paid to
Life Insurance Corporation of India.

C. Remuneration to KMP other than MD/Manager/WTD

(` lakh)
Mr. Parvatheesam K.
Sl.
Particulars of Remuneration Company Secretary &
No.
Chief Legal Officer (Corporate & Compliance)
1 Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 145.80
(b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961 20.79
(c) Profit in lieu of salary under Section 17(3) of Income-tax Act, 1961 -
2 Stock Option -
3 Sweat Equity -
4 Bonus/Commission -
5 Others (retirement benefits) 3.33
Total 169.92
Note:
Mr. Parvatheesam K was on leave between August 28, 2017 and July 11, 2018. Accordingly, his remuneration for the previous year includes salary drawn by
him as Company Secretary and Compliance Officer for the period April 1, 2017 through August 27, 2017 and salary received by him up to March 31, 2018
towards his earned leave. His remuneration for the current year includes salary drawn by him for the period July 12, 2018 through March 31, 2019.
VII. PENALTIES/PUNISHMENTS/COMPOUNDING OF OFFENCES

During the year, there were no penalties/punishments/compounding offences under the Companies Act, 2013.
sd/- sd/-
T. V. Narendran Parvatheesam K
Chief Executive Officer & Company Secretary &
Mumbai Managing Director Chief Legal Officer (Corporate & Compliance)
April 25, 2019 DIN: 03083605 ACS: 15921
187
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS | PARTICULARS OF ENERGY CONSERVATION, ETC.
ANNEXURE 10
Particulars of Loans, Guarantees or Investments
[Pursuant to Section 186 of the Companies Act, 2013]
Amount outstanding as on March 31, 2019

(` crore)
Particulars Amount
Loans given 65.01
Guarantees given 12,096.24
Investments made 38,929.25
Loans, Guarantees given or Investments made during the Financial Year 2018-19
(` crore)
Particulars of Loan, Purpose for which the loans,
Name of the Entity Relation Amount Guarantees given or guarantees and investments are
Investments made proposed to be utilised
Bamnipal Steel Limited 18,631.65*
Subarnarekha Port Private Limited Subsidiary 20.00
Tata Steel Special Economic Zone Limited 13.00
Loan
TRF Limited. Associate 242.00*
S & T Mining Company Private Limited 0.47
Joint Venture
T M Mining Company Limited 0.05#
Creative Port Development Private Limited 91.88
Tata Steel Special Economic Zone Limited 30.50
Jamshedpur Football and Sporting PrivateLimited 12.00
Bhubaneshwar Power Private Limited 23.00
Subsidiary
Jamshedpur Utilities & Services Company Limited 4.00
Investments
Bamnipal Steel Limited 258.88 Business purpose
in Equity Shares
Tata Metaliks Ltd. 179.57
Subarnarekha Port Private Limited 10.01
Jamshedpur Continuous Annealing and Processing
153.00
Company Private Limited Joint Venture
T M Mining Company Limited 0.01
Investments
Tata Metaliks Ltd. 56.05
in Warrants
Tata Steel Holdings Pte Ltd. 8,707.98
Tata Steel BSL Limited Subsidiary 19,700.00 Investments
Creative Port Development Private Limited 25.11 in Preference
Tayo Rolls Limited 3.00 Shares
TRF Limited. Associate 250.00
* Represents loans given and repaid during the year ended March 31, 2019
# Inter-corporate deposits has subsequently been converted into investment in equity shares during the Financial Year 2018-19
Advance against equity as on March 31, 2019
(` crore)
Name of the Entity Relation Amount
Tata Steel Special Economic Zone Limited Subsidiary 275.19
As on March 31, 2019, Company’s loan in Tayo Rolls Limited, Tata Steel (KZN) (Pty) Ltd., S & T Mining Company Private Limited and Sanderson
Industries Ltd. along with investment in Tayo Rolls Limited, Adityapur Toll Bridge Company Limited, Tata Steel Odisha Limited, Jamshedpur
Football and Sporting Private Limited, Strategic Energy Technology Systems Private Limited, T M Mining Company Limited and S & T Mining
Company Private Limited has been fully impaired.
sd/-
N. CHANDRASEKARAN
Mumbai Chairman
April 25, 2019 DIN: 00121863

ANNEXURE 11
Particulars of Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo
[Pursuant to Companies (Accounts) Rules, 2014]
(A) Conservation of Energy • Increase in share of dumped hot metal in granshot from 56%
to 72% thereby reducing hot metal pooling
(i) Steps taken or impact on conservation of energy
Jamshedpur Hot Strip Mill
• Green
Power initiative – successfully commissioned Coke • Reduced mill specific power consumption from 122 KWH to
Dry Quenching Power Plant of 40MW Capacity 118 KWH through:
• New by-product gas fired Boiler of 136 tph ––planned stoppages for longer duration in place of multiple
capacity commissioned shorter durations; and
• Coal firing has permanently stopped at the Works, maximising –– higher pacing during rolling durations
the by-product gas utilisation • Reduced fuel consumption from 0.300 Gcal/t to 0.294
• Best by-product gas utilisation of 98.18% achieved Gcal/t through air fuel ratio optimisation, Level 2 usage for
combustion control and cutting fuel load during delays
• Highest ever by-product gas-based power generation
achieved Sinter Plant
• 1.3 Lakh LED lights installed in the Works • Reduced Water Consumption in Sinter Making in FY 2018-19
to 0.053 m3/ton of Net Sinter (FY 2017-18: 0.08 m3/ton)
• Lowest ever blast furnace gas flaring - 1.9% against the
previous best of 3.16% • Reduced Solid Fuel requirement in Sinter Making in
FY 2018-19 to 78 kg/ton of Net Sinter (FY 2017-18: 83 kg/ton)
• FourVariable Frequency Drives installed for high power
consuming equipment Utilities
• Lowest ever specific water consumption of 3.28 m /tcs, 11%
3 • Electrical power demand met from by-product gases
reduction over Financial Year 2017-18 utilisation - 56.46%
• Coal blend optimisation to The Tata Power Company Limited • By-product gas Utilisation - 93.98%
Jojobera units from captive mines • Gas recovery - 45.11% of heats recovered
• Energy & Electrode consumption optimised in Laddle Furnace • TRT - Top Pressure Recovery Turbine average power
arcing process at LD shops through digital initiative generation 15MW
• Energy Performance Improvement Team (‘EPIT’) formed • Utilisation of LD gas in Coke Oven under firing to improve
to drive Energy Efficiency Campaign across the Indian energy and combustion efficiency
operations, exploiting cross learning and synergy
• Centralised
utility management established for efficient
• Mandatory Energy Audit carried out through an accredited management of all utilities across plant
Audit team as per Energy Conservation Act
• Predictive controller model being used for ASU-Air Separation
Kalinganagar Unit to optimise power and subsequently reduction in
oxygen venting
Blast Furnace
• Increase in Pulverised Coal Injection (‘PCI’) rate (ii)
Steps taken by the Company for utilising alternate
from 119kg/tHM to 150 kg/tHM, thereby reducing sources of energy
coke consumption
Jamshedpur
• Reduced specific water consumption from 0.56 m3/tHM to • Initiatedprojects on power generation from solar and
0.50 m3/tHM by utilising waste water in slag granulation non-conventional energy source. Pilot project on low grade
• Reduced specific power consumption from energy recovery on progress.
141 KWH/tHM to 115 KWH/tHM
Kalinganagar
• Substituted river sand by granulated slag for • Increased solid waste consumption in sinter making
trough preparation
189
PARTICULARS OF ENERGY CONSERVATION, ETC.
(iii) Capital investment on energy conservation equipments

Particulars ` crore
Jamshedpur
Recovery of sensible heat of Coke by installation of Coke Dry Quenching System in Battery # 10 & 11 at Coke Plant 62
Replacement of Boiler # 3 at Power House # 4 4
Installation of Variable Frequency Drive in HT motors with variable load 1
Provision for Light Diesel Oil firing facility in boilers of Power House # 4 (PH-4) 4
New LD Gas Holder 69
Capacity enhancement from 25 MW to 30 MW in PH-4 2
Kalinganagar
CDQ- Coke Dry Quenching 65
TRT- Top Pressure Recovery Turbine 4
(B) Technology Absorption

1. Efforts made towards technology absorption
(i) Projects under Research and Development
Project title Benefits
Jamshedpur
Calcium Ferrite addition trials in Basic Oxygen Plant trials with calcium ferrite in BOF helped to tap steel below 0.01%
Furnace (‘BOF’) to improve dephosphorisation phosphorous with more than 60% confidence from hot metal containing higher
to level < 0.01%. phosphorus of 0.18% than the world average of 0.10%.
The project was targeted to demonstrate production of bio-ethanol from ferro
Utilisation of Ferro chrome furnace off gas
chrome furnace off gas using Lanzatech Technology.
Chemical regents have been developed for selective separation of alumina/
silica from iron ore slime by froth flotation process. The reagents have been
Development of flotation reagent for reverse
conceptualised using first principle molecular modeling studies followed by lab
flotation of sub grade iron ore
scale synthesis and experimentation. These novel reagents show up to 10% yield
improvement over commercial reagents.
Extraction of spinel and metal from Ferro Ferro chrome slag can be used for extraction of spinel and silico-chrome containing
chrome slag metal. Based on the laboratory results, plant trials were carried out.
Low grade ferruginous manganese ores can be upgraded to high grade ores by
Reduction roasting and magnetic separation of
reduction roasting and magnetic separation process. Based on the laboratory
low grade Manganese ores
results, plant trials were carried out.
Plant trial helped to improve the strength of sinter and to reduce that cost of fuel.
Nitrogen purging at Sinter plant There was also a reduction in fuel consumption @2.5 kg/tonne of sinter, resulting
in cost savings along with reduction of CO2 emission.
Nickel & Phosoporous containing hard metallic glass coating was deposited
Metallic Glass coatings on bearings uniformly on bearing surface with at least double life warranty against high fatigue
and electrochemical corrosion which also led to reduction in noise level.
Development of Advanced High Strength Steel
The steel is targeted to reduce weight of vehicle and fuel consumption
1000 steel for Automotive application
Development of steel for Lifting & Excavation
The developed steel will help in weight reduction of equipment and cost saving.
application (>700 MPa YS)
Development of ferritic-bainitic780 MPa steel The steel is targeted to reduce weight in Automotive wheel application.
Value Analysis Value Engineering (‘VAVE’) workshops were carried out for several
models in FY 2018-19. These workshops are carried out to create value through
VAVE and Early Vendor Involvement with cost and weight reduction ideas on the vehicle by means of use of newer steel
Major Auto Customers grades, blank optimisation and engineering design changes. These activities result
in improved Customer Service Index and opportunity to present Tata Steel new
grades’ material supply in newer models.
An innovative sheet metal forming technology has been developed and validated
Micro-pillar forming at lab scale mainly for automotive industry. This technology enables to increase the
fatigue life of components significantly.
Third generation technology for full length This technology gives reliable thickness profile along the length of the copper
profiling of copper staves stave for the safe operation of blast furnaces.
To establish solid state joining of Aluminium to Solid state fitting of Aluminium to Steel using magnetic pulse technique helped
Steel for a motorbike handle application to achieve minimum load requirement without any post or pre-weld conditioning

Project title Benefits

Tuyere is a copper casted component equipped with inherent cooling circuit to
sustain in severe thermal environment while supplying hot blast, Pulverised coal
inside the blast furnace. Based on detailed numerical analysis, modification of
Improving blast furnace tuyere life
inherent cooling passageway of copper tuyere has been done. Modified design has
yielded better cooling efficiency, lower copper temperature, lower thermal stress
and reduction of incipient water boiling which will extent the tuyere life.
Kalinganagar
The development of FB780 for WheelDisc Application will help to reduce weight
Development of FB780 for WheelDisc Application reduction and improve the fatigue life in vehicles. Tata Steel is the first manufacturer
to produce FB780 Grade in India.
Commercial Vehicle manufacturers currently use HS800 grade produced by Tata
Steel (only domestic supplier). Development of HS1000 will help to reduce vehicle
HS1000
weight and increase the load bearing capacity of the vehicles. Tata Steel is the first
manufacturer to produce such high tensile material for commercial vehicles.
Development of Dual Phase Grade DP600 through CT Control in ROT will help
Development of Dual Phase Grade DP600 through to cater to growing requirements of Dual Phase Grade for various automotive
CT Control in ROT applications such as WheelDiscs and other structural components for improving
fatigue life and crash resistance.
(ii) Process Improvement: process efficiency. 5 flow meters & 3 density meters installed
till March 2019. Remaining measurement systems to be
Jamshedpur
installed & commissioned by May 2019.
Mining:
• Reducing misplacement of clean coal in Dense Media Cyclones
• Establishing application of GPS based advanced portable tool (‘DMCs’) by installation of real time monitoring system: An
to measure haul road parameters (gradient, curve radius, super order has been placed on Commonwealth Scientific and
elevation & rolling resistance) at Quarry - AB, West Bokaro. Industrial Research Organisation (Australia) through minor
This will help to identify haul road problems, determine capital scheme for procurement & installation of Electrical
severity and allocate maintenance resources accordingly to Impedance Spectrometer in 1 stream of DMCs (out of 4).
improve haul road conditions thereby reducing haul truck Installation to be completed by August 2019. Based on the
fuel consumption and increasing the tyre life. results, a decision for replication in the remaining streams
• Augmenting coal extraction ratio by increasing the backfilling would be taken.
rate at Bhelatand Colliery. Backfilling rate increased by ~24% • Integration of Intermediate size beneficiation circuit at
by installing fish tale arrangement for homogenous mixing of Washery#3: Through detailed lab & pilot scale studies, it has
water and sand. been established that introduction of an intermediate circuit
• Site selection & prefeasibility study for underground coal – Reflux Classifier for beneficiation of 0.5-0.15mm would
gasification at Jamadoba for unlocking value from remaining result in clean coal yield gain by ~3-4%. A detailed project
coal resource (~200MT) which is unviable through current report consisting of preliminary engineering for the modified
method of mining. All related baseline information/data circuit, piping and instrumentation, equipment selection,
is collated, Test bore hole drilling has been completed, specifications and general arrangement, project execution
hydro-geological & rock mechanics study is in progress. cost & duration prepared for approval & implementation.
Ore Beneficiation Technology

• New generation mixing mechanism in Washery#3 Flotation
cells: ~0.4% improvement in clean coal yield by replacement
Recovery of Iron value from Slime using High Gradient Magnetic of conventional rotor-stator in the flotation cells with a new
Separation (‘HGMS’) Technique: In absence of adequate generation mixing mechanism.
beneficiation facility at Noamundi, ~16% of wet Run of Mine is
discarded as slime having ~8% Al2O3 and ~55% Fe. HGMS trials • Hydrophobic Hydrophilic Separation – A non-conventional
on pilot scale indicated a potential to recover ~50% iron value fine coal beneficiation technology to achieve higher clean
from slime having ~3.3% Al2O3 and ~63% Fe. coal yields at lower ash & moisture simultaneously: Lab
scale results indicate a potential to enhance fine clean
Coal Beneficiation Technology coal yield by ~4% at lower ash (<9%) and moisture (<2%).
• Enhancing visibility of critical unit operations (Flotation, Based on the encouraging results, pilot scale studies to be
Vacuum Belt Filter, Reflux Classifier & Thickeners) at West carried out for establishing parameters such as specific
Bokaro washery#3 by installation of flow meter (6 nos), reagent consumption, losses and power consumption, etc.
density meter(6 nos) & turbidity meter (2 nos) to improve
191
Coal coke: • Predictive control for Total Dissolved Solid and Chemical
• Plastic trial at CP1 has established that
0.1% plastic in the Oxygen Demand of By-Product Plant waste water which helped
blend can be used without affecting coke quality in better control of Biological Oxygen Treatment process.
• Establishing a new low-cost Indonesian coal Characterisation & Specialty support:

(‘SMM’) for TSJ blend • Identification and development of Coal tar distillation Product:
• Resolving the coke dumping issue at I Blast Furnace In a collaborative project with National Physical Laboratory
(‘NPL’), Delhi all the coal tar samples generated in Tata steel
• Evaluation of four different Bharat Coking Coal Limited coals coke ovens have been characterised and its feasibility for
to support domestic coal buying team manufacturing high end distillation carbon product such as
needle coke and carbon fibre has been assessed. The suitable
Agglomeration:
collaboration agencies for carrying out the test work for
• Usage of coke dust (generated during screening of dry producing high end carbon product like needle coke/carbon
quenched coke) at the rate of 10 kg/tonne started in pellet fibre is identified.
plant. This helped in the replacement of costlier conventional
fuels such as coke breeze and anthracite in pelletising • Establishing LD slag for one of the component in Portland slag
cement: We have significantly progressed in the endeavour of
• Successful trial of carbon composite briquettes produced establishing LD slag as raw mix component in Portland slag
from plant reverts was carried out at C Blast Furnace resulting cement. In a collaborative project with National Council of
in reduction in coke rate by 25 kg/tHM cement and building material Faridabad (‘NCCBM’), LD slag
samples have been characterised and subsequent study is
Blast Furnaces:
in progress. We are in constant interaction with BIS and have
• Usingextruded carbon-composite briquettes in the BF managed to incorporate LD slag samples from other major
burden to reduce coke rate steel plants in India like Sail and JSW in the existing study with
• Curbing of raw flux additions in blast furnaces by using a NCCBM. Successful completion of this project will help to get
predictive model acceptance from Bureau of Indian Standards which will lead
to complete evacuation of 0-6mm fraction of LD slag.
Ferro Alloys:
Kalinganagar
• Successfullyestablished new way of Silicon reduction in
ferrochrome at Bamnipal by addition of Chrome ore mines Raw Material Holding System
through a series of plant trials. The concept is going to be • Reduction in rail idle freight in Outbound logistics from 20.6%
operationalised in Financial Year 2019-20. in Financial Year 2017-18 to 16.6% in Financial Year 2018-19
• Metallurgical know-how for making Carbon composite • Improvement in Pulverised Coal Injection rate at Blast Furnace
chrome ore briquette at Ferro Alloy Plant, Gopalpur to lower from 150kg/tHM to 175 kg/tHM in Financial Year 2018-19 by
production cost & utilisation of plant waste is established and debottlenecking PCI circuit.
plant trial is on
• Reduction of water consumption in coke plant from
Process Visualisation & Diagnostics: 1.32 M3/TGC in Financial Year 2017-18 to 1.05 M3/TGC in
• Online Pile Visibility Model developed to facilitate reduction Financial Year 2018-19
in sinter chemistry variation at TSJ - RMBB2
Blast Furnace
• Development of anomaly detection-based tool to facilitate • Improvement in fuel rate at Blast furnace from 555 kg/tHM to
quick process diagnosis 540 kg/tHM using advance analytics
• Coke Oven Wall Health Monitoring System Development and • Improvement in Blast Furnace coke yield from 65% in
Deployment at TSJ and TSK using Push Force Profile Financial Year 2017-18 to 71% in Financial Year 2018-19.
Process Energy & Emission: Steel Melting Shop (‘SMS’)
• Intermittent disposal of last of Electrostatic Precipitator • Improvement in casting speed of SMS Caster from 1.20
dust in sinter plants implemented in all sinter plants Mtr/Min in Financial Year 2017-18 to 1.24 Mtr/Min in
which resulted in reduction of 10-15 mg/nm3 Suspended Financial Year 2018-19
Particulate Matter level
• Reduction of Hot Metal and Scrap in SMS from 1,118
kg/tcs in Financial Year 2017-18 to 1,111.8 kg/tcs in
Financial Year 2018-19

• Reduction of lime consumption in SMS from 75.36 kg/tcs in • Bake hardening steel development through Jamshedpur
Financial Year 2017-18 to 70.7 kg/tcs in Financial Year 2018-19
• Continuous Annealing & Processing Company Private Limited
Hot Strip Mill for automotive Commercial Vehicle segment
• Roughing Mill speed optimised through benchmarking with • Development of Eco-friendly passivation for Galvano to
Jamshedpur and Tata Steel BSL Limited (‘TSBSL’) eliminate pre-treatment process at Customer end
• Achieved better product properties through usage of lesser • HC 80A with improved torsion properties to meet
number of Finishing Mill stands (Use of 5 stands instead of 7 Customer demand
stands) for thicker sections
• Gr 3[Staple] for high speed wire drawing were to supply
• Installed Laminar water header before Finishing Mill to avoid to niche Customer
rescaling and hence Rolled in Scale defect
• WR3M for high speed wire drawing increased
• Extra-to-order tonnage reduced by 80% because of width productivity by 30%
deviation by set up optimisation using advance analytics.
• HC82BCr[LR] for single Low Relaxation Prestressed Concrete
• Slab and Coil image identification mechanism for wire – Entry into new segment
avoiding Rank-A defect
• Fe 550D rebars with higher ductility
• Improve product yield by avoiding discarding prime material • Fe 600 rebars with higher strength and ductility
through usage of High resolution movable camera for
detecting defects at offline inspection station Kalinganagar
(iii) Product Development • Volume Ramp up of all Automotive grades including critical
grades such as HS800 @4kt/month, TPI Grades @ 8kt
Jamshedpur
• Tata Shakti, Tata Kosh and Tata Steelium launched and now, it • Development of Automotive Grades such as IF, FB780,
JSH590BN, DP780, DP980, SPFH590 & HS1000 to improve Tata
will be commercialised through TSBSL
Steel’s share of business in growing Automotive markets
• Ford Global Approval for Galvanised automotive application.
2. Benefits derived from key projects:
Project title Benefits derived
Jamshedpur
Roughing mill window expansion for Skin panel rolling in HSM 8000 tonnes extra skin panel volume. Saving potential ~ 41 crore/annum
Increase in rolling speed of 10, 12 and 16 mm rebar. One of the enabler
Improvement of productivity of New Bar Mill (‘NBM’) by to pave a way to cross the ABP target of NBM and reach the milestone
optimising water-box cooling using first principle-based model
of 1.037 MT in Financial Year 2018-19.
Improve the consistency in microstructure in high end High Reduction in customer complaints and increase in productivity
Carbon wire rods at customer end.
Successful Trial of HPPI grate bars >1 crore/annum (potential)
Aluminum control prediction model (‘ACPM’) for bath chemistry Improvement in quality of galvanised automotive products from
based on mill signal Continuous Galvanizing Line #2
Kalinganagar
Development of customised wagon builder led to 24% reduction in rail
Reduction in rail idle freight in Outbound logistics
idle weight through optimised loading of coils in wagons
Implementation of slag detection system in convertor and caster led to
Reduction of HM+Scrap in SMS
reduction in HM+Scrap by 6 kg/tcs
Increase in maximum casting speed of peritectic grades with
Improvement in casting speed of SMS Caster development of high speed casting powder led to increase in
throughput of SMS
Improvement in PCI rate at BF TSK from 150kg/tHM to
PCI mill availability increased to 92% in Financial Year 2018-19 as
175 kg/tHM inFinancial Year 2018-19 by compared to baseline of 85%. Due to this, PCI injection level increased
debottlenecking PCI circuit.
Reduction of fuel rate at Blast furnace from 555kg/tHM to Fuel rate improved from the baseline level of 555 kg/tHM in H1
540 kg/tHM using advance analytics Financial Year 2018-19 to 540 kg/tHM
193
3. Information regarding imported technology (last three years)

Sl. No. Technology imported Year Status
Jamshedpur
1. Slab Deburring & Slab Marking Machine in Caster# 1 & 3
2. Installation of Torch Cutting Machine in Caster# 1 & 3
3. Installation of Tension Leveller at CGL#1
4. Coil Box revamp at HSM
5. Installation & Commissioning of Twin RH Facility
6. Installation of 4th Grinder
2017
7. Installation of Surface Inspection System for TSCR
8. Installation of new Slab Scarfing machine
9. Power augmentation at BFRS
10. Fire fighting system at LD gas holder
11. Hot Rolled Skin Pass & Oiled (‘HRSPO’) coils at CRM Bara (Ph-II)
12. Barrel reclaimer
13. Conveyors for pre-screening plant at Noamundi
14. E BF Re-lining Commissioned
15. H BF - Augmentation of electrics
16. SP#2 Dedusting system
2018
17. Coke Oven Flare Stack
18. Upgradation of RCL1 at CRM
19. Dust extraction system at H BF Stockhouse
20. LD Slag processing plant
21. LD#2 Secondary emission Project-ESP-3 system
22. HSM Furnace skid revamping
23. Torch cutting at IBMD
24. Replacement of Boiler # 3 at PH#4 2019
25. Modification of Induration Burner at Pellet Plant
26. CDQ#10 and Power Plant
Kalinganagar
27. Dynamic Soft Reduction facility in Slab Caster 2017
28. Installation of Slab tilter facility at Steel Melt Shop Commissioned
2018
29. Installation of RH Degasser facility at Steel Melt Shop
4. Expenditure on Research & Development (R&D)

(` crore)
(a) Capital 2.82
(b) Recurring 212.97
(c) Total 215.79
(d) Total R&D expenditure as a % of Total Turnover 0.31
(C) Foreign Exchange Earnings and Outgo

(` crore)
FY 2018-19 FY 2017-18
Foreign exchange earnings 6,497.94 5,898.19
Value of direct imports (C.I.F. Value) 14,519.26 13,355.43
Expenditure in foreign currency 450.04 334.94
sd/-
N. CHANDRASEKARAN
Mumbai Chairman
April 25, 2019 DIN: 00121863

FINANCIAL HIGHLIGHTS
(` crore)
Tata Steel Standalone Tata Steel Group

2018-19 2017-18 2018-19 2017-18
Revenue from operations 70,610.92 60,519.37 1,57,668.99 1,24,109.69
Profit/(loss) before tax 16,227.25 6,638.25 15,905.72 20,956.09
Profit/(loss) after tax (including discontinued operations) 10,533.19 4,169.55 9,098.33 17,762.81
Dividends 1,145.92 971.22 1,144.76 970.05
Retained earnings 27,694.90 18,700.25 14,056.43 7,801.99
Capital employed 1,10,238.18 98,174.73 1,84,565.65 1,64,524.06
Net worth 72,729.71 63,789.84 71,289.54 61,807.14
Borrowings 29,701.47 28,125.80 1,00,816.22 92,147.05
Ratio Ratio
Net debt: Equity 0.42 0.15 1.43 1.37
` `
Net worth per share as at year end 634.68 556.67 622.75 539.92
Earnings per share:
Basic 90.41 38.57 87.75 128.12
Diluted 90.40 38.56 87.74 128.10
Dividend declared per Ordinary Share 13.00 10.00 13.00 10.00
Employees (Numbers) 32,984 34,072 75,294 65,144
Shareholders (Numbers) 8,09,578 7,81,392
195
STANDALONE
FINANCIAL RATIOS
Tata Steel Standalone Tata Steel Group

2018-19 2017-18 2018-19 2017-18
1. EBITDA/Turnover 29.38% 26.11% 18.88% 17.22%
2. PBET/Turnover 23.14% 16.53% 10.16% 9.15%
3. Return on average capital employed 16.26% 13.09% 12.98% 10.87%
4. Return on average net worth 15.43% 7.21% 13.67% 35.09%
5. Asset turnover 72.19% 60.02% 69.20% 64.69%
6. Inventory turnover (in days) 60 67 72 80
7. Debtors turnover (in days) 8 12 28 35
8. Gross block to net block 1.22 1.17 1.40 1.47
9. Net debt to equity 0.42 0.15 1.43 1.37
10. Current ratio 0.73 0.91 1.39 1.46
11. Interest service coverage ratio 9.57 7.03 4.38 4.13
12. Net worth per share (`) 634.68 556.67 622.75 539.92
13. Basic earnings per share - continuing operations (`) 90.41 38.57 88.32 126.39
Basic earnings per share - continuing and discontinued (`) 90.41 38.57 87.75 128.12
14. Dividend payout 17% 33% 20% 8%
15. P/E ratio 5.76 14.80 5.90 4.52
1. EBITDA/Turnover 7. Debtors Turnover: Average Debtors/Turnover in days

(EBITDA: PBT +/(-) Exceptional Items + Net Finance Charges 8. Gross Block to Net Block: Gross Block/Net Block
+ Depreciation and amortisation - Share of results of equity
(Gross Block: Cost of tangible assets + Capital work in progress +
accounted investments )
Cost of intangible assets + Intangible assets under development)
(Net Finance Charges: Finance costs - Interest income - Dividend

(Net Block: Gross Block - Accumulated depreciation and
income from current investments - Net gain/(loss) on sale of
amortisation - Accumulated impairment)
current investments)
9. Net Debt to Equity: Net Debt/Average Net Worth
(Turnover: Revenue from Operations)

(Net Debt: Non-current borrowings + Current maturities
2. PBET/Turnover
of Non-current borrowings and Finance Lease Obligations
Profit before exceptional items and tax/Turnover + Current borrowings - Current Investments - Non-current
balances with banks - Cash and Bank Balances)
3.
Return on Average Capital Employed: EBIT/Average
Capital Employed 10.
Current Ratio: Current Assets including assets held for sale
(excluding current investments)/Current Liabilities including

(Capital Employed: Total Equity + Non-current
liabilities held for sale
Borrowings + Current maturities of Non-current
borrowings and Finance Lease Obligations + (Current liabilities: Trade Payables + Other current liabilities
Current Borrowings + Deferred tax liabilities) + Short-term provisions - Current maturities of Non-current
borrowings and Finance Lease Obligations)
(EBIT: PBT +/(-) Exceptional Items + Net Finance Charges)
11.
Interest Service Coverage Ratio: EBIT/Net Finance Charges
4.
Return on Average Net worth: PAT (including discontinued
(excluding interest on short term debts)
operations)/Average Net worth
12. Net worth per share: Net Worth/Number of Equity Shares
(Net worth: Total equity + Preference Shares issued by subsidiary
companies + Warrants issued by a subsidiary company + Hybrid 13.
Basic Earnings per share: Profit attributable to Ordinary
Perpetual Securities) Shareholders/Weighted average number of Ordinary Shares
5. Asset Turnover: Turnover/(Total Assets - Investments - Advance 14. Dividend Payout: Proposed dividend for the year (includes tax
Against Equity) on dividend)/Profit after tax
6. Inventory Turnover: Average Inventory/Sale of Products in days 15.
P/E Ratio: Market Price per share/Basic Earnings per
share-continuing operations

PRODUCTION STATISTICS
’000 Tonnes
Iron Coal Iron Crude Rolled/ Plates Sheets Hot Cold Railway Semi- Total
Ore steel Forged Bars Rolled Rolled Materials Finished Saleable
Year and Coils/ Coils for Sale Steel
Structurals Strips
1989-90 3,726 3,754 2,268 2,323 553 91 117 155 - 17 1,033 1,913
1990-91 3,509 3,725 2,320 2,294 558 88 118 153 - 14 1,013 1,901
1991-92 3,996 3,848 2,400 2,415 599 92 123 170 - 9 1,045 1,978
1992-93 4,126 3,739 2,435 2,477 575 78 122 163 - 7 1,179 2,084
1993-94 4,201 3,922 2,598 2,487 561 - 124 281 - 6 1,182 2,117
1994-95 4,796 4,156 2,925 2,788 620 - 137 613 - 2 1,074 2,391
1995-96 5,181 4,897 3,241 3,019 629 - 133 1,070 - - 869 2,660
1996-97 5,766 5,294 3,440 3,106 666 - 114 1,228 - - 811 2,783
1997-98 5,984 5,226 3,513 3,226 634 0 60 1,210 0 0 1,105 2,971
1998-99 6,056 5,137 3,626 3,264 622 0 0 1,653 0 0 835 3,051
1999-00 6,456 5,155 3,888 3,434 615 0 0 2,057 0 0 615 3,262
2000-01 6,989 5,282 3,929 3,566 569 0 0 1,858 356 0 647 3,413
2001-02 7,335 5,636 4,041 3,749 680 0 0 1,656 734 0 566 3,596
2002-03 7,985 5,915 4,437 4,098 705 0 0 1,563 1,110 0 563 3,975
2003-04 8,445 5,842 4,466 4,224 694 0 0 1,578 1,262 0 555 4,076
2004-05 9,803 6,375 4,347 4,104 706 0 0 1,354 1,445 0 604 4,074
2005-06 10,834 6,521 5,177 4,731 821 0 0 1,556 1,495 0 679 4,551
2006-07 9,776 7,041 5,552 5,046 1,230 0 0 1,670 1,523 0 506 4,929
2007-08 10,022 7,209 5,507 5,014 1,241 0 0 1,697 1,534 0 386 4,858
2008-09 10,417 7,282 6,254 5,646 1,350 0 0 1,745 1,447 0 833 5,375
2009-10 12,044 7,210 7,231 6,564 1,432 0 0 2,023 1,564 0 1,421 6,439
2010-11 13,087 7,024 7,503 6,855 1,486 0 0 2,127 1,544 0 1,534 6,691
2011-12 13,189 7,460 7,750 7,132 1,577 0 0 2,327 1,550 0 1,514 6,970
2012-13 15,005 7,295 8,858 8,130 1,638 0 0 3,341 1,445 0 1,518 7,941
2013-14 17,364 6,972 9,899 9,155 1,676 0 0 4,271 1,638 0 1,346 8,931
2014-15 13,694 6,044 10,163 9,331 1,778 0 0 4,259 1,836 0 1,200 9,073
2015-16 16,431 6,227 10,655 9,960 1,823 0 0 4,742 1,689 0 1,443 9,698
2016-17 21,284 6,315 13,051 11,683 1,882 0 0 6,295 1,837 0 1,481 11,351
2017-18 23,043 6,224 13,855 12,482 1,882 0 0 7,093 1,853 0 1,481 12,237
2018-19 23,374 6,546 14,237 13,228 1,959 0 0 7,801 1,858 0 1,386 12,980
FINANCIAL STATISTICS
(` crore)
Capital Reserves Borrow- Gross Net Invest- Total Total Depre- Profit Tax Profit Dividend#
Year and ings Block Block ments Income Expen- ciation before after
Surplus diture c Tax Tax
2016-17 3,246.42 48,687.59 28,284.63 87,987.34 78,731.11 13,665.71 53,675.42 44,776.94 3,541.55 5,356.93 1,912.38 3,444.55 924.71
2017-18 3,421.14 60,368.70 28,125.80 90,354.85 77,402.35 24,276.93 61,283.03 50,917.32 3,727.46 6,638.25 2,468.70 4,169.55 1,159.63
2018-19 3,421.12 69,308.59 29,701.47 93,762.15 77,018.31 39,406.72 73,016.00 52,985.79 3,802.96 16,227.25 5,694.06 10,533.19 1,370.78
c Expenditure includes excise duty recovered on sales.
# Includes tax on dividend.
197
STANDALONE
DIVIDEND STATISTICS
First Preference Second Preference Ordinary Total

(`150) (`100) (`100 upto 1988-89 `lakh
and `10 from 1989-90)c
Year
Rate Dividend Rate Dividend @ Tax on Rate* Dividend @ Tax on
` ` lakh ` ` lakh dividend ` ` lakh dividend
` lakh ` lakh
1989-90 – – – – – 3.00 a,b 5,059.30 – 5,059.30
1990-91 – – – – – 3.10 7,134.23 – 7,134.23
1991-92 – – – – – 3.50 8,054.78 – 8,054.78
1992-93 – – – – – 2.50 c 6,482.21 – 6,482.21
1993-94 – – – – – 3.00 d 9,655.44 – 9,655.44

1994-95 – – – – – 3.50 e 11,823.94 – 11,823.94
1995-96 – – – – – 4.50 f 15,697.11 – 15,697.11
1996-97 – – – – – 4.50 18,222.25 1,656.57 18,222.25
1997-98 – – – – – 4.00 16,198.05 1,472.55 16,198.05
1998-99 – – – – – 4.00 16,329.05 1,618.19 16,329.05

1999-00 – – 9.25 860.80 85.30 4.00 16,329.07 1,618.20 17,189.87
2000-01 – – – 1,496.58 g,h 275.88 5.00 20,264.09 1,875.50 21,760.67
2001-02 – – 8.42 228.33 21.13 4.00 14,710.88 – 14,939.21
2002-03 – – – – – 8.00 33,299.88 3,781.33 33,299.88
2003-04 – – – – – 10.00 41,625.77 4,727.58 41,625.77

2004-05 – – – – – 13.00 82,137.22 10,185.74 82,137.22
2005-06 – – – – – 13.00 82,042.66 10,092.00 82,042.66
2006-07 – – – – 15.50 1,10,432.51 16,041.72 1,10,432.51
2007-08 – – 0.4i 2,596.11 377.12 16.00 1,36,759.54 19,866.05 1,39,355.65
2008-09 – – 2.00 12,805.48 1,860.16 16.00 1,36,443.72 19,549.31 1,49,249.20

2009-10 – – 2.00 5,367.78 779.74 8.00 82,477.15 11,500.02 87,844.93
2010-11 – – – – – 12.00 1,30,777.35 15,671.62 1,30,777.35
2011-12 – – – – – 12.00 1,34,703.22 18,157.49 1,34,703.22
2012-13 – – – – – 8.00 90,569.91 12,872.69 90,569.91
2013-14 – – – – – 10.00 1,03,740.40 6,618.86 1,03,740.40

2014-15 – – – – – 8.00 92,627.74 14,930.51 92,627.74
2015-16 – – – – – 8.00 92,471.69 14,774.46 92,471.69
2016-17 – – – – – 10.00 1,16,893.21 19,771.66 1,16,893.21
2017-18 – – – – – 10.00j 1,38,147.27 23,554.82 1,38,147.27
2018-19 – – – – – 13.00 1,79,587.42 30,620.57 1,79,587.42
a The Ordinary Shares of `100 each have been sub-divided into Ordinary Shares of `10 each during 1989-90 and the rate of Dividend is per Ordinary Share of
`10 each.
b On the Capital as increased by shares allotted on Conversion of Convertible Debentures.
c On the Capital as increased by Rights Issue of Ordinary Shares during 1992-93.
d On the Capital as increased by Ordinary Shares issued during 1993-94 against Detachable Warrants.
e On the Capital as increased by Ordinary Shares issued during 1994-95 against Detachable Warrants and Foreign Currency Convertible Bonds.
f On the Capital as increased by Ordinary Shares issued during 1995-96 against Detachable Warrants, Foreign Currency Convertible Bonds and Naked Warrants.
g Includes Dividend of `22.30 lakhs on 9.25% Cumulative Redeemable Preference Shares for the period April 1, 2000 to June 27, 2000.
h Includes Dividend of `1,198.40 lakhs on 8.42% Cumulative Redeemable Preference Shares for the period June 1, 2000 to March 31, 2001.
i Dividend paid for 74 days.
j On the Capital as increased by Rights Issue of Ordinary Shares during 2017-18.
* Dividend proposed for the year
@ Includes tax on dividend.

INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF TATA STEEL LIMITED
Report on the Audit of the Standalone Financial Statements Basis for Opinion
Opinion 3.
We conducted our audit in accordance with the Standards
1.
We have audited the accompanying Standalone Financial on Auditing (SAs) specified under Section 143(10) of the Act.
Statements of Tata Steel Limited (“the Company”), which Our responsibilities under those Standards are further described
comprise the Balance Sheet as at March 31, 2019, the Statement in the Auditor’s Responsibilities for the Audit of the Standalone
of Profit and Loss (including Other Comprehensive Income), the Financial Statements section of our report. We are independent
Statement of Changes in Equity and the Statement of Cash Flows of the Company in accordance with the Code of Ethics issued
for the year then ended, and Notes to the Standalone Financial by the Institute of Chartered Accountants of India together with
Statements, including a summary of significant accounting the ethical requirements that are relevant to our audit of the
policies and other explanatory information (hereinafter referred Standalone Financial Statements under the provisions of the
to as “the Standalone Financial Statements”). Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements
2. In our opinion and to the best of our information and according and the Code of Ethics. We believe that the audit evidence we
to the explanations given to us, the aforesaid Standalone have obtained is sufficient and appropriate to provide a basis
Financial Statements give the information required by the for our opinion.
Companies Act, 2013 (“the Act”) in the manner so required
and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of
the Company as at March 31, 2019, its total comprehensive
income (comprising of profit and other comprehensive income),
its changes in equity and its cash flows for the year then ended.
199
STANDALONE
Key Audit Matters

4. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Standalone Financial
Statements of the current year. These matters were addressed in the context of our audit of the Standalone Financial Statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter How our audit addressed the Key Audit Matter
Assessment of litigations and related disclosure of Our audit procedures included the following:
contingent liabilities
• We understood, assessed and tested the design and operating
[Refer to Note 2 (c) to the Standalone Financial Statements– “Use effectiveness of key controls surrounding assessment of
of estimates and critical accounting judgements – Provisions and litigations relating to the relevant laws and regulations;
contingent liabilities”, Note 36 (A) to the Standalone Financial
Statements – “Contingencies” and Note 37 to the Standalone
• We discussed with management the recent developments and
the status of the material litigations which were reviewed and
Financial Statements – “Other significant litigations”]
noted by the audit committee;
As at March 31, 2019, the Company has exposures towards
litigations relating to various matters as set out in the
• We performed our assessment on a test basis on the underlying
calculations supporting the contingent liabilities/other
aforesaid Notes.
significant litigations made in the Standalone
Significant management judgement is required to assess such Financial Statements;
matters to determine the probability of occurrence of material
outflow of economic resources and whether a provision should
• We used auditor’s experts to gain an understanding and to
evaluate the disputed tax matters;
be recognised, or a disclosure should be made. The management
judgement is also supported with legal advice in certain cases as • We considered external legal opinions, where relevant,
considered appropriate. obtained by management;
As the ultimate outcome of the matters are uncertain and the • We met with the Company’s external legal counsel to
positions taken by the management are based on the application understand the interpretation of laws/regulations considered
of their best judgement, related legal advice including those by the management in their assessment relating to a
relating to interpretation of laws/regulations, it is considered to be material litigation;
a Key Audit Matter.
• We evaluated management’s assessments by understanding
precedents set in similar cases and assessed the reliability of the
management’s past estimates/judgements;
• We evaluated management’s assessment around those matters
that are not disclosed or not considered as contingent liability, as
the probability of material outflow is considered to be remote by
the management; and
• We assessed the adequacy of the Company’s disclosures.
Based on the above work performed, management’s assessment in
respect of litigations and related disclosures relating to contingent
liabilities/other significant litigations in the Standalone Financial
Statements are considered to be reasonable.

Assessment of carrying value of equity investments in Our audit procedures included the following:
subsidiaries, associates and joint ventures and fair value of
other investments
• We obtained an understanding from the management, assessed
and tested the design and operating effectiveness of the
[Refer to Note 2 (c) to the Standalone Financial Statements – “Use Company’s key controls over the impairment assessment and
of estimates and critical accounting judgements – Impairment fair valuation of material investments.
and fair value measurements of financial instruments”, Note 2
(m) to the Standalone Financial Statements – “Investments in
• We evaluated the Company’s process regarding impairment
assessment and fair valuation by involving auditor’s valuation
subsidiaries, associates and joint ventures”, Note 2(n)(I) to the
experts to assist in assessing the appropriateness of the valuation
Standalone Financial Statements – “Financial assets”, Note 6 to the
model including the independent assessment of the underlying
Standalone Financial Statements – “Investments in subsidiaries,
assumptions relating to discount rate, terminal value etc.
associates and joint ventures”, Note 7 to the Standalone Financial
Statements – “Investments” and Note 39 (b) to the Standalone • We assessed the carrying value/fair value calculations of
Financial Statements – “Fair value hierarchy”] all individually material investments, where applicable, to
determine whether the valuations performed by the Company
The Company has equity investments in various subsidiaries,
were within an acceptable range determined by us and the
associates, joint ventures and other companies. It also has made
auditor’s valuation experts.
investments in preference shares in certain subsidiaries/associates
and debentures in a joint venture. • We evaluated the cash flow forecasts (with underlying economic
growth rate) by comparing them to the approved budgets and
The Company accounts for equity investments in subsidiaries,
our understanding of the internal and external factors.
associates and joint ventures at cost (subject to impairment
assessment) and other investments at fair value. • We checked the mathematical accuracy of the impairment
model and agreed relevant data back to the latest budgets,
For investments carried at cost where an indication of impairment
actual past results and other supporting documents.
exists, the carrying value of investment is assessed for impairment
and where applicable an impairment provision is recognised, if • We assessed the Company’s sensitivity analysis and evaluated
required, to its recoverable amount. whether any reasonably foreseeable change in assumptions
could lead to impairment or material change in fair valuation.
For investments carried at fair values, a fair valuation is done at the
year-end as required by Ind AS 109. In case of certain investments, • We discussed with the component auditors of certain entities
cost is considered as an appropriate estimate of fair value since to develop an understanding of the operating performance
there is a wide range of possible fair value measurements and and outlook used in their own valuation model and to assess
cost represents the best estimate of fair value within that range as consistency with the assumptions used in the model.
permitted under Ind AS 109.
• We had discussions with management to obtain an
The accounting for investments is a Key Audit Matter as the understanding of the relevant factors in respect of certain
determination of recoverable value for impairment assessment/fair investments carried at fair value where a wide range of fair
valuation involves significant management judgement. values were possible due to various factors such as absence
of recent observable transactions, restrictions on transfer of
The impairment assessment and fair valuation for such
shares, existence of multiple valuation techniques, investee’s
investments have been done by the management in accordance
varied nature of portfolio of investments for which significant
with Ind AS 36 and Ind AS 113 respectively.
estimates/judgements are required to arrive at fair value.
The key inputs and judgements involved in the impairment/fair
valuation assessment of unquoted investments include:
• We evaluated the adequacy of the disclosures made in the
Standalone Financial Statements.
• Forecast cash flows including assumptions on growth rates
Based on the above procedures performed, we did not identify
• Discount rates any significant exceptions in the management’s assessment in
relation to the carrying value of equity investments in subsidiaries,
• Terminal growth rate
associates and joint ventures and fair value of other investments.
Economic and entity specific factors are incorporated in valuation
used in the impairment assessment.
201
STANDALONE
Other Information The Board of Directors is also responsible for overseeing the
5. The Company’s Board of Directors is responsible for the other Company’s financial reporting process.
information. The other information comprises the information
Auditor’s Responsibilities for the Audit of the Standalone
in the Integrated Report, Board’s Report alongwith its Annexures
Financial Statements
and Financial Highlights included in the Company’s Annual
Report (titled as ‘Tata Steel Integrated Report & Annual Accounts 8.
Our objectives are to obtain reasonable assurance about
2018-19’), but does not include the financial statements and our whether the Standalone Financial Statements as a whole are
auditor’s report thereon. free from material misstatement, whether due to fraud or
error, and to issue an auditor’s report that includes our opinion.
Our opinion on the Standalone Financial Statements does not Reasonable assurance is a high level of assurance, but is not a
cover the other information and we do not express any form of guarantee that an audit conducted in accordance with SAs
assurance conclusion thereon. will always detect a material misstatement when it exists.
In connection with our audit of the Standalone Financial Misstatements can arise from fraud or error and are considered
Statements, our responsibility is to read the other information material if, individually or in the aggregate, they could
and, in doing so, consider whether the other information is reasonably be expected to influence the economic decisions
materially inconsistent with the Standalone Financial Statements of users taken on the basis of these Standalone
or our knowledge obtained in the audit or otherwise appears Financial Statements.
to be materially misstated. If, based on the work we have 9.
As part of an audit in accordance with SAs, we exercise
performed, we conclude that there is a material misstatement of professional judgement and maintain professional scepticism
this other information, we are required to report that fact. throughout the audit. We also:
We have nothing to report in this regard. • Identify and assess the risks of material misstatement of the
Standalone Financial Statements, whether due to fraud or
Responsibilities of Management and Those Charged with
error, design and perform audit procedures responsive to
Governance for the Standalone Financial Statements
those risks, and obtain audit evidence that is sufficient and
6. The Company’s Board of Directors is responsible for the matters appropriate to provide a basis for our opinion. The risk of not
stated in Section 134(5) of the Act with respect to the preparation detecting a material misstatement resulting from fraud is
of these Standalone Financial Statements that give a true and fair higher than for one resulting from error, as fraud may involve
view of the financial position, financial performance, changes in collusion, forgery, intentional omissions, misrepresentations,
equity and cash flows of the Company in accordance with the or the override of internal control.
accounting principles generally accepted in India, including
the Accounting Standards specified under Section 133 of the • Obtain an understanding of internal control relevant to the
Act. This responsibility also includes maintenance of adequate audit in order to design audit procedures that are appropriate
accounting records in accordance with the provisions of the Act in the circumstances. Under Section 143(3)(i) of the Act, we
for safeguarding of the assets of the Company and for preventing are also responsible for expressing our opinion on whether
and detecting frauds and other irregularities; selection and the Company has adequate internal financial controls with
application of appropriate accounting policies; making reference to Standalone Financial Statements in place and the
judgements and estimates that are reasonable and prudent; and operating effectiveness of such controls.
design, implementation and maintenance of adequate internal • Evaluate the appropriateness of accounting policies used
financial controls, that were operating effectively for ensuring and the reasonableness of accounting estimates and related
the accuracy and completeness of the accounting records, disclosures made by management.
relevant to the preparation and presentation of the Standalone
Financial Statements that give a true and fair view and are free • Conclude on the appropriateness of management’s use of
from material misstatement, whether due to fraud or error. the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
7. In preparing the Standalone Financial Statements, management exists related to events or conditions that may cast significant
is responsible for assessing the Company’s ability to continue as doubt on the Company’s ability to continue as a going
a going concern, disclosing, as applicable, matters related to concern. If we conclude that a material uncertainty exists, we
going concern and using the going concern basis of accounting are required to draw attention in our auditor’s report to the
unless management either intends to liquidate the Company or related disclosures in the Standalone Financial Statements
to cease operations, or has no realistic alternative but to do so. or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up

to the date of our auditor’s report. However, future events or (d)

In our opinion, the aforesaid Standalone Financial
conditions may cause the Company to cease to continue as Statements comply with the Accounting Standards
a going concern. specified under Section 133 of the Act.
• Evaluate the overall presentation, structure and content of the (e) On the basis of the written representations received from
Standalone Financial Statements, including the disclosures, the directors taken on record by the Board of Directors,
and whether the Standalone Financial Statements represent none of the directors is disqualified as on March 31, 2019
the underlying transactions and events in a manner that from being appointed as a director in terms of Section 164
achieves fair presentation. (2) of the Act.
10.
We communicate with those charged with governance (f )
With respect to the adequacy of the internal financial
regarding, among other matters, the planned scope and controls with reference to Standalone Financial Statements
timing of the audit and significant audit findings, including of the Company and the operating effectiveness of such
any significant deficiencies in internal control that we identify controls, refer to our separate Report in Annexure A.
during our audit.
(g)
With respect to the other matters to be included in
11. We also provide those charged with governance with a statement the Auditor’s Report in accordance with Rule 11 of the
that we have complied with relevant ethical requirements Companies (Audit and Auditors) Rules, 2014, in our opinion
regarding independence, and to communicate with them and to the best of our information and according to the
all relationships and other matters that may reasonably be explanations given to us:
thought to bear on our independence, and where applicable,
i.
The Company has disclosed the impact of pending
related safeguards.
litigations as on March 31, 2019 on its financial position in
12.
From the matters communicated with those charged with its Standalone Financial Statements – Refer Notes 36 (A)
governance, we determine those matters that were of most and 37 to the Standalone Financial Statements.
significance in the audit of the Standalone Financial Statements
ii. The Company has long-term contracts including derivative
of the current year and are therefore the Key Audit Matters.
contracts as on March 31, 2019 for which there were no
We describe these matters in our auditor’s report unless law or
material foreseeable losses.
regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter iii.
There has been no delay in transferring amounts,
should not be communicated in our report because the adverse required to be transferred, to the Investor Education and
consequences of doing so would reasonably be expected to Protection Fund by the Company during the year ended
outweigh the public interest benefits of such communication. March 31, 2019 except for amounts aggregating to `5.21
crore, which according to the information and explanations
Report on Other Legal and Regulatory Requirements provided by the management is held in abeyance due to
13. As required by the Companies (Auditor’s Report) Order, 2016 dispute/pending legal cases.
(“the Order”), issued by the Central Government of India in
iv. The reporting on disclosures relating to Specified Bank
terms of sub-section (11) of Section 143 of the Act, we give in the
Notes is not applicable to the Company for the year ended
Annexure B a statement on the matters specified in paragraphs
March 31, 2019.
3 and 4 of the Order, to the extent applicable.
14. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and For Price Waterhouse & Co Chartered Accountants LLP
explanations which to the best of our knowledge and belief Firm Registration Number: 304026E/ E-300009
were necessary for the purposes of our audit. Chartered Accountants
(b) In our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from
our examination of those books. Russell I Parera
(c)
The Balance Sheet, the Statement of Profit and Loss Place: Mumbai Partner
(including Other Comprehensive Income), the Statement
Date: April 25, 2019 Membership Number 042190
of Changes in Equity and the Statement of Cash Flows
dealt with by this Report are in agreement with the
books of account.
203
STANDALONE
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT
Referred to in paragraph 14(f) of the Independent Auditor’s system with reference to Standalone Financial Statements and
Report of even date to the members of Tata Steel Limited on their operating effectiveness. Our audit of internal financial
the Standalone Financial Statements as of and for the year controls with reference to Standalone Financial Statements
ended March 31, 2019 included obtaining an understanding of internal financial
controls with reference to Standalone Financial Statements,
Report on the Internal Financial Controls with reference to assessing the risk that a material weakness exists, and testing and
Standalone Financial Statements under Clause (i) of Sub-section evaluating the design and operating effectiveness of internal
3 of Section 143 of the Companies Act, 2013 (“the Act”) control based on the assessed risk. The procedures selected
1. We have audited the internal financial controls with reference depend on the auditor’s judgement, including the assessment
to Standalone Financial Statements of Tata Steel Limited (“the of the risks of material misstatement of the Standalone Financial
Company”) as of March 31, 2019 in conjunction with our audit Statements, whether due to fraud or error.
of the Standalone Financial Statements of the Company for the 5. We believe that the audit evidence we have obtained is sufficient
year ended on that date. and appropriate to provide a basis for our audit opinion on the
Company’s internal financial controls system with reference to
Management’s Responsibility for Internal Financial Controls Standalone Financial Statements.
2. The Company’s management is responsible for establishing
and maintaining internal financial controls based on the Meaning of Internal Financial Controls with reference to
internal control over financial reporting criteria established financial statements
by the Company considering the essential components of 6.
A company’s internal financial controls with reference to
internal control stated in the Guidance Note on Audit of financial statements is a process designed to provide reasonable
Internal Financial Controls Over Financial Reporting issued assurance regarding the reliability of financial reporting and
by the Institute of Chartered Accountants of India (ICAI). the preparation of financial statements for external purposes
These responsibilities include the design, implementation and in accordance with generally accepted accounting principles.
maintenance of adequate internal financial controls that were A company’s internal financial controls with reference to financial
operating effectively for ensuring the orderly and efficient statements includes those policies and procedures that (1)
conduct of its business, including adherence to company’s pertain to the maintenance of records that, in reasonable detail,
policies, the safeguarding of its assets, the prevention and accurately and fairly reflect the transactions and dispositions of
detection of frauds and errors, the accuracy and completeness the assets of the company; (2) provide reasonable assurance that
of the accounting records, and the timely preparation of reliable transactions are recorded as necessary to permit preparation
financial information, as required under the Act. of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures
Auditor’s Responsibility of the company are being made only in accordance with
3. Our responsibility is to express an opinion on the Company’s authorisations of management and directors of the company;
internal financial controls with reference to Standalone and (3) provide reasonable assurance regarding prevention or
Financial Statements based on our audit. We conducted our timely detection of unauthorised acquisition, use or disposition
audit in accordance with the Guidance Note on Audit of Internal of the company’s assets that could have a material effect on the
Financial Controls Over Financial Reporting (the “Guidance financial statements.
Note”) and the Standards on Auditing deemed to be prescribed
under Section 143(10) of the Act to the extent applicable to Inherent Limitations of Internal Financial Controls with
an audit of internal financial controls, both applicable to an reference to financial statements
audit of internal financial controls and both issued by the ICAI. 7. Because of the inherent limitations of internal financial controls
Those Standards and the Guidance Note require that we comply with reference to financial statements, including the possibility
with ethical requirements and plan and perform the audit to of collusion or improper management override of controls,
obtain reasonable assurance about whether adequate internal material misstatements due to error or fraud may occur and not
financial controls with reference to Standalone Financial be detected. Also, projections of any evaluation of the internal
Statements was established and maintained and if such controls financial controls with reference to financial statements to
operated effectively in all material respects. future periods are subject to the risk that the internal financial
controls with reference to financial statements may become
4.
Our audit involves performing procedures to obtain audit inadequate because of changes in conditions or that the degree
evidence about the adequacy of the internal financial controls of compliance with the policies or procedures may deteriorate.

Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to Standalone
Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating effectively
as at March 31, 2019, based on the internal control over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India.
For Price Waterhouse & Co Chartered Accountants LLP

Firm Registration Number: 304026E/ E-300009
Chartered Accountants
Russell I Parera
205
STANDALONE
ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT
Referred to in paragraph 13 of the Independent Auditor’s Management has a verification programme designed to cover
Report of even date to the members of Tata Steel Limited on the items over a period of three years. The discrepancies noticed
the Standalone Financial Statements as of and for the year on physical verification of inventory as compared to book
ended March 31, 2019 records were not material.
i. (a) The Company is maintaining proper records showing full iii. The Company has granted unsecured loans, to eleven companies
particulars, including quantitative details and situation, covered in the register maintained under Section 189 of the Act.
of fixed assets. The Company has not granted any loans, secured or unsecured,
to firms, Limited Liability Partnerships or other parties covered
(b) The fixed assets are physically verified by the Management
in the register maintained under Section 189 of the Act.
according to a phased programme designed to cover all the
items over a period of three years, which, in our opinion, (a) In respect of the aforesaid loans, the terms and conditions
is reasonable having regard to the size of the Company under which such loans were granted are not prejudicial
and the nature of its assets. Pursuant to the programme, to the Company’s interest except for two inter corporate
a portion of the fixed assets has been physically verified loans aggregating `0.52 crore granted to two joint venture
by the Management during the year and no material companies during the year ended March 31, 2019, with
discrepancies have been noticed on such verification. a maximum amount of `1.12 crore from the aforesaid
joint venture companies outstanding during the year.
(c)
According to the information and explanations given
These companies are under liquidation, and are therefore
to us and the records examined by us, the title deeds
in our opinion prejudicial to the Company’s interests.
of immovable properties, as disclosed in Note 3 on
property, plant and equipment to the Standalone Financial (b) In respect of the aforesaid loans, the schedule of repayment
Statements, are held in the name of the Company, except of principal and payment of interest has been stipulated
for the following: by the Company. Except for amounts aggregating `670.10
crore outstanding as at March 31, 2019 towards principal
(i) title deeds of freehold land with gross and net carrying
and interest from four subsidiary companies and two joint
amount of `60.44 crore and title deeds of buildings
venture companies, the parties are repaying the principal
with gross carrying amount and net carrying amount
amounts, as stipulated, and are also regular in payment of
of `83.48 crore and `74.49 crore respectively, which are
interest as applicable.
held in the name of erstwhile companies which have
subsequently been amalgamated with the Company; (c) In respect of the aforesaid loans, the total amount overdue
for more than ninety days as at March 31, 2019 is `640.58
(ii) title deeds of freehold land with gross and net carrying
crore outstanding from three subsidiary companies
amount of `202.67 crore and title deeds of buildings
and a joint venture company. In such instances, in our
with gross carrying amount and net carrying amount
opinion, reasonable steps, as applicable, have been
of `95.62 crore and `76.91 crore respectively, which
taken by the Company for the recovery of the principal
are not readily available.
amounts and interest.
ii. The physical verification of inventory (excluding stocks with
iv.
In our opinion, and according to the information and
third parties) have been conducted at reasonable intervals by
explanations given to us, the Company has complied with the
the Management during the year. In respect of inventory lying
provisions of Section 185 and 186 of the Act in respect of the
with third parties, these have substantially been confirmed
loans and investments made, and guarantees and security
by them. In respect of inventories of stores and spares, the
provided by it, as applicable.

v. The Company has not accepted any deposits from the public undisputed statutory dues, including employees’ state
within the meaning of Sections 73, 74, 75 and 76 of the Act insurance, sales tax, service tax, duty of customs, duty of
and the Rules framed there under to the extent notified. In our excise, value added tax, cess, and other material statutory
opinion, and according to the information and explanations dues, as applicable, with the appropriate authorities, other
given to us, the Company has complied with the provisions of than arrear dues outstanding for a period of more than six
Sections 73, 74, 75 and 76 or any other relevant provisions of the months as at March 31, 2019 in respect of pension set out
Act and the Rules framed thereunder to the extent notified, with below. We are informed that the Company has applied for
regard to the unclaimed deposits accepted from the public, as exemption from operations of Employees’ State Insurance
applicable. According to the information and explanations given Act at some locations. We are also informed that actions
to us, no order has been passed by the Company Law Board or taken by the authorities at some locations to bring the
National Company Law Tribunal or Reserve Bank of India or any employees of the Company under the Employees’ State
Court or any other Tribunal on the Company in respect of the Insurance Scheme has been contested by the Company and
aforesaid deposits. payment has not been made of the contributions demanded.
The extent of the arrears of statutory dues outstanding as at
vi. Pursuant to the rules made by the Central Government of India,
March 31, 2019, for a period of more than six months from
the Company is required to maintain cost records as specified
the date they became payable are as follows:
under Section 148(1) of the Act in respect of its products.
We have broadly reviewed the same, and are of the opinion that, Name of the Nature of Amount Period to which the Date of
prima facie, the prescribed accounts and records have been statute dues (` crore) amount relates payment
made and maintained. We have not, however, made a detailed
examination of the records with a view to determine whether Coal Mines Pension 29.43 Oct’17 to Sept’18 April 23,
Pension 2019*
they are accurate or complete.
Scheme, 1998
vii. (a) A
ccording to the information and explanations given to *Writ petition filed with High Court of Jharkhand subsequent to the balance
us and the records of the Company examined by us, in our sheet date on April 24, 2019.
opinion, the Company is generally regular in depositing
undisputed statutory dues in respect of provident fund, Also refer Note 42 to the Standalone Financial Statements
income tax, goods and service tax, though there has been regarding management’s assessment on certain matters relating to
a slight delay in a few cases, and is regular in depositing provident fund.
207
STANDALONE
(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of goods
and service tax as at March 31, 2019 which have not been deposited on account of any dispute. The particulars of dues of income tax, sales
tax, service tax, duty of customs, duty of excise and value added tax as at March 31, 2019, which have not been deposited on account of a
dispute, are as follows:
Name of the Statute Nature of dues Amount Amount paid Period to which the Forum where the
(net of payments) (` crore) amount relates dispute is pending
(` crore)
Income- tax Act, 1961 Income Tax 1,427.24* 965.00* 1998-1999, 2006-2008, Tribunal
2009-2012, 2013-2014
235.82 100.00 2010-2011, 2014-2015 Commissioner (Appeals)
Customs Act,1962 Customs Duty 3.95 0.07 2002-2003 High Court
79.67 50.00 2005-2008 Commissioner
Central Excise Act,1944 Excise Duty 33.23 0.10 1988-1990, 2003-2009 High Court
1,132.71 57.85 1990-1991, 1992-1997, Tribunal
1998-2017
170.30 111.63 1988-1990, 1994-2002, Commissioner
2003-2004, 2005-2017
0.03 0.01 1998-1999 Joint Commissioner
0.18 - 1985-1987, 1998-1999 Deputy Commissioner
0.85 - 1983-1985 Assistant Commissioner
Sales Tax Laws Sales Tax 33.90 19.22 1983-1984, 1991-1997, High Court
2000-2004, 2008-2009
71.78 6.19 1977-1978, 1980-1981, Tribunal
1983-1985, 1987-1988,
1989-1999, 2000-2002,
2003-2005, 2009-2011,
2013-2017
247.17 7.06 1988-1990, 1991-1992, Commissioner
1993-1994, 2001-2004,
2006-2007, 2008-2009,
2010-2012, 2013-2015
1.91 - 2011-12 Joint Commissioner
28.18 2.47 2002-2003, 2006-2010, Additional Commissioner
2012-2015
63.97 3.01 1975-1976, 1983-1988, Deputy Commissioner
1994-1995, 1997-2009,
2013-2016
61.77 3.40 1973-1974, 1980-1997, Assistant Commissioner
2004-2005, 2008-2009,
2012-2013, 2015-2016
Value Added Tax Laws Value Added Tax 252.84 1.07 1994-1996, 2007-2008, High Court
2012-2016
19.06 1.72 2005-2011, 2012-2016 Tribunal
273.75 0.89 2006-2015, 2016-2017 Commissioner
72.89 8.10 2010-2017 Joint Commissioner
2.61 0.47 2005-2006, 2012-2015 Additional Commissioner
165.39 3.72 2005-2011, 2012-2016 Deputy Commissioner
1.63 0.06 1997-1998, 2005-2006, Assistant Commissioner
2015-2017
*excluding net excess payments/adjustments for the year 2008-2009 aggregating `123.21 crore.

Name of the Statute Nature of dues Amount Amount paid Period to which the Forum where the
(net of payments) (`crore) amount relates dispute is pending
(` crore)
Finance Act,1994 Service Tax 1,286.52 23.34 2004-2016 Tribunal
5.98 0.13 2005-2013, 2014-2017 Commissioner
0.97 - 2009-2010 Deputy Commissioner
The following matters have been decided in favour of the Company although the department has preferred appeal at higher levels:
Name of the Statute Nature of dues Amount Period to which the Forum where the
(net of payments) amount relates dispute is pending
(` crore)
Central Excise Act,1944 Excise Duty 235.48 2004-2005 Supreme Court
16.98 2009-2010, 2013-2014 Tribunal
viii. According to the records of the Company examined by us and disclosed in the Standalone Financial Statements as required
the information and explanations given to us, the Company under Indian Accounting Standard 24, Related Party Disclosures
has not defaulted in repayment of loans or borrowings to specified under Section 133 of the Act.
any financial institution or bank or Government or dues to
xiv. The Company has not made any preferential allotment or private
debenture holders, as applicable, as at the balance sheet date.
placement of shares or fully or partly convertible debentures
ix. The Company has not raised any moneys by way of initial public during the year under review. Accordingly, the provisions of
offer. In our opinion, and according to the information and Clause 3(xiv) of the Order are not applicable to the Company.
explanations given to us, the moneys raised by way of further
xv. The Company has not entered into any non-cash transactions
public offer (including debt instruments) and term loans have
with its directors or persons connected with him.
been applied for the purposes for which they were obtained.
Accordingly, the provisions of Clause 3(xv) of the Order are not
x. During the course of our examination of the books and records applicable to the Company.
of the Company, carried out in accordance with the generally
xvi. The Company is not required to be registered under Section 45-IA
accepted auditing practices in India, and according to the
of the Reserve Bank of India Act, 1934. Accordingly, the provisions
information and explanations given to us, we have neither come
of Clause 3(xvi) of the Order are not applicable to the Company.
across any instance of material fraud by the Company or on
the Company by its officers or employees, noticed or reported
during the year, nor have we been informed of any such case by
the Management. For Price Waterhouse & Co Chartered Accountants LLP
Firm Registration Number: 304026E/ E-300009
xi. The Company has paid/ provided for managerial remuneration
Chartered Accountants
in accordance with the requisite approvals mandated by the
provisions of Section 197 read with Schedule V to the Act.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, Russell I Parera
2014 are not applicable to it, the provisions of Clause 3(xii) of the
Order are not applicable to the Company. Place: Mumbai Partner
xiii. The Company has entered into transactions with related parties
in compliance with the provisions of Sections 177 and 188 of
the Act. The details of related party transactions have been
209
STANDALONE
BALANCE SHEET
as at March 31, 2019
(` crore)
As at As at
Note Page
March 31, 2019 March 31, 2018
Assets
I Non-current assets
(a) Property, plant and equipment 3 227 70,416.82 70,942.90
(b) Capital work-in-progress 5,686.02 5,641.50
(c) Intangible assets 5 231 805.20 786.18
(d) Intangible assets under development 110.27 31.77
(e) Investments in subsidiaries, associates and joint ventures 6 232 4,437.76 3,666.24
(f ) Financial assets
(i) Investments 7 235 34,491.49 5,970.32
(ii) Loans 8 240 231.16 213.50
(iii) Derivative assets 9.05 12.13
(iv) Other financial assets 9 242 310.65 21.21
(g) Non-current tax assets (net) 1,428.38 1,043.84
(h) Other assets 11 246 2,535.98 2,140.84
Total non-current assets 1,20,462.78 90,470.43
II Current assets
(a) Inventories 12 248 11,255.34 11,023.41
(b) Financial assets
(i) Investments 7 235 477.47 14,640.37
(ii) Trade receivables 13 248 1,363.04 1,875.63
(iii) Cash and cash equivalents 14 250 544.85 4,588.89
(iv) Other balances with banks 15 250 173.26 107.85
(v) Loans 8 240 55.92 74.13
(vi) Derivative assets 14.96 30.07
(vii) Other financial assets 9 242 940.76 491.51
(c) Other assets 11 246 2,209.98 1,812.05
Total current assets 17,035.58 34,643.91
Total assets 1,37,498.36 1,25,114.34
Equity and liabilities
III Equity
(a) Equity share capital 16 251 1,146.12 1,146.12
(b) Hybrid perpetual securities 17 254 2,275.00 2,275.00
(c) Other equity 18 254 69,308.59 60,368.72
Total equity 72,729.71 63,789.84
IV Non-current liabilities
(a) Financial liabilities
(i) Borrowings 19 258 26,651.19 24,568.95
(ii) Derivative liabilities 59.82 70.08
(iii) Other financial liabilities 20 261 125.07 19.78
(b) Provisions 21 261 1,918.18 1,961.21
(c) Retirement benefit obligations 22 262 1,430.35 1,247.73
(d) Deferred income 23 263 747.23 1,365.61
(e) Deferred tax liabilities (net) 10 243 7,807.00 6,259.09
(f ) Other liabilities 24 263 436.16 224.71
Total non-current liabilities 39,175.00 35,717.16
V Current liabilities
(i) Borrowings 19 258 8.09 669.88
(ii) Trade payables 25 264
(a) Total outstanding dues of micro and small enterprises 149.49 25.48
(b) Total outstanding dues of creditors other than micro and small enterprises 10,820.07 11,217.27
(iii) Derivative liabilities 139.57 16.41
(iv) Other financial liabilities 20 261 6,872.35 6,541.40
(b) Provisions 21 261 778.23 735.28
(c) Retirement benefit obligations 22 262 102.12 90.50
(d) Current tax liabilities (net) 358.14 454.06
(e) Other liabilities 24 263 6,365.59 5,857.06
Total current liabilities 25,593.65 25,607.34
Total equity and liabilities 1,37,498.36 1,25,114.34
Notes forming part of the financial statements 1-46
In terms of our report attached For and on behalf of the Board of Directors

For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Mallika Srinivasan O. P. Bhatt Peter Blauwhoff Deepak Kapoor Aman Mehta
Firm Registration Number: 304026E/E-300009 Chairman Director Director Director Director Director
Chartered Accountants DIN: 00121863 DIN: 00037022 DIN: 00548091 DIN: 07728872 DIN: 00162957 DIN: 00009364

Russell I Parera V. K. Sharma Saurabh Agrawal T. V. Narendran Koushik Chatterjee Parvatheesam K.
Partner Director Director Managing Director & Executive Director & Company Secretary &
Membership Number 042190 DIN: 02449088 DIN: 02144558 Chief Executive Officer Chief Financial Officer Chief Legal Officer
DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
ACS: 15921

STATEMENT OF PROFIT AND LOSS

for the year ended March 31, 2019
(` crore)
Year ended Year ended
Note Page
March 31, 2019 March 31, 2018
I Revenue from operations 26 264 70,610.92 60,519.37
II Other income 27 265 2,405.08 763.66
III Total income 73,016.00 61,283.03
IV Expenses:
(a) Cost of materials consumed 19,840.29 16,877.63
(b) Purchases of stock-in-trade 1,807.85 647.21
(c) Changes in inventories of finished and semi-finished goods, stock-in-trade and work-in-progress 28 266 (554.33) 545.36
(d) Employee benefits expense 29 266 5,131.06 4,828.85
(e) Finance costs 30 267 2,823.58 2,810.62
(f ) Depreciation and amortisation expense 31 267 3,802.96 3,727.46
(g) Other expenses 32 267 24,622.81 22,178.02
57,474.22 51,615.15
Less: Expenditure (other than interest) transferred to capital and other accounts 799.70 336.66
Total expenses 56,674.52 51,278.49
V Profit before exceptional items and tax (III-IV) 16,341.48 10,004.54
VI Exceptional items: 33 268
(a) Profit/(loss) on sale of non-current investments 262.28 -
(b) Provision for impairment of investments/doubtful advances (12.53) (62.92)
(c) Provision for demands and claims (328.64) (3,213.68)
(d) Employee separation compensation (35.34) (89.69)
Total exceptional items (114.23) (3,366.29)
VII Profit before tax (V+VI) 16,227.25 6,638.25
VIII Tax expense:
(a) Current tax 6,297.11 1,586.78
(b) Deferred tax (603.05) 881.92
Total tax expense 5,694.06 2,468.70
IX Profit for the year (VII-VIII) 10,533.19 4,169.55
X Other comprehensive income/(loss)
A (i) Items that will not be reclassified subsequently to profit and loss
(a) Remeasurement gain/(loss) on post-employment defined benefit plans 5.95 237.63
(b) Fair value changes of investments in equity shares (46.63) (223.00)
(ii) Income tax on items that will not be reclassified subsequently to profit and loss (2.63) (82.24)
B (i) Items that will be reclassified subsequently to profit and loss
(a) Fair value changes of cash flow hedges (10.62) 9.96
(ii) Income tax on items that will be reclassified subsequently to profit and loss 3.71 (3.47)
Total other comprehensive income/(loss) for the year (50.22) (61.12)
XI Total comprehensive income/(loss) for the year (IX+X) 10,482.97 4,108.43
XII Earnings per share 34 269
Basic (`) 90.41 38.57
Diluted (`) 90.40 38.56
XIII Notes forming part of the financial statements 1 - 46


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STANDALONE
STATEMENT OF CHANGES IN EQUITY

A. Equity share capital
(` crore)
Balance as at Changes Balance as at
April 1, 2018 during the year March 31, 2019
1,146.12 0.00* 1,146.12
(` crore)
971.41 174.71 1,146.12
* represents value less than `0.01 crore.
B. Hybrid perpetual securities

(` crore)
2,275.00 - 2,275.00
(` crore)
2,275.00 - 2,275.00
C. Other equity
(` crore)
Retained Items of other Other reserves Share application Total
earnings comprehensive (refer note 18C, money pending
(refer note 18A, income page 256) allotment
page 254) (refer note 18B, (refer note 18D,
page 254) page 257)
Balance as at April 1, 2018 18,700.25 108.86 41,559.59 0.02 60,368.72

Profit for the year 10,533.19 - - - 10,533.19
Other comprehensive income for the year 3.88 (54.10) - - (50.22)
Total comprehensive income for the year 10,537.07 (54.10) - - 10,482.97
Issue of Ordinary Shares - - 0.26 (0.26) -
Equity issue expenses written (off )/back - - 0.57 - 0.57
Dividend(i) (1,145.92) - - - (1,145.92)
Tax on dividend (224.86) - - - (224.86)
Distribution on hybrid perpetual securities (266.12) - - - (266.12)
Tax on distribution on hybrid perpetual securities 92.99 - - - 92.99
Transfers within equity 1.49 (1.49) - - -
Application money received - - - 0.24 0.24
Balance as at March 31, 2019 27,694.90 53.27 41,560.42 - 69,308.59

STATEMENT OF CHANGES IN EQUITY (CONTD.)

(` crore)
Retained Items of other Other reserves Share application Total
earnings comprehensive (refer note 18C, money pending
(refer note income page 256 allotment
18A, (refer note 18B, (refer note 18D,
page 254) page 254) page 257)
Balance as at April 1, 2017 12,280.91 3,752.83 32,653.85 0.01 48,687.60

Profit for the year 4,169.55 - - - 4,169.55
Other comprehensive income for the year 155.39 (216.51) - - (61.12)
Total comprehensive income for the year 4,324.94 (216.51) - - 4,108.43
Issue of Ordinary Shares(ii) - - 8,939.59 (0.01) 8,939.58
Equity issue expenses written (off )/back(ii) - - (33.85) - (33.85)
Dividend(i) (971.22) - - - (971.22)
Tax on dividend (188.41) - - - (188.41)
Distribution on hybrid perpetual securities (266.13) - - - (266.13)
Tax on distribution on hybrid perpetual securities 92.70 - - - 92.70
Transfers within equity 3,427.46 (3,427.46) - - -
Application money received - - - 0.02 0.02
Balance as at March 31, 2018 18,700.25 108.86 41,559.59 0.02 60,368.72
(i) Dividend paid during the year ended March 31, 2019 is `10.00 per Ordinary Share (face value `10 each, fully paid up) and `2.504 per
Ordinary Share (face value `10, partly paid up `2.504 per share) (March 31, 2018: `10.00 per Ordinary Share of face value `10 each, fully paid up).
(ii) Represents premium received and issue expenses on rights issue of shares during the year ended March 31, 2018.
D. Notes forming part of the financial statements Note 1-46


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STATEMENT OF CASH FLOWS

(` crore)
March 31, 2019 March 31, 2018
A. Cash flows from operating activities:
Profit before tax 16,227.25 6,638.25
Adjustments for:
Depreciation and amortisation expense 3,802.96 3,727.46
Dividend income (96.25) (88.57)
(Gain)/loss on sale of property, plant and equipment including intangible assets 1.42 40.48
(net of loss on assets sold/scrapped/written off )
Exceptional (income)/expenses 114.23 3,366.29
(Gain)/loss on cancellation of forwards, swaps and options (36.95) 79.33
Interest income and income from current investments and guarantees (2,273.30) (788.38)
Finance costs 2,823.58 2,810.62
Exchange (gain)/loss on revaluation of foreign currency loans and swaps (1.27) (88.17)
Other non-cash items (612.79) (588.33)
3,721.63 8,470.73
Operating profit before changes in non-current/current assets and liabilities 19,948.88 15,108.98
Adjustments for:
Non-current/current financial and other assets (611.22) 456.70
Inventories (214.60) (784.63)
Non-current/current financial and other liabilities/provisions 602.59 (487.09)
(223.23) (815.02)
Cash generated from operations 19,725.65 14,293.96
Income taxes paid (4,532.54) (2,502.51)
Net cash from/(used in) operating activities 15,193.11 11,791.45
B. Cash flows from investing activities:

Purchase of capital assets (3,676.86) (2,527.46)
Sale of capital assets 18.94 13.28
Purchase of investments in subsidiaries(i) (29,076.49) (5,018.88)
Purchase of other non-current investments (403.02) -
Sale of other non-current investments 306.63 3,877.78
(Purchase)/sale of current investments (net) 14,759.69 (8,650.92)
Loans given (18,908.41) (622.68)
Repayment of loans given 18,914.72 487.61
Fixed/restricted deposits with banks (placed)/realised (78.29) (13.32)
Interest and guarantee commission received 1,696.86 92.67
Dividend received from subsidiaries 39.38 30.31
Dividend received from associates and joint ventures 38.62 41.06
Dividend received from others 18.25 17.20
Net cash from/(used in) investing activities (16,349.98) (12,273.35)

STATEMENT OF CASH FLOWS (CONTD.)

(` crore)
March 31, 2019 March 31, 2018
C. Cash flows from financing activities:
Proceeds from issue of equity shares (net of issue expenses (ii)) (6.03) 9,087.23
Proceeds from borrowings 5,884.67 2,343.84
Repayment of borrowings (4,448.06) (2,850.24)
Repayment of finance lease obligations (89.25) (108.14)
Amount received/(paid) on utilisation/cancellation of derivatives 15.55 (110.72)
Distribution on hybrid perpetual securities (265.39) (267.10)
Interest paid (2,607.88) (2,769.66)
Dividend paid (1,145.92) (971.22)
Tax on dividend paid (224.86) (188.41)
Net cash from/(used in) financing activities (2,887.17) 4,165.58
Net increase/(decrease) in cash and cash equivalents (4,044.04) 3,683.68
Opening cash and cash equivalents (refer note 14, page 250) 4,588.89 905.21
Closing cash and cash equivalents (refer note 14, page 250) 544.85 4,588.89
(i) Includes investments in preference shares `28,686.09 crore (2017-18: `4,646.55 crore).
(ii) During the year ended March 31, 2018, expenses incurred in connection with Rights Issue, 2018 was partly paid by the Company and was
pending adjustment against actual utilisation from the issue proceeds. The same has been fully utilised during the year.
(iii) Significant non-cash movements in borrowings during the year include:
(a) amortisation/effective interest rate adjustments of upfront fees `204.23 crore (2017-18: `206.88 crore).
(b) exchange loss `59.12 crore (2017-18: loss `149.90 crore).
(c) adjustments to finance leases obligations, decrease `34.35 crore (2017-18: increase `110.37 crore).
D. Notes forming part of the financial statements Note 1-46


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STANDALONE
NOTES
forming part of the financial statements
1. Company information carrying value of assets and liabilities that are not readily
Tata Steel Limited (“the Company”) is a public limited Company apparent from other sources. The estimates and associated
incorporated in India with its registered office in Mumbai, assumptions are based on historical experience and other
Maharashtra, India. The Company is listed on the BSE Limited factors that are considered to be relevant. Actual results may
(BSE) and the National Stock Exchange of India Limited (NSE). differ from these estimates.
The Company has presence across the entire value chain of steel Estimates and underlying assumptions are reviewed on an
manufacturing from mining and processing iron ore and coal ongoing basis. Revisions to accounting estimates are recognised
to producing and distributing finished products. The Company in the period in which the estimate is revised and future
offers a broad range of steel products including a portfolio of periods affected.
high value added downstream products such as hot rolled, cold Key source of estimation of uncertainty at the date of the
rolled, coated steel, rebars, wire rods, tubes and wires. financial statements, which may cause material adjustment
The functional and presentation currency of the Company is to the carrying amounts of assets and liabilities within the
Indian Rupee (“`”) which is the currency of the primary economic next financial year, is in respect of impairment, useful lives of
environment in which the Company operates. property, plant and equipment and intangible assets, valuation
of deferred tax assets, provisions and contingent liabilities, fair
As on March 31, 2019, Tata Sons Private Limited owns 31.64 % value measurements of financial instruments and retirement
of the Ordinary Shares of the Company, and has the ability to benefit obligations as discussed below.
influence the Company’s operations.
Impairment
The financial statements for the year ended March 31, 2019 were
approved by the Board of Directors and authorised for issue on The Company estimates the value in use of the cash generating
April 25, 2019. unit (CGU) based on future cash flows after considering current
economic conditions and trends, estimated future operating
2. Significant accounting policies results and growth rates and anticipated future economic and
regulatory conditions. The estimated cash flows are developed
The significant accounting policies applied by the Company
using internal forecasts. The cash flows are discounted using a
in the preparation of its financial statements are listed below.
suitable discount rate in order to calculate the present value.
Such accounting policies have been applied consistently to
Further details of the Company’s impairment review and key
all the periods presented in these financial statements, unless
assumptions are set out in note 3, page 227, note 5, page 231and
otherwise indicated.
note 6, page 232.
(a) Statement of compliance
Useful lives of property, plant and equipment and
The financial statements have been prepared in accordance intangible assets
with the Indian Accounting Standards (referred to as “Ind
The Company reviews the useful life of property, plant and
AS”) prescribed under Section 133 of the Companies Act,
equipment and intangible assets at the end of each reporting
2013 read with Companies (Indian Accounting Standards)
period. This reassessment may result in change in depreciation
Rules, as amended from time to time and other relevant
and amortisation expense in future periods. The policy has been
provisions of the Act.
detailed in note 2(i), page 218.
(b) Basis of preparation
Valuation of deferred tax assets
The financial statements have been prepared under the historical

The Company reviews the carrying amount of deferred
cost convention with the exception of certain assets and
tax assets at the end of each reporting period.
liabilities that are required to be carried at fair value by Ind AS.
The policy has been detailed in note 2 (u), page 224
Fair value is the price that would be received to sell an asset and its further information are set out in note 10, page 243.
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Provisions and contingent liabilities
A provision is recognised when the Company has a present
(c) Use of estimates and critical accounting judgements
obligation as result of a past event and it is probable
In the preparation of the financial statements, the Company that the outflow of resources will be required to settle
makes judgements, estimates and assumptions about the the obligation, in respect of which a reliable estimate

NOTES
2. Significant accounting policies (Contd.) incurred to bring the asset to its working condition and location
for its intended use. Trial run expenses (net of revenue) are
can be made. These are reviewed at each balance sheet
capitalised. Borrowing costs incurred during the period of
date and adjusted to reflect the current best estimates.
construction is capitalised as part of cost of qualifying asset.
Contingent liabilities are not recognised in the financial
statements. Further details are set out in note 21, page 261 and The gain or loss arising on disposal of an item of property, plant
note 36A, page 276. and equipment is determined as the difference between sale
proceeds and carrying value of such item, and is recognised in
Fair value measurements of financial instruments the statement of profit and loss.
When the fair value of financial assets and financial liabilities
recorded in the balance sheet cannot be measured based on (e) Exploration for and evaluation of mineral resources
quoted prices in active markets, their fair value is measured
Expenditures associated with search for specific mineral
using valuation techniques including Discounted Cash Flow resources are recognised as exploration and evaluation assets.
Model. The inputs to these models are taken from observable The following expenditure comprises cost of exploration and
markets where possible, but where this is not feasible, a evaluation assets:
degree of judgement is required in establishing fair value.
Judgements include considerations of inputs such as liquidity
• obtaining of the rights to explore and evaluate mineral
reserves and resources including costs directly related to
risks, credit risks and volatility. Changes in assumptions about
this acquisition
these factors could affect the reported fair value of financial
instruments. Further details are set out in note 39, page 281. • researching and analysing existing exploration data
Retirement benefit obligations • conducting geological studies, exploratory
drilling and sampling
The Company’s retirement benefit obligations are subject to
number of judgements including discount rates, inflation and • examining and testing extraction and treatment methods
salary growth. Significant judgements are required when setting
these criteria and a change in these assumptions would have a
• compiling pre-feasibility and feasibility studies
significant impact on the amount recorded in the Company’s • activities in relation to evaluating the technical feasibility and
balance sheet and the statement of profit and loss. The Company commercial viability of extracting a mineral resource
sets these judgements based on previous experience and
Administration and other overhead costs are charged to the cost
third party actuarial advice. Further details on the Company’s
of exploration and evaluation assets only if directly related to an
retirement benefit obligations, including key judgements are
exploration and evaluation project.
set out in note 35, page 269.
If a project does not prove viable, all irrecoverable exploration
(d) Property, plant and equipment and evaluation expenditure associated with the project net
An item of property, plant and equipment is recognised as an asset of any related impairment allowances is written off to the
if it is probable that future economic benefits associated with statement of profit and loss.
the item will flow to the Company and its cost can be measured
The Company measures its exploration and evaluation assets
reliably. This recognition principle is applied to costs incurred
at cost and classifies as property, plant and equipment or
initially to acquire an item of property, plant and equipment and
intangible assets according to the nature of the assets acquired
also to costs incurred subsequently to add to, replace part of,
and applies the classification consistently. To the extent that a
or service it. All other repair and maintenance costs, including
tangible asset is consumed in developing an intangible asset,
regular servicing, are recognised in the statement of profit and
the amount reflecting that consumption is capitalised as a part
loss as incurred. When a replacement occurs, the carrying value
of the cost of the intangible asset.
of the replaced part is de-recognised. Where an item of property,
plant and equipment comprises major components having
As the asset is not available for use, it is not depreciated.
different useful lives, these components are accounted for as All exploration and evaluation assets are monitored for
separate items. indications of impairment. An exploration and evaluation asset
is no longer classified as such when the technical feasibility
Property, plant and equipment is stated at cost or deemed cost
and commercial viability of extracting a mineral resource are
applied on transition to Ind AS, less accumulated depreciation
demonstrable and the development of the deposit is sanctioned
and impairment. Cost includes all direct costs and expenditures
217
STANDALONE
NOTES
2. Significant accounting policies (Contd.) Company. In this case they are measured initially at purchase
cost and then amortised on a straight-line basis over their
by the management. The carrying value of such exploration and estimated useful lives. All other costs on patents, trademarks
evaluation asset is reclassified to mining assets. and software are expensed in the statement of profit and loss as
and when incurred.
(f) Development expenditure for mineral reserves
Expenditure on research activities is recognised as an expense

Development is the establishment of access to mineral
in the period in which it is incurred. Costs incurred on individual
reserves and other preparations for commercial
development projects are recognised as intangible assets from
production. Development activities often continue during
the date when all of the following conditions are met:
production and include:
(i) completion of the development is technically feasible.
• sinkingshafts and underground drifts (often called
mine development) (ii) it is the intention to complete the intangible asset and
use or sell it.
• making permanent excavations
(iii) ability to use or sell the intangible asset.
• developing passageways and rooms or galleries
(iv) it is clear that the intangible asset will generate probable
• building roads and tunnels and future economic benefits.
• advance removal of overburden and waste rock (v)
adequate technical, financial and other resources to
Development (or construction) also includes the installation complete the development and to use or sell the intangible
of infrastructure (e.g., roads, utilities and housing), machinery, asset are available.
equipment and facilities.
(vi)
it is possible to reliably measure the expenditure
Development expenditure is capitalised and presented as part of attributable to the intangible asset during its development.
mining assets. No depreciation is charged on the development
Recognition of costs as an asset is ceased when the project is
expenditure before the start of commercial production.
complete and available for its intended use, or if these criteria
(g) Provision for restoration and environmental costs are no longer applicable.
The Company has liabilities related to restoration of soil and Where development activities do not meet the conditions for
other related works, which are due upon the closure of certain recognition as an asset, any associated expenditure is treated as
of its mining sites. an expense in the period in which it is incurred.
Such liabilities are estimated case-by-case based on available
Subsequent to initial recognition, intangible assets with
information, taking into account applicable local legal definite useful lives are reported at cost or deemed cost applied
requirements. The estimation is made using existing technology, on transition to Ind AS, less accumulated amortisation and
at current prices, and discounted using an appropriate discount accumulated impairment losses.
rate where the effect of time value of money is material.
Future restoration and environmental costs, discounted to (i) Depreciation and amortisation of property, plant and
net present value, are capitalised and the corresponding equipment and intangible assets
restoration liability is raised as soon as the obligation to incur Depreciation or amortisation is provided so as to write off, on
such costs arises. Future restoration and environmental costs are a straight-line basis, the cost/deemed cost of property, plant
capitalised in property, plant and equipment or mining assets and equipment and intangible assets, including those held
as appropriate and are depreciated over the life of the related under finance leases to their residual value. These charges
asset. The effect of time value of money on the restoration and are commenced from the dates the assets are available for
environmental costs liability is recognised in the statement of their intended use and are spread over their estimated useful
profit and loss. economic lives or, in the case of leased assets, over the lease
period, if shorter. The estimated useful lives of assets, residual
(h) Intangible assets values and depreciation method are reviewed regularly and,
Patents, trademarks and software costs are included in the when necessary, revised.
balance sheet as intangible assets when it is probable that
associated future economic benefits would flow to the

NOTES
2. Significant accounting policies (Contd.) discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset for which
Depreciation on assets under construction commences only the estimates of future cash flows have not been adjusted.
when the assets are ready for their intended use. An impairment loss is recognised in the statement of profit
and loss as and when the carrying value of an asset exceeds its
The estimated useful lives for main categories of property, plant
recoverable amount.
and equipment and intangible assets are:
Where an impairment loss subsequently reverses, the carrying
Estimated useful value of the asset (or cash generating unit) is increased to the
life (years)
revised estimate of its recoverable amount so that the increased
Buildings upto 60 years* carrying value does not exceed the carrying value that would
Roads 5 years have been determined had no impairment loss been recognised
Plant and machinery upto 40 years* for the asset (or cash generating unit) in prior years. A reversal of
Railway sidings upto 35 years* an impairment loss is recognised in the statement of profit and
Vehicles and aircraft 5 to 20 years loss immediately.
Furniture, fixtures and office equipments 4 to 6 years
Computer software 5 years (k) Leases
Assets covered under Electricity Act (life as 3 to 34 years The Company determines whether an arrangement contains
prescribed under the Electricity Act)
a lease by assessing whether the fulfilment of a transaction
Mining assets are amortised over the useful life of the mine or is dependent on the use of a specific asset and whether the
lease period whichever is lower. transaction conveys the right to use that asset to the Company
in return for payment. Where this occurs, the arrangement is
Major furnace relining expenses are depreciated over a period of deemed to include a lease and is accounted for either as finance
10 years (average expected life). or an operating lease.
Freehold land is not depreciated. Leases are classified as finance leases where the terms of the
Assets value upto `25,000 are fully depreciated in the year lease transfer substantially all the risks and rewards of ownership
of acquisition. to the lessee. All other leases are classified as operating leases.
*For these class of assets, based on internal assessment and The Company as lessee
independent technical evaluation carried out by chartered (i) Operating lease – Rentals payable under operating leases are
engineers, the Company believes that the useful lives as given charged to the statement of profit and loss on a straight-line
above best represents the period over which the Company basis over the term of the relevant lease unless another
expects to use these assets. Hence the useful lives for these systematic basis is more representative of the time pattern in
assets are different from the useful lives as prescribed under Part which economic benefits from the leased assets are consumed.
C of Schedule II of the Companies Act, 2013. Contingent rentals arising under operating leases are recognised
as an expense in the period in which they are incurred.
(j) Impairment
At each balance sheet date, the Company reviews the carrying In the event that lease incentives are received to enter into
value of its property, plant and equipment and intangible operating leases, such incentives are recognised as a liability.
assets to determine whether there is any indication that the The aggregate benefit of incentives is recognised as a reduction
carrying value of those assets may not be recoverable through of rental expense on a straight-line basis, except where another
continuing use. If any such indication exists, the recoverable systematic basis is more representative of the time pattern in
amount of the asset is reviewed in order to determine the extent which economic benefits from the leased asset are consumed.
of impairment loss, if any. Where the asset does not generate (ii) Finance lease – Finance leases are capitalised at the
cash flows that are independent from other assets, the Company commencement of lease, at the lower of fair value of the
estimates the recoverable amount of the cash generating unit to asset or the present value of the minimum lease payments.
which the asset belongs. The corresponding liability to the lessor is included in the
Recoverable amount is the higher of fair value less costs to sell balance sheet as a finance lease obligation. Lease payments
and value in use. In assessing value in use, the estimated future are apportioned between finance charges and reduction of
cash flows are discounted to their present value using a pre-tax the lease obligation so as to achieve a constant rate of interest
219
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NOTES
2. Significant accounting policies (Contd.) • mining of the second and subsequent pits is conducted
consecutively with that of the first pit, rather than concurrently
on the remaining balance of the liability. Finance charges
are recognised in the statement of profit and loss over the
• separate investment decisions are made to develop
each pit, rather than a single investment decision being
period of the lease.
made at the outset
The Company as lessor • the pits are operated as separate units in terms of mine
(i)
Operating lease – Rental income from operating leases is planning and the sequencing of overburden and ore mining,
recognised in the statement of profit and loss on a straight-line rather than as an integrated unit
basis over the term of the relevant lease unless another
systematic basis is more representative of the time pattern in
• expenditures for additional infrastructure to support the
second and subsequent pits are relatively large
which economic benefits from the leased asset is diminished.
Initial direct costs incurred in negotiating and arranging an • the pits extract ore from separate and distinct ore bodies,
operating lease are added to the carrying value of the leased rather than from a single ore body.
asset and recognised on a straight-line basis over the lease term.
The relative importance of each factor is considered by the
(ii) Finance lease –When assets are leased out under a finance lease, management to determine whether, the stripping costs should
the present value of minimum lease payments is recognised as a be attributed to the individual pit or to the combined output
receivable. The difference between the gross receivable and the from the several pits.
present value of receivable is recognised as unearned finance
Production stripping costs are incurred to extract the ore in the
income. Lease income is recognised over the term of the lease
form of inventories and/or to improve access to an additional
using the net investment method before tax, which reflects a
component of an ore body or deeper levels of material.
constant periodic rate of return.
Production stripping costs are accounted for as inventories
(l) Stripping costs to the extent the benefit from production stripping activity is
realised in the form of inventories.
The Company separates two different types of stripping costs
that are incurred in surface mining activity: The Company recognises a stripping activity asset in the
production phase if, and only if, all of the following are met:
• developmental stripping costs and
• production stripping costs • itis probable that the future economic benefit (improved
access to the ore body) associated with the stripping activity
Developmental stripping costs which are incurred in order will flow to the Company
to obtain access to quantities of mineral reserves that will be
mined in future periods are capitalised as part of mining assets.
• the entity can identify the component of the ore body for
which access has been improved and
Capitalisation of developmental stripping costs ends when the
commercial production of the mineral reserves begins. • the costs relating to the improved access to that component
can be measured reliably.

A mine can operate several open pits that are regarded
as separate operations for the purpose of mine planning
Such costs are presented within mining assets.
and production. In this case, stripping costs are accounted After initial recognition, stripping activity assets are carried
for separately, by reference to the ore extracted from each at cost/deemed cost less accumulated amortisation and
separate pit. If, however, the pits are highly integrated for the impairment. The expected useful life of the identified
purpose of mine planning and production, stripping costs are component of the ore body is used to depreciate or amortise
aggregated too. the stripping asset.
The determination of whether multiple pit mines are considered (m) Investments in subsidiaries, associates and joint ventures
separate or integrated operations depends on each mine’s
Investments in subsidiaries, associates and joint ventures are
specific circumstances. The following factors normally point
carried at cost/deemed cost applied on transition to Ind AS,
towards the stripping costs for the individual pits being
less accumulated impairment losses, if any. Where an indication
accounted for separately:
of impairment exists, the carrying amount of investment is

NOTES
2. Significant accounting policies (Contd.) rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
assessed and an impairment provision is recognised, if required
immediately to its recoverable amount. On disposal of such Financial assets measured at fair value
investments, difference between the net disposal proceeds and
Financial assets are measured at fair value through other
carrying amount is recognised in the statement of profit and loss. comprehensive income if such financial assets are held within
a business model whose objective is to hold these assets in
(n) Financial instruments order to collect contractual cash flows or to sell such financial
Financial assets and financial liabilities are recognised when the assets and the contractual terms of the financial asset give rise
Company becomes a party to the contractual provisions of the on specified dates to cash flows that are solely payments of
instrument. Financial assets and liabilities are initially measured principal and interest on the principal amount outstanding.
at fair value. Transaction costs that are directly attributable to
The Company in respect of equity investments (other than in
the acquisition or issue of financial assets and financial liabilities
subsidiaries, associates and joint ventures) which are not held
(other than financial assets and financial liabilities at fair value
for trading has made an irrevocable election to present in other
through profit and loss) are added to or deducted from the
comprehensive income subsequent changes in the fair value
fair value measured on initial recognition of financial asset or
of such equity instruments. Such an election is made by the
financial liability. The transaction costs directly attributable to
Company on an instrument by instrument basis at the time of
the acquisition of financial assets and financial liabilities at fair
initial recognition of such equity investments. These investments
value through profit and loss are immediately recognised in the
are held for medium or long-term strategic purpose.
statement of profit and loss.
The Company has chosen to designate these investments in
Effective interest method equity instruments as fair value through other comprehensive
income as the management believes this provides a more
The effective interest method is a method of calculating the
meaningful presentation for medium or long-term strategic
amortised cost of a financial instrument and of allocating interest
investments, than reflecting changes in fair value immediately
income or expense over the relevant period. The effective
in the statement of profit and loss.
interest rate is the rate that exactly discounts future cash
receipts or payments through the expected life of the financial Financial assets not measured at amortised cost or at fair value
instrument, or where appropriate, a shorter period. through other comprehensive income are carried at fair value
through profit and loss.
(I) Financial assets
Interest income
Cash and bank balances
Interest income is accrued on a time proportion basis, by
Cash and bank balances consist of:
reference to the principal outstanding and effective interest
(i) Cash and cash equivalents - which include cash on hand, rate applicable.
deposits held at call with banks and other short-term
deposits which are readily convertible into known Dividend income
amounts of cash, are subject to an insignificant risk of Dividend income from investments is recognised when the right
change in value and have original maturities of less than to receive payment has been established.
one year. These balances with banks are unrestricted for
withdrawal and usage. Impairment of financial assets
Loss allowance for expected credit losses is recognised for
(ii) Other bank balances - which include balances and deposits
financial assets measured at amortised cost and fair value
with banks that are restricted for withdrawal and usage.
through other comprehensive income.
Financial assets at amortised cost The Company recognises lifetime expected credit losses for all
Financial assets are subsequently measured at amortised cost if trade receivables that do not constitute a financing transaction.
these financial assets are held within a business model whose
For financial assets (apart from trade receivables that do not
objective is to hold these assets in order to collect contractual
constitute of financing transaction) whose credit risk has not
cash flows and the contractual terms of the financial asset give
significantly increased since initial recognition, loss allowance
equal to twelve months expected credit losses is recognised.
221
STANDALONE
NOTES
2. Significant accounting policies (Contd.) De-recognition of financial liabilities

The Company de-recognises financial liabilities when, and only
Loss allowance equal to the lifetime expected credit losses is when, the Company’s obligations are discharged, cancelled
recognised if the credit risk of the financial asset has significantly or they expire.
increased since initial recognition.
Derivative financial instruments and hedge accounting
De-recognition of financial assets
In the ordinary course of business, the Company uses certain
The Company de-recognises a financial asset only when the derivative financial instruments to reduce business risks which
contractual rights to the cash flows from the asset expire, or arise from its exposure to foreign exchange and interest rate
it transfers the financial asset and substantially all risks and fluctuations. The instruments are confined principally to forward
rewards of ownership of the asset to another entity. foreign exchange contracts, cross currency swaps, interest rate
If the Company neither transfers nor retains substantially all swaps and collars. The instruments are employed as hedges of
the risks and rewards of ownership and continues to control transactions included in the financial statements or for highly
the transferred asset, the Company recognises its retained probable forecast transactions/firm contractual commitments.
interest in the assets and an associated liability for amounts it These derivatives contracts do not generally extend beyond
may have to pay. six months, except for certain currency swaps and interest
rate derivatives.
If the Company retains substantially all the risks and rewards
of ownership of a transferred financial asset, the Company Derivatives are initially accounted for and measured at fair
continues to recognise the financial asset and also recognises a value on the date the derivative contract is entered into and are
borrowing for the proceeds received. subsequently remeasured to their fair value at the end of each
reporting period.
(II) Financial liabilities and equity instruments
The Company adopts hedge accounting for forward foreign
Classification as debt or equity exchange and interest rate contracts wherever possible.

Financial liabilities and equity instruments issued by the At inception of each hedge, there is a formal, documented
Company are classified according to the substance of the designation of the hedging relationship. This documentation
contractual arrangements entered into and the definitions of a includes, inter alia, items such as identification of the hedged
financial liability and an equity instrument. item and transaction and nature of the risk being hedged.
At inception, each hedge is expected to be highly effective
Equity instruments in achieving an offset of changes in fair value or cash flows
An equity instrument is any contract that evidences a residual attributable to the hedged risk. The effectiveness of hedge
interest in the assets of the Company after deducting all of its instruments to reduce the risk associated with the exposure
liabilities. Equity instruments are recorded at the proceeds being hedged is assessed and measured at the inception and on
received, net of direct issue costs. an ongoing basis. The ineffective portion of designated hedges
is recognised immediately in the statement of profit and loss.
Financial liabilities
When hedge accounting is applied:
Trade and other payables are initially measured at fair value,
net of transaction costs, and are subsequently measured at • for fair value hedges of recognised assets and liabilities,
amortised cost, using the effective interest rate method where changes in fair value of the hedged assets and liabilities
the time value of money is significant. attributable to the risk being hedged, are recognised in
the statement of profit and loss and compensate for the
Interest bearing bank loans, overdrafts and issued debt are effective portion of symmetrical changes in the fair value of
initially measured at fair value and are subsequently measured the derivatives.
at amortised cost using the effective interest rate method.
Any difference between the proceeds (net of transaction • for cash flow hedges, the effective portion of the change
costs) and the settlement or redemption of borrowings is in the fair value of the derivative is recognised directly in
recognised over the term of the borrowings in the statement of other comprehensive income and the ineffective portion is
profit and loss. recognised in the statement of profit and loss. If the cash flow
hedge of a firm commitment or forecasted transaction results
in the recognition of a non-financial asset or liability, then,

NOTES
2. Significant accounting policies (Contd.) The retirement benefit obligations recognised in the balance
sheet represents the present value of the defined benefit
at the time the asset or liability is recognised, the associated obligations as reduced by the fair value of plan assets.
gains or losses on the derivative that had previously been
recognised in equity are included in the initial measurement Compensated absences
of the asset or liability. For hedges that do not result in the Compensated absences which are not expected to occur
recognition of a non-financial asset or a liability, amounts within twelve months after the end of the period in which the
deferred in equity are recognised in the statement of profit employee renders the related service are recognised based on
and loss in the same period in which the hedged item affects actuarial valuation at the present value of the obligation as on
the statement of profit and loss. the reporting date.
In cases where hedge accounting is not applied, changes in the (p) Inventories
fair value of derivatives are recognised in the statement of profit
Inventories are stated at the lower of cost and net realisable
and loss as and when they arise.
value. Cost is ascertained on a weighted average basis.
Hedge accounting is discontinued when the hedging instrument Costs comprise direct materials and, where applicable, direct
expires or is sold, terminated, or exercised, or no longer qualifies labour costs and those overheads that have been incurred in
for hedge accounting. At that time, any cumulative gain or loss bringing the inventories to their present location and condition.
on the hedging instrument recognised in equity is retained Net realisable value is the price at which the inventories can
in equity until the forecasted transaction occurs. If a hedged be realised in the normal course of business after allowing for
transaction is no longer expected to occur, the net cumulative the cost of conversion from their existing state to a finished
gain or loss recognised in equity is transferred to the statement condition and for the cost of marketing, selling and distribution.
of profit and loss for the period.
Provisions are made to cover slow-moving and obsolete items
(o) Employee benefits based on historical experience of utilisation on a product
category basis, which involves individual businesses considering
Defined contribution plans their product lines and market conditions.
Contributions under defined contribution plans are recognised
as expense for the period in which the employee has rendered (q) Provisions
the service. Payments made to state managed retirement benefit Provisions are recognised in the balance sheet when the
schemes are dealt with as payments to defined contribution Company has a present obligation (legal or constructive) as a
schemes where the Company’s obligations under the schemes result of a past event, which is expected to result in an outflow of
are equivalent to those arising in a defined contribution resources embodying economic benefits which can be reliably
retirement benefit scheme. estimated. Each provision is based on the best estimate of the
expenditure required to settle the present obligation at the
Defined benefit plans balance sheet date. Where the time value of money is material,
For defined benefit retirement schemes, the cost of providing provisions are measured on a discounted basis.
benefits is determined using the Projected Unit Credit Method,
Constructive obligation is an obligation that derives from an
with actuarial valuation being carried out at each year-end
entity’s actions where:
balance sheet date. Remeasurement gains and losses of the net
defined benefit liability/(asset) are recognised immediately in (a)
by an established pattern of past practice, published
other comprehensive income. The service cost and net interest policies or a sufficiently specific current statement, the
on the net defined benefit liability/(asset) are recognised as an entity has indicated to other parties that it will accept
expense within employee costs. certain responsibilities and;
Past service cost is recognised as an expense when the plan (b) as a result, the entity has created a valid expectation on
amendment or curtailment occurs or when any related the part of those other parties that it will discharge such
restructuring costs or termination benefits are recognised, responsibilities.
whichever is earlier.
223
STANDALONE
NOTES
2. Significant accounting policies (Contd.) the statement of profit and loss, with all prior periods being
presented on this basis.
(r) Onerous contracts
(u) Income taxes
A provision for onerous contracts is recognised when the
expected benefits to be derived by the Company from a Tax expense for the period comprises current and deferred
contract are lower than the unavoidable cost of meeting its tax. The tax currently payable is based on taxable profit for the
obligations under the contract. The provision is measured at the period. Taxable profit differs from net profit as reported in the
present value of the lower of the expected cost of terminating statement of profit and loss because it excludes items of income
the contract and the expected net cost of continuing with or expense that are taxable or deductible in other years and
the contract. Before a provision is established, the Company it further excludes items that are never taxable or deductible.
recognises any impairment loss on the assets associated The Company’s liability for current tax is calculated using tax
with that contract. rates and tax laws that have been enacted or substantively
enacted by the end of the reporting period.
(s) Government grants
Deferred tax is the tax expected to be payable or recoverable on

Government grants are recognised at its fair value, where differences between the carrying value of assets and liabilities
there is a reasonable assurance that such grants will be in the financial statements and the corresponding tax bases
received and compliance with the conditions attached used in the computation of taxable profit and is accounted for
therewith have been met. using the balance sheet liability method. Deferred tax liabilities
Government grants related to expenditure on property, plant are generally recognised for all taxable temporary differences.
and equipment are credited to the statement of profit and loss In contrast, deferred tax assets are only recognised to the extent
over the useful lives of qualifying assets or other systematic that it is probable that future taxable profits will be available
basis representative of the pattern of fulfilment of obligations against which the temporary differences can be utilised.
associated with the grant received. Grants received less amounts The carrying value of deferred tax assets is reviewed at the end
credited to the statement of profit and loss at the reporting date of each reporting period and reduced to the extent that it is no
are included in the balance sheet as deferred income. longer probable that sufficient taxable profits will be available
to allow all or part of the asset to be recovered.
(t) Non-current assets held for sale and discontinued
operations Deferred tax is calculated at the tax rates that are expected to
Non-current assets and disposal groups classified as held for apply in the period when the liability is settled or the asset is
sale are measured at the lower of their carrying value and fair realised based on the tax rates and tax laws that have been
value less costs to sell. enacted or substantially enacted by the end of the reporting
period. The measurement of deferred tax liabilities and assets
Assets and disposal groups are classified as held for sale if their reflects the tax consequences that would follow from the
carrying value will be recovered through a sale transaction manner in which the Company expects, at the end of the
rather than through continuing use. This condition is only met reporting period, to recover or settle the carrying value of its
when the sale is highly probable and the asset, or disposal assets and liabilities.
group, is available for immediate sale in its present condition
and is marketed for sale at a price that is reasonable in relation to Deferred tax assets and liabilities are offset to the extent that
its current fair value. The Company must also be committed to they relate to taxes levied by the same tax authority and there
the sale, which should be expected to qualify for recognition as are legally enforceable rights to set off current tax assets and
a completed sale within one year from the date of classification. current tax liabilities within that jurisdiction.
Where a disposal group represents a separate major line of Current and deferred tax are recognised as an expense or income
business or geographical area of operations, or is part of a in the statement of profit and loss, except when they relate to
single co-ordinated plan to dispose of a separate major line of items credited or debited either in other comprehensive income
business or geographical area of operations, then it is treated or directly in equity, in which case the tax is also recognised in
as a discontinued operation. The post-tax profit or loss of other comprehensive income or directly in equity.
the discontinued operation together with the gain or loss Deferred tax assets include Minimum Alternate Tax (MAT) paid
recognised on its disposal are disclosed as a single amount in in accordance with the tax laws in India, which is likely to give
future economic benefits in the form of availability of set off

NOTES
2. Significant accounting policies (Contd.) As a consequence, the Company does not adjust any of the
transaction prices for the time value of money.
against future income tax liability. MAT is recognised as deferred
tax assets in the balance sheet when the asset can be measured Sale of power
reliably and it is probable that the future economic benefit Revenue from sale of power is recognised when the services
associated with the asset will be realised. are provided to the customer based on approved tariff
rates established by the respective regulatory authorities.
(v) Revenue The Company doesn’t recognise revenue and an asset for cost
The Company manufactures and sells a range of steel and incurred in the past that will be recovered.
other products.
(w) Foreign currency transactions and translations
Effective April 1, 2018, the Company has applied Ind AS 115
The financial statements of the Company are presented in Indian
which establishes a comprehensive framework for determining
Rupees (‘`’), which is the functional currency of the Company
whether, how much and when revenue is to be recognised.
and the presentation currency for the financial statements.
Ind AS 115 replaces Ind AS 18 Revenue and Ind AS 11
Construction Contracts. The Company has adopted Ind AS 115 In preparing the financial statements, transactions in currencies
using the retrospective effect method. The adoption of the new other than the Company’s functional currency are recorded at the
standard did not have a material impact on the Company. rates of exchange prevailing on the date of the transaction. At the
end of each reporting period, monetary items denominated in
Sale of products foreign currencies are re-translated at the rates prevailing at
Revenue from sale of products is recognised when control of the the end of the reporting period. Non-monetary items carried
products has transferred, being when the products are delivered at fair value that are denominated in foreign currencies are
to the customer. Delivery occurs when the products have been re-translated at the rates prevailing on the date when the fair
shipped or delivered to the specific location as the case may be, value was determined. Non-monetary items that are measured
the risks of loss has been transferred, and either the customer in terms of historical cost in a foreign currency are not translated.
has accepted the products in accordance with the sales contract,

Exchange differences arising on translation of long-term
or the Company has objective evidence that all criteria for
foreign currency monetary items recognised in the financial
acceptance have been satisfied. Sale of products include related
statements before the beginning of the first Ind AS financial
ancillary services, if any.
reporting period in respect of which the Company has elected
Goods are often sold with volume discounts based on aggregate to recognise such exchange differences in equity or as part of
sales over a 12 months period. Revenue from these sales is cost of assets as allowed under Ind AS 101-“First-time adoption
recognised based on the price specified in the contract, net of of Indian Accounting Standards” are added/deducted to/ from
the estimated volume discounts. Accumulated experience is the cost of assets as the case may be. Such exchange differences
used to estimate and provide for the discounts, using the most recognised in equity or as part of cost of assets is recognised in
likely method, and revenue is only recognised to the extent that the statement of profit and loss on a systematic basis.
it is highly probable that a significant reversal will not occur.
Exchange differences arising on the re-translation or settlement
A liability is recognised for expected volume discounts payable
of other monetary items are included in the statement of profit
to customers in relation to sales made until the end of the
and loss for the period.
reporting period. No element of financing is deemed present
as the sales are generally made with a credit term of 30-90 (x) Borrowing costs
days, which is consistent with market practice. Any obligation

Borrowing costs directly attributable to the acquisition,
to provide a refund is recognised as a provision. A receivable is
construction or production of qualifying assets, which are assets
recognised when the goods are delivered as this is the point in
that necessarily take a substantial period of time to get ready
time that the consideration is unconditional because only the
for their intended use or sale, are added to the cost of those
passage of time is required before the payment is due.
assets, until such time as the assets are substantially ready for
The Company does not have any contracts where the period the intended use or sale.
between the transfer of the promised goods or services to the
Investment income earned on temporary investment of specific
customer and payment by the customer exceeds one year.
borrowings pending their expenditure on qualifying assets is
recognised in the statement of profit and loss.
225
STANDALONE
NOTES
2. Significant accounting policies (Contd.) Ind AS 116 – “Leases”

Ind AS 116 ‘Leases’ eliminates the classification of leases as either
Discounts or premiums and expenses on the issue of debt finance leases or operating leases. All leases are required to be
securities are amortised over the term of the related securities reported on an entity’s balance sheet as assets and liabilities.
and included within borrowing costs. Premiums payable on Leases are capitalised by recognising the present value of the
early redemptions of debt securities, in lieu of future finance lease payments and showing them either as right of use of the
costs, are recognised as borrowing costs. leased assets or together with property, plant and equipment.
All other borrowing costs are recognised as expenses in the If lease payments are made over time a financial liability
period in which it is incurred. representing the future obligation would be recognised.
(y) Earnings per share Appendix C, ‘Uncertainty over Income Tax Treatments’,
to Ind AS 12, ‘Income Taxes’
Basic earnings per share is computed by dividing profit or loss for
the year attributable to equity holders by the weighted average This Appendix clarifies how the recognition and measurement
number of shares outstanding during the year. Partly paid up requirements of Ind AS 12 ‘Income Taxes’, are applied while
shares are included as fully paid equivalents according to the performing the determination of taxable profit or loss, tax bases,
fraction paid up. unused tax losses, unused tax credits and tax rates, when there is
uncertainty over income tax treatments under Ind AS 12.
Diluted earnings per share is computed using the weighted
average number of shares and dilutive potential shares except According to the Appendix, companies need to determine the
where the result would be anti-dilutive. probability of the relevant tax authority accepting each tax
treatment, or group of tax treatments, that the companies have
(z) Recent accounting pronouncements used or plan to use in their income tax filing which has to be
Ministry of Corporate Affairs (“MCA”) has notified the following considered to compute the most likely amount or the expected
new amendments to Ind AS which the Company has not value of the tax treatment when determining taxable profit or
applied as they are effective for annual periods beginning on or loss, tax bases, unused tax losses, unused tax credits and tax rates.
after April 1, 2019. The Company is in the process of evaluating the impact
of adoption of the above pronouncements on its
financial statements.

NOTES
3. Property, plant and equipment

[Item No. I(a), Page 210]
(` crore)
Land Buildings Plant and Furniture, Vehicles Railway Total
including machinery fixtures sidings
roads and office
equipments
Cost/deemed cost as at April 1, 2018 14,117.17 5,902.00 60,846.29 431.26 304.62 1,056.94 82,658.28
Additions 75.79 221.14 2,613.71 118.90 86.83 23.45 3,139.82
Disposals - (13.80) (0.37) (1.26) (12.48) - (27.91)
Other re-classifications - - 9.05 - (9.05) - -
Cost/deemed cost as at March 31, 2019 14,192.96 6,109.34 63,468.68 548.90 369.92 1,080.39 85,770.19
Impairment as at April 1, 2018 0.15 1.32 0.09 - - - 1.56
Accumulated impairment as at March 31, 2019 0.15 1.32 0.09 - - - 1.56
Accumulated depreciation as at April 1, 2018 493.55 690.56 9,980.12 291.37 164.42 93.80 11,713.82
Charge for the year 115.61 233.32 3,162.19 73.19 30.51 37.85 3,652.67
Disposals - (2.06) (0.29) (1.19) (11.14) - (14.68)
Other re-classifications - - 6.00 - (6.00) - -
Accumulated depreciation as at March 31, 2019 609.16 921.82 13,148.02 363.37 177.79 131.65 15,351.81
Total accumulated depreciation and 609.31 923.14 13,148.11 363.37 177.79 131.65 15,353.37
impairment as at March 31, 2019
Net carrying value as at April 1, 2018 13,623.47 5,210.12 50,866.08 139.89 140.20 963.14 70,942.90
Net carrying value as at March 31, 2019 13,583.65 5,186.20 50,320.57 185.53 192.13 948.74 70,416.82
(` crore)
Land Buildings Plant and Furniture, Vehicles Railway Total
including machinery fixtures sidings
roads and office
equipments
Cost/deemed cost as at April 1, 2017 14,058.74 5,722.77 58,458.26 352.18 324.15 1,024.00 79,940.10
Additions 58.43 179.23 2,414.33 82.96 17.44 32.94 2,785.33
Disposals - - (26.30) (3.88) (36.97) - (67.15)
Cost/deemed cost as at March 31, 2018 14,117.17 5,902.00 60,846.29 431.26 304.62 1,056.94 82,658.28
Impairment as at April 1, 2017 0.15 1.32 0.09 - - - 1.56
Accumulated impairment as at March 31, 2018 0.15 1.32 0.09 - - - 1.56
Accumulated depreciation as at April 1, 2017 390.40 461.43 6,844.56 246.46 159.14 57.58 8,159.57
Charge for the period 103.15 229.13 3,140.58 48.72 27.64 36.22 3,585.44
Disposals - - (5.02) (3.81) (22.36) - (31.19)
Accumulated depreciation as at March 31, 2018 493.55 690.56 9,980.12 291.37 164.42 93.80 11,713.82
Total accumulated depreciation and 493.70 691.88 9,980.21 291.37 164.42 93.80 11,715.38
Net carrying value as at April 1, 2017 13,668.19 5,260.02 51,613.61 105.72 165.01 966.42 71,778.97
Net carrying value as at March 31, 2018 13,623.47 5,210.12 50,866.08 139.89 140.20 963.14 70,942.90
(i) Buildings include `2.32 crore (March 31, 2018: `2.32 crore) being cost of shares in co-operative housing societies and limited companies.
227
STANDALONE
NOTES
3. Property, plant and equipment (Contd.)

(ii) Net carrying value of plant and machinery comprises of:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Assets held under finance leases
Cost/deemed cost 3,851.65 3,632.46
Accumulated depreciation and impairment 1,700.33 1,590.98
2,151.32 2,041.48
Owned assets 48,169.25 48,824.60
50,320.57 50,866.08
(iii) Net carrying value of furniture, fixtures and office equipments comprises of:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Furniture and fixtures
Cost/deemed cost 118.24 104.02
Accumulated depreciation and impairment 94.67 80.04
23.57 23.98
Office equipments
161.96 115.91
185.53 139.89
`88.68 crore (2017-18: `75.96 crore) of borrowing costs has been capitalised during the year on qualifying assets under construction
(iv)
using a capitalisation rate of 9.00% (2017-18: 9.00%).
(v) Rupee liability has increased by `106.56 crore (March 31, 2018: `44.33 crore) arising out of re-translation of the value of long-term foreign
currency loans and liabilities for procurement of property, plant and equipment, generally plant and machinery. This increase is adjusted
against the carrying cost of assets and depreciated over their remaining useful life. The depreciation for the current year is higher by
`3.50 crore (2017-18: `1.39 crore) on account of this adjustment.
(vi) Property, plant and equipment (including capital work-in-progress) were tested for impairment during the year where indicators of
impairment existed. During the year ended March 31, 2019, the Company has recognised an impairment charge of `8.54 crore (2017-18:
`33.99 crore) in respect of expenditure incurred (included within capital work-in-progress) at one of its mining sites. The impairment
recognised is included within other expenses in the statement of profit and loss.

NOTES

(vii) Property, plant and equipment includes capital cost of in-house research facilities as below:
(` crore)
Buildings Plant and Furniture, Vehicles Total
machinery fixtures and office
equipments
Cost/deemed cost as at April 1, 2018 6.35 72.72 7.01 0.09 86.17

6.04 66.56 6.08 0.09 78.77
Additions - 20.21 1.23 - 21.44
0.31 6.16 0.93 - 7.40
Cost/deemed cost as at March 31, 2019 6.35 92.93 8.24 0.09 107.61
6.35 72.72 7.01 0.09 86.17
Capital work-in-progress 1.12
19.75
Figures in italics represent comparative figures for previous years.
(viii) Details of property, plant and equipment pledged against borrowings is presented in note 19, page 258.
4. Leases
The Company has taken certain land, buildings, plant and machinery under operating and/or finance leases. The following is a summary of the
future minimum lease rental payments under non-cancellable operating leases and finance leases entered into by the Company.
A. Operating leases:
Significant leasing arrangements include lease of land for periods ranging between 12 to 99 years renewable on mutual consent, lease of office
space and assets dedicated for use under long-term arrangements. Payments under long-term arrangements involving use of dedicated assets
are allocated between those relating to the right to use of assets, executory services and for output based on the underlying contractual terms
and conditions. Any change in the allocation assumptions may have an impact on lease assessment and/or lease classification. Payments linked
to changes in inflation index under the lease arrangements have been considered as contingent rent and recognised in the statement of profit
and loss as and when incurred.
Future minimum lease payments under non-cancellable operating leases is as below:
(` crore)
Minimum lease payments
As at As at
March 31, 2019 March 31, 2018
Not later than one year 120.57 111.60
Later than one year but not later than five years 436.38 352.18
Later than five years 954.28 992.63
1,511.23 1,456.41
During the year ended March 31, 2019, total operating lease rental expense recognised in the statement of profit and loss was `222.76 crore,
(2017-18: `252.12 crore) including contingent rent of `49.27 crore (2017-18: `31.20 crore).
229
STANDALONE
NOTES
4. Leases (Contd.)
B. Finance leases:
Significant leasing arrangements include assets dedicated for use under long-term arrangements. The arrangements cover a substantial part
of the economic life of the underlying assets and generally contain a renewal option on expiry. Payments under long-term arrangements
involving use of dedicated assets are allocated between those relating to the right to use of assets, executory services and for output based
on underlying contractual terms and conditions. Any change in the allocation assumptions may have an impact on lease assessment and/or
lease classification.
The minimum lease payments and such payments excluding future finance charges in respect of arrangements classified as finance
leases is as below:
(` crore)
As at March 31, 2019 As at March 31, 2018
Minimum lease Minimum lease Minimum lease Minimum lease
payments payments less payments payments less
future finance future finance
charges charges
Not later than one year 469.27 195.49 463.76 119.81

Later than one year but not later than five years 1,335.16 499.50 1,523.48 432.02
Later than five years 2,885.77 1,434.87 4,013.01 1,701.63
Total future minimum lease commitments 4,690.20 2,129.86 6,000.25 2,253.46
Less: Future finance charges 2,560.34 3,746.79
Present value of minimum lease payments 2,129.86 2,253.46
Disclosed as:
Borrowings - Non-current (refer note 19, page 258) 1,934.37 2,133.65
Other financial liabilities - Current (refer note 20, page 261) 195.49 119.81
2,129.86 2,253.46

NOTES
5. Intangible assets
[Item No. I(c), Page 210]
(` crore)
Software Mining Total
costs assets
Cost/deemed cost as at April 1, 2018 240.89 1,782.41 2,023.30

Additions 25.77 146.60 172.37
Cost/deemed cost as at March 31, 2019 266.66 1,929.01 2,195.67
Accumulated impairment as at April 1, 2018 - 37.05 37.05
Charge for the year - 3.06 3.06
Accumulated impairment as at March 31, 2019 - 40.11 40.11
Accumulated amortisation as at April 1, 2018 167.74 1,032.33 1,200.07
Charge for the year 28.01 122.28 150.29
Accumulated amortisation as at March 31, 2019 195.75 1,154.61 1,350.36
Total accumulated amortisation and impairment as at March 31, 2019 195.75 1,194.72 1,390.47
Net carrying value as at April 1, 2018 73.15 713.03 786.18
Net carrying value as at March 31, 2019 70.91 734.29 805.20
(` crore)
Software Mining Total
costs assets
Cost/deemed cost as at April 1, 2017 198.72 1,684.56 1,883.28

Additions 42.17 97.85 140.02
Cost/deemed cost as at March 31, 2018 240.89 1,782.41 2,023.30
Accumulated impairment as at April 1, 2017 - 37.05 37.05
Accumulated impairment as at March 31, 2018 - 37.05 37.05
Accumulated amortisation as at April 1, 2017 146.35 911.70 1,058.05
Charge for the year 21.39 120.63 142.02
Accumulated amortisation as at March 31, 2018 167.74 1,032.33 1,200.07
Total accumulated amortisation and impairment as at March 31, 2018 167.74 1,069.38 1,237.12
Net carrying value as at April 1, 2017 52.37 735.81 788.18
Net carrying value as at March 31, 2018 73.15 713.03 786.18
(i) Mining assets represent expenditure incurred in relation to acquisition of mines, mine development expenditure post establishment of
technical and commercial feasibility and restoration obligations as per applicable regulations.
(ii) The Company has recognised an impairment charge of `5.17 crore (including intangible under development) (2017-18 Nil) for expenditure
incurred in respect of certain mines which are not in operation.
(iii) Software costs related to in-house development included within software costs is `0.28 crore (2017-18: `0.27 crore).
231
STANDALONE
NOTES
6. Investments in subsidiaries, associates and joint ventures

[Item No. I(e), Page 210]
(` crore)
No. of shares as at March As at As at
31, 2019 (face value of `10 March 31, 2019 March 31, 2018
each fully paid-up unless
otherwise specified)
A. Investments carried at cost/deemed cost

(a) Equity investment in subsidiary companies
(i) Quoted
(1) Tata Metaliks Ltd. 1,54,64,590 205.87 26.30
(27,97,000 shares purchased during the year)
(2) Tata Sponge Iron Limited 83,93,554 86.54 86.54
(3) Tayo Rolls Limited 55,87,372 - -
(4) The Tinplate Company of India Ltd 7,84,57,640 395.02 395.02
687.43 507.86
(ii) Unquoted
(1) ABJA Investment Co. Pte Ltd. (Face value of USD 1 each) 2,00,000 1.08 1.08
(2) Adityapur Toll Bridge Company Limited 4,14,00,000 26.40 26.40
(3) Bamnipal Steel Limited 25,88,95,798 258.89 0.01
(25,88,85,798 shares purchased during the year)
(4) Bhubaneshwar Power Private Limited 23,69,86,703 321.73 298.72
(5) Bistupur Steel Limited 10,000 0.01 0.01
(6) Creative Port Development Private Limited 1,27,500 91.88 -
(7) Dimna Steel Limited 10,000 0.01 0.01
(8) The Indian Steel & Wire Products Ltd 56,92,651 3.08 3.08
(9) Jamadoba Steel Limited 10,000 0.01 0.01
(10) Jamshedpur Football and Sporting Private Limited 3,20,00,000 32.00 20.00
(11) Jamshedpur Utilities & Services Company Limited 2,43,50,000 24.35 20.35
(12) Jugsalai Steel Limited 10,000 0.01 0.01
(13) Mohar Exports Services Pvt Ltd* 3,352 - -
(14) NatSteel Asia Pte. Ltd. (Face value of SGD 1 each) 28,14,37,128 773.86 773.86
(15) Noamundi Steel Limited 10,000 0.01 0.01
(16) Rujuvalika Investments Limited 13,28,800 60.40 60.40
(17) Sakchi Steel Limited 10,000 0.01 0.01
(18) Straight Mile Steel Limited 10,000 0.01 0.01
(19) Subarnarekha Port Private Limited 4,24,183 17.01 -
(20) Tata Korf Engineering Services Ltd* 3,99,986 - -
(21) The Tata Pigments Limited (Face value of `100 each) 75,000 0.70 0.70
(22) Tata Steel Foundation 10,00,000 1.00 1.00
(23) T Steel Holdings Pte. Ltd.* (Face value of GBP 1 each) 5,93,17,67,688 - -
(24) Tata Steel (KZN) (Pty) Ltd.* (Face value of ZAR 1 each) 12,96,00,000 - -

NOTES
6. Investments in subsidiaries, associates and joint ventures (Contd.)

(` crore)
(25) Tata Steel Odisha Limited 25,67,000 2.57 2.57

(26) Tata Steel Processing and Distribution Limited 6,82,50,000 274.45 274.45
(27) Tata Steel Special Economic Zone Limited 18,52,42,631 160.32 129.82
(28) T S Alloys Limited 6,57,07,544 78.64 78.64
2,128.43 1,691.15
Aggregate provision for impairment in value of investments (50.00) (38.00)
2,078.43 1,653.15
2,765.86 2,161.01
(b) Investment in equity share warrants of subsidiary companies
(i) Unquoted
(1) Tata Metaliks Ltd. 34,92,500 56.05 -
(34,92,500 equity share warrants purchased during the year)
56.05 -
(c) Equity investment in associate companies
(i) Quoted
(1) TRF Limited. 37,53,275 5.79 5.79
5.79 5.79
(ii) Unquoted
(1) Kalinga Aquatic Ltd* 10,49,920 - -
(2) Malusha Travels Pvt Ltd, `33,520 3,352 - -
(March 31, 2018: `33,520)
(3) Nicco Jubilee Park Limited* 3,40,000 - -
(4) Strategic Energy Technology Systems Private Limited 2,56,14,500 0.91 0.91
(5) TRL Krosaki Refractories Limited - - 42.38
(55,63,864 shares sold during the year)
0.91 43.29
- 42.38
5.79 48.17
(d) Equity investment in joint ventures
(i) Unquoted
(1) Himalaya Steel Mill Services Private Limited 36,19,945 3.62 3.62
(2) Industrial Energy Limited 17,31,60,000 173.16 173.16
(3) Jamipol Limited 36,75,000 8.38 8.38
(4) Jamshedpur Continuous Annealing & Processing Company 62,83,20,000 628.32 475.32
Private Limited
(5) Medica TS Hospital Private Limited 2,60,000 0.26 0.26
(6) mjunction services limited 40,00,000 4.00 4.00
(7) S & T Mining Company Private Limited 1,29,41,400 12.94 12.94
233
STANDALONE
NOTES
6. Investments in subsidiaries, associates and joint ventures (Contd.)

(` crore)
(8) Tata BlueScope Steel Private Limited (formerly Tata BlueScope 43,30,00,000 433.00 433.00
Steel Limited)
(9) Tata NYK Shipping Pte Ltd. 6,51,67,500 350.14 350.14
(Face value of USD 1 each)
(10) TM International Logistics Limited 91,80,000 9.18 9.18
(11) T M Mining Company Limited 2,29,116 0.23 0.16
(Inter-corporate deposits converted to 66,316 shares during
the year)
1,623.23 1,470.16
1,610.06 1,457.06
Total investments in subsidiaries, associates and joint ventures 4,437.76 3,666.24
* These investments are carried at a book value of `1.00
(i) The Company holds 51% of the equity share capital in TM International Logistics Limited, Jamshedpur Continuous Annealing & Processing
Company Private Limited and T M Mining Company Limited. However, decisions in respect of activities which significantly affect the risks
and rewards of these businesses, require unanimous consent of all the shareholders. These entities have therefore been considered as
joint ventures.
(ii) Carrying value and market value of quoted and unquoted investments are as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Investment in subsidiary companies:
Aggregate carrying value of quoted investments 687.43 507.86
Aggregate market value of quoted investments 2,876.68 3,211.31
Aggregate carrying value of unquoted investments 2,134.48 1,653.15
(b) Investment in associate companies:
Aggregate carrying value of quoted investments 5.79 5.79
Aggregate market value of quoted investments 44.87 83.66
Aggregate carrying value of unquoted investments - 42.38
(c) Investment in joint ventures:
Aggregate carrying value of unquoted investments 1,610.06 1,457.06
(iii) During the year ended March 31, 2019, the Company acquired 51% stake in Creative Port Development Private Limited (CPDPL) a proposed
greenfield port project. Consequent to the acquisition, Subarnarekha Port Private Limited became a subsidiary of the Company.
(iv) During the year ended March 31, 2019, the Company through its wholly owned subsidiary Bamnipal Steel Limited, completed the
acquisition of Tata Steel BSL Limited (formerly Bhushan Steel Limited) pursuant to a corporate insolvency resolution process implemented
under the Insolvency and Bankruptcy Code, 2018.
(v) The Hon’ble National Company Law Tribunal (NCLT), Kolkata vide order dated April 5, 2019 has admitted the initiation of Corporate
Insolvency Resolution Process (CIRP) in respect of Tayo Rolls Limited, a subsidiary of the Company.

NOTES
7. Investments
[Item No. I(f )(i) and II(b)(i), Page 210]
A. Non-current
(` crore)
(I) Investments carried at fair value through other comprehensive income:

Investment in equity shares
(i) Quoted
(1) Credit Analysis & Research Limited 3,54,000 35.03 42.79
(2) Housing Development Finance Corporation Ltd. 7,900 1.55 1.44
(Face value of `2 each)
(3) Tata Consultancy Services Limited 46,798 9.37 6.78
(Face Value of `1 each)
(23,804 bonus shares in 1:1 was received and 810 shares were
bought back during the year)
(4) Tata Investment Corporation Limited 2,28,015 19.00 18.10
(18,003 shares were bought back during the year)
(5) Tata Motors Ltd. 1,00,000 1.74 3.27
(6) The Tata Power Company Ltd. 3,91,22,725 288.73 309.07
(7) Timken India Ltd. `587.25 (March 31, 2018: `704.00) 1 - -
(8) Steel Strips Wheels Limited 10,86,972 93.19 115.76
448.61 497.21
(ii) Unquoted#
(1) IFCI Venture Capital Funds Ltd. 1,00,000 0.10 0.10
(2) Panatone Finvest Ltd. 45,000 0.05 0.05
(3) Steelscape Consultancy Pvt. Ltd. 50,000 - -
(4) Subarnarekha Port Private Limited - 7.00
(5) Taj Air Limited 42,00,000 - -
(6) Tarapur Environment Protection Society 82,776 0.89 0.89
(7) Tata Industries Ltd. 99,80,436 202.19 202.19
(8) Tata International Ltd. 28,616 31.19 31.19
(Face value of `1,000 each)
(9) Tata Services Ltd. 1,621 0.16 0.16
(10) Tata Sons Private Limited 12,375 68.75 68.75
(11) Tata Teleservices Ltd. 8,74,27,533 - -
(12) Others(iii) 0.01 0.01
303.34 310.34
751.95 807.55
235
STANDALONE
NOTES
7. Investments (Contd.)
(` crore)
(II) Investments carried at fair value through profit and loss:

Investment in preference shares
(a) Subsidiary companies
(i) Unquoted
(1) T Steel Holdings Pte. Ltd. 55,41,31,297 5,016.25 5,113.03
5.00% non-cumulative redeemable preference shares
(Face value of GBP 1 each)
(2) T Steel Holdings Pte. Ltd. 1,25,80,00,000 8,698.44 -
(Face value of USD 1 each)
(1,25,80,00,000 shares acquired during the year)
(2,00,000 shares acquired during the year)
8% non-cumulative redeemable preference shares
(6) Tayo Rolls Limited 2,31,00,000 - -
(7) Creative Port Development Private Limited 25,10,830 25.11 -
0.01% non-cumulative optionally convertible
redeemable preference shares
(8) Tata Steel BSL Limited (formerly Bhushan Steel Limited) 10,70,00,00,000 10,700.00 -
11.09 % non-cumulative redeemable preference shares
(9) Tata Steel BSL Limited (formerly Bhushan Steel Limited) 9,00,00,00,000 9,000.00 -
8.89 % non-cumulative optionally convertible redeemable
preference shares
33,439.80 5,113.03

NOTES
(` crore)
(b) Associate companies

(i) Unquoted
(1) TRF Limited. 25,00,00,000 250.00 -
12.50 % non-cumulative redeemable preference shares
(25,00,00,000 shares acquired during the year)
250.00 -
33,689.80 5,113.03
Investments in debentures and bonds
(a) Investment in joint ventures
(i) Unquoted
(1) Medica TS Hospital Private Limited 4,97,400 49.74 49.74
Secured optionally convertible redeemable debentures
49.74 49.74
34,491.49 5,970.32
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
Investments carried at fair value through profit and loss:
Investment in mutual funds – Unquoted
(1) Aditya Birla Sun Life Cash Plus - Growth - 1,191.57
(2) Axis Liquid Fund - Growth - 1,477.02
(3) Baroda Pioneer Liquid Fund - Growth - 882.72
(4) DSP BlackRock Liquidity Fund - Growth - 1,250.63
(5) HDFC Cash Management Fund - Saving Plan - Growth - 1,044.26
(6) ICICI Prudential Money Market Fund - Growth - 1,440.59
(7) IDBI Liquid Fund - Growth - 741.08
(8) IDFC Cash Fund - Growth - 952.69
(9) Invesco India Liquid Fund - Growth - 1,246.89
(10) Kotak Liquid Scheme - Growth - 616.07
(11) LIC MF Liquid Fund - Growth - 738.43
(12) Reliance Liquidity Fund - Growth - 1,329.38
(13) Reliance MF ETF Liquid - 0.09
(14) SBI Premier Liquid Fund - Growth - 878.38
(15) Tata Liquid Fund - Growth 477.47 -
(16) Tata Money Market Fund - Growth - 850.57
477.47 14,640.37
237
STANDALONE
NOTES
(i) Carrying value and market value of quoted and unquoted investments are as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Investments in quoted instruments:
Aggregate carrying value 448.61 497.21
Aggregate market value 448.61 497.21
(b) Investments in unquoted instruments:

Aggregate carrying value 34,520.35 20,113.48
(ii) Cumulative gain on de-recognition of investments during the year which were carried at fair value through other comprehensive income
amounted to `1.49 crore (2017-18: `3,427.46 crore). Fair value of such investments as on the date of de-recognition was `1.97 crore
(2017-18: `3,782.76 crore).
# Cost of unquoted equity instruments has been considered as an appropriate estimate of fair value because of a wide range of possible fair
value measurements and cost represents the best estimate of fair value within that range.

NOTES
(iii) Details of other unquoted investments carried at fair value through other comprehensive income is as below:

each fully paid -up unless (`) (`)
(a) Barajamda Iron Ore Mine Workers’ Central Co-operative Stores Ltd. 200 5,000.00 5,000.00
(b) Bokaro and Ramgarh Ltd. 100 16,225.00 16,225.00
(c) Eastern Synpacks Limited (Face value of `25 each) 1,50,000 1.00 1.00
(d) Ferro Manganese Plant Employees’ Consumer Co-operative Society Ltd. 100 2,500.00 2,500.00
(e) Investech Advisory Services (India) Limited(Face value of `100 each) 1,680 1.00 1.00
(f ) Jamshedpur Co-operative House Building Society Ltd. 10 1,000.00 1,000.00
(g) Jamshedpur Co-operative Stores Ltd. (Face value of `5 each) 50 250.00 250.00
(h) Jamshedpur Educational and Culture Co-operative Society Ltd. 50 5,000.00 5,000.00
(i) Joda East Iron Mine Employees’ Consumer Co-operative Society Ltd. 100 2,500.00 2,500.00
(j) Kumardhubi Fireclay and Silica Works Ltd. 1,50,001 1.00 1.00
(k) Kumardhubi Metal Casting and Engineering Ltd. 10,70,000 1.00 1.00
(l) Namtech Electronic Devices Limited 48,026 1.00 1.00
(m) Reliance Firebrick and Pottery Company Ltd. (Partly paid-up) 16,800 1.00 1.00
(n) Reliance Firebrick and Pottery Company Ltd. 2,400 1.00 1.00
(o) Sanderson Industries Ltd. 3,33,876 2.00 2.00
(p) Standard Chrome Ltd. 11,16,000 2.00 2.00
(q) Sijua (Jherriah) Electric Supply Co. Ltd. 4,144 40,260.00 40,260.00
(r) Tata Construction and Projects Ltd. 11,97,699 1.00 1.00
(s) TBW Publishing and Media Pvt. Limited 100 1.00 1.00
(t) Wellman Incandescent India Ltd. 15,21,234 2.00 2.00
(u) Woodland Multispeciality Hospital Ltd. 1,25,000 1.00 1.00
(v) Unit Trust of India - Mastershares 2,229 47,477.00 47,477.00
1,20,228.00 1,20,228.00
239
STANDALONE
NOTES
8. Loans
[Item No. I(f )(ii) and II(b)(v), Page 210]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Security deposits
Considered good - Unsecured 200.13 193.84
Credit impaired 2.02 2.12
Less: Allowance for credit losses 2.02 2.12
200.13 193.84
(b) Loans to related parties
Considered good - Unsecured 13.00 -
13.00 -
(c) Other loans
18.03 19.66
231.16 213.50
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Loans to related parties
52.01 69.26
(b) Other loans
3.91 4.87
55.92 74.13
(i) Security deposits are primarily in relation to public utility services and rental agreements. It includes deposit with a subsidiary
`14.00 crore (March 31, 2018: `14.00 crore) and deposit with Tata Sons Private Limited `1.25 crore (March 31, 2018: `1.25 crore).
(ii) Non-current loans to related parties represent loans given to subsidiaries `571.95 crore (March 31, 2018: `558.95 crore), out of which
`558.95 crore (March 31, 2018: `558.95 crore) is impaired.
(iii) Current loans to related parties represent loans/advances given to subsidiaries `92.06 crore (March 31, 2018: `90.69 crore) and joint ventures
`28.67 crore (March 31, 2018: `46.82 crore) out of which `67.65 crore (2017-18: `67.65 crore) and `1.07 crore (2017-18: `0.60 crore)
respectively is impaired.
(iv) Other loans primarily represent loans given to employees.

NOTES
8. Loans (Contd.)
(v) Disclosure as per Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 and Section 186(4) of the Companies Act, 2013.
(a) Loans/advances in the nature of loan outstanding from subsidiaries, associates and joint ventures for the year ended March 31, 2019:
(` crore)
Debts Maximum balance
Name of the Company outstanding as at outstanding during
March 31, 2019 the year
Subsidiaries
(1) Bamnipal Steel Limited - 18,631.65
(interest rate 10.00 %) - -
(2) Jamshedpur Football and Sporting Private Limited - 15.00

(interest rate 12.25%) 15.00 15.00
(3) Jamshedpur Utilities & Services Company Limited - 7.50

(interest rate 10.50 % to 12.50%) 7.50 11.50
(4) Subarnarekha Port Private Limited 20.00 20.00

(interest rate 10.50%) - -
(5) Tata Steel (KZN) (Pty) Ltd.(ii) 558.95 558.95

558.95 558.95
(6) Tata Steel Special Economic Zone Limited 13.00 13.00

(interest rate 10.00 % to 11.00 %) - 80.00
(7) Tayo Rolls Limited(ii) 67.00 67.00

(interest rate 7.00 % to 13.07 %) 67.00 67.00
Associate
(1) TRF Limited. - 242.00
(interest rate 10.00 % to 10.51 %) - -
Joint ventures
(1) Industrial Energy Limited 27.60 46.22
(interest rate 10.00 %) 46.22 46.22
(2) S & T Mining Company Private Limited(ii) 1.07 1.07

(interest rate 12.00 % to 14.00 %) 0.60 0.60
(3) T M Mining Company Limited - 0.05

(interest rate 12.40%) - -
Figures in italics represents comparative figures of previous year.
(i) The above loans have been given for business purpose.
241
STANDALONE
NOTES
8. Loans (Contd.)
(ii) As at March 31, 2019, loans given to Tayo Rolls Limited, Tata Steel (KZN) (Pty) Ltd. and S & T Mining Company Private Limited were
fully impaired.
(b) Details of investments made and guarantees provided are given in note 6, page 232, note 7, page 235 and note 36B, page 278.
(vi) There are no outstanding debts from directors or other officers of the Company.
9. Other financial assets

[Item No. I(f )(iv) and II(b)(vii), Page 210]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Interest accrued on deposits and loans
(b) Earmarked balances with banks 34.96 19.96
(c) Others
Credit impaired - 2.00
Less: Allowance for credit losses - 2.00
275.19 0.58
310.65 21.21
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
6.30 27.54

(b) Others
940.76 491.51

NOTES
9. Other financial assets (Contd.)

[Item No. I(f )(iv) and II(b)(vii), Page 210]
(i) Non-current earmarked balances with banks represent deposits and balances in escrow account not due for realisation within 12
months from the balance sheet date. These are primarily placed as security with government bodies, margin money against issue of
bank guarantees.
(ii) Non-current other financial assets include advance against purchase of equity shares in subsidiaries `275.19 crore (of which `258.69 crore
has been contributed by way of transfer of assets) (March 31, 2018: `2.00 crore) out of which Nil (March 31, 2018: `2.00 crore) is impaired.
(iii) Current other financial assets include amount receivable from post-employment benefit funds `755.95 crore (March 31, 2018: `296.38
crore) on account of retirement benefit obligations paid by the Company directly.
10. Income tax

[Item No. IV(e), Page 210]
A. Income tax expense/(benefit)

The Company is subject to income tax in India on the basis of its standalone financial statements. The Company can claim tax
exemptions/deductions under specific sections of the Income-tax Act, 1961 subject to fulfilment of prescribed conditions, as may be applicable.
As per the Income-tax Act, 1961, the Company is liable to pay income tax based on higher of regular income tax payable or the amount payable
based on the provisions applicable for Minimum Alternate Tax (MAT). MAT paid in excess of regular income tax during a year can be carried
forward for a period of fifteen years and can be offset against future tax liabilities arising from regular income tax.
usiness loss can be carried forward for a maximum period of eight assessment years immediately succeeding the assessment year to which
B
the loss pertains. Unabsorbed depreciation can be carried forward for an indefinite period.
The reconciliation of estimated income tax to income tax expense is as below:
(` crore)
March 31, 2019 March 31, 2018
Profit before tax 16,227.25 6,638.25
Expected income tax expense at statutory income tax rate of 34.944 % (2017-18: 34.608 %) 5,670.45 2,297.36
(a) Income exempt from tax/Items not deductible 48.98 116.62
(b) Additional tax benefit for capital investment including research and development expenditures (25.37) (26.79)
(c) Impact of change in tax rate(i) - 81.51
Tax expense as reported 5,694.06 2,468.70
(i) During the year ended March 31, 2018, the Company re-measured deferred tax balances expected to reverse in future periods based on
changes in statutory tax rate made by the Finance Act, 2018.
243
STANDALONE
NOTES
10. Income tax (Contd.)

B. Deferred tax assets/(liabilities)

(i) Components of deferred tax assets and liabilities as at March 31, 2019 is as below:
(` crore)
Balance Recognised/ Recognised Recognised Other Balance
as at (reversed) in other in equity during movements as at
April 1, 2018 in profit and comprehensive the year during the year March 31, 2019
loss during the income during
year the year
Deferred tax assets:

Investments 3,040.80 - - - - 3,040.80
Retirement benefit obligations 186.00 - - - - 186.00
Expenses allowable for tax purposes when 1,838.05 1,173.75 - - - 3,011.80
paid/written off
MAT credit entitlement/(utilisation) 2,158.92 - - - (2,158.92) -
7,223.77 1,173.75 - - (2,158.92) 6,238.60
Deferred tax liabilities:
Property, plant and equipment and 13,391.83 313.21 - (4.81) - 13,700.23
intangible assets
Others 91.03 257.49 (3.15) - - 345.37
13,482.86 570.70 (3.15) (4.81) - 14,045.60
Net deferred tax assets/(liabilities) (6,259.09) 603.05 3.15 4.81 (2,158.92) (7,807.00)
Disclosed as:
Deferred tax liabilities (net) (6,259.09) (7,807.00)

NOTES
10. Income tax (Contd.)

Components of deferred tax assets and liabilities as at March 31, 2018 is as below:
(` crore)
Balance Recognised/ Recognised Recognised Balance
as at (reversed) in other in equity during as at
April 1, 2017 in profit and comprehensive the year March 31, 2018
loss during the income during the
year year
Deferred tax assets/(liabilities):

Tax-loss carry forwards 107.43 (107.43) - - -
Investments 3,011.56 29.24 - - 3,040.80
Retirement benefit obligations 184.21 1.79 - - 186.00
Expenses allowable for tax purposes when 1,821.46 16.59 - - 1,838.05
paid/written off
MAT credit entitlement 1,513.30 (85.75) 731.37 - 2,158.92
Others 76.52 (123.55) (3.47) - (50.50)
6,714.48 (269.11) 727.90 - 7,173.27
Property, plant and equipment and 12,781.58 616.45 - (6.20) 13,391.83
intangible assets
Others 44.17 (3.64) - - 40.53
12,825.75 612.81 - (6.20) 13,432.36
Net deferred tax assets/(liabilities) (6,111.27) (881.92) 727.90 6.20 (6,259.09)
Disclosed as:
Deferred tax liabilities (net) (6,111.27) (6,259.09)
(ii) Deferred tax assets amounting to `8,112.23 crore as at March 31, 2019 (March 31, 2018: `8,112.23 crore) on fair value adjustment
recognised in respect of investments held in a subsidiary on transition to Ind AS has not been recognised due to uncertainty surrounding
availability of future taxable income against which such loss can be offset.
245
STANDALONE
NOTES
11. Other assets

[Item No. I(h) and II(c), Page 210]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Capital advances
Considered doubtful - Unsecured 83.86 90.76
Less: Provision for doubtful advances 83.86 90.76
706.50 299.65
(b) Advances with public bodies

919.44 831.39
(c) Prepaid lease payments for operating leases 821.25 917.96
(d) Capital advances to related parties

(e) Others
Considered good - Unsecured 47.90 -
2,535.98 2,140.84

NOTES
11. Other assets (Contd.)

[Item No. I(h) and II(c), Page 210]
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Advances with public bodies
Considered good - Unsecured 1,575.77 1,440.57
1,575.77 1,440.57
(b) Advances to related parties
140.03 171.29
(c) Prepaid lease payments for operating leases 11.67 12.97
(d) Others
482.51 187.22
2,209.98 1,812.05
(i) Advances with public bodies primarily relate to input credit entitlements and amounts paid under protest in respect of demands and
claims from regulatory authorities.
(ii) Prepaid lease payments for operating leases relate to land leases classified as operating as the title is not expected to transfer at the end
of the lease term and considering that the land has an indefinite economic life.
(iii) Others include advances against supply of goods/services and advances paid to employees.
247
STANDALONE
NOTES
12. Inventories
[Item No. II(a), Page 210]
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Raw materials 4,496.38 4,953.20
(b) Work-in-progress 14.54 6.77
(c) Finished and semi-finished goods 4,129.28 3,602.13
(d) Stock-in-trade 75.54 56.13
(e) Stores and spares 2,539.60 2,405.18
11,255.34 11,023.41
Included above, goods-in-transit:
(i) Raw materials 671.23 1,152.80
(ii) Finished and semi-finished goods 0.71 -
(iii) Stock-in-trade 66.22 31.99
(iv) Stores and spares 163.35 132.30
901.51 1,317.09
Value of inventories above is stated after provisions (net of reversal) `93.07 crore (March 31, 2018: `51.51 crore) for write-downs to net realisable
value and provision for slow-moving and obsolete items.
13. Trade receivables

[Item No. II(b)(ii), Page 210]
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Considered good - Unsecured 1,363.04 1,875.63
(b) Credit impaired 34.74 30.97
1,397.78 1,906.60
1,363.04 1,875.63
In determining allowance for credit losses of trade receivables, the Company has used the practical expedient by computing the expected
credit loss allowance based on a provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for
forward looking information. The expected credit loss allowance is based on ageing of the receivables and rates used in the provision matrix.
(i) Movements in allowance for credit losses of receivables is as below:
(` crore)
March 31, 2019 March 31, 2018
Balance at the beginning of the year 30.97 18.10
Charge/(release) during the year 3.77 13.86
Utilised during the year - (0.99)
Balance at the end of the year 34.74 30.97

NOTES
13. Trade receivables (Contd.)

(ii) Ageing of trade receivables and credit risk arising therefrom is as below:
(` crore)
As at March 31, 2019
Gross Allowance for Net
credit risk credit losses credit risk
Amounts not yet due 1,243.54 2.34 1,241.20
One month overdue 65.51 1.66 63.85
Two months overdue 17.34 1.19 16.15
Three months overdue 9.65 2.69 6.96
Between three to six months overdue 16.69 2.63 14.06
Greater than six months overdue 45.05 24.23 20.82
1,397.78 34.74 1,363.04
(` crore)
Gross Allowance for Net
credit risk credit losses credit risk
Amounts not yet due 1,785.18 0.65 1,784.53
One month overdue 44.25 0.40 43.85
Two months overdue 12.84 0.39 12.45
Three months overdue 6.60 0.67 5.93
Between three to six months overdue 18.12 1.81 16.31
Greater than six months overdue 39.61 27.05 12.56
1,906.60 30.97 1,875.63
(iii) The Company considers its maximum exposure to credit risk with respect to customers as at March 31, 2019 to be `1,363.04 crore
(March 31, 2018: `1,875.63 crore), which is the carrying value of trade receivables after allowance for credit losses.
The Company’s exposure to customers is diversified and no single customer contributes more than 10% of the outstanding receivables as
at March 31, 2019 and March 31, 2018.
(iv) There are no outstanding receivables due from directors or other officers of the Company.
249
STANDALONE
NOTES
14. Cash and cash equivalents

[Item No. II(b)(iii), Page 210]
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Cash on hand 1.35 0.93
(b) Cheques, drafts on hand 7.74 8.85
(c) Remittances-in-transit 8.97 1.73
(d) Unrestricted balances with banks 526.79 4,577.38
544.85 4,588.89
(i) Cash and bank balances are denominated and held in Indian Rupees.
15. Other balances with banks

[Item No. II(b)(iv), Page 210]
(` crore)
As at As at
March 31, 2019 March 31, 2018
Earmarked balances with banks 173.26 107.85
(i) Earmarked balances with banks include balances held for: unpaid dividends `64.88 crore (March 31, 2018: `55.00 crore), bank guarantees
and margin money `66.11 crore (March 31, 2018: `36.89 crore).
(ii) Earmarked balances with banks are denominated and held in Indian Rupees.

NOTES
16. Equity share capital

[Item No. III(a), Page 210]
(` crore)
As at As at
March 31, 2019 March 31, 2018
Authorised:
1,75,00,00,000 Ordinary Shares of `10 each 1,750.00 1,750.00
(March 31, 2018: 1,75,00,00,000 Ordinary Shares of `10 each)
35,00,00,000 ‘A’ Ordinary Shares of `10 each* 350.00 350.00
(March 31, 2018: 35,00,00,000 ‘A’ Ordinary Shares of `10 each)
2,50,00,000 Cumulative Redeemable Preference Shares of `100 each* 250.00 250.00
(March 31, 2018: 2,50,00,000 Shares of `100 each)
60,00,00,000 Cumulative Convertible Preference Shares of `100 each* 6,000.00 6,000.00
8,350.00 8,350.00
Issued:
7,76,97,280 Ordinary Shares of `10 each (partly paid up, `2.504 each paid up) 77.70 77.70
(March 31, 2018: 7,76,97,280 Ordinary Shares of `10 each,
`2.504 each paid up)
1,205.22 1,205.22
Subscribed and paid up:

1,12,64,89,680 Ordinary Shares of `10 each fully paid up 1,126.48 1,126.48
(March 31, 2018: 7,76,34,625 Ordinary Shares of `10 each,
Amount paid up on 3,89,516 Ordinary Shares of `10 each forfeited 0.20 0.20
(March 31, 2018: 3,89,516 Shares of `10 each) 1,146.12 1,146.12
* ‘A’ class Ordinary Shares and Preference Shares included within the authorised share capital are for disclosures purposes and have not
yet been issued.
(i) Subscribed and paid up share capital includes 11,81,893 (March 31, 2018: 11,68,393) Ordinary Shares of face value `10 each fully paid up
held by subsidiaries of the Company.
(ii) Details of movement in subscribed and paid up share capital is as below:
As at As at
March 31, 2019 March 31, 2018
No. of shares ` crore No. of shares ` crore
Ordinary Shares of `10 each
Balance at the beginning of the year 1,20,41,19,440 1,145.92 97,12,15,439 971.21
Fully paid shares allotted during the year(a),(b),(c) 4,865 0.00* 15,52,69,376 155.27
Partly paid shares allotted during the year(d) 2,080 0.00* 7,76,34,625 19.44
Balance at the end of the year 1,20,41,26,385 1,145.92 1,20,41,19,440 1,145.92
251
STANDALONE
NOTES
16. Equity share capital (Contd.)

690 Ordinary Shares of face value `10 each were allotted at a premium of `290 per share to the shareholders whose shares were kept
(a)
in abeyance in the Rights Issue of 2007.
11 Ordinary Shares of face value `10 each were allotted at a premium of `590 per share in lieu of Cumulative Convertible Preference
(b)
Shares of `100 each to the shareholders whose shares were kept in abeyance in the Rights Issue of 2007.
(c) 4
,164 fully paid Ordinary Shares of face value `10 each were allotted at a premium of `500 per share to the shareholders whose
shares were kept in abeyance in the Rights Issue of 2018.
2,080 partly paid Ordinary Shares of face value `10 each (`2.504 paid up) were allotted at a premium of `605 (`151.496 paid up) per
(d)
share to the shareholders whose shares were kept in abeyance in the Rights Issue of 2018.
(iii) The balance proceeds which remained unutilised as at March 31, 2018 from the Rights Issue, 2018 have been fully utilised during the
year as below:
(` crore)
Utilised till March Utilised during the Total
Particulars 31, 2018 year ended
March 31, 2019
Repayments of loan 5,000.00 1,950.00 6,950.00

Expenses towards general corporate purpose 1,500.00 630.44 2,130.44
Issue expense - 33.85 33.85
Total 6,500.00 2,614.29 9,114.29
(iv) As at March 31, 2019, 2,99,188 Ordinary Shares of face value `10 each (March 31, 2018: 3,00,395 Ordinary Shares) are kept in abeyance in
respect of Rights Issue of 2007.
As at March 31, 2019, 1,21,460 fully paid Ordinary Shares of face value `10 each (March 31, 2018: 1,25,624 fully paid Ordinary Shares) and
60,575 partly paid Ordinary Shares of face value `10 each, `2.504 paid up (March 31, 2018: 62,655 partly paid Ordinary Shares, `2.504 paid
up) are kept in abeyance in respect of Rights Issue of 2018.
(v) Details of shareholders holding more than 5 percent shares in the Company is as below:
As at As at
March 31, 2019 March 31, 2018
No. of Ordinary % held No. of Ordinary % held
Shares Shares
(a) Tata Sons Private Limited 38,09,73,085 31.64 38,09,73,085 31.64
(b) Life Insurance Corporation of India 10,83,88,660 9.00 10,83,88,660 9.00

NOTES

1,34,73,958 shares (March 31, 2018: 1,27,40,651 shares) of face

(vi) to the voting rights attached to such shares including in
value of `10 per share represent the shares underlying GDRs relation to any scheme under Sections 391 to 394 of the
which were issued during 1994 and 2009. Each GDR represents Companies Act, 1956.
one underlying Ordinary Share.
(ii) The holders of ‘A’ Ordinary Shares shall be entitled to dividend
(vii) The rights, powers and preferences relating to each class of on each ‘A’ Ordinary Share which may be equal to or higher
share capital and the qualifications, limitations and restrictions than the amount per Ordinary Share declared by the Board
thereof are contained in the Memorandum and Articles of for each Ordinary Share, and as may be specified at the time
Association of the Company. The principal rights are as below: of the issue. Different series of ‘A’ Ordinary Shares may carry
different entitlements to dividend to the extent permitted
A. Ordinary Shares of `10 each under applicable law and as prescribed under the terms
(i) In respect of every Ordinary Share (whether fully paid or partly applicable to such issue.
paid), voting right and dividend shall be in the same proportion
as the capital paid up on such Ordinary Share bears to the total C. Preference Shares
paid up Ordinary Capital of the Company.
The Company has two classes of Preference Shares i.e.
Cumulative Redeemable Preference Shares (CRPS) of `100 per
(ii) The dividend proposed by the Board of Directors is subject to
share and Cumulative Convertible Preference Shares (CCPS) of
the approval of the Shareholders in the ensuing Annual General
`100 per share.
Meeting, except in case of interim dividend.
(i) Such shares shall confer on the holders thereof, the right to a
(iii) In the event of liquidation, the Shareholders of Ordinary Shares
fixed preferential dividend from the date of allotment, at a rate as
are eligible to receive the remaining assets of the Company
may be determined by the Board at the time of the issue, on the
after distribution of all preferential amounts, in proportion to
capital for the time being paid up or credited as paid up thereon.
their shareholding.
(ii) Such shares shall rank for capital and dividend (including all
B. ‘A’ Ordinary Shares of `10 each dividend undeclared upto the commencement of winding up)
(i) (a) The holders of ‘A’ Ordinary Shares shall be entitled to such and for repayment of capital in a winding up, pari passu inter
rights of voting and/or dividend and such other rights as per se and in priority to the Ordinary Shares of the Company, but
the terms of the issue of such shares, provided always that: shall not confer any further or other right to participate either
in profits or assets. However, in case of CCPS, such preferential
- in the case where a resolution is put to vote on a
rights shall automatically cease on conversion of these shares
poll, such differential voting entitlement (excluding
into Ordinary Shares.
fractions, if any) will be applicable to holders of ‘A’
Ordinary Shares. (iii) The holders of such shares shall have the right to receive all
notices of general meetings of the Company but shall not confer
- in the case where a resolution is put to vote in the
on the holders thereof the right to vote at any meetings of the
meeting and is to be decided on a show of hands,
Company save to the extent and in the manner provided in the
the holders of ‘A’ Ordinary Shares shall be entitled to
Companies Act, 1956, or any re-enactment thereof.
the same number of votes as available to holders of
Ordinary Shares. (iv) CCPS shall be converted into Ordinary Shares as per the terms,
determined by the Board at the time of issue; as and when
(b)
The holders of Ordinary Shares and the holders of ‘A’
converted, such Ordinary Shares shall rank pari passu with the
Ordinary Shares shall vote as a single class with respect
then existing Ordinary Shares of the Company in all respects.
to all matters submitted for voting by shareholders of
the Company and shall exercise such votes in proportion
253
STANDALONE
NOTES
17. Hybrid perpetual securities

[Item No. III(b), Page 210]
The detail of movement in hybrid perpetual securities is as below:
(` crore)
March 31, 2019 March 31, 2018
Balance at the beginning of the year 2,275.00 2,275.00
Balance at the end of the year 2,275.00 2,275.00
The Company had issued hybrid perpetual securities of `775.00 crore and `1,500.00 crore in May 2011 and March 2011 respectively.
These securities are perpetual in nature with no maturity or redemption and are callable only at the option of the Company. The distribution on
these securities are 11.50% p.a. and 11.80% p.a. respectively, with a step up provision if the securities are not called after 10 years. The distribution
on the securities may be deferred at the option of the Company if in the six months preceding the relevant distribution payment date, the
Company has not made payment on, or repurchased or redeemed, any securities ranking pari passu with, or junior to the instrument. As these
securities are perpetual in nature and the Company does not have any redemption obligation, these have been classified as equity.
18. Other equity

[Item No. III(c), Page 210]
A. Retained earnings
The details of movement in retained earnings is as below:
(` crore)
March 31, 2019 March 31, 2018
Profit for the year 10,533.19 4,169.55
Remeasurement of post-employment defined benefit plans 5.95 237.63
Tax on remeasurement of post-employment defined benefit plans (2.07) (82.24)
Dividend (1,145.92) (971.22)
Tax on dividend (224.86) (188.41)
Tax on distribution on hybrid perpetual securities 92.99 92.70
Transfers within equity(i) 1.49 3,427.46
(i) Represents profit on sale of investments carried at fair value through other comprehensive income reclassified from investment
revaluation reserve.
B. Items of other comprehensive income
(a) Cash flow hedge reserve
The cumulative effective portion of gains or losses arising from changes in fair value of hedging instruments designated as cash flow hedges
are recognised in cash flow hedge reserve. Such changes recognised are reclassified to the statement of profit and loss when the hedged item
affects the profit or loss or are included as an adjustment to the cost of the related non-financial hedged item.

NOTES
18. Other equity (Contd.)

The Company has designated certain foreign currency forward contracts and interest rate swaps as cash flow hedges in respect of foreign
exchange and interest rate risks.
The details of movement in cash flow hedge reserve is as below:
(` crore)
March 31, 2019 March 31, 2018
Balance at the beginning of the year 5.14 (1.35)
Other comprehensive income recognised during the year (6.91) 6.49
Balance at the end of the year (1.77) 5.14
(i) The details of other comprehensive income recognised during the year is as below:
(` crore)
March 31, 2019 March 31, 2018
Fair value changes recognised during the year (27.94) 8.02
Fair value changes reclassified to profit and loss/cost of hedged items 17.32 1.94
Tax impact on above 3.71 (3.47)
(6.91) 6.49
During the year, ineffective portion of cash flow hedges recognised in the statement of profit and loss amounted to Nil (2017-18: Nil)
(ii) The amount recognised in cash flow hedge reserve (net of tax) is expected to impact the statement of profit and loss as below:
- within the next one year: loss `2.17 crore (2017-18: gain `1.39 crore)
- later than one year: gain `0.40 crore (2017-18: gain `3.75 crore)
(b) Investment revaluation reserve

The cumulative gains and losses arising from fair value changes of equity investments measured at fair value through other comprehensive
income are recognised in investment revaluation reserve. The balance of the reserve represents such changes recognised net of amounts
reclassified to retained earnings on disposal of such investments.
The details of movement in investment revaluation reserve is as below:
(` crore)
March 31, 2019 March 31, 2018
Balance at the beginning of the year 103.72 3,754.18
Other comprehensive income recognised during the year (46.63) (223.00)
Tax impact on above (0.56) -
Transfers within equity (1.49) (3,427.46)
255
STANDALONE
NOTES

C.
Other reserves
(a) Securities premium
S ecurities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the provisions of the
Companies Act, 2013.
The details of movement in securities premium is as below:
(` crore)
March 31, 2019 March 31, 2018
Received/transfer on issue of Ordinary Shares during the year 0.26 8,939.59
Equity issue expenses written (off )/back during the year 0.57 (33.85)
(b) Debenture redemption reserve

T he Companies Act, 2013 requires that a company which has issued debentures, shall create a debenture redemption reserve out of profits of
the company available for payment of dividend. The company is required to maintain a debenture redemption reserve of 25% of the value of
debentures issued, either by a public issue or on a private placement basis. The amounts credited to the debenture redemption reserve cannot
be utilised by the company except to redeem debentures.
The details of movement in debenture redemption reserve during the year is as below:
(` crore)
March 31, 2019 March 31, 2018
(c) General reserve

Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in
accordance with applicable regulations. Consequent to the introduction of the Companies Act, 2013, the requirement to mandatory transfer a
specified percentage of net profit to general reserve has been withdrawn.
The details of movement in general reserve during the year is as below:
(` crore)
March 31, 2019 March 31, 2018

NOTES

(d) Capital redemption reserve

The Companies Act, 2013 requires that when a company purchases its own shares out of free reserves or securities premium account, a sum
equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such transfer
shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the Company, in paying up unissued shares
of the Company to be issued to shareholders of the Company as fully paid bonus shares. The Company established this reserve pursuant to the
redemption of preference shares issued in earlier years.
The details of movement in capital redemption reserve during the year is as below:
(` crore)
March 31, 2019 March 31, 2018
(e) Others
thers primarily represent amount appropriated out of the statement of profit and loss for unforeseen contingencies. Such appropriations are
O
free in nature.
The details of movement in others during the year is as below:
(` crore)
March 31, 2019 March 31, 2018
D. Share application money pending allotment

The details of movement in share application money pending allotment during the year is as below:
(` crore)
March 31, 2019 March 31, 2018
Application money received during the year 0.24 0.02
Allotment of Ordinary Shares during the year (0.26) (0.01)
Balance at the end of the year - 0.02
257
STANDALONE
NOTES
19. Borrowings
[Item No. IV(a)(i) and V(a)(i), Page 210]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Secured
(i) Loans from Joint Plant Committee - Steel Development Fund 2,564.10 2,494.42
(b) Unsecured
(i) Non-convertible debentures 12,195.74 9,846.00
(ii) Term loans from banks/financial institutions 9,956.98 10,094.88
(iii) Finance lease obligations 1,934.37 2,133.65
26,651.19 24,568.95
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Secured
(i) Repayable on demand from banks/financial institutions 8.09 34.44
(b) Unsecured
(i) Loans from banks/financial institutions - 635.44
8.09 669.88
(i) As at March 31, 2019, `2,572.19 crore (March 31, 2018: `2,528.86 and charges created and/or to be created on specific items of
crore) of the total outstanding borrowings were secured machinery and equipment procured/to be procured under
by a charge on property, plant and equipment, inventories deferred payment schemes/bill re-discounting schemes/asset
and receivables. credit schemes.
(ii)
The security details of major borrowings as at March 31, The loan is repayable in 16 equal semi-annual instalments after
2019 is as below: completion of four years from the date of the tranche.
(a) Loans from Joint Plant Committee-Steel Development Fund The Company has filed a writ petition before the High Court at
Kolkata in February 2006 claiming waiver of the outstanding
It is secured by mortgages on, all present and future immovable
loan and interest and refund of the balance lying with Steel
properties wherever situated and hypothecation of movable
Development Fund and the matter is subjudice.
assets, excluding land and building mortgaged in favour
of Government of India under the deed of mortgage dated The loan includes funded interest `924.77 crore (March 31,
April 13, 1967 and in favour of Government of Bihar under two 2018: `855.09 crore).
deeds of mortgage dated May 11, 1963, immovable properties
It includes `1,639.33 crore (March 31, 2018: `1,639.33 crore)
and movable assets of the Tube Division, Bearing Division, Ferro
representing repayments and interest on earlier loans for which
Alloys Division and Cold Rolling Complex (West) at Tarapur
applications of funding are awaiting sanction and is not secured
and all investments and book debts of the Company subject
by charge on movable assets of the Company.
to the prior charges created and/or to be created in favour of
bankers for securing borrowing for working capital requirement

NOTES
19. Borrowings (Contd.) (iv) Rupee loan amounting `750.00 crore (March 31, 2018:
[Item No. IV(a)(i) and V(a)(i), Page 210] `750.00 crore) is repayable in 3 equal annual instalments
commencing from May 21, 2021.
(v) USD 7.86 million equivalent to `54.38 crore (March 31, 2018:
(iii) The details of major unsecured borrowings as at March 31, USD 7.86 million equivalent to `51.24 crore) is repayable
2019 is as below: on March 1, 2021.
(a) Non-convertible debentures (vi) Rupee loan amounting `1,600.00 crore (March 31, 2018:
`2,000.00 crore) is repayable in 8 semi-annual instalments,
(i) 9.84% p.a. interest bearing 43,150 debentures of face value
the next instalment is due on April 30, 2020.
`10,00,000 each are redeemable at par in 4 equal annual
instalments commencing from February 28, 2031. (vii) USD 200.00 million equivalent to `1,383.55 crore
(March 31, 2018: USD 200.00 million equivalent to `1,303.65
(ii) 10.25% p.a. interest bearing 25,000 debentures of face
crore) loan is repayable in 3 equal annual instalments
value `10,00,000 each are redeemable at par in 3 equal
commencing from February 18, 2020.
annual instalments commencing from January 6, 2029.
(viii) Rupee loan amounting `640.42 crore (March 31, 2018:
(iii) 10.25% p.a. interest bearing 5,000 debentures of face value
`646.16 crore) is repayable in 16 semi-annual instalments,
`10,00,000 each are redeemable at par in 3 equal annual
the next instalment is due on August 14, 2019.
instalments commencing from December 22, 2028.
(ix) Euro 16.21 million equivalent to `125.96 crore (March 31,
(iv) 8.15% p.a. interest bearing 10,000 debentures of face value
2018: Euro 21.62 million equivalent to `174.68 crore) loan
`10,00,000 each are redeemable at par on October 1, 2026.
is repayable in 6 equal semi-annual instalments, the next
(v) 2.00% p.a. interest bearing 15,000 debentures of face value instalment is due on July 8, 2019.
`10,00,000 each are redeemable at a premium of 85.03% of
(x) Euro 66.87 million equivalent to `519.58 crore (March 31,
the face value on April 23, 2022.
2018: Euro 85.98 million equivalent to `694.80 crore) loan
(vi) 9.15% p.a. interest bearing 5,000 debentures of face value is repayable in 7 equal semi-annual instalments, the next
`10,00,000 each are redeemable at par on January 24, 2021. instalment is due on April 30, 2019.
(vii) 11.00% p.a. interest bearing 15,000 debentures of face value (xi) Rupee loan amounting `1,485.00 crore (March 31, 2018:
`10,00,000 each are redeemable at par on May 19, 2019. Nil) is repayable in 19 semi-annual instalments, the next
instalment is due on April 16, 2019.
(viii) 10.40% p.a. interest bearing 6,509 debentures of face value
`10,00,000 each are redeemable at par on May 15, 2019. (c) Finance lease obligations
(b) Term loans from banks/financial institutions The Company has taken certain plant and machinery on lease
for business purpose. In addition, the Company has entered into
(i) Rupee loan amounting `2,500.00 crore (March 31, 2018:
long-term arrangements whose fulfilment is dependent on the
`4,450.00 crore) is repayable in 9 quarterly instalments
use of dedicated assets. Some of the arrangements have been
commencing from March 31, 2023.
assessed as being in the nature of lease and have been classified
(ii) Rupee loan amounting `1,047.50 crore (March 31, 2018: as finance lease.
`1,485.00 crore) is repayable in 10 semi-annual instalments,

Finance lease obligations represent the present value of
the next instalment is due on November 29, 2022.
minimum lease payments payable over the lease term.
(iii) Rupee loan amounting `584.58 crore (March 31, 2018: The arrangements have been classified as secured or unsecured
`823.84 crore) is repayable in 8 semi-annual instalments, based on the legal form.
the next instalment is due on June 15, 2021.
259
STANDALONE
NOTES
19. Borrowings (Contd.)

[Item No. IV(a)(i) and V(a)(i), Page 210]
(iii) Currency and interest exposure of borrowings including current maturities at the end of the reporting period is as below:
(` crore)
Fixed Floating Total Fixed Floating Total
rate rate rate rate
INR 16,476.27 11,162.42 27,638.69 13,234.70 12,663.12 25,897.82
EURO 425.00 212.29 637.29 565.37 326.13 891.50
USD - 1,425.49 1,425.49 - 1,336.48 1,336.48
Total 16,901.27 12,800.20 29,701.47 13,800.07 14,325.73 28,125.80
INR-Indian Rupees, USD-United States Dollars.
(iv) Majority of floating rate borrowings are bank borrowings bearing interest rates based on LIBOR and EURIBOR. Of the total floating rate
borrowings as at March 31, 2019, `1,037.66 crore (March 31, 2018: `977.74 crore) has been hedged using interest rate swaps and collars,
with contracts covering period of more than one year.
(v) Maturity profile of borrowings including current maturities is as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Not later than one year or on demand 3,325.08 3,902.13
Later than one year but not two years 2,033.20 3,693.68
Later than two years but not three years 1,912.66 2,228.26
Later than three years but not four years 4,206.95 1,966.48
Later than four years but not five years 2,611.95 4,227.71
More than five years 18,625.16 16,510.22
32,715.00 32,528.48
Less: Future finance charges on finance leases 2,560.34 3,746.79
Less: Capitalisation of transaction costs 453.19 655.89
29,701.47 28,125.80
(vi) Some of the Company’s major financing arrangements include financial covenants, which require compliance to certain debt-equity
and debt coverage ratios. Additionally, certain negative covenants may limit the Company’s ability to borrow additional funds or to incur
additional liens, and/or provide for increased costs in case of breach.

NOTES
20. Other financial liabilities

[Item No. IV(a)(iii) and V(a)(iv), Page 210]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
Creditors for other liabilities 125.07 19.78
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Current maturities of long-term borrowings 2,846.70 2,767.16
(b) Current maturities of finance lease obligations 195.49 119.81
(c) Interest accrued but not due 569.36 556.01
(d) Unclaimed dividends 64.88 55.00
(e) Creditors for other liabilities 3,195.92 3,043.42
6,872.35 6,541.40
(i) Non-current and current creditors for other liabilities include:
(a) creditors for capital supplies and services `1,582.88 crore (March 31, 2018: `1,725.31 crore).
(b) liability for employee family benefit scheme `189.87 crore (March 31, 2018: `184.39 crore).
21. Provisions
[Item No. IV(b) and V(b), Page 210]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Employee benefits 1,556.66 1,663.88
(b) Others 361.52 297.33
1,918.18 1,961.21
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Employee benefits 300.80 356.27
(b) Others 477.43 379.01
778.23 735.28
(i) Non-current and current provision for employee benefits include provision for leave salaries `999.39 crore (March 31, 2018: `984.33 crore)
and provision for early separation scheme `843.14 crore (March 31, 2018: `1,019.98 crore).
261
STANDALONE
NOTES
21. Provisions (Contd.)

[Item No. IV(b) and V(b), Page 210]
(ii) As per the leave policy of the Company, an employee is entitled to be paid the accumulated leave balance on separation. The Company
presents provision for leave salaries as current and non-current based on actuarial valuation considering estimates of availment of leave,
separation of employee etc.
(iii) Non-current and current other provisions include:
(a) provision for compensatory afforestation, mine closure and rehabilitation obligations `791.62 crore (March 31, 2018: `626.01 crore).
These amounts become payable upon closure of the mines and are expected to be incurred over a period of 1 to 33 years.
(b) provision for legal and constructive commitments provided by the Company in respect of a loss making subsidiary `47.33 crore
(March 31, 2018: `50.33 crore). The same is expected to be settled within one year from the reporting date.
(iv) The details of movement in other provisions is as below:

(` crore)
March 31, 2019 March 31, 2018
Recognised/(released) during the year (i) 190.91 96.88
Utilised during the year (28.30) (85.25)
(i) includes provisions capitalised during the year in respect of restoration obligations.
22. Retirement benefit obligations

[Item No. IV(c) and V(c), Page 210]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Retiring gratuities 80.21 60.97
(b) Post-retirement medical benefits 1,182.12 1,119.32
(c) Other defined benefits 168.02 67.44
1,430.35 1,247.73
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Post-retirement medical benefits 88.89 85.38
(b) Other defined benefits 13.23 5.12
102.12 90.50
(i) Detailed disclosure in respect post-retirement defined benefit schemes is provided in note 35, page 269.
(ii) Other defined benefits include post-retirement lumpsum benefits, long service awards, packing and transportation, farewell gifts etc.

NOTES
23. Deferred income

[Item No. IV(d), Page 210]
(` crore)
As at As at
March 31, 2019 March 31, 2018
Grants relating to property, plant and equipment 747.23 1,365.61
(i) Grants relating to property, plant and equipment relate to duty saved on import of capital goods and spares under the EPCG scheme.
Under the scheme, the Company is committed to export prescribed times of the duty saved on import of capital goods over a specified period
of time. In case such commitments are not met, the Company would be required to pay the duty saved along with interest to the regulatory
authorities. Such grants recognised are released to the statement of profit and loss based on fulfilment of related export obligations.
During the year, an amount of `618.38 crore (2017-18: `519.31 crore) was released from deferred income to the statement of profit and
loss on fulfilment of export obligations.
24. Other liabilities

[Item No. IV(f ) and V(e), Page 210]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Statutory dues 19.77 35.47
(b) Other credit balances 416.39 189.24
436.16 224.71
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Advances received from customers 484.99 363.82
(b) Employee recoveries and employer contributions 70.22 59.54
(c) Statutory dues 5,810.38 5,433.70
6,365.59 5,857.06
(i) Statutory dues primarily relate to payables in respect of GST, excise duty, service tax, sales tax, VAT, tax deducted at source and royalties.
263
STANDALONE
NOTES
25. Trade payables

[Item No. V(a)(ii), Page 210]
A. Total outstanding dues of micro and small enterprises

(` crore)
As at As at
March 31, 2019 March 31, 2018
Dues of micro and small enterprises 149.49 25.48
149.49 25.48
B. Total outstanding dues of creditors other than micro and small enterprises
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Creditors for supplies and services 8,995.84 9,724.05
(b) Creditors for accrued wages and salaries 1,824.23 1,493.22
10,820.07 11,217.27
(i) Amount due to micro and small enterprises as defined in the “The Micro, Small and Medium Enterprises Development Act, 2006” has
been determined to the extent such parties have been identified on the basis of information available with the Company. The disclosures
relating to micro and small enterprises is as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
(i) Principal amount remaining unpaid to supplier at the end of the year 149.49 25.48
(ii) Interest due thereon remaining unpaid to supplier at the end of the year 3.55 1.24
(iii) Amount of interest due and payable for the period of delay in making payment (which have been 8.09 5.58
paid but beyond the appointed day during the year) but without adding the interest specified
under this Act
(iv) Amount of interest accrued during the year and remaining unpaid at the end of the year 11.64 6.82
26. Revenue from operations

[Item No. I, Page 211]
(` crore)
March 31, 2019 March 31, 2018
(a) Sale of products 67,213.85 57,614.48
(b) Sale of power and water 1,709.51 1,690.60
(c) Other operating revenues (ii) 1,687.56 1,214.29
70,610.92 60,519.37

NOTES
26. Revenue from operations (Contd.)

(i) Revenue from contracts with customers disaggregated on the basis of geographical region and major businesses is as below:
(` crore)
Year ended March 31, 2019
India Outside India Total
(a) Steel 58,777.12 4,342.26 63,119.38
(b) Power and water 1,709.51 - 1,709.51
(c) Others 1,801.94 2,292.53 4,094.47
62,288.57 6,634.79 68,923.36
(` crore)
India Outside India Total
(a) Steel 49,715.06 4,026.72 53,741.78
(b) Power and water 1,690.60 - 1,690.60
(c) Others 1,818.22 2,054.48 3,872.70
53,223.88 6,081.20 59,305.08
(ii) Other operating revenues include export incentives and deferred income released to the statement of profit and loss on fulfilment of
export obligations under the EPCG scheme.
27. Other income

[Item No. II, Page 211]
(` crore)
March 31, 2019 March 31, 2018
(a) Dividend income 96.25 88.57
(b) Interest income 1,627.24 69.56
(c) Net gain/(loss) on sale/fair value changes of mutual funds 596.79 679.64
(d) Gain/(loss) on sale of property, plant and equipment including intangible assets (net of loss on (1.42) (40.48)
assets sold/scrapped/written off )
(e) Gain/(loss) on cancellation of forwards, swaps and options 36.95 (79.33)
(f ) Other miscellaneous income 49.27 45.70
2,405.08 763.66
(i)
Dividend income includes income from investments carried at fair value through other comprehensive income `18.25 crore
(2017-18: `17.20 crore).
(ii) Interest income includes:
(a) income on financial assets carried at amortised cost `874.36 crore (2017-18: `61.06 crore).
(b) income on financial assets carried at fair value through profit and loss `752.88 crore (2017-18: `8.50 crore).
265
STANDALONE
NOTES
28. Changes in inventories of finished and semi-finished goods, stock-in-trade and work-in-progress
[Item No. IV(c), Page 211]
(` crore)
March 31, 2019 March 31, 2018
Inventories at the end of the year
(a) Work-in-progress 14.54 6.77
(b) Finished and semi-finished goods 4,129.28 3,602.13
(c) Stock-in-trade 75.54 56.13
4,219.36 3,665.03
Inventories at the beginning of the year
(a) Work-in-progress 6.77 5.88
(b) Finished and semi-finished goods 3,602.13 4,096.56
(c) Stock-in-trade 56.13 107.95
3,665.03 4,210.39
Increase/(decrease) 554.33 (545.36)
29. Employee benefits expense

(` crore)
March 31, 2019 March 31, 2018
(a) Salaries and wages 4,306.68 4,130.68
(b) Contribution to provident and other funds 473.94 446.75
(c) Staff welfare expenses 350.44 251.42
5,131.06 4,828.85
(i) During the year ended March 31, 2019, the Company has recognised an amount of `27.06 crore (2017-18: `19.04 crore) as remuneration
to key managerial personnel. The details of such remuneration is as below:
(` crore)
March 31, 2019 March 31, 2018
(a) Short-term employee benefits 22.05 19.03
(b) Post-employment benefits 4.88 (0.02)
(c) Other long-term employee benefits 0.13 0.03
27.06 19.04

NOTES
30. Finance costs

(` crore)
March 31, 2019 March 31, 2018
Interest expense on:
(a) Bonds, debentures, bank borrowings and others 2,644.94 2,547.68
(b) Finance leases 267.32 338.90
2,912.26 2,886.58
Less: Interest capitalised 88.68 75.96
2,823.58 2,810.62
(i) Other interest expense include interest on income tax Nil (2017-18: `5.85 crore).
31. Depreciation and amortisation expense

[Item No. IV(f ), Page 211]
(` crore)
March 31, 2019 March 31, 2018
(a) Depreciation on property, plant and equipment 3,652.67 3,585.44
(b) Amortisation of intangible assets 150.29 142.02
3,802.96 3,727.46
32. Other expenses

[Item No. IV(g), Page 211]
(` crore)
March 31, 2019 March 31, 2018
(a) Consumption of stores and spares 4,040.28 3,306.45
(b) Repairs to buildings 61.34 71.79
(c) Repairs to machinery 2,950.18 2,602.61
(d) Relining expenses 87.58 51.79
(e) Fuel oil consumed 210.87 154.21
(f ) Purchase of power 2,822.47 2,770.99
(g) Conversion charges 2,722.06 2,838.13
(h) Freight and handling charges 4,319.64 4,102.23
(i) Rent 72.09 75.43
(j) Royalty 2,002.89 1,572.69
(k) Rates and taxes 1,201.05 966.02
(l) Insurance charges 133.10 111.22
(m) Commission, discounts and rebates 188.63 193.87
(n) Allowance for credit losses/provision for advances 1.42 54.48
(o) Excise duty (including recovered on sales) 0.21 902.55
(p) Others 3,809.00 2,403.56
24,622.81 22,178.02
267
STANDALONE
NOTES
32. Other expenses (Contd.)

(i) Others include: net foreign exchange loss `134.41 crore (2017-18: gain `122.31 crore), loss on fair value changes of financial assets
carried at fair value through profit and loss `111.31 crore (2017-18: gain of `387.93 crore) and donations to electoral trusts `175.00 crore
(2017-18: Nil).
(ii) Details of auditors’ remuneration and out-of-pocket expenses is as below:
(` crore)
March 31, 2019 March 31, 2018
(a) Auditors remuneration and out-of-pocket expenses
(i) Statutory audit fees 6.18 4.75
(ii) Tax audit fees 0.40 0.40
(iii) For other services# 0.74 0.60
(iv) Out-of-pocket expenses 0.12 0.25
(b) Cost audit fees [including out of pocket expenses `6,936 (2017-18: `32,206)] 0.18 0.18
#
Other services includes Nil (2017-18: `0.45 crore) in respect of rights issue which has been charged to securities premium.
(iii) As per the Companies Act, 2013, amount required to be spent by the Company on Corporate Social Responsibility (CSR) activities during
the year was `82.40 crore (2017-18: `85.62 crore).
During the year ended March 31, 2019, in respect of CSR activities the Company incurred revenue expenditure which was recognised in the
statement of profit and loss amounting to `271.62 crore (`270.12 crore has been paid in cash and `1.50 crore is yet to be paid). During the
year ended March 31, 2018, similar expense incurred was `189.96 crore (`188.96 crore was paid in cash and `1.00 crore was unpaid).
During the year ended March 31, 2019, capital expenditure incurred on construction of capital assets under CSR projects is `43.32 crore
(`30.92 crore paid in cash and `12.40 crore is yet to be paid). During the year ended March 31, 2018, similar expense incurred was `41.66
crore (`24.25 crore was paid in cash and `17.41 crore was unpaid).
(iv) During the year ended March 31, 2019, revenue expenditure charged to the statement of profit and loss in respect of research and
development activities undertaken was `212.97 crore (2017-18: `159.22 crore) including depreciation of `7.80 crore (2017-18: `7.67 crore).
Capital expenditure incurred in respect of research and development activities during the year was `21.45 crore (2017-18: `22.42 crore).
33. Exceptional items

[Item No. VI, Page 211]

Exceptional items are those which are considered for separate disclosure in the financial statements considering their size, nature or
incidence. Such items included within the statement of profit and loss are detailed below:
(a) Profit/(loss) on sale of non-current investments `262.28 crore (2017-18: Nil) relates to profit recognised on sale of investment in TRL
Krosaki Refractories Limited, an associate of the Company.
(b) Provision for impairment of investments/doubtful advances `12.53 crore (2017-18: `36.27 crore) relates to provision recognised
for impairment of investments in subsidiaries and joint ventures. During the year ended March 31, 2018 the Company recognised
provision in respect of advances paid for repurchase of equity shares in Tata Teleservices Limited from NTT Docomo Inc `26.65 crore.
(c) Provision for demands and claims `328.64 crore (2017-18: `3,213.68 crore) relates to provision recognised in respect of certain
statutory demands and claims relating to environment and mining matters.
(d) Employee separation compensation `35.34 crore (2017-18: `89.69 crore) relates to provisions recognised in respect of employee
separation scheme of employees.

NOTES
34. Earnings per share

[Item No. XII, Page 211]
The following table reflects the profit and shares data used in the computation of basic and diluted earnings per share (EPS).
(` crore)
March 31, 2019 March 31, 2018
(a) Profit after tax 10,533.19 4,169.55
Less: Distribution on hybrid perpetual securities (net of tax) 173.13 173.43
Profit attributable to ordinary shareholders- for basic and diluted EPS 10,360.06 3,996.12
Nos. Nos.
(b) Weighted average number of Ordinary Shares for basic EPS 1,14,59,26,020 1,03,61,99,628
Add: Adjustment for shares held in abeyance 1,37,496 1,55,646
Weighted average number of Ordinary Shares and potential Ordinary Shares for diluted EPS 1,14,60,63,516 1,03,63,55,274
(c) Nominal value of Ordinary Share (`) 10.00 10.00
(d) Basic earnings per Ordinary Share (`) 90.41 38.57

(e) Diluted earnings per Ordinary Share (`) 90.40 38.56
(i) As at March 31, 2019, 5,81,95,359 options (March 31, 2018: 28,69,886) in respect of partly paid shares were excluded from weighted
average number of Ordinary Shares for the computation of diluted earnings per share as these were anti-dilutive.
35. Employee benefits Benefits provided under plans wherein contributions are made
to state managed funds and the Company does not have a future
A. Defined contribution plans obligation to make good shortfall if any, is treated as a defined
The Company participates in a number of defined contribution plans contribution plan.
on behalf of relevant personnel. Any expense recognised in relation
to these schemes represents the value of contributions payable (b) Superannuation fund
during the period by the Company at rates specified by the rules The Company has a superannuation plan for the benefit of its
of those plans. The only amounts included in the balance sheet are employees. Employees who are members of the superannuation
those relating to the prior months contributions that were not due to plan are entitled to benefits depending on the years of service
be paid until after the end of the reporting period. and salary drawn.
The major defined contribution plans operated by the Separate irrevocable trusts are maintained for employees
Company are as below: covered and entitled to benefits. The Company contributes up to
15% of the eligible employees’ salary or `1,50,000, whichever is
(a) Provident fund and pension lower, to the trust every year. Such contributions are recognised
The Company provides provident fund benefits for eligible as an expense as and when incurred. The Company does not
employees as per applicable regulations wherein both have any further obligation beyond this contribution.
employees and the Company make monthly contributions
The contributions recognised as an expense in the statement of
at a specified percentage of the eligible employee’s salary.
profit and loss during the year on account of the above defined
Contributions under such schemes are made either to a
contribution plans amounted to `191.18 crore (2017-18:
provident fund set up as an irrevocable trust by the Company to
`145.40 crore).
manage the investments and distribute the amounts entitled to
employees or to state managed funds.
269
STANDALONE
NOTES
35. Employee benefits (Contd.) (c) Post-retirement medical benefits

Under this unfunded scheme, employees of the Company
B. Defined benefit plans receive medical benefits subject to certain limits on amounts
The defined benefit plans operated by the Company are of benefits, periods after retirement and types of benefits,
as below: depending on their grade and location at the time of retirement.
Employees separated from the Company under an early
(a) Provident fund and pension separation scheme, on medical grounds or due to permanent

Provident fund benefits provided under plans wherein disablement are also covered under the scheme. The Company
contributions are made to an irrevocable trust set up by the accounts for the liability for post-retirement medical scheme
Company to manage the investments and distribute the based on an year-end actuarial valuation.
amounts entitled to employees are treated as a defined benefit
plan as the Company is obligated to provide the members a rate (d) Other defined benefits
of return which should, at the minimum, meet the interest rate Other benefits provided under unfunded schemes include
declared by Government administered provident fund. A part post-retirement lumpsum benefits, pension payable to
of the Company’s contribution is transferred to Government directors of the Company on their retirement, farewell gifts and
administered pension fund. The contributions made by the reimbursement of packing and transportation charges to the
Company and the shortfall of interest, if any, are recognised as employees based on their last drawn salary.
an expense in profit and loss under employee benefits expense.
The defined benefit plans expose the Company to a number of
In accordance with an actuarial valuation of provident fund actuarial risks as below:
liabilities based on guidance issued by Actuarial Society of
(i) Investment risk: The present value of the defined benefit
India and based on the assumptions as mentioned below,
plan liability is calculated using a discount rate determined
there is no deficiency in the interest cost as the present
by reference to government bond yields. If the return on
value of the expected future earnings of the fund is greater
plan asset is below this rate, it will create a plan deficit.
than the expected amount to be credited to the individual
members based on the expected guaranteed rate of interest of (ii) Interest risk: A decrease in the bond interest rate will
Government administered provident fund. increase the plan liability. However, this will be partially
offset by an increase in the value of plan’s debt investments.
Key assumptions used for actuarial valuation are as below:
As at As at (iii) Salary risk: The present value of the defined
March 31, 2019 March 31, 2018 benefit plan liability is calculated by reference
Discount rate 7.50% 7.50% to the future salaries of plan participants. As
Guaranteed rate of return 8.65% 8.55% such, an increase in salary of the plan participants
Expected rate of return on 8.60% 8.75% will increase the plan’s liability.
investment
(iv)
Longevity risk: The present value of the defined benefit
plan liability is calculated by reference to the best estimate
(b) Retiring gratuity
of the mortality of plan participants both during and after
The Company has an obligation towards gratuity, a defined their employment. An increase in the life expectancy of the
benefit retirement plan covering eligible employees. The plan plan participants will increase the plan’s liability.
provides for a lump-sum payment to vested employees at
retirement, death while in employment or on termination of
employment of an amount equivalent to 15 to 30 days salary
payable for each completed year of service. Vesting occurs
upon completion of five years of service. The Company makes
annual contributions to gratuity funds established as trusts or
insurance companies. The Company accounts for the liability
for gratuity benefits payable in the future based on an year-end
actuarial valuation.

NOTES
35. Employee benefits (Contd.)
C. Details of defined benefit obligations and plan assets:

(a) Retiring gratuity:
(i) The following table sets out the amounts recognised in the financial statements in respect of retiring gratuity plan:
(` crore)
March 31, 2019 March 31, 2018
Change in defined benefit obligations:
Obligation at the beginning of the year 2,767.69 2,779.95
Current service cost 124.76 129.90
Interest cost 186.50 185.47
Remeasurement (gain)/loss (3.93) (154.45)
Adjustment for arrear wage settlement - 87.55
Benefits paid (235.36) (260.73)
Obligation at the end of the year 2,839.66 2,767.69
(` crore)
March 31, 2019 March 31, 2018
Change in plan assets:
Fair value of plan assets at the beginning of the year 2,706.72 2,562.92
Interest income 196.53 177.82
Remeasurement gain/(loss) excluding amount included within employee benefits expense 28.94 11.33
Employers' contribution 62.63 215.38
Benefits paid (235.37) (260.73)
Fair value of plan assets at the end of the year 2,759.45 2,706.72
Amounts recognised in the balance sheet consist of:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Fair value of plan assets 2,759.45 2,706.72
Present value of obligations (2,839.66) (2,767.69)
(80.21) (60.97)
Recognised as:
Retirement benefit obligations - Non-current (80.21) (60.97)
271
STANDALONE
NOTES
Expense/(gain) recognised in the statement of profit and loss consists of:
(` crore)
March 31, 2019 March 31, 2018
Employee benefits expense:
Net interest expense (10.03) 7.65
114.73 137.55
Other comprehensive income:

Return on plan assets excluding amount included in employee benefits expense (28.94) (11.33)
Actuarial (gain)/loss arising from changes in demographic assumption - (35.02)
Actuarial (gain)/loss arising from changes in financial assumption - (97.18)
Actuarial (gain)/loss arising from changes in experience adjustments (3.93) (22.25)
(32.87) (165.78)
Expense/(gain) recognised in the statement of profit and loss 81.86 (28.23)

(ii) Fair value of plan assets by category of investment is as below:
(%)
As at As at
March 31, 2019 March 31, 2018
Assets category (%)
Equity instruments (quoted) 0.05 -
Debt instruments (quoted) 18.93 21.26
Insurance products (unquoted) 81.02 78.74
100.00 100.00
The Company’s investment policy is driven by considerations of maximising returns while ensuring credit quality of debt instruments. The asset
allocation for plan assets is determined based on prescribed investment criteria and is also subject to other exposure limitations. The Company
evaluates the risks, transaction costs and liquidity for potential investments. To measure plan assets performance, the Company compares
actual returns for each asset category with published benchmarks.
(iii) Key assumptions used in the measurement of retiring gratuity is as below:
As at As at
March 31, 2019 March 31, 2018
Discount rate 7.50% 7.50%
Rate of escalation in salary 7.50% to 10.00% 7.50% to 10.00%
(iv) Weighted average duration of the retiring gratuity obligation is 9 years (March 31, 2018: 9 years).
(v) The Company expects to contribute `80.21 crore to the plan during the financial year 2019-20.

NOTES
(vi) The table below outlines the effect on retiring gratuity obligation in the event of a decrease/increase of 1% in the assumptions used.
Assumption Change in assumption Impact on obligation

Discount rate Increase by 1%, decrease by 1% Decrease by `178.90 crore, increase by `204.46 crore
Rate of escalation in salary Increase by 1%, decrease by 1% Increase by `201.62 crore, decrease by `178.90 crore

The above sensitivities may not be representative of the actual change as it is unlikely that the change in assumptions would occur in isolation
of one another as some of the assumptions may be correlated.
(b) Post-retirement medical benefits and other defined benefits:

(i) The following table sets out the amounts recognised in the financial statements in respect of post-retirement medical benefits and other
defined benefit plans.
(` crore)
Year ended March 31, 2019 Year ended March 31, 2018
Medical Others Medical Others
Change in defined benefit obligation:
Obligation at the beginning of the year 1,204.70 72.56 1,221.18 102.58
Current service cost 17.46 108.99 21.41 7.06
Interest cost 87.96 5.16 83.36 6.94
Remeasurement (gain)/loss
(a) Actuarial (gains)/losses arising from changes in - - (18.29) (2.09)
demographic assumptions
(b) Actuarial (gains)/losses arising from changes in financial - - (53.19) (3.79)
assumptions
(c) Actuarial (gains)/losses arising from changes in experience 24.74 2.18 10.62 (5.11)
adjustments
Benefits paid (63.85) (7.64) (60.39) (6.95)
Past service cost - - - (26.08)
Obligation at the end of the year 1,271.01 181.25 1,204.70 72.56
273
STANDALONE
NOTES
Amounts recognised in the balance sheet consist of:
(` crore)
Present value of obligations (1,271.01) (181.25) (1,204.70) (72.56)
Recognised as:
Retirement benefit obligations - Current (88.89) (13.23) (85.38) (5.12)
Retirement benefit obligations - Non-current (1,182.12) (168.02) (1,119.32) (67.44)
Expense/(gain) recognised in the statement of profit and loss consists of:

(` crore)
March 31, 2019 March 31, 2018
Net interest expense 87.96 5.16 83.36 6.94
105.42 114.15 104.77 (12.08)

Actuarial (gains)/losses arising from changes in demographic assumptions - - (18.29) (2.09)
Actuarial (gains)/losses arising from changes in financial assumption - - (53.19) (3.79)
Actuarial (gains)/losses arising from changes in experience adjustments 24.74 2.18 10.62 (5.11)
24.74 2.18 (60.86) (10.99)
Expense recognised in the statement of profit and loss 130.16 116.33 43.91 (23.07)
(ii) Key assumptions used in the measurement of post-retirement medical benefits and other defined benefit plans is as below:

Discount rate 7.50% 7.50% 7.50% 7.50%
Rate of escalation in salary N.A 10.00% - 15.00% N.A 10.00% - 15.00%
Inflation rate 8.00% 4.00% 8.00% 4.00%
(iii) Weighted average duration of post-retirement medical benefit obligation is 8 years (March 31, 2018: 8 years). Weighted average duration
of other defined benefit obligation ranges from 3.6 to 12 years (March 31, 2018: 8 to 10 years)

NOTES
(iv) The table below outlines the effect on post-retirement medical benefit obligation in the event of a decrease/increase of 1% in the
assumptions used:

Medical cost inflation rate Increase by 1%, decrease by 1% Increase by `189.38 crore, decrease by `152.52 crore

(v) The table below outlines the effect on other defined benefit obligations in the event of a decrease/increase of 1 % in the assumptions used.

Inflation rate Increase by 1%, decrease by 1% Increase by `5.03 crore, decrease by `4.49 crore

275
STANDALONE
NOTES
36. Contingencies and commitments assessments with tax demand raised for `1,791.29 crore
(inclusive of interest) (March 31, 2018: `1,250.16 crore).
A. Contingencies
In the ordinary course of business, the Company faces claims (b) Interest expenditure on “Hybrid perpetual securities” has
and assertions by various parties. The Company assesses such been disallowed in assessments with tax demand raised for
claims and assertions and monitors the legal environment on `459.13 crore (inclusive of interest) (March 31, 2018: Nil)
an on-going basis with the assistance of external legal counsel, In respect of above demands, the Company has deposited an
wherever necessary. The Company records a liability for any amount of `1,065.00 crore (March 31, 2018: `665.00 crore) as a
claims where a potential loss is probable and capable of being precondition for obtaining stay. The Company expects to sustain
estimated and discloses such matters in its financial statements, its position on ultimate resolution of the said appeals.
if material. For potential losses that are considered possible, but
not probable, the Company provides disclosure in the financial Customs, excise duty and service tax
statements but does not record a liability in its accounts unless As at March 31, 2019, there were pending litigations for
the loss becomes probable. various matters relating to customs, excise duty and service
The following is a description of claims and assertions where taxes involving demands of `682.53 crore (March 31, 2018:
a potential loss is possible, but not probable. The Company `669.48 crore).
believes that none of the contingencies described below would
Sales tax/VAT
have a material adverse effect on the Company’s financial
condition, results of operations or cash flows. The total sales tax demands that are being contested by
the Company amounted to `717.02 crore (March 31, 2018:
It is not practicable for the Company to estimate the timings of `567.85 crore).
the cash outflows, if any, pending resolution of the respective
proceedings. The Company does not expect any reimbursements The details of demands for more than `100 crore is as below:
in respect of the same. (a)
The Company stock transfers its goods manufactured at
Jamshedpur works plant to its various depots/branches located
Litigations
outside the state of Jharkhand across the country without
The Company is involved in legal proceedings, both as plaintiff payment of Central Sales Tax as per the provisions of the Act
and as defendant. There are claims which the Company and submits F-Form in lieu of the stock-transfers made during
does not believe to be of a material nature, other than those the period of assessment. These goods are then sold to various
described below. customers outside the states from depots/branches and the
value of these sales are disclosed in the periodical returns
Income tax
filed as per the Jharkhand Vat Act 2005. The Commercial Tax
The Company has ongoing disputes with income tax authorities Department has raised demand of Central Sales tax by levying
relating to tax treatment of certain items. These mainly tax on the differences between value of sales outside the states
include disallowance of expenses, tax treatment of certain and value of F-Form submitted for stock transfers. The amount
expenses claimed by the Company as deduction and the involved for various assessment years beginning 2011-12
computation of or eligibility of the Company’s use of certain tax to 2015-16 is amounting to `127.00 crore (March 31, 2018:
incentives or allowances. `125.00 crore).
Most of these disputes and/or disallowances, being repetitive (b) The Commercial Tax Department of Jharkhand has rejected
in nature, have been raised by the income tax authorities certain Input tax credit claimed by the Company on goods
consistently in most of the years. purchased from the suppliers within the State of Jharkhand.
As at March 31, 2019, there are matters and/or disputes pending The Department has alleged that the goods have not been
in appeals amounting to `3,160.64 crore (March 31, 2018: used in accordance with the provisions of Jharkhand VAT Act,
`1,443.29 crore). 2005. The potential exposure on account of disputed tax and
interest for the period beginning 2012-2013 to 2015-2016 as on
The details of demands for more than `100 crore is as below: March 31, 2019 is `104.00 crore (March 31,2018: `93.00 crore).
(a)
Interest expenditure on loans taken by the Company
for acquisition of a subsidiary has been disallowed in

NOTES
36. Contingencies and commitments (Contd.) under Section 21(5) of the Mines and Minerals (Development
and Regulations) Act (MMDR). The Company filed revision
Other taxes, dues and claims petitions before the Mines Tribunal against all such demand
Other amounts for which the Company may contingently notices. Initially, a stay of demands was granted, later by order
be liable aggregate to `11,639.19 crore (March 31, 2018: dated October 12, 2017, the issue has been remanded to the
`9,925.20 crore). state for reconsideration of the demand in the light of Supreme
Court judgement passed on August 2, 2017.
The details of demands for more than `100 crore are as below:
The Hon’ble Supreme Court pronounced its judgement in the
(a) Claim by a party arising out of conversion arrangement `195.79 Common Cause case on August 2, 2017 wherein it directed that
crore (March 31, 2018: `195.79 crore). The Company has not compensation equivalent to the price of mineral extracted in
acknowledged this claim and has instead filed a claim of `141.23 excess of environment clearance or without forest clearance
crore (March 31, 2018: `141.23 crore) on the party. The matter is from the forest land be paid.
pending before the Calcutta High Court.
In pursuance to the Judgement of Hon’ble Supreme Court,
(b)
The State Government of Odisha introduced “Orissa Rural demand/show cause notices amounting to `3,873.35 crore have
Infrastructure and Socio Economic Development Act, 2004” been issued during 2017-18 by the Deputy Director of Mines,
with effect from February 2005 levying tax on mineral bearing Odisha and the District Mining Office, Jharkhand.
land computed on the basis of value of minerals produced from
the mineral bearing land. The Company had filed a writ petition In respect of the above demands:
in the High Court of Orissa challenging the validity of the Act. • as directed by the Hon’ble Supreme Court, the Company
Orissa High Court held in December 2005 that the State does not has provided and paid for iron ore and manganese ore an
have authority to levy tax on minerals. The State of Odisha filed amount of `614.41 crore during 2017-18 for production in
an appeal in the Supreme Court against the order of Orissa High excess of environment clearance to the Deputy Director
Court and the case is pending in Supreme Court. The potential of Mines, Odisha.
liability, as at March 31, 2019 is `7,573.53 crore (March 31, 2018:
`6,521.05 crore). • the Company has provided and paid under protest an
amount of `56.97 crore during 2017-18 for production in
(c) The Company pays royalty on iron ore on the basis of quantity excess of environment clearance to the District Mining
removed from the leased area at the rates based on notification Office, Jharkhand.
issued by the Ministry of Mines, Government of India and
the price published by Indian Bureau of Mines (IBM) on • the Company has challenged the demands amounting to
a monthly basis. `132.91 crore during 2017-18 for production in excess of
lower of mining plan and consent to operate limits raised
Demand of `411.08 crore has been raised by Deputy Director of by the Deputy Director of Mines, Odisha before the Mines
Mines, Joda, claiming royalty at sized ore rates on despatches Tribunal and obtained a stay on the matter. Mines Tribunal,
of ore fines. The Company has filed a revision petition on Delhi vide order dated November 26, 2018 disposed of all
November 14, 2013 before the Mines Tribunal, Government of the revision applications with a direction to remand it to
India, Ministry of Mines, New Delhi, challenging the legality and the State Government to hear all such cases afresh and pass
validity of the demand raised and to grant refund of royalty paid detailed order. The demand amount of `132.91 crore is
in excess by the Company. Mines Tribunal has granted stay on considered contingent.
the total demand with directive to Government of Odisha not
to take any coercive action for realisation of this demanded • the Company has made a comprehensive submission before
amount. Likely demand of royalty on fines at sized ore rates the Deputy Director of Mines, Odisha against show cause
as on March 31, 2019 is `1,630.16 crore (March 31, 2018: notices amounting to `694.02 crore received during 2017-18
`1,036.53 crore). for production in violation of mining plan, Environment
Protection Act, 1986 and Water (Prevention and Control of
(d) Demand notices were originally issued by the Deputy Director Pollution) Act, 1981. A demand amounting to `234.74 crore
of Mines, Odisha amounting to `3,827.29 crore for excess has been received in April 2018 from the Deputy Director of
production over the quantity permitted under the mining Mines, Odisha for production in excess of the Environmental
plan, environment clearance or consent to operate, pertaining Clearance. The Company has challenged the demand
to 2000-01 to 2009-10. The demand notices have been raised and obtained a stay on the matter from the Revisionary
277
STANDALONE
NOTES
36. Contingencies and commitments (Contd.) minimal stake required to be able to provide a corporate
guarantee towards long-term debt)
Authority, Mines Tribunal, New Delhi. The demand of
(iv) ICICI Bank Limited to directly or indirectly continue to
`234.74 crore has been provided and `694.02 crore is
hold atleast 51 % shareholding in Jamshedpur Continuous
considered contingent.
Annealing & Processing Company Private Limited.
• The Company based on its internal assessment has provided (c)
The Company and BlueScope Steel Limited have given
an amount of `1,412.89 crore against demand notices
undertaking to State Bank of India not to reduce collective
amounting to `2,140.30 crore received from the District
shareholding in Tata BlueScope Steel Private Limited (TBSPL)
Mining Office, Jharkhand during 2017-18 for production in
(formerly Tata BlueScope Steel Limited), below 51% without
excess of environment clearance. The balance amount of
prior consent of the lender. Further, the Company has given
`727.41 crore is considered contingent. The Company has
an undertaking to State Bank of India to intimate them before
however been granted a stay by the Revisional Authority,
diluting its shareholding in TBSPL below 50%.
Ministry of Coal, Government of India against such
demand notices. (d) The Company, as a promoter, has pledged 4,41,55,800 (March 31,
2018: 4,41,55,800) equity shares of Industrial Energy Limited
(e)
An agreement was executed between the Government
with Infrastructure Development Finance Corporation Limited.
of Odisha (GoO) and the Company in December, 1992 for
drawal of water from Kundra Nalla for industrial consumption. (e) The Company has agreed, if requested by Tata Steel UK Holdings
In December 1993, the Tahsildar, Barbil issued a show-cause Limited (TSUKH) (an indirect wholly owned subsidiary), to
notice alleging that the Company has lifted more quantity of procure an injection of funds to reduce the outstanding net
water than the sanctioned limit under the agreement. debt in TSUKH and its subsidiaries, to a mutually accepted level.
While the proceedings in this regard were in progress, the (f ) The Company has given guarantees aggregating `12,096.24
Company had applied for allocation of fresh limits. crore (2018: `11,478.00 crore) details of which are as below:
Over the years, there has also been a steep increase in the water (i)
in favour of Commissioner of Customs `1.07 crore
charges against which the Company filed writ petitions before (March 31, 2018: `1.07 crore) given on behalf of Timken
the Hon’ble High Court of Odisha. In this regard, the Company India Limited in respect of goods imported.
has received demands of `118.70 crore for the period beginning
(ii) in favour of Mizuho Corporate Bank Ltd., Japan for `9.60
January 1996 to December 2018. The potential exposure as on
crore (March 31, 2018: `27.33 crore) against the loan
March 31, 2019 is `125.98 crore (March 31, 2018: `99.34 crore)
granted to a joint venture Tata NYK Shipping Pte. Limited.
is considered contingent.
(iii)
in favour of The President of India for `177.18 crore
B. Commitments (March 31, 2018: `177.18 crore) against performance
(a) The Company has entered into various contracts with suppliers of export obligation under the various bonds executed
and contractors for the acquisition of plant and machinery, by a joint venture Jamshedpur Continuous Annealing &
equipment and various civil contracts of capital nature Processing Company Private Limited.
amounting to `7,265.82 crore (March 31, 2018: `4,275.79 crore).
(iv) in favour of the note holders against due and punctual
Other commitments as at March 31, 2019 amount to `0.01 crore repayment of the 100% amounts outstanding as on
(March 31, 2018: `0.01 crore). March 31, 2019 towards issued Guaranteed Notes by a
subsidiary, ABJA Investment Co. Pte Ltd. for `10,376.63
(b) The Company has given undertakings to:
crore (March 31, 2018: `9,777.37 crore) and `1,531.61 crore
(i)
IDBI not to dispose of its investment in Wellman (March 31, 2018: `1,494.90 crore). The guarantee is capped
Incandescent India Ltd. at an amount equal to 125% of the outstanding principal
amount of the Notes as detailed in “Terms and Conditions”
(ii) IDBI and ICICI Bank Ltd. (formerly ICICI) not to dispose of its
of the Offering Memorandum.
investment in Standard Chrome Ltd.
(v) In favour of President of India for `0.15 crore (March 31,
(iii)
Mizuho Corporate Bank Limited and Japan Bank
2018: `0.15 crore) against advance license.
for International Co-operation, not to dispose of its
investments in Tata NYK Shipping Pte Limited (to retain

NOTES
37. Other significant litigations The mining operations were suspended from August 1, 2014.
(a) Odisha Legislative Assembly issued an amendment to Indian Upon issuance of an express order, the Company paid `152.00
Stamp Act, 1889, on May 9, 2013 and inserted a new provision crore under protest, so that mining can be resumed.
(Section 3A) in respect of stamp duty payable on grant/renewal The Mines and Minerals Development and Regulation (MMDR)
of mining leases. As per the amended provision, stamp duty is Amendment Ordinance 2015 promulgated on January 12, 2015
levied equal to 15% of the average royalty that would accrue provides for extension of such mining leases whose applications
out of the highest annual extraction of minerals under the for renewal have remained pending with the State(s). Based on
approved mining plan multiplied by the period of such mining the new Ordinance, Jharkhand Government revised the Express
lease. The Company had filed a writ petition challenging the Order on February 12, 2015 for extending the period of lease up
constitutionality of the Act on July 5, 2013. The Hon’ble High to March 31, 2030 with the following terms and conditions:
Court, Cuttack passed an order on July 9, 2013 granting interim
stay on the operation of the Amendment Act, 2013. Because of • value of iron ore produced by alleged unlawful mining during
the stay, as on date, the Act is not enforceable and any demand the period January 1, 2012 to April 20, 2014 for `2,994.49 crore
received by the Company is not liable to be proceeded with. to be decided on the basis of disposal of our writ petition
Meanwhile, the Company received demand notices for the before Hon’ble High Court of Jharkhand.
various mines at Odisha totalling to `5,579.00 crore (March 31, • value of iron ore produced from April 21, 2014 to
2018: `5,579.00 crore). The Company has concluded that it is July 17, 2014 amounting to `421.83 crore to be paid in
remote that the claim will sustain on ultimate resolution of the maximum 3 instalments.
legal case by the court.
• value of iron ore produced from July 18, 2014 to August 31,
In April 2015, the Company has received an intimation from 2014 i.e. `152.00 crore to be paid immediately.
Government of Odisha, granting extension of validity period
for leases under the MMDR Amendment Act, 2015 up to District Mining Officer Chaibasa on March 16, 2015 issued a demand
March 31, 2030 in respect of eight mines and up to March 31, notice for payment of `421.83 crore, in three monthly instalments.
2020 for two mines subject to execution of supplementary lease The Company on March 20, 2015 replied that since the lease has been
deed. Liability has been provided in the books of accounts as extended by application of law till March 31, 2030, the above demand
on March 31, 2019 as per the existing provisions of the Stamp is not tenable. The Company, however, paid `50.00 crore under
Act 1899 and the Company had paid the stamp duty and protest on July 27, 2015, because the State had stopped issuance of
registration charges totalling `413.72 crore for supplementary transit permits.
deed execution in respect of eight mines out of the above mines. The Company filed another writ petition before the Hon’ble High
(b) Noamundi Iron Ore Mine of TSL was due for its third renewal Court of Jharkhand which was heard on September 9, 2015.
with effect from January 1, 2012. The application for renewal An interim order was given by the Hon’ble High Court of Jharkhand
was submitted by the Company within the stipulated time, but it on September 2015 wherein the Court has directed the Company
remained pending consideration with the State and the mining to pay the amount of `371.83 crore in 3 equal instalments, first
operations were continued in terms of the prevailing law. instalment by October 15, 2015, second instalment by November 15,
2015 and third instalment by December 15, 2015.
By a judgement of April 2014 in the case of Goa mines, the
Supreme Court took a view that second and subsequent renewal In view of the interim order of the Hon’ble High Court of Jharkhand
of mining lease can be effected once the State considers the `124.00 crore was paid on September 28, 2015, `124.00 crore
application and decides to renew the mining lease by issuing on November 12, 2015 and `123.83 crore on December 14,
an express order. State of Jharkhand issued renewal order to 2015 under protest.
the Company on December 31, 2014. The State, however, took The case is pending at Hon’ble High court for disposal. The State
a view on interpretation of Goa judgement that the mining issued similar terms and conditions to other mining lessees in
carried out after expiry of the period of second renewal was the State rendering the mining as illegal. Based on the Company’s
‘illegal’ and hence, issued a demand notice of `3,568.31 crore assessment of the Goa mines judgement read with the Ordinance
being the price of iron ore extracted. The said demand has been issued in the year 2015, the Company believes that it is remote that
challenged by the Company before the Jharkhand High Court. the demand of the State would sustain.
279
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NOTES
38. Capital management

The Company’s capital management is intended to create value for shareholders by facilitating the achievement of long-term and short-term
goals of the Company.
The Company determines the amount of capital required on the basis of annual business plan coupled with long-term and short-term strategic
investment and expansion plans. The funding needs are met through equity, cash generated from operations, long-term and short-term bank
borrowings and issue of non-convertible debt securities.
The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio
of the Company.
Net debt includes interest bearing borrowings less cash and cash equivalents, other bank balances (including non-current and earmarked
balances) and current investments.
The table below summarises the capital, net debt and net debt to equity ratio of the Company.
(` crore)
As at As at
March 31, 2019 March 31, 2018
Equity share capital 1,146.12 1,146.12
Hybrid perpetual securities 2,275.00 2,275.00
Other equity 69,308.59 60,368.72
Total equity (A) 72,729.71 63,789.84
Non-current borrowings 26,651.19 24,568.95

Current borrowings 8.09 669.88
Current maturities of long-term borrowings and finance lease obligations 3,042.19 2,886.97
Gross debt (B) 29,701.47 28,125.80
Total capital (A+B) 1,02,431.18 91,915.64
Gross debt as above 29,701.47 28,125.80

Less: Current investments 477.47 14,640.37
Less: Cash and cash equivalents 544.85 4,588.89
Less: Other balances with banks (including non-current earmarked balances) 208.22 127.81
Net debt (C) 28,470.93 8,768.73
Net debt to equity ratio(i) 0.42 0.15

(i) Net debt to equity ratio as at March 31, 2019 and March 31, 2018 has been computed based on average of opening and closing equity.

NOTES
39. Disclosures on financial instruments

This section gives an overview of the significance of financial instruments for the Company and provides additional information on balance
sheet items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, basis of measurement and the basis on which income and
expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 2(n), page 221
to the financial statements.
(a) Financial assets and liabilities

The following tables present the carrying value and fair value of each category of financial assets and liabilities as at March 31, 2019 and
March 31, 2018.
(` crore)
Amortised Fair value Derivative Derivative Fair value Total Total fair
cost through other instruments instruments through profit carrying value
comprehensive in hedging not in hedging and loss value
income relationship relationship
Financial assets:
Cash and bank balances 753.07 - - - - 753.07 753.07
Trade receivables 1,363.04 - - - - 1,363.04 1,363.04
Investments - 751.95 - - 34,217.01 34,968.96 34,968.96
Derivatives - - 1.27 22.74 - 24.01 24.01
Loans 287.08 - - - - 287.08 287.08
Other financial assets 1,216.45 - - - - 1,216.45 1,216.45
3,619.64 751.95 1.27 22.74 34,217.01 38,612.61 38,612.61
Financial liabilities:
Trade payables 10,969.56 - - - - 10,969.56 10,969.56
Borrowings 29,701.47 - - - - 29,701.47 29,543.97
Derivatives - - 3.83 195.56 - 199.39 199.39
Other financial liabilities 3,955.23 - - - - 3,955.23 3,955.23
44,626.26 - 3.83 195.56 - 44,825.65 44,668.15
281
STANDALONE
NOTES
39. Disclosures on financial instruments (Contd.)
(` crore)
Financial assets:
Cash and bank balances 4,716.70 - - - - 4,716.70 4,716.70
Investments - 807.55 - - 19,803.14 20,610.69 20,610.69
Derivatives - - 7.90 34.30 - 42.20 42.20
Loans 287.63 - - - - 287.63 287.63
Other financial assets 492.76 - - - - 492.76 492.76
7,372.72 807.55 7.90 34.30 19,803.14 28,025.61 28,025.61
Trade payables 11,242.75 - - - - 11,242.75 11,242.75
Borrowings 28,125.80 - - - - 28,125.80 28,258.84
Derivatives - - - 86.49 - 86.49 86.49
43,042.76 - - 86.49 - 43,129.25 43,262.29
(i) Investments in mutual funds and derivative instruments (other than those designated in a hedging relationship) are mandatorily classified
as fair value through profit and loss.
(b) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped
into Level 1 to Level 3, as described below:
Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by reference to quoted

prices (unadjusted) in active markets for identical assets or liabilities. This category consists of investment in quoted equity shares
and mutual funds.
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using

inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or
indirectly (i.e., derived from prices). This level of hierarchy includes the Company’s over-the-counter (OTC) derivative contracts.
Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities
measured using inputs that are not based on observable market data (unobservable inputs). Fair value is determined in whole or in
part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions
in the same instrument nor are they based on available market data. This level includes investment in unquoted equity shares and
preference shares.

NOTES
(` crore)
Level 1 Level 2 Level 3 Total
Financial assets:
Investment in mutual funds 477.47 - - 477.47
Investment in equity shares 448.61 - 303.34 751.95
Investment in debentures - 49.74 - 49.74
Investment in preference shares - - 33,689.80 33,689.80
Derivative financial assets - 24.01 - 24.01
926.08 73.75 33,993.14 34,992.97
Derivative financial liabilities - 199.39 - 199.39
- 199.39 - 199.39
(` crore)
Financial assets:
Investment in mutual funds 14,640.37 - - 14,640.37
Investment in equity shares 497.21 - 310.34 807.55
Investment in debentures - 49.74 - 49.74
Investment in preference shares - - 5,113.03 5,113.03
15,137.58 91.94 5,423.37 20,652.89
- 86.49 - 86.49
(i) Current financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.
(ii) Derivatives are fair valued using market observable rates and published prices together with forecasted cash flow information
where applicable.
(iii) Investments carried at fair value are generally based on market price quotations. Investments included in Level 3 of the fair value hierarchy
have been valued using the cost approach to arrive at their fair value. Cost of unquoted equity instruments has been considered as an
appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of
fair value within that range. Fair value of investment in preference shares is estimated by discounting the expected future cash flows using
a discount rate equivalent to the expected rate of return for a similar instrument and maturity as on the reporting date.
(iv) Fair value of borrowings which have a quoted market price in an active market is based on its market price which is categorised as
Level 1. Fair value of borrowings which do not have an active market or are unquoted is estimated by discounting expected future cash
flows using a discount rate equivalent to the risk-free rate of return adjusted for credit spread considered by lenders for instruments of
similar maturities which is categorised as Level 2 in the fair value hierarchy.
(v) Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent limitations in
any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily
indicative of the amounts that the Company could have realised or paid in sale transactions as of respective dates. As such, fair value of
financial instruments subsequent to the reporting dates may be different from the amounts reported at each reporting date.
(vi) There have been no transfers between Level 1 and Level 2 for the years ended March 31, 2019 and March 31, 2018.
283
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NOTES
(vii) Reconciliation of Level 3 fair value measurement is as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Balance at the beginning of the year 5,423.37 486.16
Additions during the year 28,698.08 4,725.10
Sales/redemptions during the year - (100.00)
Reclassification within investments* (17.00) -
Fair value changes during the year (111.31) 312.11
* represents investment held in Subarnarekha Port Private Limited which became a subsidiary during the year.
(c) Derivative financial instruments
erivative instruments used by the Company include forward exchange contracts, interest rate swaps, currency swaps, options and interest
D
rate caps and collars. These financial instruments are utilised to hedge future transactions and cash flows and are subject to hedge accounting
under Ind AS 109 “Financial Instruments” wherever possible. The Company does not hold or issue derivative financial instruments for trading
purposes. All transactions in derivative financial instruments are undertaken to manage risks arising from underlying business activities.
The following table sets out the fair value of derivatives held by the Company as at the end of each reporting period:
(` crore)
Assets Liabilities Assets Liabilities
(i) Foreign currency forwards, swaps and options 19.93 199.32 34.44 86.49
(ii) Interest rate swaps and collars 4.08 0.07 7.76 -
24.01 199.39 42.20 86.49
Classified as:
Non-current 9.05 59.82 12.13 70.08
Current 14.96 139.57 30.07 16.41
As at the end of the reporting period total notional amount of outstanding foreign currency contracts, interest rate swaps and collars that the
Company has committed to is as below:
(US$ million)
As at As at
March 31, 2019 March 31, 2018
(i) Foreign currency forwards, swaps and options 1,148.92 1,322.86
(ii) Interest rate swaps and collars 150.00 150.00
1,298.92 1,472.86

NOTES
(d) Transfer of financial assets

T he Company transfers certain trade receivables under discounting arrangements with banks/ financial institutions. Some of such arrangements
do not qualify for de-recognition due to recourse arrangements being in place. Consequently, the proceeds received from transfer are recorded
as short-term borrowings from banks and financial institutions.
The carrying value of trade receivables not de-recognised along with the associated liabilities is as below:
(` crore)
Carrying value of Carrying value of Carrying value of Carrying value of
asset transferred associated liabilities asset transferred associated liabilities
Trade receivables - - 547.56 547.56
(e) Financial risk management The Company, as per its risk management policy, uses foreign
In the course of its business, the Company is exposed primarily exchange and other derivative instruments primarily to hedge
to fluctuations in foreign currency exchange rates, interest rates, foreign exchange and interest rate exposure. Any weakening
equity prices, liquidity and credit risk, which may adversely of the functional currency may impact the Company’s
impact the fair value of its financial instruments. cost of imports and cost of borrowings and consequently
may increase the cost of financing the Company’s capital
The Company has a risk management policy which not only expenditures. Such movements may also impact the fair value
covers the foreign exchange risks but also other risks associated of preference shares investments held by the Company in its
with the financial assets and liabilities such as interest rate risks foreign subsidiaries.
and credit risks. The risk management policy is approved by the
Board of Directors. The risk management framework aims to: A 10% appreciation/depreciation of foreign currencies with
respect to functional currency of the Company would result in
(i) create a stable business planning environment by reducing an increase/decrease in the Company’s net profit/equity before
the impact of currency and interest rate fluctuations on the considering tax impacts by approximately `1,352.48 crore for
Company’s business plan. the year ended March 31, 2019 (March 31, 2018: `514.89 crore)
(ii) achieve greater predictability to earnings by determining and an increase/decrease in carrying value of property, plant
the financial value of the expected earnings in advance. and equipment (before considering depreciation impact) by
approximately `31.87 crore as at March 31, 2019 (2017-18:
(i) Market risk: `148.81 crore).
Market risk is the risk of any loss in future earnings, in realisable The foreign exchange rate sensitivity is calculated by assuming
fair values or in future cash flows that may result from a a simultaneous parallel foreign exchange rates shift of
change in the price of a financial instrument. The value of a all the currencies by 10% against the functional currency
financial instrument may change as a result of changes in of the Company.
interest rates, foreign currency exchange rates, equity price
fluctuations, liquidity and other market changes. Future specific The sensitivity analysis has been based on the composition of
market movements cannot be normally predicted with the Company’s financial assets and liabilities as at March 31, 2019
reasonable accuracy. and March 31, 2018 excluding trade payables, trade receivables,
other derivative and non-derivative financial instruments
(a) Market risk - Foreign currency exchange rate risk: (except investment in preference shares) not forming part of
The fluctuation in foreign currency exchange rates may have a debt and which do not present a material exposure. The period
potential impact on the statement of profit and loss and equity, end balances are not necessarily representative of the average
where any transaction references more than one currency or debt outstanding during the period.
where assets/liabilities are denominated in a currency other
than the functional currency of the Company.
285
STANDALONE
NOTES
39. Disclosures on financial instruments (Contd.) The Company has a policy of dealing only with credit worthy
counter parties and obtaining sufficient collateral, where
(b) Market risk - Interest rate risk: appropriate as a means of mitigating the risk of financial
Interest rate risk is measured by using the cash flow sensitivity loss from defaults.
for changes in variable interest rates. Any movement in the
Financial instruments that are subject to credit risk and
reference rates could have an impact on the Company’s cash concentration thereof principally consist of trade receivables,
flows as well as costs. loans receivables, investments in debt securities and mutual
The Company is subject to variable interest rates on some of its funds, balances with banks, bank deposits, derivatives
interest bearing liabilities. The Company’s interest rate exposure and financial guarantees provided by the Company.
is mainly related to debt obligations. None of the financial instruments of the Company result in
material concentration of credit risk except preference shares
Based on the composition of debt as at March 31, 2019 and investments, the Company made in its subsidiary companies.
March 31, 2018 a 100 basis points increase in interest rates
would increase the Company’s finance costs (before considering The carrying value of financial assets represents the maximum
interest eligible for capitalisation) and thereby consequently credit risk. The maximum exposure to credit risk was
reduce net profit/equity before considering tax impacts by `37,584.12 crore and `27,217.13 crore, as at March 31, 2019
approximately `128.33 crore for the year ended March 31, 2019 and March 31, 2018 respectively, being the total carrying
(2017-18: `143.71 crore). value of trade receivables, balances with bank, bank deposits,
investments in debt securities, mutual funds, loans, derivative
The risk estimates provided assume a parallel shift of 100 basis assets and other financial assets.
points interest rate across all yield curves. This calculation also
assumes that the change occurs at the balance sheet date and has
The risk relating to trade receivables is presented in
been calculated based on risk exposures outstanding as at that note 13, page 248.
date. The period end balances are not necessarily representative The Company’s exposure to customers is diversified and no
of the average debt outstanding during the period. single customer contributes to more than 10% of outstanding
trade receivables as at March 31, 2019 and March 31, 2018.
(c) Market risk - Equity price risk:
Equity price risk is related to change in market reference price of In respect of financial guarantees provided by the Company
investments in equity securities held by the Company. to banks/financial institutions, the maximum exposure which
the Company is exposed to is the maximum amount which the
The fair value of quoted investments held by the Company Company would have to pay if the guarantee is called upon.
exposes the Company to equity price risks. In general, these Based on the expectation at the end of the reporting period, the
investments are not held for trading purposes. Company considers that it is more likely than not that such an
The fair value of quoted investments in equity, classified amount will not be payable under the guarantees provided.
as fair value through other comprehensive income as at
(iii) Liquidity risk:
March 31, 2019 and March 31, 2018 was `448.61 crore and
`497.21 crore, respectively. Liquidity risk refers to the risk that the Company cannot meet its
financial obligations. The objective of liquidity risk management
A 10% change in equity prices of such securities held as at is to maintain sufficient liquidity and ensure that funds are
March 31, 2019 and March 31, 2018, would result in an impact available for use as per requirements.
of `44.86 crore and `49.72 crore respectively on equity before
considering tax impact. The Company has obtained fund and non-fund based working
capital lines from various banks. Furthermore, the Company
(ii) Credit risk: has access to funds from debt markets through commercial
Credit risk is the risk of financial loss arising from counter-party paper programs, non-convertible debentures and other debt
failure to repay or service debt according to the contractual instruments. The Company invests its surplus funds in bank fixed
terms or obligations. Credit risk encompasses both the direct deposits and in mutual funds, which carry no or low market risk.
risk of default and the risk of deterioration of credit worthiness
as well as concentration risks.

NOTES
The following table shows a maturity analysis of the anticipated cash flows including interest obligations for the Company’s derivative and
non-derivative financial liabilities on an undiscounted basis, which therefore differ from both carrying value and fair value. Floating rate
interest is estimated using the prevailing interest rate at the end of the reporting period. Cash flows in foreign currencies are translated using
the period end spot rates.
(` crore)
Carrying Contractual less than between one to five More than
value cash flows one year years five years
Non-derivative financial liabilities:
Borrowings including interest obligations 30,270.83 48,006.81 5,388.10 18,284.95 24,333.76
Trade payables 10,969.56 10,969.56 10,969.56 - -
Other financial liabilities 3,385.87 3,385.88 3,260.81 15.47 109.60
44,626.26 62,362.25 19,618.47 18,300.42 24,443.36
Derivative financial liabilities 199.39 199.39 139.57 59.82 -
(` crore)
Carrying Contractual less than between one to More than
value cash flows one year five years five years
Borrowings including interest obligations 28,681.81 42,886.90 5,574.30 17,766.50 19,546.10
Trade payables 11,242.75 11,242.75 11,242.75 - -
43,042.76 57,247.86 19,915.48 17,771.50 19,560.88
40. Segment reporting

The Company is primarily engaged in the business of manufacture and distribution of steel products and is operated out of India. In accordance
with Ind AS 108 “Operating Segments”, the Company has presented segment information on the basis of its consolidated financial statements
which forms part of this report.
287
STANDALONE
NOTES
41. Related party transactions

The Company’s related parties primarily consist of its subsidiaries, associates, joint ventures and Tata Sons Private Limited including its
subsidiaries and joint ventures. The Company routinely enters into transactions with these related parties in the ordinary course of business at
market rates and terms.
The following table summarises related party transactions and balances included in the financial statements of the Company for the year
ended as at March 31, 2019 and March 31, 2018:
(` crore)
Subsidiaries Associates Joint Tata Sons Private Total
ventures Limited, its
subsidiaries
and joint ventures
Purchase of goods 11,805.15 268.35 133.63 153.37 12,360.50
10,961.18 291.74 109.55 187.08 11,549.55
Sale of goods 8,958.58 13.71 2,500.24 138.36 11,610.89

6,793.81 22.32 1,978.07 175.33 8,969.53
Services received 1,867.90 39.66 909.62 237.69 3,054.87

1,531.07 9.80 1,251.58 55.61 2,848.06
Services rendered 478.74 5.82 135.94 1.13 621.63

372.60 5.87 95.85 1.31 475.63
Interest income recognised 1,576.03 7.81 4.13 - 1,587.97

23.63 - 4.62 - 28.25
Interest expenses recognised - - - 19.23 19.23

- - - 19.23 19.23
Dividend paid 1.18 - - 361.45 362.63

1.17 - - 295.61 296.78
Dividend received 39.38 3.67 34.95 10.88 88.88

30.31 3.51 37.55 10.46 81.83
Provision/(reversal) recognised for receivables 15.33 (0.01) (1.03) 0.02 14.31

during the year 31.36 - 5.35 - 36.71
Management contracts 53.34 16.61 2.50 100.00 172.45

10.55 3.08 3.57 100.00 117.20
Sale of investments - - - 1.97 1.97

- - - 3,782.76 3,782.76

NOTES
41. Related party transactions (Contd.)

(` crore)
Subsidiaries Associates Joint Tata Sons Private Total
subsidiaries
and joint ventures
Finance provided during the year (net of repayments) 29,349.55 250.00 134.91 - 29,734.46
4,772.42 - 46.82 - 4,819.24
Outstanding loans and receivables 1,489.08 10.06 57.09 9.22 1,565.45

1,210.66 32.36 202.61 13.60 1,459.23
Provision for outstanding loans and receivables 651.00 0.03 7.46 0.02 658.51
668.78 0.03 5.49 - 674.30
Outstanding payables 4,764.18 16.54 213.13 132.86 5,126.71

5,787.08 27.74 233.95 119.22 6,167.99
Guarantees provided outstanding 11,908.24 - 186.78 - 12,095.02

11,272.27 - 204.51 - 11,476.78
Subscription to rights issue - - - - -

- - - 3,420.56 3,420.56
Figures in italics represent comparative figures of previous year.

(i) The details of remuneration paid to key managerial personnel is provided in note 29, page 266.
During the year ended March 31, 2019, value of shares subscribed by key managerial personnel and their relatives under rights issue is Nil
(2017-18: `2,87,476.00)
The Company has paid dividend of `32,345.87 (2017-18: `27,420.00) to key managerial personnel and `3,895.10 (2017-18: `3,310.00) to
relatives of key managerial personnel during the year ended March 31, 2019.
(ii) During the year ended March 31, 2019, the Company has contributed `281.57 crore (2017-18: `431.35 crore) to post-employment
benefit plans.
As at March 31, 2019, amount receivable from post-employment benefit fund is `755.95 crore (March 31, 2018: `296.38 crore) on account
of retirement benefit obligations paid by the Company directly.
(iii) Details of investments made by the Company in preference shares of its subsidiaries, associates and joint ventures is disclosed in
note 7, page 235.
(iv) Commitment with respect to subsidiaries, associates and joint ventures is disclosed in note 36B, page 278.
(v) Transaction with joint ventures have been disclosed at full value and not at their proportionate share.
289
STANDALONE
NOTES
42. The Company is in the process of evaluating the impact of the recent Supreme Court Judgement in case of “Vivekananda Vidyamandir and
Others Vs The Regional Provident Fund Commissioner (II) West Bengal” and the related circular (Circular No. CI/ 1(33)2019/Vivekananda
Vidya Mandir/284) dated March 20, 2019 issued by the Employees’ Provident Fund Organisation in relation to non-exclusion of certain
allowances from the definition of “basic wages” of the relevant employees for the purposes of determining contribution to provident fund
under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. In the assessment of the management which is supported
by legal opinion, the aforesaid matter is not likely to have a significant impact and accordingly no provision has been considered in the
financial statements.
43. The Board of Directors of the Company have considered and approved a merger of Bamnipal Steel Limited and Tata Steel BSL Limited
(formerly Bhushan Steel Limited) into the Company by way of a composite scheme of amalgamation and have recommended a merger
ratio of 1 equity share of `10/-each fully paid up of the Company for every 15 equity shares of `2/- each fully paid up held by the public
shareholders of Tata Steel BSL Limited. As part of the scheme, the equity shares held by Bamnipal Steel Limited and the preference shares
held by the Company in Tata Steel BSL Limited shall stand cancelled. The equity shares held by the Company in Bamnipal Steel Limited
shall also stand cancelled. The merger is subject to shareholders and other regulatory approvals.
44. Details of significant investments in subsidiaries, associates and joint ventures

(% direct holding)
Country of As at As at
incorporation March 31, 2019 March 31, 2018
(a) Subsidiary companies
(1) Tata Metaliks Ltd. India 55.06 50.09
(2) Tata Sponge Iron Limited India 54.50 54.50
(3) Tayo Rolls Limited India 54.91 54.91
(4) The Tinplate Company of India Ltd India 74.96 74.96
(5) ABJA Investment Co. Pte Ltd. Singapore 100.00 100.00
(6) Adityapur Toll Bridge Company Limited India 88.50 88.50
(7) Bamnipal Steel Limited India 100.00 100.00
(8) Bhubaneshwar Power Private Limited India 93.58 93.58
(9) Bistupur Steel Limited India 100.00 100.00
(10) Creative Port Development Private Limited India 51.00 -
(11) Dimna Steel Limited India 100.00 100.00
(12) The Indian Steel & Wire Products Ltd India 95.01 95.01
(13) Jamadoba Steel Limited India 100.00 100.00
(14) Jamshedpur Football and Sporting Private Limited India 100.00 100.00
(15) Jamshedpur Utilities & Services Company Limited India 100.00 100.00
(16) Jugsalai Steel Limited India 100.00 100.00
(17) Mohar Exports Services Pvt Ltd India 33.23 33.23
(18) NatSteel Asia Pte. Ltd. Singapore 100.00 100.00
(19) Noamundi Steel Limited India 100.00 100.00
(20) Rujuvalika Investments Limited India 100.00 100.00
(21) Sakchi Steel Limited India 100.00 100.00
(22) Straight Mile Steel Limited India 100.00 100.00
(23) Subarnarekha Port Private Limited India 7.07 -

NOTES
44. Details of significant investments in subsidiaries, associates and joint ventures (Contd.)
(% direct holding)
Country of As at As at
incorporation March 31, 2019 March 31, 2018
(24) Tata Korf Engineering Services Ltd India 100.00 100.00
(25) The Tata Pigments Limited India 100.00 100.00
(26) Tata Steel Foundation India 100.00 100.00
(27) T Steel Holdings Pte. Ltd. Singapore 100.00 100.00
(28) Tata Steel (KZN) (Pty) Ltd. South Africa 90.00 90.00
(29) Tata Steel Odisha Limited India 100.00 100.00
(30) Tata Steel Processing and Distribution Limited India 100.00 100.00
(31) Tata Steel Special Economic Zone Limited India 100.00 100.00
(32) T S Alloys Limited India 100.00 100.00
(b) Associate companies

(1) TRF Limited. India 34.11 34.11
(2) Kalinga Aquatic Ltd India 30.00 30.00
(3) Malusha Travels Pvt Ltd India 33.23 33.23
(4) Nicco Jubilee Park Limited India 20.99 20.99
(5) Strategic Energy Technology Systems Private Limited India 25.00 25.00
(6) TRL Krosaki Refractories Limited India - 26.62
(c) Joint ventures

(1) Himalaya Steel Mill Services Private Limited India 26.00 26.00
(2) Industrial Energy Limited India 26.00 26.00
(3) Jamipol Limited India 32.67 32.67
(4) Jamshedpur Continuous Annealing & Processing Company Private Limited India 51.00 51.00
(5) Medica TS Hospital Private Limited India 26.00 26.00
(6) mjunction services limited India 50.00 50.00
(7) S & T Mining Company Private Limited India 50.00 50.00
(8) Tata BlueScope Steel Private Limited (formerly Tata BlueScope Steel Limited) India 50.00 50.00
(9) Tata NYK Shipping Pte Ltd. Singapore 50.00 50.00
(10) TM International Logistics Limited India 51.00 51.00
(11) T M Mining Company Limited India 74.00 74.00
291
STANDALONE
NOTES
45. Dividend
The dividend declared by the Company is based on profits available for distribution as reported in the standalone financial statements of
the Company. On April 25, 2019, the Board of Directors of the Company have proposed a dividend of `13.00 per Ordinary Share of `10
each and `3.25 per partly paid Ordinary Share of `10 each (paid up `2.504 per share) in respect of the year ended March 31, 2019 subject
to the approval of shareholders at the Annual General Meeting. If approved, the dividend would result in a cash outflow of `1,795.87 crore
inclusive of dividend distribution tax of `306.21 crore.
46. Previous year figures have been recasted/restated wherever necessary.


ACS: 15921

INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF TATA STEEL LIMITED Our responsibilities under those Standards are further described
in the Auditor’s Responsibilities for the Audit of the Consolidated
Report on the Audit of the Consolidated Financial Financial Statements section of our report. We are independent
Statements of the Group, its associates and jointly controlled entities in
Opinion accordance with the ethical requirements that are relevant to
our audit of the Consolidated Financial Statements in India in
1.
We have audited the accompanying Consolidated Financial
terms of the Code of Ethics issued by the Institute of Chartered
Statements of Tata Steel Limited (hereinafter referred to as the
Accountants of India and the relevant provisions of the Act, and
“Holding Company”) and its subsidiaries (Holding Company
we have fulfilled our other ethical responsibilities in accordance
and its subsidiaries together referred to as “the Group”), its
with these requirements. We believe that the audit evidence we
associates and jointly controlled entities (refer Note 1 to the
have obtained and the audit evidence obtained by the other
attached Consolidated Financial Statements), which comprise
auditors in terms of their reports referred to in sub-paragraph 20
the Consolidated Balance Sheet as at March 31, 2019, the
of the Other Matters paragraph below, other than the unaudited
Consolidated Statement of Profit and Loss (including Other
financial statements/financial information as certified by the
Comprehensive Income), the Consolidated Statement of
management and referred to in sub-paragraph 21 of the Other
Changes in Equity and the Consolidated Statement of Cash
Matters paragraph below, is sufficient and appropriate to
Flows for the year then ended, and Notes to the Consolidated
provide a basis for our opinion.
Financial Statements, including a summary of significant
accounting policies and other explanatory information prepared Emphasis of Matter
based on the relevant records (hereinafter referred to as “the
4. We draw your attention to the following paragraph included in
Consolidated Financial Statements”).
the audit report on the consolidated special purpose financial
2. In our opinion and to the best of our information and according information of Tata Steel BSL Limited (formerly Bhushan Steel
to the explanations given to us, the aforesaid Consolidated Limited), a subsidiary of the Holding Company, issued by an
Financial Statements give the information required by the independent firm of chartered accountants vide its report dated
Companies Act, 2013 (“the Act”) in the manner so required April 18, 2019:
and give a true and fair view in conformity with the accounting
“We draw attention to Note 3 to the Consolidated Special Purpose
principles generally accepted in India, of the consolidated state
Financial Information which describes the implementation of
of affairs of the Group, its associates and jointly controlled entities
Resolution Plan pursuant to its approval by National Company
as at March 31, 2019, its consolidated total comprehensive
Law Tribunal and the resultant impact of the same, as recorded in
income (comprising of profit and other comprehensive income),
the Consolidated Special Purpose Financial Information as at 17
its consolidated changes in equity and its consolidated cash
May 2018. Our opinion is not modified in respect of this matter.”
flows for the year then ended.
Note 3 as described above corresponds to Note 41(A) to the
Basis for Opinion Consolidated Financial Statements. Our opinion is not modified
3. We conducted our audit in accordance with the Standards in respect of this matter.
on Auditing (SAs) specified under Section 143(10) of the Act.
293
CONSOLIDATED
Key Audit Matters

5. Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Consolidated
Financial Statements of the current year. These matters were addressed in the context of our audit of the Consolidated Financial Statements
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Assessment of Holding Company’s litigations and related Our procedures included the following:
disclosure of contingent liabilities
• We understood, assessed and tested the design and operating
[Refer to Note 2 (c) to the Consolidated Financial Statements – “Use effectiveness of the Holding Company’s key controls
of estimates and critical accounting judgements – Provisions and surrounding assessment of litigations relating to the relevant
contingent liabilities”, Note 39 (A) to the Consolidated Financial laws and regulations;
Statements – “Contingencies” and Note 40 to the Consolidated
Financial Statements – “Other significant litigations”] • We discussed with management the recent developments and
the status of the material litigations which were reviewed and
As at March 31, 2019, the Holding Company has exposures noted by the Holding Company’s audit committee;
towards litigations relating to various matters as included in the
aforesaid Notes. • We performed our assessment on a test basis on the underlying
calculations supporting the contingent liabilities/other
Significant management judgement is required to assess such significant litigations made in relation to the Holding Company’s
matters to determine the probability of occurrence of material Standalone Financial Statements;
outflow of economic resources and whether a provision should
be recognised or a disclosure should be made. The management • We used auditor’s experts to gain an understanding and to
judgement is also supported with legal advice in certain cases as evaluate the disputed tax matters;
considered appropriate. • We considered external legal opinions, where relevant,
As the ultimate outcome of the matters are uncertain and the obtained by management;
positions taken by the management are based on the application • We met with the Holding Company’s external legal counsel to
of their best judgement, related legal advice including those understand the interpretation of laws/regulations considered
relating to interpretation of laws/regulations, it is considered to be by the management in their assessment relating to a
a Key Audit Matter. material litigation;
• We evaluated management’s assessments by understanding
precedents set in similar cases and assessed the reliability of the
management’s past estimates/judgements;
• We evaluated management’s assessment around those matters
that are not disclosed or not considered as contingent liability,
as the probability of material outflow is considered to be remote
by the management; and
• We assessed the adequacy of the disclosures.
Based on the above work performed, management’s assessment
in respect of Holding Company’s litigations and related disclosures
relating to contingent liabilities/other significant litigations in the
Consolidated Financial Statements are considered to be reasonable.

Business combination- Purchase Price Allocation for Our procedures included the following:
acquisition of Tata Steel BSL Limited (formerly Bhushan
• We assessed and tested the design and operating effectiveness
Steel Limited)
of the Holding Company's key controls over the accounting of
[Refer to Note 2(e) to the Consolidated Financial Statements – business combination.
“Business Combinations” and Note 41(A) to the Consolidated
Financial Statements] • We have evaluated the competence, capabilities and objectivity
of the management’s expert, obtained an understanding of the
On May 18, 2018, the Group completed the acquisition of business work of the expert, and evaluated the appropriateness of the
of Tata Steel BSL Limited (formerly Bhushan Steel Limited) expert’s work as audit evidence.
(“TSBSL”), pursuant to the approved resolution plan under the
Insolvency and Bankruptcy Code, 2016. • We have traced the value of the consideration transferred with
reference to the resolution plan.
The Group determined the acquisition to be business combination
in accordance with Ind AS 103. Ind AS 103 requires the identified • We have obtained the audited financial information of TSBSL as at
assets and liabilities be recognised at fair value at the date of the acquisition date as audited by the other auditor. We engaged
acquisition with the excess of identified fair value of recognised with the other auditor to ensure completeness, accuracy and
assets and liabilities over the acquisition cost as capital reserve. valuation of the PPA adjustments including engagement of an
independent valuation expert by the other auditor and to agree
The Group engaged with the auditors of TSBSL (“other auditor”) the accounting done as per the resolution plan.
to perform an audit of the financial information of TSBSL as at the
acquisition date who have provided an unmodified opinion vide • We have further involved our valuation expert (“auditor’s
their audit report dated April 18, 2019. expert”) to review the PPA reports including the work done
by management experts and by the other auditor to assess
The Management determined that the fair values of the net reasonableness of the underlying key assumptions used in
identifiable assets acquired was `1,918.88 crore. The valuation was determining the fair value of assets and liabilities as at the
performed as part of the Purchase Price Allocation (PPA). acquisition date.
The Group appointed independent professional valuers to • We have evaluated the competence, capabilities and objectivity
perform valuation of certain assets for the purpose of PPA. of the auditor’s expert, and the adequacy of the work performed
The purchase price allocation exercise was completed resulting in by the auditor’s expert.
the Group recognising capital reserve of `1,236.34 crore directly in
“Other Equity”. • We have also assessed the Group’s determination of the fair
value of the remaining assets and liabilities having regard
Significant assumptions and estimates were used in the to the completeness of assets and liabilities identified and
determination of the fair values of the identified assets acquired the reasonableness of any underlying assumptions in their
and liabilities assumed in the transaction and thus we consider this respective valuations.
area to be a Key Audit Matter.
• We have also verified the management’s computation of
capital reserve.
Based on the above work performed, we noted that the PPA
adjustments have been performed in accordance with Ind AS
103. We have also assessed and corroborated the adequacy and
appropriateness of the disclosures made in the Consolidated
Financial Statements and found it reasonable.
295
CONSOLIDATED
6. The following Key Audit Matter was included in the audit report dated April 18, 2019, containing an unmodified audit opinion on the
consolidated special purpose financial information of Tata Steel BSL Limited (formerly Bhushan Steel Limited), a subsidiary of the Holding
Company issued by an independent firm of chartered accountants reproduced by us as under:
Accounting treatment for the effects of the Resolution Plan We have performed the following procedures to test the
Refer Note 4 to the Consolidated Special Purpose recoverability of payments made by the Holding Company in
Financial Information. relation to litigations instituted against it prior to the approval of
the Resolution Plan:
Prior to the approval of the Resolution Plan on 15
May 2018, the Holding Company was a party to certain litigations. • Verified
the underlying documents related to litigations and
Pursuant to the approval of the Resolution Plan, it was determined other correspondences with the statutory authorities.
that no amounts are payable in respect of those litigations as they • Involved direct and indirect tax specialists to review the process
stand extinguished. used by the management to determine estimates and to test
The Holding Company had also made certain payments to the judgements applied by management in developing the
the relevant authorities in respect of those litigations which accounting estimates.
are presented as recoverable under “Other non-financial • Assessed management’s estimate of recoverability, supported
assets-non-current” in the Consolidated Special Purpose by an opinion obtained by the management from a legal expert,
Financial Information. by determining whether:
The estimates related to expected outcome of litigations and - The method of measurement used is appropriate in the
recoverability of payments made in respect thereof have high circumstances; and
degree of inherent uncertainty due to insufficient judicial
precedents in India in respect of disposal of litigations involving - The assumptions used by management are reasonable in light
companies admitted to Corporate Insolvency Resolution Process. of the measurement principles of Ind AS.
The application of significant judgement in the aforementioned • Determined whether the methods for making estimates have
matter required substantial involvement of senior personnel on been applied consistently.
the audit engagement including individuals with expertise in • Evaluated whether the accounting principles applied by the
accounting of financial instruments. management fairly present the amounts recoverable from
relevant authorities in Consolidated Special Purpose Financial
Information in accordance with the principles of Ind AS.”

7. The following key audit matters and related audit procedures (as reproduced) were communicated to us by the auditors of Tata Steel
Europe Limited, a subsidiary of the Holding Company:
Accounting for Tata Steel Europe’s Pension Plan Our procedures included the following:
Tata Steel UK Ltd (‘TSUK’) sponsors a defined benefit pension plan • Evaluating the Directors’ assessment of the assumptions
with net post-retirement assets as at March 31, 2019 of £10.6bn made in relation to the valuations of the liabilities and assets
(Equivalent `96,807.02 crore) and net post-retirement liabilities as in the pension plans by comparing them to national and
at March 31, 2019 of £8.4bn (Equivalent `77,973.85 crore), which are industry averages.
significant in the context of the overall consolidated balance sheet
of the Tata Steel UK Limited and Tata Steel Limited. The scheme is • Focussing on the valuation of pension plan liabilities and the
now closed to all participants and there is no future accrual. pension assets by considering the experience and qualifications
of management’s actuaries in applying their methodology to the
The valuation of the pension liabilities requires some judgement pension liability and asset valuation.
and technical expertise in choosing appropriate assumptions.
A number of the key assumptions (including inflation, discount • Agreeing the discount, inflation rates and mortality assumptions
rates and mortality) have a material impact on the calculation used in the valuation of the pension liability to our internally
of the liability. developed benchmarks.
The pension assets include significant investments and the fair • Obtaining independent third party confirmations on ownership
value measurement of which includes judgement. The recognition and valuation of pension assets.
of post-retirement plan net assets for accounting purposes is • Testing a sample of pension assets to independent market
dependent on the rights of the employers to recover the surplus data where the asset was readily tradeable and engaging our
at the end of the life of the scheme. specialist valuations team to audit those assets that were not
freely transferrable on the open market, such as property assets.
• Validating a sample of the census data held by the Trustee
with that used by the actuary for the purpose of the pension
liability valuation.
• Testing the basis of recognition of the UK pension surplus
through the reading of scheme rules.
We did not identify any material exceptions from our audit work.
297
CONSOLIDATED
Accounting for proposed JV with Thyssenkrupp Our procedures included the following:
On June 30, 2018, Tata Steel Limited (TSL) signed a deed of • Reviewing the Deed of Undertaking, Contribution Agreement
undertaking and contribution agreement with Thyssenkrupp AG and Shareholders Agreement regarding the
(tk) to form a joint venture between the European steel operations proposed joint venture.
of both companies called thyssenkrupp Tata Steel BV (tkTS).
• Reviewing the board minutes and other documents of relevance
TSL have agreed to contribute the entire issued share capital prepared by Tata Steel Europe and its subsidiaries in relation to
of Tata Steel Netherlands Holdings BV (TSNH) for a 50% share in the proposed joint venture.
the enlarged tkTS.
• Reviewing communications made by key stakeholders in
The joint venture remains subject to review and approval by the relation to the joint venture, including statements from the
European Commission. Their findings and the announcement European Commission.
of any potential remedial actions are expected in June 2019.
TSL’s shareholders will also be required to provide their consent • Considering the proposed accounting by the directors by
via a shareholder vote prior to the contribution by TSL of share assessing the requirements of ‘Non-current Assets Held for Sale
capital of TSNH. and Discontinued Operations’.
The directors are not presenting the TSNH group as an asset held We did not identify any material exceptions from our audit work.
for sale on the basis that the proposed transaction as at March 31,
2019 was not highly probable in its current form, primarily because
it still required the consent of TSL shareholders, approval of
European Commission and the structure of the disposal group has
not been clarified.
In our view, this matter was of particular importance for our audit
due to the significant judgement involved in assessing the criteria
for held for sale and the potential material effects on the Group's
assets, liabilities, financial position and financial performance.

8. The following key audit matter and related audit procedures (as reproduced) were communicated to us by the auditors of Tata Steel
Minerals Canada Limited, a subsidiary of the Holding Company:
Impairment of Long lived assets Our audit procedures included the following:
Property plant and equipment (PP&E) in annexure 100 the • We updated our understanding and evaluating the controls
financial information as of March 31, 2019 amount to $979 around this risk.
million (Equivalent `6,577.49 crore). The Company continues to
wrap-up the processing plant and expects to enter commercial • We tested the status of ownership of mineral titles.
production in the coming months. In accordance with IAS 36, • We evaluated the Company’s assessment whether objective
Management has performed an impairment indicator assessment evidence of impairment exists for the project.
and concluded that there was an impairment indicator due to the
change of the production plan. Where an indication of impairment • We evaluated the Company’s process regarding impairment
exists, the carrying amount of the project is assessed and an assessment using value in use calculations by involving our
impairment provision is recognised, if required, immediately to valuation experts to assist in assessing the appropriateness of
its recoverable amount. Management prepared a discounted cash the impairment model including key inputs into the model.
flow using the value in use (VIU) model to estimate the recoverable • We assessed the VIU calculations performed by the Company
amount as at March 31, 2019. The accounting for mining project in were within a predefined tolerable differences range.
development phase is a key audit matter as the determination of
VIU for impairment assessment involves significant management • We assessed the historical accuracy of the Company’s forecasts
judgement. The impairment assessment has been done by the by comparing the forecasts used in the prior year model with
management in accordance with IAS 36. the actual performance in the current year.
The key inputs and judgements involved in the impairment/fair • We checked the mathematical accuracy of the impairment
valuation assessment include: model and agreed relevant data back to the latest actual past
results and other supporting documents.
• Forecasted cash flows including assumptions on growth rates
and production cost • We performed sensitivity analysis and evaluated whether any
reasonably foreseeable change in assumptions could lead to
• Timing and ramp-up – The model was adjusted for the impairment or material change in the VIU.
completion of the Wet plant (in FY20) and extension of the life
of mine as a result of reduction of the quantity, which will be The impairment assessment remains sensitive to a range of
processed by the plant. assumptions, in particular to changes in the pre-tax discount rate
and the achievement of the forecasted growth rates.
• CFR China Fe 65% Sinter –the premium for 65% Fe over the
62% Fe Based on the above procedures performed, we noted the results
of management’s impairment assessment to be reasonable and
• Total ore reserve consistent with the outcome of our procedures.”
• Discount rates
• Exchange rate between US and Canadian dollar
Economic and entity specific factors are incorporated in the
valuation used in the impairment assessment.
299
CONSOLIDATED
Other Information due to fraud or error, which have been used for the purpose of
9. The Holding Company’s Board of Directors is responsible for preparation of the Consolidated Financial Statements by the
the other information. The other information comprises the Directors of the Holding Company, as aforesaid.
information in the Integrated Report, Board's Report alongwith 13.
In preparing the Consolidated Financial Statements, the
its Annexures and Financial Highlights included in the Holding respective Board of Directors of the companies included in
Company’s Annual Report (titled as ‘Tata Steel Integrated Report the Group and of its associates and jointly controlled entities
& Annual Accounts 2018-19'), but does not include the financial are responsible for assessing the ability of the Group and of its
statements and our auditor’s report thereon. associates and jointly controlled entities to continue as a going
10. Our opinion on the Consolidated Financial Statements does not concern, disclosing, as applicable, matters related to going
cover the other information and we do not express any form of concern and using the going concern basis of accounting unless
assurance conclusion thereon. management either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
11. In connection with our audit of the Consolidated Financial
Statements, our responsibility is to read the other information 14. The respective Board of Directors of the companies included in
and, in doing so, consider whether the other information the Group and of its associates and jointly controlled entities are
is materially inconsistent with the Consolidated Financial responsible for overseeing the financial reporting process of the
Statements or our knowledge obtained in the audit or otherwise Group and of its associates and jointly controlled entities.
appears to be materially misstated. If, based on the work we have
Auditor’s Responsibilities for the Audit of the Consolidated
performed and the reports of the other auditors as furnished
Financial Statements
to us (Refer paragraph 20 below), we conclude that there is a
material misstatement of this other information, we are required 15.
Our objectives are to obtain reasonable assurance about
to report that fact. We have nothing to report in this regard. whether the Consolidated Financial Statements as a whole
are free from material misstatement, whether due to fraud or
Responsibilities of Management and Those Charged with error, and to issue an auditor’s report that includes our opinion.
Governance for the Consolidated Financial Statements Reasonable assurance is a high level of assurance, but is not a
12. The Holding Company’s Board of Directors is responsible for the guarantee that an audit conducted in accordance with SAs
preparation and presentation of these Consolidated Financial will always detect a material misstatement when it exists.
Statements in terms of the requirements of the Act that give Misstatements can arise from fraud or error and are considered
a true and fair view of the consolidated financial position, material if, individually or in the aggregate, they could reasonably
consolidated financial performance, consolidated changes in be expected to influence the economic decisions of users taken
equity and consolidated cash flows of the Group including its on the basis of these Consolidated Financial Statements.
associates and jointly controlled entities in accordance with the 16.
As part of an audit in accordance with SAs, we exercise
accounting principles generally accepted in India, including the professional judgement and maintain professional scepticism
Accounting Standards specified under Section 133 of the Act. throughout the audit. We also:
The respective Board of Directors of the companies included in
the Group and of its associates and jointly controlled entities are • Identify and assess the risks of material misstatement of the
responsible for maintenance of adequate accounting records Consolidated Financial Statements, whether due to fraud or
in accordance with the provisions of the Act for safeguarding error, design and perform audit procedures responsive to
the assets of the Group and its associates and jointly controlled those risks, and obtain audit evidence that is sufficient and
entities respectively and for preventing and detecting frauds appropriate to provide a basis for our opinion. The risk of not
and other irregularities; selection and application of appropriate detecting a material misstatement resulting from fraud is
accounting policies; making judgements and estimates that are higher than for one resulting from error, as fraud may involve
reasonable and prudent; and the design, implementation and collusion, forgery, intentional omissions, misrepresentations,
maintenance of adequate internal financial controls, that were or the override of internal control.
operating effectively for ensuring the accuracy and completeness • Obtain an understanding of internal control relevant to the
of the accounting records, relevant to the preparation and audit in order to design audit procedures that are appropriate
presentation of the financial statements that give a true and in the circumstances. Under Section 143(3)(i) of the Act, we
fair view and are free from material misstatement, whether are also responsible for expressing our opinion on whether

the Holding Company has adequate internal financial controls 18. We also provide those charged with governance with a statement
with reference to Consolidated Financial Statements in place that we have complied with relevant ethical requirements
and the operating effectiveness of such controls. regarding independence, and to communicate with them
all relationships and other matters that may reasonably be
• Evaluate the appropriateness of accounting policies used
thought to bear on our independence, and where applicable,
and the reasonableness of accounting estimates and related
related safeguards.
disclosures made by management.
19.
From the matters communicated with those charged with
• Conclude on the appropriateness of management’s use of governance, we determine those matters that were of
the going concern basis of accounting and, based on the
most significance in the audit of the Consolidated Financial
audit evidence obtained, whether a material uncertainty
Statements of the current year and are therefore the Key Audit
exists related to events or conditions that may cast significant
Matters. We describe these matters in our auditor’s report unless
doubt on the ability of the Group and its associates and
law or regulation precludes public disclosure about the matter
jointly controlled entities to continue as a going concern.
or when, in extremely rare circumstances, we determine that
If we conclude that a material uncertainty exists, we are
a matter should not be communicated in our report because
required to draw attention in our auditor’s report to the
the adverse consequences of doing so would reasonably
related disclosures in the Consolidated Financial Statements
be expected to outweigh the public interest benefits of
or, if such disclosures are inadequate, to modify our opinion.
such communication.
Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or Other Matters
conditions may cause the Group and its associates and jointly
20. We did not audit the financial statements/financial information
controlled entities to cease to continue as a going concern.
of seventeen subsidiaries whose financial statements/financial
• Evaluate the overall presentation, structure and content of the information reflect total assets of `132,537.70 crore and net
Consolidated Financial Statements, including the disclosures, assets of `1,058.37 crore as at March 31, 2019, total revenue of
and whether the Consolidated Financial Statements represent `88,748.77 crore, total comprehensive income [comprising of
the underlying transactions and events in a manner that profit/(loss) and other comprehensive income] of `(2,690.43)
achieves fair presentation. crore and net cash flows amounting to `38.83 crore for the
year ended on that date, as considered in the Consolidated
• Obtain sufficient appropriate audit evidence regarding the Financial Statements, which also include their step down jointly
financial information of the entities or business activities
controlled entities and associates constituting `37.18 crore
within the Group and its associates and jointly controlled
of the Group’s share of total comprehensive income for the
entities to express an opinion on the Consolidated Financial
year ended on that date. These financial statements/financial
Statements. We are responsible for the direction, supervision
information have been audited by other auditors whose reports
and performance of the audit of the financial statements
have been furnished to us by the other auditors/Management,
of such entities included in the Consolidated Financial
and our opinion on the Consolidated Financial Statements
Statements of which we are the independent auditors.
insofar as it relates to the amounts and disclosures included in
For the other entities included in the Consolidated Financial
respect of these subsidiaries, their step down jointly controlled
Statements, which have been audited by other auditors,
entities and associates and our report in terms of sub-section (3)
such other auditors remain responsible for the direction,
of Section 143 of the Act including report on Other Information
supervision and performance of the audits carried out by
insofar as it relates to the aforesaid subsidiaries and their step
them. We remain solely responsible for our audit opinion.
down jointly controlled entities and associates, is based solely
17.
We communicate with those charged with governance of on the reports of the other auditors.
the Holding Company and such other entities included in
21. We did not audit the financial statements/financial information
the Consolidated Financial Statements of which we are the
of twelve subsidiaries whose financial statements/financial
independent auditors regarding, among other matters, the
information reflect total assets of `8,280.96 crore and net assets
planned scope and timing of the audit and significant audit
of `3,692.07 crore as at March 31, 2019, total revenue of `881.94
findings, including any significant deficiencies in internal control
crore, total comprehensive income [comprising of profit/(loss)
that we identify during our audit.
and other comprehensive income] of `391.33 crore and net cash
301
CONSOLIDATED
flows amounting to `(64.54) crore for the year ended on that “As required by section 197(16) of the Act, based on our audit,
date, as considered in the Consolidated Financial Statements. we report that the Holding Company paid remuneration to
The Consolidated Financial Statements also include the Group’s its directors during the period 18 May 2018 to 31 March 2019
share of total comprehensive income [comprising of profit/(loss) in accordance with the provisions of and limits laid down
and other comprehensive income] of `15.83 crore and `37.30 under section 197 read with Schedule V to the Act. On the
crore for the year ended March 31, 2019 as considered in the consideration of the reports of the other auditors, referred to
Consolidated Financial Statements, in respect of four associates in paragraph 12, on separate financial statements of certain
and six jointly controlled entities respectively, whose financial subsidiaries, we report that three subsidiary companies covered
statements/financial information have not been audited by us. under the Act have not paid or provided for any managerial
These financial statements/financial information are unaudited remuneration during the period 18 May 2018 to 31 March 2019.
and have been furnished to us by the Management, and our Further, as stated in paragraph 13, financial statements of two
opinion on the Consolidated Financial Statements insofar as associate companies covered under the Act are unaudited and
it relates to the amounts and disclosures included in respect have been furnished to us by the management, and as certified
of these subsidiaries, jointly controlled entities and associate by the management, such companies have not paid or provided
companies and our report in terms of sub-section (3) of Section for any managerial remuneration during the period 18 May 2018
143 of the Act including report on Other Information insofar as to 31 March 2019.”
it relates to the aforesaid subsidiaries, jointly controlled entities
24. As required by Section 143(3) of the Act, we report, to the extent
and associate companies, is based solely on such unaudited
applicable, that:
financial statements/financial information. In our opinion and
according to the information and explanations given to us by the (a) We have sought and obtained all the information and
Management, these financial statements/financial information explanations which to the best of our knowledge and
are not material to the Group. belief were necessary for the purposes of our audit of the
aforesaid Consolidated Financial Statements.
Our opinion on the Consolidated Financial Statements and our
report on Other Legal and Regulatory Requirements below, is (b) In our opinion, proper books of account as required by
not modified in respect of the above matters with respect to our law relating to preparation of the aforesaid Consolidated
reliance on the work done and the reports of the other auditors Financial Statements have been kept so far as it appears
and the financial statements/financial information certified by from our examination of those books and the reports of
the Management. the other auditors.
22. In the case of one subsidiary, one jointly controlled entity and (c)
The Consolidated Balance Sheet, the Consolidated
two associates, the financial information for the year ended Statement of Profit and Loss (including Other
March 31, 2019 is not available. The investments in these Comprehensive Income), the Consolidated Statement
companies are carried at Re. 1 as at March 31, 2019. In absence of Changes in Equity and the Consolidated Statement of
of the aforementioned financial information, the financial Cash Flows dealt with by this Report are in agreement with
information in respect of the aforesaid subsidiary and the the relevant books of account and records maintained
Group's share of total comprehensive income of these jointly for the purpose of preparation of the Consolidated
controlled entities and associate companies for the year ended Financial Statements.
March 31, 2019 have not been included in the Consolidated
(d)
In our opinion, the aforesaid Consolidated Financial
Financial Statements. Our opinion is not modified in respect
Statements comply with the Accounting Standards
of this matter.
specified under Section 133 of the Act.
Report on Other Legal and Regulatory Requirements (e) On the basis of the written representations received from
23. We draw attention to the following paragraph included in the the directors of the Holding Company taken on record
audit report on the consolidated special purpose financial by the Board of Directors of the Holding Company and
information of Tata Steel BSL Limited (formerly Bhushan Steel the reports of the statutory auditors of its subsidiary
Limited), a subsidiary of the Holding Company, issued by an companies, associate companies and jointly controlled
independent firm of chartered accountants vide its report dated companies incorporated in India, none of the directors of
April 18, 2019 reproduced by us as under: the Group companies, its associate companies and jointly
controlled companies incorporated in India is disqualified

as on March 31, 2019 from being appointed as a director in iii. There has been no delay in transferring amounts, required
terms of Section 164(2) of the Act. to be transferred, to the Investor Education and Protection
Fund by the Holding Company and its subsidiary
(f ) With respect to the adequacy of internal financial controls
companies, associate companies and jointly controlled
with reference to Consolidated Financial Statements of the
companies incorporated in India during the year ended
Group and the operating effectiveness of such controls,
March 31, 2019 except for amounts aggregating to `5.25
refer to our separate report in Annexure A.
crore, which according to the information and explanations
(g)
With respect to the other matters to be included in provided by the management is held in abeyance due to
the Auditor’s Report in accordance with Rule 11 of the dispute/pending legal cases.
Companies (Audit and Auditor’s) Rules, 2014, in our opinion
iv. The reporting on disclosures relating to Specified Bank
and to the best of our information and according to the
Notes is not applicable to the Group for the year ended
explanations given to us:
March 31, 2019.
i.
The Consolidated Financial Statements disclose the
impact of pending litigations as on March 31, 2019 on the For Price Waterhouse & Co Chartered Accountants LLP
consolidated financial position of the Group, its associates Firm Registration Number: 304026E/ E-300009
and jointly controlled entities– Refer Notes 39 (A) and 40 to Chartered Accountants
the Consolidated Financial Statements.
ii. The Group, its associates and jointly controlled entities Russell I Parera
had long-term contracts including derivative contracts
as on March 31, 2019 for which there were no material Place: Mumbai Partner
foreseeable losses. Date: April 25, 2019 Membership Number 042190
303
CONSOLIDATED
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT
Referred to in paragraph 24(f) of the Independent Auditor’s audit in accordance with the Guidance Note on Audit of Internal
Report of even date to the members of Tata Steel Limited on Financial Controls Over Financial Reporting (the “Guidance
the Consolidated Financial Statements as of and for the year Note”) and the Standards on Auditing deemed to be prescribed
ended March 31, 2019
under Section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls, both
Report on the Internal Financial Controls with reference to applicable to an audit of internal financial controls and both
Consolidated Financial Statements under Clause (i) of Sub- issued by the ICAI. Those Standards and the Guidance Note
section 3 of Section 143 of the Companies Act, 2013 (“the Act”) require that we comply with ethical requirements and plan
1. In conjunction with our audit of the Consolidated Financial and perform the audit to obtain reasonable assurance about
Statements of the Tata Steel Limited (hereinafter referred whether adequate internal financial controls with reference
to as “the Holding Company”) as of and for the year ended to Consolidated Financial Statements was established and
March 31, 2019, we have audited the internal financial controls maintained and if such controls operated effectively in all
with reference to Consolidated Financial Statements of the material respects.
Holding Company and its subsidiary companies, its associate
4.
Our audit involves performing procedures to obtain audit
companies and jointly controlled companies, which are
evidence about the adequacy of the internal financial controls
companies incorporated in India, as of that date. Reporting under
system with reference to Consolidated Financial Statements
clause (i) of sub-section 3 of Section 143 of the Act in respect of
and their operating effectiveness. Our audit of internal financial
the adequacy of the internal financial controls with reference to
controls with reference to Consolidated Financial Statements
financial statements is not applicable to two jointly controlled
included obtaining an understanding of internal financial
companies incorporated in India namely S & T Mining Company
controls with reference to Consolidated Financial Statements,
Private Limited and Tata NYK Shipping (India) Private Limited,
assessing the risk that a material weakness exists, and testing and
pursuant to MCA notification GSR 583(E) dated June 13, 2017.
evaluating the design and operating effectiveness of internal
Management’s Responsibility for Internal Financial Controls control based on the assessed risk. The procedures selected
depend on the auditor’s judgment, including the assessment of
2. The respective Board of Directors of the Holding Company,
the risks of material misstatement of the Consolidated Financial
its subsidiary companies, its associate companies and jointly
Statements, whether due to fraud or error.
controlled companies, to whom reporting under clause (i) of
sub-section 3 of Section 143 of the Act in respect of the adequacy 5. We believe that the audit evidence we have obtained and
of the internal financial controls with reference to financial the audit evidence obtained by the other auditors in terms of
statements is applicable, which are companies incorporated in their reports referred to in the Other Matter paragraph below,
India, are responsible for establishing and maintaining internal is sufficient and appropriate to provide a basis for our audit
financial controls based on the internal control over financial opinion on the Company’s internal financial controls system
reporting criteria established by the Company considering the with reference to Consolidated Financial Statements.
essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Meaning of Internal Financial Controls with reference to
Reporting issued by the Institute of Chartered Accountants financial statements
of India (ICAI). These responsibilities include the design, 6. A company's internal financial control with reference to financial
implementation and maintenance of adequate internal financial statements is a process designed to provide reasonable
controls that were operating effectively for ensuring the orderly assurance regarding the reliability of financial reporting and
and efficient conduct of its business, including adherence the preparation of financial statements for external purposes
to the respective company’s policies, the safeguarding of its in accordance with generally accepted accounting principles.
assets, the prevention and detection of frauds and errors, the A company's internal financial controls with reference to financial
accuracy and completeness of the accounting records, and statements includes those policies and procedures that (1)
the timely preparation of reliable financial information, as pertain to the maintenance of records that, in reasonable detail,
required under the Act. accurately and fairly reflect the transactions and dispositions of
the assets of the company; (2) provide reasonable assurance that
Auditor’s Responsibility transactions are recorded as necessary to permit preparation
3. Our responsibility is to express an opinion on the Company's of financial statements in accordance with generally accepted
internal financial controls with reference to Consolidated accounting principles, and that receipts and expenditures
Financial Statements based on our audit. We conducted our of the company are being made only in accordance with

authorisations of management and directors of the company; 2019, based on the internal control over financial reporting
and (3) provide reasonable assurance regarding prevention or criteria established by the Company considering the essential
timely detection of unauthorised acquisition, use, or disposition components of internal control stated in the Guidance Note on
of the company's assets that could have a material effect on the Audit of Internal Financial Controls Over Financial Reporting
financial statements. issued by the Institute of Chartered Accountants of India.
Inherent Limitations of Internal Financial Controls with Other Matter

reference to financial statements 9. Our aforesaid report under Section 143(3)(i) of the Act on the
7. Because of the inherent limitations of internal financial controls adequacy and operating effectiveness of the internal financial
with reference to financial statements, including the possibility controls with reference to Consolidated Financial Statements
of collusion or improper management override of controls, insofar as it relates to ten subsidiary companies, which are
material misstatements due to error or fraud may occur and not companies incorporated in India, is based on the corresponding
be detected. Also, projections of any evaluation of the internal report of the auditors of such companies incorporated in India.
financial controls with reference to financial statements to Our opinion is not qualified in respect of this matter.
future periods are subject to the risk that the internal financial
controls with reference to financial statements may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
For Price Waterhouse & Co Chartered Accountants LLP
Opinion Firm Registration Number: 304026E/ E-300009
8. In our opinion, the Holding Company, its subsidiary companies, Chartered Accountants
its associate companies and jointly controlled companies,
which are companies incorporated in India, have, in all material
respects, an adequate internal financial controls system with Russell I Parera
reference to Consolidated Financial Statements and such
internal financial controls with reference to Consolidated
Financial Statements were operating effectively as at March 31, Date: April 25, 2019 Membership Number 042190
305
CONSOLIDATED
CONSOLIDATED BALANCE SHEET

(` crore)
As at As at
Note Page
March 31, 2019 March 31, 2018
Assets
I Non-current assets
(a) Property, plant and equipment 3 327 1,18,450.97 90,322.78
(b) Capital work-in-progress 17,956.51 16,159.80
(c) Goodwill on consolidation 5 332 3,996.62 4,099.45
(d) Other intangible assets 6 333 1,994.32 1,682.66
(e) Intangible assets under development 684.70 454.61
(f ) Equity accounted investments 7 335 1,922.95 1,781.22
(g) Financial assets
(i) Investments 8 337 1,290.36 1,209.28
(ii) Loans 9 338 613.34 717.34
(iii) Derivative assets 108.74 29.16
(iv) Other financial assets 10 340 570.06 87.91
(h) Retirement benefit assets 11 341 19,964.19 20,570.87
(i) Non-current tax assets 1,574.78 1,152.76
(j) Deferred tax assets 12 342 808.95 1,035.80
(k) Other assets 13 346 4,654.92 2,577.14
Total non-current assets 1,74,591.41 1,41,880.78
II Current assets
(a) Inventories 14 348 31,656.10 28,331.04
(b) Financial assets
(i) Investments 8 337 2,524.86 14,908.97
(ii) Trade receivables 15 348 11,811.00 12,415.52
(iii) Cash and cash equivalents 16 350 2,975.53 7,783.50
(iv) Other balances with banks 17 350 365.84 154.35
(v) Loans 9 338 239.70 256.48
(vi) Derivative assets 359.11 150.95
(vii) Other financial assets 10 340 1,248.56 610.60
(c) Retirement benefit assets 11 341 4.38 2.91
(d) Current tax assets 133.94 62.28
(e) Other assets 13 346 3,529.70 3,098.09
Total current assets 54,848.72 67,774.69
III Assets held for sale 18 351 4,142.26 102.47
Total assets 2,33,582.39 2,09,757.94

CONSOLIDATED BALANCE SHEET (CONTD.)

(` crore)
As at As at
Note Page
March 31, 2019 March 31, 2018
Equity and liabilities
IV Equity
(a) Equity share capital 19 353 1,144.94 1,144.95
(b) Hybrid perpetual securities 20 356 2,275.00 2,275.00
(c) Other equity 21 357 65,505.14 57,450.67
Equity attributable to owners of the Company 68,925.08 60,870.62
Non-controlling interests 2,364.46 936.52
Total equity 71,289.54 61,807.14
V Non-current liabilities
(i) Borrowings 23 363 80,342.73 72,789.10
(ii) Derivative liabilities 59.82 85.04
(iii) Other financial liabilities 24 368 270.58 105.83
(b) Provisions 25 369 4,046.21 4,338.24
(c) Retirement benefit obligations 11 341 2,653.46 2,516.56
(d) Deferred income 26 370 906.80 1,526.58
(e) Deferred tax liabilities 12 342 12,459.89 10,569.88
(f ) Other liabilities 27 371 519.23 358.16
Total non-current liabilities 1,01,258.72 92,289.39
VI Current liabilities
(i) Borrowings 23 363 10,802.08 15,884.98
(ii) Trade payables 28 372
(a) Total outstanding dues of micro and small enterprises 169.74 32.21
(b) Total outstanding dues of creditors other than micro and 21,547.22 20,381.60
small enterprises
(iii) Derivative liabilities 416.59 468.79
(iv) Other financial liabilities 24 368 16,737.83 9,791.78
(b) Provisions 25 369 1,248.72 1,269.64
(c) Retirement benefit obligations 11 341 120.69 110.36
(d) Deferred income 26 370 16.51 6.21
(e) Current tax liabilities 636.42 783.47
(f ) Other liabilities 27 371 7,912.21 6,932.26
Total current liabilities 59,608.01 55,661.30
VII Liabilities held for sale 18 351 1,426.12 0.11
Total equity and liabilities 2,33,582.39 2,09,757.94
Notes forming part of the consolidated financial statements 1-53


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CONSOLIDATED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS

(` crore)
Note Page
March 31, 2019 March 31, 2018
I Revenue from operations 29 372 1,57,668.99 1,24,109.69
II Other income 30 373 1,420.58 881.10
III Total income 1,59,089.57 1,24,990.79
IV Expenses:
(a) Cost of materials consumed 54,309.07 40,762.41
(b) Purchases of stock-in-trade 6,567.98 5,374.60
(c) Changes in inventories of finished and semi-finished goods, stock-in-trade and (96.71) 99.31
work-in-progress
(d) Employee benefits expense 31 373 18,758.87 16,969.91
(e) Finance costs 32 374 7,660.10 5,454.74
(f ) Depreciation and amortisation expense 33 374 7,341.83 5,741.70
(g) Other expenses 34 374 50,410.72 40,471.13
1,44,951.86 1,14,873.80
(h) Less: Expenditure (other than interest) transferred to capital and other accounts 1,664.28 1,000.86
Total expenses 1,43,287.58 1,13,872.94
V Share of profit/(loss) of joint ventures and associates 224.70 239.12
VI Profit/(loss) before exceptional items and tax (III-IV+V) 16,026.69 11,356.97
VII Exceptional items: 35 375
(a) Profit on sale of subsidiaries and non-current investments 180.13 -
(b) Provision for impairment of investments/doubtful advances (172.12) (27.25)
(c) Provision for impairment of non-current assets (9.57) (903.01)
(d) Provision for demands and claims (328.64) (3,213.68)
(e) Employee separation compensation (35.33) (107.60)
(f ) Restructuring and other provisions 244.56 13,850.66
Total exceptional items (120.97) 9,599.12
VIII Profit/(loss) before tax (VI+VII) 15,905.72 20,956.09
IX Tax expense:
(a) Current tax 6,728.14 1,980.24
(b) Deferred tax (9.71) 1,412.09
Total tax expense 6,718.43 3,392.33
X Profit/(loss) after tax from continuing operations 9,187.29 17,563.76
XI Profit/(loss) after tax from discontinued operations 36 375

(a) Profit/(loss) after tax from discontinued operations (88.96) 193.90
(b) Profit/(loss) on disposal of discontinued operations - 5.15
Profit/(loss) after tax from discontinued operations (88.96) 199.05
XII Profit/(loss) for the year (X+XI) 9,098.33 17,762.81

CONSOLIDATED STATEMENT OF PROFIT AND LOSS (CONTD.)

(` crore)
Note Page
March 31, 2019 March 31, 2018
XIII Other comprehensive income/(loss)
A. (i) Items that will not be reclassified subsequently to profit and loss:
(a) Remeasurement gain/(loss) on post-employment defined benefit plans (683.60) (1,489.18)
(b) Fair value changes of investments in equity shares (36.65) (204.55)
(c) Share of equity accounted investees (0.14) (0.24)
(ii) Income tax on items that will not be reclassified subsequently to 94.83 212.98
profit and loss
B. (i) Items that will be reclassified subsequently to profit and loss:
(a) Foreign currency translation differences 508.47 (1,544.04)
(b) Fair value changes of cash flow hedges 161.80 (97.76)
(c) Share of equity accounted investees 4.53 16.20
(ii) Income tax on items that will be reclassified subsequently to (41.45) 28.58
profit and loss
Total other comprehensive income/(loss) for the year 7.79 (3,078.01)
XIV Total comprehensive income/(loss) for the year (XII+XIII) 9,106.12 14,684.80
XV Profit/(loss) from continuing operations for the year attributable to:

Owners of the Company 10,283.45 13,255.26
Non-controlling interests (1,096.16) 4,308.50
9,187.29 17,563.76
XVI Profit/(loss) from discontinued operations for the year attributable to:
Owners of the Company (65.12) 179.07
Non-controlling interests (23.84) 19.98
(88.96) 199.05
XVII Total comprehensive income for the year attributable to:
Owners of the Company 10,362.88 8,802.54
Non-controlling interests (1,256.76) 5,882.26
9,106.12 14,684.80
XVIII Earnings per share (for continuing operations) 37 377
Basic (`) 88.32 126.39
Diluted (`) 88.31 126.37
XIX Earnings per share (for discontinued operations)
Basic (`) 37 377 (0.57) 1.73
Diluted (`) (0.57) 1.73
XX Earnings per share (for continuing and discontinued operations)
Basic (`) 37 377 87.75 128.12
Diluted (`) 87.74 128.10
XXI Notes forming part of the consolidated financial statements 1-53


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CONSOLIDATED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

A. Equity share capital

(` crore)
1,144.95 (0.01) 1,144.94
(` crore)
970.24 174.71 1,144.95
B. Hybrid perpetual securities

(` crore)
2,275.00 - 2,275.00
(` crore)
2,275.00 - 2,275.00
C. Other equity
(` crore)
Retained Items of other Other Share Other equity Non- Total
earnings comprehensive consolidated application attributable to controlling
[refer note income reserves money pending the owners of interests
21A, page 357] [refer note 21B, [refer note 21C, allotment the Company
page 357] page 359] [refer note 21D,
page 361]
Balance as at April 1, 2018 7,801.99 7,149.50 42,499.16 0.02 57,450.67 936.52 58,387.19
Profit/(loss) for the year 10,218.33 - - - 10,218.33 (1,120.00) 9,098.33
Other comprehensive income (425.92) 570.47 - - 144.55 (136.76) 7.79
for the year
Total comprehensive income for 9,792.41 570.47 - - 10,362.88 (1,256.76) 9,106.12
the year
Issue of Ordinary Shares - - 0.26 (0.26) - - -
Equity issue expenses - - 0.43 - 0.43 - 0.43
written (off )/back
Dividend(i) (1,144.76) - - - (1,144.76) (41.44) (1,186.20)
Tax on dividend (224.61) - - - (224.61) - (224.61)
Distribution on hybrid (266.12) - - - (266.12) - (266.12)
perpetual securities
Tax on distribution on hybrid 92.99 - - - 92.99 - 92.99
Transfers within equity 29.95 (31.06) 1.11 - - - -
Addition relating to acquisitions - - 1,336.41 - 1,336.41 729.33 2,065.74
Disposal of group undertakings - - - - - (67.10) (67.10)
Adjustment for changes in (2,025.42) - - - (2,025.42) 2,025.42 -
ownership interests
Application money received - - - 0.24 0.24 - 0.24
Adjustment for cross holdings - - (0.81) - (0.81) - (0.81)
Other movements - (76.76) - - (76.76) 38.49 (38.27)
Balance as at March 31, 2019 14,056.43 7,612.15 43,836.56 - 65,505.14 2,364.46 67,869.60

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTD.)

C. Other equity (Contd.)
(` crore)
Retained Items of other Other Share Other equity Non- Total
earnings comprehensive consolidated application attributable to controlling
[refer note income reserves money pending the owners of interests
21A, [refer note 21B, [refer note 21C, allotment the Company
page 357] page 357] page 359] [refer note 21D,
page361]
Balance as at April 1, 2017 (11,447.01) 12,428.86 33,592.22 0.01 34,574.08 1,601.70 36,175.78
Profit/(loss) for the year 13,434.33 - - - 13,434.33 4,328.48 17,762.81
Other comprehensive income (2,780.05) (1,851.74) - - (4,631.79) 1,553.78 (3,078.01)
for the year
Total comprehensive income for 10,654.28 (1,851.74) - - 8,802.54 5,882.26 14,684.80
the year
Issue of Ordinary Shares(ii) - - 8,939.59 (0.01) 8,939.58 - 8,939.58
Equity issue expenses written off(ii) - - (33.85) - (33.85) - (33.85)
Dividend(i) (970.05) - - - (970.05) (15.07) (985.12)
Tax on dividend (188.17) - - - (188.17) - (188.17)
Distribution on hybrid (266.13) - - - (266.13) - (266.13)
Tax on distribution on hybrid 92.70 - - - 92.70 - 92.70
Transfers within equity 3,426.26 (3,427.62) 1.20 - (0.16) 0.16 -
Adjustment for changes in 6,500.11 - - - 6,500.11 (6,500.11) -
ownership interests
Application money received - - - 0.02 0.02 - 0.02
Other movements - - - - - (32.42) (32.42)
Balance as at March 31, 2018 7,801.99 7,149.50 42,499.16 0.02 57,450.67 936.52 58,387.19
(i) Dividend paid during the year ended March 31, 2019 is `10.00 per Ordinary Share (face value `10 each, fully paid up) and `2.504 per
Ordinary Share (face value `10, partly paid up `2.504 per share) (March 31, 2018: `10.00 per Ordinary Share of face value `10 each,
fully paid up).
(ii) Represents premium received and issue expenses on right issue of shares during the year ended March 31, 2018.
D. Notes forming part of the consolidated financial statements Note 1-53


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CONSOLIDATED
CONSOLIDATED STATEMENT OF CASH FLOWS

(` crore)
March 31, 2019 March 31, 2018
A. Cash flows from operating activities:
Profit before taxes 15,807.12 21,168.20
Adjustments for:
Depreciation and amortisation expense 7,579.32 5,961.66
Dividend income (26.19) (68.25)
(Gain)/loss on sale of property, plant and equipment including intangible (266.40) 49.29
assets (net of loss on assets sold/scrapped/written off )
Exceptional (income)/expenses 136.26 (9,599.12)
(Gain)/loss on cancellation of forwards, swaps and options (36.95) 79.33
Interest income and income from current investments (1,037.89) (929.15)
Finance costs 7,741.88 5,501.79
Exchange (gain)/loss on revaluation of foreign currency loans and swaps (1,150.77) (1,376.77)
Share of profit or loss of joint ventures and associates (222.27) (174.10)
(Profit)/loss on disposal of discontinued operation - (5.15)
Other non-cash items (684.45) (420.59)
12,032.54 (981.06)
Operating profit before changes in non-current/current assets 27,839.66 20,187.14
and liabilities
Adjustments for:
Non-current/current financial and other assets (114.54) (208.94)
Inventories (1,068.71) (1,595.43)
Non-current/current financial and other liabilities/provisions 3,773.76 (7,471.16)
2,590.51 (9,275.53)
Cash generated from operations 30,430.17 10,911.61
Income taxes paid (5,094.22) (2,888.22)
Net cash from/(used in) operating activities 25,335.95 8,023.39
B. Cash flows from investing activities:

Purchase of capital assets (9,091.00) (7,478.50)
Sale of capital assets 466.69 179.05
Purchase of non-current investments (489.96) (85.67)
Sale of non-current investments 462.50 3,898.74
(Purchase)/sale of current investments (net) 13,093.07 (8,555.08)
Loans given (242.47) (46.22)
Repayment of loans given 260.86 2.56
Fixed/restricted deposits with banks (placed)/realised 418.32 (85.33)
Interest received 175.43 254.50
Dividend received from associates and joint ventures 114.15 69.17
Dividend received from others 34.19 41.93
Acquisition of subsidiaries/undertakings (35,282.46) (255.00)
Sale of subsidiaries/undertakings(i) 178.86 34.22
Net cash from/(used in) investing activities (29,901.82) (12,025.63)

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTD.)

(` crore)
March 31, 2019 March 31, 2018
C. Cash flows from financing activities:
Proceeds from issue of equity shares (net of issue expenses(ii)) (6.03) 9,087.23
Proceeds from borrowings 42,763.90 24,161.36
Repayment of borrowings (34,246.39) (19,724.98)
Repayment of finance lease obligations (276.33) (211.15)
Amount received/(paid) on utilisation/cancellation of derivatives (66.64) (79.86)
Interest paid (7,151.93) (5,145.57)
Dividend paid (1,186.20) (982.35)
Tax on dividend paid (237.69) (197.64)
Net cash from/(used in) financing activities (672.70) 6,639.94
Net increase/(decrease) in cash and cash equivalents (5,238.57) 2,637.70
Opening cash and cash equivalents (refer note16, page 350) (iii) 8,179.62 4,850.48
Effect of exchange rate on translation of foreign currency cash and 34.48 295.32
cash equivalents
Closing cash and cash equivalents (refer note16, page 350) 2,975.53 7,783.50
(i) Includes `91.62 crore (2017-18: Nil) received in respect of deferred consideration on disposal of a subsidiary during the year ended
March 31, 2018.
(ii) During the year ended March 31, 2018, expenses incurred in connection with Rights Issue, 2018 was partly paid by the Company and was
pending adjustment against actual utilisation from the issue proceeds. The same has been fully utilised during the year.
(iii) Includes `713.59 crore (2017-18: `18.19 crore) in respect of a subsidiary acquired during the year and excludes `317.47 crore
(2017-18: Nil) in respect of subsidiaries disposed off/classified as held for sale.
(iv) Significant non-cash movements in borrowings during the year include:
(a) a ddition on account of subsidiaries acquired during the year `986.65 crore (2017-18: `719.37 crore) and reduction on account of
subsidiaries disposed off/classified as held for sale `758.50 crore (2017-18: Nil).
(b) exchange gain (including translation) `344.86 crore (2017-18: loss `3,571.86 crore).
(c) amortisation/effective interest rate adjustments of upfront fees `626.30 crore (2017-18: `456.16 crore)
(d) adjustment to finance lease obligations, decrease `26.35 crore (2017-18: increase `167.65 crore).
D. Notes forming part of the consolidated financial statements Note 1-53


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CONSOLIDATED
NOTES
forming part of the consolidated financial statements
1. Company information Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
Tata Steel Limited (“the Company”) is a public limited Company
market participants at the measurement date.
incorporated in India with its registered office in Mumbai,
Maharashtra, India. The Company is listed on the BSE Limited (c) Use of estimates and critical accounting judgements
(BSE) and the National Stock Exchange of India Limited (NSE).
In the preparation of the consolidated financial statements, the
The Company and its subsidiaries (collectively referred to as Group makes judgements, estimates and assumptions about
‘the Group’) have presence across the entire value chain of steel the carrying values of assets and liabilities that are not readily
manufacturing from mining and processing iron ore and coal apparent from other sources. The estimates and associated
to producing and distributing finished products. The Group assumptions are based on historical experience and other
offers a broad range of steel products including a portfolio of factors that are considered to be relevant. Actual results may
high value- added downstream products such as hot rolled, cold differ from these estimates.
rolled & coated steel, rebars, wire rods, tubes and wires.

Estimates and underlying assumptions are reviewed on an
The consolidated financial statements as at March 31, 2019 ongoing basis. Revisions to accounting estimates are recognised
present the financial position of the Group as well as its interests in the period in which the estimate is revised and future
in associate companies and joint arrangements. The list of periods affected.
entities consolidated is provided in note 53, page 410.
Key source of estimation of uncertainty at the date of the
The functional and presentation currency of the Company and consolidated financial statements, which may cause material
the presentation currency of the Group is Indian Rupee (“`”). adjustment to the carrying amounts of assets and liabilities
within the next financial year, is in respect of impairment, useful
As on March 31, 2019, Tata Sons Private Limited owns 31.64%
lives of property, plant and equipment and intangible assets,
of the Ordinary Shares of the Company, and has the ability to
valuation of deferred tax assets, provisions and contingent
influence the Group’s operations.
liabilities, fair value measurements of financial instruments,
The consolidated financial statements for the year ended retirement benefit obligations and non-current assets classified
March 31, 2019 were approved by the Board of Directors and as held for sale as discussed below.
authorised for issue on April 25, 2019.
Impairment
2. Significant accounting policies The Group estimates the value in use of the cash generating
The significant accounting policies applied by the Group in the unit (CGU) based on future cash flows after considering current
preparation of its consolidated financial statements are listed economic conditions and trends, estimated future operating
below. Such accounting policies have been applied consistently results and growth rates and anticipated future economic and
to all the periods presented in these consolidated financial regulatory conditions. The estimated cash flows are developed
statements, unless otherwise indicated. using internal forecasts. The cash flows are discounted using a
suitable discount rate in order to calculate the present value.
(a) Statement of compliance Further details of the Group’s impairment review and key
The consolidated financial statements have been prepared in assumptions are set out in note 3, page 327, note 5, page 332
accordance with the Indian Accounting Standards (referred to and note 6, page 333.
as “Ind AS”) prescribed under Section 133 of the Companies
Act, 2013 read with Companies (Indian Accounting Standards) Useful lives of property, plant and equipment and
Rules, as amended from time to time and other relevant intangible assets
provisions of the Act.
The Group reviews the useful life of property, plant and
equipment and intangible assets at the end of each reporting
(b) Basis of preparation period. This reassessment may result in change in depreciation
The consolidated financial statements have been prepared and amortisation expense in future periods. The policy has been
under the historical cost convention with the exception of detailed in note 2(n), page 318.
certain assets and liabilities that are required to be carried at fair
values by Ind AS.

NOTES
2. Significant accounting policies (Contd.) to assess whether the sale of the assets (or disposal group) is
highly probable.
Valuation of deferred tax assets
(d) Basis of consolidation
The Group reviews the carrying amount of deferred tax assets at
the end of each reporting period. The policy has been detailed The consolidated financial statements incorporate the financial
in note 2 (y), page 324 and its further information are set out in statements of the Company and entities controlled by the
note 12, page 342. Company i.e. its subsidiaries. It also includes the Group’s share of
profits, net assets and retained post acquisition reserves of joint
Provisions and contingent liabilities arrangements and associates that are consolidated using the

A provision is recognised when the Group has a present equity or proportionate method of consolidation, as applicable.
obligation as result of a past event and it is probable that the Control is achieved when the Company is exposed to, or has
outflow of resources will be required to settle the obligation, rights to the variable returns of the entity and the ability to affect
in respect of which a reliable estimate can be made. These are those returns through its power to direct the relevant activities
reviewed at each balance sheet date and adjusted to reflect the of the entity.
current best estimates. Contingent liabilities are not recognised
in the financial statements. Further details are set out in note 25, The results of subsidiaries, joint arrangements and associates
page 369 and note 39(A), page 389. acquired or disposed off during the year are included in the
consolidated statement of profit and loss from the effective
Fair value measurements of financial instruments date of acquisition or up to the effective date of disposal,
When the fair value of financial assets and financial liabilities as appropriate.
recorded in the balance sheet cannot be measured based on Wherever necessary, adjustments are made to the financial
quoted prices in active markets, their fair value is measured statements of subsidiaries, joint arrangements and associates to
using valuation techniques including Discounted Cash Flow bring their accounting policies in line with those used by other
Model. The inputs to these models are taken from observable members of the Group.
markets where possible, but where this is not feasible, a
degree of judgement is required in establishing fair value. Intra-group transactions, balances, income and expenses are
Judgements include considerations of inputs such as liquidity eliminated on consolidation.
risks, credit risks and volatility. Changes in assumptions about Non-controlling interests in the net assets of consolidated
these factors could affect the reported fair value of financial subsidiaries are identified separately from the Group’s equity.
instruments. Further details are set out in note 44, page 398. The interest of non-controlling shareholders may be initially
measured either at fair value or at the non-controlling interests’
Retirement benefit obligations
proportionate share of the fair value of the acquiree’s identifiable
The Group’s retirement benefit obligations are subject to a net assets. The choice of measurement basis is made on an
number of judgements including discount rates, inflation acquisition-by-acquisition basis. Subsequent to acquisition, the
and salary growth. Significant judgements are required when carrying value of non-controlling interests is the amount of those
setting these criteria and a change in these assumptions would interests at initial recognition plus the non-controlling interests’
have a significant impact on the amount recorded in the Group’s share of subsequent changes in equity. Total comprehensive
balance sheet and the consolidated statement of profit and loss. income is attributed to non-controlling interests even if it results
The Group sets these judgements based on previous experience in the non-controlling interests having a deficit balance.
and third party actuarial advice. Further details on the Group’s
retirement benefit obligations, including key judgements are (e) Business combinations
set out in note 38, page 378. Acquisition of subsidiaries and businesses are accounted for
using the acquisition method. The consideration transferred
Non-current assets held for sale
in each business combination is measured at the aggregate
The recognition of non-current assets (or disposal groups) as of the acquisition date fair values of assets given, liabilities
held for sale is dependent upon whether its carrying amount incurred by the Group to the former owners of the acquiree and
will be recovered principally through a sale transaction rather equity interests issued by the Group in exchange for control
than through continuing use. Significant judgement is required of the acquiree.
315
CONSOLIDATED
NOTES
2. Significant accounting policies (Contd.) (g) Investment in associates

Associates are those enterprises over which the Group has
Acquisition related costs are recognised in the consolidated significant influence, but does not have control or joint control.
Investments in associates are accounted for using the equity
Goodwill arising on acquisition is recognised as an asset method and are initially recognised at cost from the date
and measured at cost, being the excess of the consideration significant influence commences until the date that significant
transferred in the business combination over the Group’s interest influence ceases. Subsequent changes in the carrying value
in the net fair value of the identifiable assets acquired, liabilities reflect the post-acquisition changes in the Group’s share of net
assumed and contingent liabilities recognised. Where the fair assets of the associate and impairment charges, if any.
value of the identifiable assets and liabilities exceed the cost of
acquisition, after re-assessing the fair values of the net assets When the Group’s share of losses exceeds the carrying value of
and contingent liabilities, the excess is recognised as capital the associate, the carrying value is reduced to nil and recognition
reserve on consolidation. of further losses is discontinued, except to the extent that the
Group has incurred obligations in respect of the associate.
Once control has been achieved, any subsequent acquisitions
where the Group does not originally hold hundred percent Unrealised gains on transactions between the Group and its
interest in a subsidiary are treated as an acquisition of shares from associates are eliminated to the extent of the Group’s interest
non-controlling shareholders. The identifiable net assets are not in the associates, unrealised losses are also eliminated unless
subject to further fair value adjustments and the difference the transaction provides evidence of an impairment of the asset
between the cost of acquisition of the non-controlling interest transferred and where material, the results of associates are
and the net book value of the additional interest acquired is modified to conform to the Group’s accounting policies.
adjusted in equity.
(h) Interest in joint arrangements
Business combinations arising from transfer of interests in A joint arrangement is a contractual arrangement whereby the
entities that are under common control are accounted for Group and other parties undertake an economic activity where
using the pooling of interest method. The difference between the strategic financial and operating policy decisions relating to
any consideration transferred and the aggregate historical the activities of the joint arrangement require the unanimous
carrying values of assets and liabilities of the acquired entity are consent of the parties sharing control.
recognised in shareholders' equity.

Where Group entity undertakes its activities under joint
(f) Goodwill arrangements as joint operations, the Group’s share of jointly

Goodwill is initially recognised as an asset at cost and controlled assets and any liabilities incurred jointly with other
is subsequently measured at cost less any accumulated parties are recognised in its financial statements and classified
impairment losses. according to their nature. Liabilities and expenses incurred
directly in respect of interests in joint operations are accounted
For the purpose of impairment testing, goodwill is allocated for on the accrual basis. Income from the sale or use of the
to each of the Group’s cash-generating units or groups of cash Group’s share of the output of joint operations, and its share of
generating units that are expected to benefit from the synergies joint arrangements expenses, are recognised when it is probable
of the combination. Cash-generating units to which goodwill that the economic benefits associated with the transactions will
has been allocated are tested for impairment annually, or more flow to the Group and their amount can be measured reliably.
frequently when there is an indication that the unit’s value may
be impaired. If the recoverable amount of the cash-generating Joint arrangements that involve the establishment of a separate
unit is less than the carrying value of the unit, the impairment entity in which each venturer has an interest are referred to as
loss is allocated first to reduce the carrying value of any goodwill joint ventures. The Group reports its interests in joint ventures
allocated to the unit and then to the other assets of the unit in using the equity method of accounting whereby an interest in
proportion to the carrying value of each asset in the unit. joint venture is initially recorded at cost and adjusted thereafter
for post-acquisition changes in the Group’s share of net assets
An impairment loss recognised for goodwill is not reversed in a of the joint venture. The consolidated statement of profit and
subsequent period. On disposal of a subsidiary, the attributable loss reflects the Group’s share of the results of operations of
amount of goodwill is included in the determination of profit or the joint venture.
loss on disposal.

NOTES
2. Significant accounting policies (Contd.) • researching and analysing existing exploration data
When the Group’s share of losses exceeds the carrying value
• conducting geological studies, exploratory
drilling and sampling
of the joint venture, the carrying value is reduced to nil and
recognition of further losses is discontinued, except to the • examining and testing extraction and treatment methods
extent that the Group has incurred obligations in respect of
the joint venture.
• compiling pre-feasibility and feasibility studies
Unrealised gains on transactions between the Group and its
• activities in relation to evaluating the technical feasibility and
commercial viability of extracting a mineral resource.
joint ventures are eliminated to the extent of the Group’s interest
in the joint venture, unrealised losses are also eliminated unless Administration and other overhead costs are charged to the cost
the transaction provides evidence of an impairment of the asset of exploration and evaluation assets only if directly related to an
transferred and where material, the results of joint ventures are exploration and evaluation project.
modified to confirm to the Group’s accounting policies.
If a project does not prove viable, all irrecoverable exploration
(i) Property, plant and equipment and evaluation expenditure associated with the project net
of any related impairment allowances is written off to the
An item of property, plant and equipment is recognised as an
consolidated statement of profit and loss.
asset if it is probable that future economic benefits associated
with the item will flow to the Group and its cost can be The Group measures its exploration and evaluation assets at cost
measured reliably. This recognition principle is applied to costs and classifies as property, plant and equipment or intangible
incurred initially to acquire an item of property, plant and assets according to the nature of the assets acquired and applies
equipment and also to costs incurred subsequently to add to, the classification consistently. To the extent that a tangible asset
replace part of, or service it. All other repair and maintenance is consumed in developing an intangible asset, the amount
costs, including regular servicing, are recognised in the reflecting that consumption is capitalised as a part of the cost of
consolidated statement of profit and loss as incurred. When a the intangible asset.
replacement occurs, the carrying value of the replaced part is
As the asset is not available for use, it is not depreciated.
de-recognised. Where an item of property, plant and equipment
All exploration and evaluation assets are monitored for
comprises major components having different useful lives,
indications of impairment. An exploration and evaluation asset
these components are accounted for as separate items.
is no longer classified as such when the technical feasibility
Property, plant and equipment is stated at cost or deemed cost and commercial viability of extracting a mineral resource are
applied on transition to Ind AS, less accumulated depreciation demonstrable and the development of the deposit is sanctioned
and impairment. Cost includes all direct costs and expenditures by the management. The carrying value of such exploration and
incurred to bring the asset to its working condition and location evaluation asset is reclassified to mining assets.
for its intended use. Trial run expenses (net of revenue) are
capitalised. Borrowing costs incurred during the period of (k) Development expenditure for mineral reserves
construction is capitalised as part of cost of qualifying asset.
Development is the establishment of access to mineral
reserves and other preparations for commercial
The gain or loss arising on disposal of an item of property, plant
production. Development activities often continue during
and equipment is determined as the difference between sale
production and include:
proceeds and carrying value of such item, and is recognised in
the consolidated statement of profit and loss. • sinking shafts and underground drifts (often called
mine development)
(j) Exploration for and evaluation of mineral resources

Expenditures associated with search for specific mineral
• making permanent excavations
resources are recognised as exploration and evaluation assets. • developing passageways and rooms or galleries
The following expenditure comprises the cost of exploration
and evaluation assets:
• building roads and tunnels and
• obtaining of the rights to explore and evaluate mineral • advance removal of overburden and waste rock.
reserves and resources including costs directly related to
this acquisition
317
CONSOLIDATED
NOTES
2. Significant accounting policies (Contd.) (v) adequate technical, semi-financial and other resources to
complete the development and to use or sell the intangible
Development (or construction) also includes the installation asset are available.
of infrastructure (e.g., roads, utilities and housing), machinery,
(vi)
it is possible to reliably measure the expenditure
equipment and facilities.
attributable to the intangible asset during its development.
Development expenditure is capitalised and presented as part of
Recognition of costs as an asset is ceased when the project is
mining assets. No depreciation is charged on the development
complete and available for its intended use, or if these criteria
expenditure before the start of commercial production.
are no longer applicable.
(l) Provision for restoration and environmental costs Where development activities do not meet the conditions for
The Group has liabilities related to restoration of soil and other recognition as an asset, any associated expenditure is treated as
related works, which are due upon the closure of certain of an expense in the period in which it is incurred.
its mining sites.
Intangible assets acquired in a business combination are
Such liabilities are estimated case-by-case based on available identified and recognised separately from goodwill where they
information, taking into account applicable local legal satisfy the definition of an intangible asset and their fair values
requirements. The estimation is made using existing technology, can be measured reliably. The cost of such intangible assets is
at current prices, and discounted using an appropriate discount their fair value at the acquisition date.
rate where the effect of time value of money is material.
Subsequent to initial recognition, intangible assets with definite
Future restoration and environmental costs, discounted to
useful lives acquired in a business combination are reported
net present value, are capitalised and the corresponding
at cost or deemed cost applied on transition to Ind AS, less
restoration liability is raised as soon as the obligation to incur
accumulated amortisation and accumulated impairment losses.
such costs arises. Future restoration and environmental costs are
capitalised in property, plant and equipment or mining assets (n) Depreciation and amortisation of property, plant and
as appropriate and are depreciated over the life of the related equipment and intangible assets
asset. The effect of time value of money on the restoration and
Depreciation or amortisation is provided so as to write off, on
environmental costs liability is recognised in the consolidated
a straight-line basis, the cost/deemed cost of property, plant
and equipment and intangible assets, including those held
(m) Intangible assets under finance leases to their residual value. These charges
are commenced from the dates the assets are available for
Patents, trademarks and software costs are included in the
their intended use and are spread over their estimated useful
consolidated balance sheet as intangible assets when it is
economic lives or, in the case of leased assets, over the lease
probable that associated future economic benefits would flow
period, if shorter. The estimated useful lives of assets, residual
to the Group. In this case they are measured initially at purchase
values and depreciation method are reviewed regularly and,
cost and then amortised on a straight-line basis over their
when necessary, revised.
estimated useful lives. All other costs on patents, trademarks
and software are expensed in the consolidated statement of Depreciation on assets under construction commences only
profit and loss as and when incurred. when the assets are ready for their intended use.
Expenditure on research activities is recognised as an expense The estimated useful lives for the main categories of property,
in the period in which it is incurred. Costs incurred on individual plant and equipment and other intangible assets are:
development projects are recognised as intangible assets from
Estimated useful
the date when all of the following conditions are met: life (years)
(i) completion of the development is technically feasible. Freehold and long leasehold buildings upto 60 years*
Roads 5 years
(ii) it is the intention to complete the intangible asset and Plant and machinery upto 40 years*
use or sell it. Furniture, fixture and office equipments 3 to 25 years
(iii) ability to use or sell the intangible asset. Vehicles and aircraft 4 to 20 years
Railway sidings upto 35 years*
(iv) it is clear that the intangible asset will generate probable
future economic benefits.

NOTES
2. Significant accounting policies (Contd.) carrying value does not exceed the carrying value that would
have been determined had no impairment loss been recognised
Estimated useful for the asset (or cash generating unit) in prior years. A reversal of
life (years) an impairment loss is recognised in the consolidated statement
Assets covered under the Electricity Act (life 3 to 34 years of profit and loss immediately.
as prescribed under the Electricity Act)
Patents and trademarks 4 years (p) Leases
Product and process development costs 5 years The Group determines whether an arrangement contains a
Computer software upto 8 years lease by assessing whether the fulfilment of a transaction is
Other assets 1 to 15 years dependent on the use of a specific asset and whether the
Mining assets are amortised over the useful life of the mine or transaction conveys the right to use that asset to the Group
lease period whichever is lower. in return for payment. Where this occurs, the arrangement
is deemed to include a lease and is accounted for either as a
Major furnace relining expenses are depreciated over a period of finance or an operating lease.
10 years (average expected life).
Leases are classified as finance leases where the terms of the
Freehold land is not depreciated. lease transfer substantially all the risks and rewards of ownership
* For these class of assets, based on internal assessment and to the lessee. All other leases are classified as operating leases.
independent technical evaluation carried out by chartered
The Group as lessee
engineers, the Company and some of its subsidiaries believe
that the useful lives as given above best represent the period (i) Operating lease – Rentals payable under operating leases are
over which such Company expects to use these assets. charged to the consolidated statement of profit and loss on
Hence the useful lives for these assets are different from the a straight-line basis over the term of the relevant lease unless
useful lives as prescribed under Part C of Schedule II of the another systematic basis is more representative of the time
Companies Act, 2013. pattern in which economic benefits from the leased assets
are consumed. Contingent rentals arising under operating
(o) Impairment leases are recognised as an expense in the period in which
At each balance sheet date, the Group reviews the carrying they are incurred.
value of its property, plant and equipment and intangible In the event that lease incentives are received to enter into
assets to determine whether there is any indication that the operating leases, such incentives are recognised as a liability.
carrying value of those assets may not be recoverable through The aggregate benefit of incentives is recognised as a reduction
continuing use. If any such indication exists, the recoverable of rental expense on a straight-line basis, except where another
amount of the asset is reviewed in order to determine the extent systematic basis is more representative of the time pattern in
of impairment loss, if any. Where the asset does not generate which economic benefits from the leased assets are consumed.
cash flows that are independent from other assets, the Group
estimates the recoverable amount of the cash generating unit (ii) Finance lease – Finance leases are capitalised at the
to which the asset belongs. commencement of lease, at the lower of the fair value of the
assets or the present value of the minimum lease payments.
Recoverable amount is the higher of fair value less costs to sell The corresponding liability to the lessor is included in the
and value in use. In assessing value in use, the estimated future consolidated balance sheet as a finance lease obligation.
cash flows are discounted to their present value using a pre-tax Lease payments are apportioned between finance charges and
discount rate that reflects current market assessments of the reduction of the lease obligation so as to achieve a constant
time value of money and the risks specific to the asset for which rate of interest on the remaining balance of the liability.
the estimates of future cash flows have not been adjusted. Finance charges are recognised in the consolidated statement
An impairment loss is recognised in the consolidated statement of profit and loss over the period of the lease.
of profit and loss as and when the carrying value of an asset
exceeds its recoverable amount. The Group as lessor
Where an impairment loss subsequently reverses, the carrying (i) Operating lease – Rental income from operating leases is
value of the asset (or cash generating unit) is increased to the recognised in the consolidated statement of profit and loss on
revised estimate of its recoverable amount, so that the increased a straight-line basis over the term of the relevant lease unless
319
CONSOLIDATED
NOTES
2. Significant accounting policies (Contd.) • thepits are operated as separate units in terms of mine
planning and the sequencing of overburden and ore mining,
another systematic basis is more representative of the time rather than as an integrated unit
pattern in which economic benefits from the leased asset is
diminished. Initial direct costs incurred in negotiating and
• expenditurefor additional infrastructure to support the
second and subsequent pits are relatively large
arranging an operating lease are added to the carrying value
of the leased asset and recognised on a straight-line basis over • the pits extract ore from separate and distinct ore bodies,
the lease term. rather than from a single ore body.
(ii) Finance lease – When assets are leased out under a finance lease, The relative importance of each factor is considered by the
the present value of minimum lease payments is recognised as a management to determine whether, the stripping costs should
receivable. The difference between the gross receivable and the be attributed to the individual pit or to the combined output
present value of receivable is recognised as unearned finance from the several pits.
income. Lease income is recognised over the term of the lease
Production stripping costs are incurred to extract the ore in the
using the net investment method before tax, which reflects a
form of inventories and/or to improve access to an additional
constant periodic rate of return.
component of an ore body or deeper levels of material.
(q) Stripping costs Production stripping costs are accounted for as inventories
to the extent the benefit from production stripping activity is
The Group separates two different types of stripping costs that
realised in the form of inventories.
are incurred in surface mining activity:
The Group recognises a stripping activity asset in the production
• developmental stripping costs and phase if, and only if, all of the following are met:
• production stripping costs • it is probable that the future economic benefit (improved

Developmental stripping costs which are incurred in order access to the ore body) associated with the stripping activity
to obtain access to quantities of mineral reserves that will be will flow to the Group
mined in future periods are capitalised as part of mining assets.
Capitalisation of developmental stripping costs ends when the
• the Group can identify the component of the ore body for
which access has been improved and
commercial production of the mineral reserves begins.
A mine can operate several open pits that are regarded
• the costs relating to the improved access to that component
can be measured reliably.
as separate operations for the purpose of mine planning
and production. In this case, stripping costs are accounted Such costs are presented within mining assets. After initial
for separately, by reference to the ore extracted from each recognition, stripping activity assets are carried at cost/deemed
separate pit. If, however, the pits are highly integrated for the cost applied on transition to Ind AS, less accumulated
purpose of mine planning and production, stripping costs are amortisation and impairment. The expected useful life of the
aggregated too. identified component of the ore body is used to depreciate or
amortise the stripping asset.
The determination of whether multiple pit mines are considered
separate or integrated operations depends on each mines (r) Financial instruments
specific circumstances. The following factors normally point
Financial assets and financial liabilities are recognised when
towards the stripping costs for the individual pits being
the Group becomes a party to the contractual provisions of the
accounted for separately:
instrument. Financial assets and liabilities are initially measured
• miningof the second and subsequent pits is conducted at fair value. Transaction costs that are directly attributable to
consecutively with that of the first pit, rather than concurrently the acquisition or issue of financial assets and financial liabilities
(other than financial assets and financial liabilities at fair value
• separate investment decisions are made to develop
through profit or loss) are added to or deducted from the
each pit, rather than a single investment decision being
fair value measured on initial recognition of financial asset or
made at the outset
financial liability. The transaction costs directly attributable to
the acquisition of financial assets and financial liabilities at fair

NOTES
2. Significant accounting policies (Contd.) instrument by instrument basis at the time of initial recognition
of such equity investments. These investments are held for
value through profit and loss are immediately recognised in the medium or long-term strategic purpose. The Group has chosen
consolidated statement of profit and loss. to designate these investments in equity instruments as fair
value through other comprehensive income as the management
Effective interest method believes this provides a more meaningful presentation for
The effective interest method is a method of calculating the medium or long-term strategic investments, than reflecting
amortised cost of a financial instrument and of allocating interest changes in fair value immediately in the consolidated statement
income or expense over the relevant period. The effective of profit and loss.
interest rate is the rate that exactly discounts future cash
Financial assets not measured at amortised cost or at fair value
receipts or payments through the expected life of the financial
through other comprehensive income are carried at fair value
instrument, or where appropriate, a shorter period.
through profit and loss.
(I) Financial assets
Interest income
Cash and bank balances
Interest income is accrued on a time proportion basis, by
Cash and bank balances consist of: reference to the principal outstanding and effective interest
rate applicable.
(i) Cash and cash equivalents - which include cash on hand,
deposits held at call with banks and other short-term Dividend income
deposits which are readily convertible into known
Dividend income from investments is recognised when the right
amounts of cash, are subject to an insignificant risk of
to receive payment has been established.
change in value and have original maturities of less than
one year. These balances with banks are unrestricted for Impairment of financial assets
withdrawal and usage.
Loss allowance for expected credit losses is recognised for
(ii) Other bank balances - which include balances and deposits financial assets measured at amortised cost and fair value
with banks that are restricted for withdrawal and usage. through other comprehensive income.
Financial assets at amortised cost The Group recognises lifetime expected credit losses for all trade
receivables that do not constitute a financing transaction.
Financial assets are subsequently measured at amortised cost if
these financial assets are held within a business model whose For financial assets (apart from trade receivables that do not
objective is to hold these assets in order to collect contractual constitute a financing transaction) whose credit risk has not
cash flows and the contractual terms of the financial asset give significantly increased since initial recognition, loss allowance
rise on specified dates to cash flows that are solely payments of equal to twelve months expected credit losses is recognised.
principal and interest on the principal amount outstanding. Loss allowance equal to the lifetime expected credit losses is
recognised if the credit risk on the financial asset has significantly
Financial assets measured at fair value increased since initial recognition.

Financial assets are measured at fair value through other
comprehensive income if these financial assets are held within De-recognition of financial assets
a business model whose objective is to hold these assets in
The Group de-recognises a financial asset only when the
order to collect contractual cash flows or to sell these financial contractual rights to the cash flows from the asset expire, or
assets and the contractual terms of the financial asset give rise it transfers the financial asset and substantially all risks and
on specified dates to cash flows that are solely payments of rewards of ownership of the asset to another entity.
principal and interest on the principal amount outstanding.
If the Group neither transfers nor retains substantially all the
The Group in respect of certain equity investments (other than in risks and rewards of ownership and continues to control the
associates and joint ventures) which are not held for trading has transferred asset, the Group recognises its retained interest in the
made an irrevocable election to present in other comprehensive assets and an associated liability for amounts it may have to pay.
income subsequent changes in the fair value of such equity
If the Group retains substantially all the risks and rewards of
instruments. Such an election is made by the Group on an
ownership of a transferred financial asset, the Group continues
321
CONSOLIDATED
NOTES
2. Significant accounting policies (Contd.) Derivatives are initially accounted for and measured at fair value
from the date the derivative contract is entered into and are
to recognise the financial asset and also recognises a borrowing subsequently re-measured to their fair value at the end of each
for the proceeds received. reporting period.
(II) Financial liabilities and equity instruments The Group adopts hedge accounting for forward, interest rate
and commodity contracts wherever possible. At the inception
Classification as debt or equity of each hedge, there is a formal, documented designation of
Financial liabilities and equity instruments issued by the Group the hedging relationship. This documentation includes, inter
are classified according to the substance of the contractual alia, items such as identification of the hedged item transaction
arrangements entered into and the definitions of a financial and nature of the risk being hedged. At inception, each hedge
liability and an equity instrument. is expected to be highly effective in achieving an offset of
changes in fair value or cash flows attributable to the hedged
Equity instruments risk. The effectiveness of hedge instruments to reduce the
An equity instrument is any contract that evidences a residual risk associated with the exposure being hedged is assessed
interest in the assets of the Group after deducting all of its and measured at the inception and on an ongoing basis.
liabilities. Equity instruments are recorded at the proceeds The ineffective portion of designated hedges is recognised
received, net of direct issue costs. immediately in the consolidated statement of profit and loss.
Financial liabilities When hedge accounting is applied:

Trade and other payables are initially measured at fair value, • for fair value hedges of recognised assets and liabilities,
net of transaction costs, and are subsequently measured at changes in fair value of the hedged assets and liabilities
amortised cost, using the effective interest rate method where attributable to the risk being hedged, are recognised in the
the time value of money is significant. consolidated statement of profit and loss and compensate for
the effective portion of symmetrical changes in the fair value
Interest bearing bank loans, overdrafts and issued debt are
of the derivatives.
initially measured at fair value and are subsequently measured
at amortised cost using the effective interest rate method. • for cash flow hedges, the effective portion of the change
Any difference between the proceeds (net of transaction costs) in the fair value of the derivative is recognised directly in
and the settlement or redemption of borrowings is recognised other comprehensive income and the ineffective portion is
over the term of the borrowings in the consolidated statement recognised in the consolidated statement of profit and loss.
of profit and loss. If the cash flow hedge of a firm commitment or forecasted
transaction results in the recognition of a non-financial asset
De-recognition of financial liabilities or liability, then, at the time the asset or liability is recognised,
The Group derecognises financial liabilities when, and only when, the associated gains or losses on the derivative that had
the Group’s obligations are discharged, cancelled or they expire. previously been recognised in equity are included in the
initial measurement of the asset or liability. For hedges that
Derivative financial instruments and hedge accounting do not result in the recognition of a non-financial asset or
In the ordinary course of business, the Group uses certain a liability, amounts deferred in equity are recognised in the
derivative financial instruments to reduce business risks which consolidated statement of profit and loss in the same period
arise from its exposure to foreign exchange, base metal prices in which the hedged item affects the consolidated statement
and interest rate fluctuations. The instruments are confined of profit and loss.
principally to forward foreign exchange contracts, forward rate
In cases where hedge accounting is not applied, changes in
agreements, cross currency swaps, interest rate swaps and collar.
the fair value of derivatives are recognised in the consolidated
The instruments are employed as hedges of transactions included
statement of profit and loss as and when they arise.
in the financial statements or for highly probable forecast
transactions/firm contractual commitments. These derivatives Hedge accounting is discontinued when the hedging instrument
contracts do not generally extend beyond six months, except for expires or is sold, terminated, or exercised, or no longer
certain currency swaps and interest rate derivatives. qualifies for hedge accounting. At that time, any cumulative

NOTES
2. Significant accounting policies (Contd.) bringing the inventories to their present location and condition.
Net realisable value is the price at which the inventories can
gain or loss on the hedging instrument recognised in equity be realised in the normal course of business after allowing for
is retained in equity until the forecasted transaction occurs. the cost of conversion from their existing state to a finished
If a hedged transaction is no longer expected to occur, the net condition and for the cost of marketing, selling and distribution.
cumulative gain or loss recognised in equity is transferred to the
Provisions are made to cover slow-moving and obsolete items
consolidated statement of profit and loss for the period.
based on historical experience of utilisation on a product
(s) Employee benefits category basis, which involves individual businesses considering
their product lines and market conditions.
Defined contribution plans
Contributions under defined contribution plans are recognised (u) Provisions
as an expense for the period in which the employee has Provisions are recognised in the consolidated balance sheet when
rendered the service. Payments made to state managed the Group has a present obligation (legal or constructive) as a
retirement benefit schemes are dealt with as payments to result of a past event, which is expected to result in an outflow of
defined contribution schemes where the Group’s obligations resources embodying economic benefits which can be reliably
under the schemes are equivalent to those arising in a defined estimated. Each provision is based on the best estimate of the
contribution retirement benefit scheme. expenditure required to settle the present obligation at the
balance sheet date. Where the time value of money is material,
Defined benefit plans provisions are measured on a discounted basis.
For defined benefit retirement schemes, the cost of providing
Constructive obligation is an obligation that derives from an
benefits is determined using the Projected Unit Credit Method,
entity’s actions where:
with actuarial valuation being carried out at each year-end
balance sheet date. Re-measurement gains and losses of the net (i)
by an established pattern of past practice, published
defined benefit liability/(asset) are recognised immediately in policies or a sufficiently specific current statement, the
other comprehensive income. The service cost and net interest entity has indicated to other parties that it will accept
on the net defined benefit liability/(asset) are recognised as an certain responsibilities and
expense within employee costs.
(ii) as a result, the entity has created a valid expectation on
Past service cost is recognised as an expense when the plan the part of those other parties that it will discharge those
amendment or curtailment occurs or when any related responsibilities.
restructuring costs or termination benefits are recognised,
whichever is earlier. (v) Onerous contracts

A provision for onerous contracts is recognised when the

The retirement benefit obligations recognised in the
expected benefits to be derived by the Group from a contract are
consolidated balance sheet represents the present value of
lower than the unavoidable cost of meeting its obligations under
the defined benefit obligations as reduced by the fair value
the contract. The provision is measured at the present value of
of plan assets.
the lower of the expected cost of terminating the contract and
Compensated absences the expected net cost of continuing with the contract. Before a
provision is established, the Group recognises any impairment

Compensated absences which are not expected to occur
loss on the assets associated with that contract.
within twelve months after the end of the period in which the
employee renders the related service are recognised based on (w) Government grants
actuarial valuation at the present value of the obligations as on

Government grants are recognised at its fair value, where
the reporting date.
there is a reasonable assurance that such grants will be
(t) Inventories received and compliance with the conditions attached
therewith have been met.
Inventories are stated at the lower of cost and net realisable
value. Cost is ascertained on a weighted average basis. Government grants related to expenditure on property, plant
Costs comprise direct materials and, where applicable, direct and equipment are credited to the consolidated statement of
labour costs and those overheads that have been incurred in profit and loss over the useful lives of qualifying assets or other
323
CONSOLIDATED
NOTES
2. Significant accounting policies (Contd.) used in the computation of taxable profit, and is accounted for
using the balance sheet liability method. Deferred tax liabilities
systematic basis representative of the pattern of fulfilment of are generally recognised for all taxable temporary differences.
obligations associated with the grant received. Grants received In contrast, deferred tax assets are only recognised to the extent
less amounts credited to the consolidated statement of profit that it is probable that future taxable profits will be available
and loss at the reporting date are included in the consolidated against which the temporary differences can be utilised.
balance sheet as deferred income.
Deferred tax liabilities are recognised on taxable temporary
(x) Non-current assets held for sale and discontinued differences arising on investments in subsidiaries, joint ventures
operations and associates, except where the Group is able to control the
reversal of the temporary difference and it is probable that the
Non-current assets and disposal groups classified as held for sale
temporary difference will not reverse in the foreseeable future.
are measured at the lower of their carrying value and fair value
less costs to sell. The carrying value of deferred tax assets is reviewed at the end
of each reporting period and reduced to the extent that it is no
Assets and disposal groups are classified as held for sale if their
longer probable that sufficient taxable profits will be available
carrying value will be recovered through a sale transaction
to allow all or part of the asset to be recovered.
rather than through continuing use. This condition is only met
when the sale is highly probable and the asset, or disposal Deferred tax is calculated at the tax rates that are expected to
group, is available for immediate sale in its present condition apply in the period when the liability is settled or the asset is
and is marketed for sale at a price that is reasonable in relation realised based on the tax rates and tax laws that have been
to its current fair value. The Group must also be committed to enacted or substantially enacted by the end of the reporting
the sale, which should be expected to qualify for recognition as period. The measurement of deferred tax liabilities and assets
a completed sale within one year from the date of classification. reflects the tax consequences that would follow from the
manner in which the Group expects, at the end of the reporting
Where a disposal group represents a separate major line of
period, to recover or settle the carrying value of its assets
business or geographical area of operations, or is part of a
and liabilities.
single coordinated plan to dispose of a separate major line of
business or geographical area of operations, then it is treated Deferred tax assets and liabilities are offset to the extent that
as a discontinued operation. The post-tax profit or loss of they relate to taxes levied by the same tax authority and they
the discontinued operation together with the gain or loss are in the same taxable entity, or a Group of taxable entities
recognised on its disposal are disclosed as a single amount in the where the tax losses of one entity are used to offset the taxable
consolidated statement of profit and loss, with all prior periods profits of another and there are legally enforceable rights
being presented on this basis. to set off current tax assets and current tax liabilities within
that jurisdiction.
(y) Income taxes
Current and deferred tax are recognised as an expense or
Tax expense for the year comprises of current and deferred
income in the consolidated statement of profit and loss, except
tax. The tax currently payable is based on taxable profit for the
when they relate to items credited or debited either in other
year. Taxable profit differs from net profit as reported in the
comprehensive income or directly in equity, in which case
consolidated statement of profit and loss because it excludes
the tax is also recognised in other comprehensive income or
items of income or expense that are taxable or deductible in
directly in equity.
other years and it further excludes items that are never taxable
or deductible. The Group’s liability for current tax is calculated Deferred tax assets include Minimum Alternate Tax (MAT) paid
using tax rates and tax laws that have been enacted or in accordance with the tax laws in India, which is likely to give
substantively enacted in countries where the Company and its future economic benefits in the form of availability of set off
subsidiaries operate by the end of the reporting period. against future income tax liability. MAT is recognised as deferred
tax assets in the consolidated balance sheet when the asset can
Deferred tax is the tax expected to be payable or recoverable on
be measured reliably and it is probable that the future economic
differences between the carrying value of assets and liabilities
benefit associated with the asset will be realised.
in the financial statements and the corresponding tax bases

NOTES
2. Significant accounting policies (Contd.) established by the respective regulatory authorities. The Group
doesn’t recognise revenue and an asset for cost incurred in the
(z) Revenue past that will be recovered.

The Group manufactures and sells a range of steel and
(aa) Foreign currency transactions and translation
other products.

The consolidated financial statements of the Group are
Effective April 1, 2018, the Group has applied Ind AS 115 which presented in (‘`'), which is the functional currency of the
establishes a comprehensive framework for determining Company and the presentation currency for the consolidated
whether, how much and when revenue is to be recognised. financial statements.
Ind AS 115 replaces Ind AS 18 Revenue and Ind AS 11
Construction Contracts. The Group has adopted Ind AS 115 In preparing the consolidated financial statements, transactions
using the retrospective effect method. The adoption of the new in currencies other than the entity’s functional currency are
standard did not have a material impact on the Group. recorded at the rates of exchange prevailing on the date of
the transaction. At the end of each reporting period, monetary
Sale of products items denominated in foreign currencies are re-translated
Revenue from sale of products is recognised when control of the at the rates prevailing at the end of the reporting period.
products has transferred, being when the products are delivered Non-monetary items carried at fair value that are denominated in
to the customer. Delivery occurs when the products have been foreign currencies are re-translated at the rates prevailing on the
shipped or delivered to the specific location as the case may be, date when the fair value was determined. Non-monetary items
the risk of loss has been transferred, and either the customer has that are measured in terms of historical cost in a foreign currency
accepted the products in accordance with the sales contract, or are not translated.
the Group has objective evidence that all criteria for acceptance Exchange differences arising on translation of long-term foreign
have been satisfied. Sale of products include related ancillary currency monetary items recognised in the consolidated financial
services, if any. statements before the beginning of the first Ind AS financial
Goods are often sold with volume discounts based on aggregate reporting period in respect of which the Group has elected to
sales over a 12 months period. Revenue from these sales is recognise such exchange differences in equity or as part of cost
recognised based on the price specified in the contract, net of of assets as allowed under Ind As 101-“First-time adoption of
the estimated volume discounts. Accumulated experience is Indian Accounting Standards” are recognised directly in equity
used to estimate and provide for the discounts, using the most or added/deducted to/from the cost of assets as the case may
likely method, and revenue is only recognised to the extent that be. Such exchange differences recognised in equity or as part
it is highly probable that a significant reversal will not occur. of cost of assets is recognised in the consolidated statement of
A liability is recognised for expected volume discounts payable profit and loss on a systematic basis.
to customers in relation to sales made until the end of the Exchange differences arising on the re-translation or settlement
reporting period. No element of financing is deemed present of other monetary items are included in the consolidated
as the sales are generally made with a credit term of 30-90 statement of profit and loss for the period.
days, which is consistent with market practice. Any obligation
to provide a refund is recognised as a provision. A receivable is For the purpose of presenting the consolidated financial
recognised when the goods are delivered as this is the point in statements, the assets and liabilities of the Company’s foreign
time that the consideration is unconditional because only the subsidiaries, associates and joint ventures are expressed in
passage of time is required before the payment is due. ` using exchange rates prevailing at the end of the reporting
period. Income and expense items are translated at the
The Group does not have any contracts where the period average exchange rates for the period. Exchange differences
between the transfer of the promised goods or services to the arising, if any, are recognised in other comprehensive income
customer and payment by the customer exceeds one year. As a and accumulated in a separate component of equity. On the
consequence, the Group does not adjust any of the transaction disposal of a foreign operation, all of the accumulated exchange
prices for the time value of money. differences in respect of that operation attributable to the
Company are reclassified to the consolidated statement of
Sale of power
profit and loss.
Revenue from sale of power is recognised when the services
are provided to the customer based on approved tariff rates
325
CONSOLIDATED
NOTES
2. Significant accounting policies (Contd.) (ad) Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) has notified the following
Goodwill and fair value adjustments arising on the acquisition new amendments to Ind AS which the Group has not applied
of a foreign operation are treated as assets and liabilities of the as they are effective for annual periods beginning on or
foreign operation and translated at the closing rate. after April 1, 2019.
(ab) Borrowing costs Ind AS 116 – “Leases”

Borrowings costs directly attributable to the acquisition, Ind AS 116 ‘Leases’ eliminates the classification of leases as either
construction or production of qualifying assets, which are assets finance leases or operating leases. All leases are required to be
that necessarily take a substantial period of time to get ready reported on an entity’s balance sheet as assets and liabilities.
for their intended use or sale, are added to the cost of those Leases are capitalised by recognising the present value of the
assets, until such time as the assets are substantially ready for lease payments and showing them either as right of use of the
the intended use or sale. leased assets or together with property, plant and equipment.
Investment income earned on temporary investment of specific If lease payments are made over time a financial liability
borrowings pending their expenditure on qualifying assets is representing the future obligation would be recognised.
recognised in the consolidated statement of profit and loss.
ppendix C, ‘Uncertainty over Income Tax Treatments’, to
A
Discounts or premiums and expenses on the issue of debt Ind AS 12, ‘Income Taxes’
securities are amortised over the term of the related securities This Appendix clarifies how the recognition and measurement
and included within borrowing costs. Premiums payable on requirements of Ind AS 12 'Income Taxes', are applied while
early redemptions of debt securities, in lieu of future finance performing the determination of taxable profit or loss, tax bases,
costs, are recognised as borrowing costs. unused tax losses, unused tax credits and tax rates, when there is
All other borrowing costs are recognised as expenses in the uncertainty over income tax treatments under Ind AS 12.
period in which it is incurred. According to the Appendix, companies need to determine the
probability of the relevant tax authority accepting each tax
(ac) Earnings per share
treatment, or group of tax treatments, that the companies have

Basic earnings per share is computed by dividing the used or plan to use in their income tax filing which has to be
consolidated profit or loss for the year attributable to equity considered to compute the most likely amount or the expected
holders by the weighted average number of shares outstanding value of the tax treatment when determining taxable profit or
during the year. Partly paid up shares are included as fully paid loss, tax bases, unused tax losses, unused tax credits and tax rates.
equivalents according to the fraction paid up.
The Group is in the process of evaluating the impact of
Diluted earnings per share is computed using the weighted adoption of above pronouncements on its consolidated
average number of shares and dilutive potential shares except financial statements.
where the result would be anti-dilutive.

NOTES
3. Property, plant and equipment

(` crore)
Land Buildings Plant and Furniture, Vehicles Leased Railway Total
including machinery fixtures FFOE and sidings
roads and office vehicles
equipments
(FFOE)
Cost/deemed cost as at April 1, 2018 16,955.23 12,147.82 1,04,889.43 667.95 342.70 0.78 1,397.23 1,36,401.14
Addition relating to acquisitions 411.09 9,350.84 19,608.03 35.70 8.84 - 97.44 29,511.94
Additions 156.89 882.99 6,839.39 153.45 93.50 3.47 63.62 8,193.31
Disposals (54.42) (115.15) (760.65) (22.34) (21.89) - (20.06) (994.51)
Disposal of group undertakings - - (124.17) (3.58) (4.35) - - (132.10)
Classified as held for sale (261.75) (329.39) (1,322.04) (137.61) (17.18) (3.72) - (2,071.69)
Other re-classifications (9.78) (29.50) (446.10) 31.51 (3.52) 0.44 - (456.95)
Exchange differences on consolidation (70.91) (155.01) (1,248.77) 14.38 0.28 0.05 10.74 (1,449.24)
Cost/deemed cost as at March 31, 2019 17,126.35 21,752.60 1,27,435.12 739.46 398.38 1.02 1,548.97 1,69,001.90
Accumulated impairment as at April 1, 2018 322.29 283.11 2,302.85 4.81 0.48 - 17.58 2,931.12
Charge for the year - 0.55 126.84 19.97 - - - 147.36
Disposals (7.56) (33.58) (20.92) (1.14) 0.93 - - (62.27)
Classified as held for sale - - 153.84 (2.99) (1.23) - - 149.62
Other re-classifications (9.64) (17.81) (291.28) (0.17) (0.07) - - (318.97)
Exchange differences on consolidation (9.12) (10.43) (40.08) 0.12 (0.04) - (0.33) (59.88)
Accumulated impairment as at March 31, 2019 295.97 221.84 2,231.25 20.60 0.07 - 17.25 2,786.98
Accumulated depreciation as at April 1, 2018 505.09 4,607.35 37,222.31 419.27 181.42 0.36 211.44 43,147.24
Charge for the year 118.49 735.67 6,205.14 114.50 37.35 0.02 68.91 7,280.08
Disposals - (53.86) (641.19) (22.46) (20.04) - - (737.55)
Disposal of group undertakings - - (28.06) (2.31) (2.25) - - (32.62)
Classified as held for sale (14.95) (139.88) (575.92) (97.54) (10.74) (0.11) - (839.14)
Other re-classifications (1.73) (7.55) (177.61) 31.61 (0.36) 0.44 - (155.20)
Exchange differences on consolidation 3.41 (101.53) (814.38) 12.88 0.20 0.01 0.55 (898.86)
Accumulated depreciation as at March 31, 2019 610.31 5,040.20 41,190.29 455.95 185.58 0.72 280.90 47,763.95
Total accumulated depreciation and 906.28 5,262.04 43,421.54 476.55 185.65 0.72 298.15 50,550.93
Net carrying value as at April 1, 2018 16,127.85 7,257.36 65,364.27 243.87 160.80 0.42 1,168.21 90,322.78
Net carrying value as at March 31, 2019 16,220.07 16,490.56 84,013.58 262.91 212.73 0.30 1,250.82 1,18,450.97
327
CONSOLIDATED
NOTES

(` crore)
Land Buildings Plant and Furniture, Vehicles Leased Railway Total
including machinery fixtures FFOE and sidings
roads and office vehicles
equipments
(FFOE)
Cost/deemed cost as at April 1, 2017 16,545.43 11,141.07 93,461.77 543.43 351.68 0.69 1,349.53 1,23,393.60
Addition relating to acquisitions 7.90 15.53 882.70 0.91 0.41 - - 907.45
Additions 65.67 334.24 5,917.97 110.46 28.07 - 32.94 6,489.35
Disposals (33.48) (60.58) (555.88) (10.52) (39.35) - - (699.81)
Classified as held for sale - - (0.67) - - - - (0.67)
Other re-classifications - - 44.16 - - - - 44.16
Exchange differences on consolidation 369.71 717.56 5,139.38 23.67 1.89 0.09 14.76 6,267.06
Cost/deemed cost as at March 31, 2018 16,955.23 12,147.82 1,04,889.43 667.95 342.70 0.78 1,397.23 1,36,401.14
Accumulated impairment as at April 1, 2017 273.45 249.73 1,980.46 3.67 0.26 - 15.43 2,523.00
Charge for the year 7.06 23.99 91.36 0.57 0.12 - - 123.10
Disposals - (30.10) (66.53) (0.03) - - - (96.66)
Other re-classifications - - 27.34 - - - - 27.34
Exchange differences on consolidation 41.78 39.49 270.22 0.60 0.10 - 2.15 354.34
Accumulated impairment as at March 31, 2018 322.29 283.11 2,302.85 4.81 0.48 - 17.58 2,931.12
Accumulated depreciation as at April 1, 2017 397.54 3,698.14 29,245.93 332.58 170.85 0.29 144.68 33,990.01
Charge for the year 106.13 444.28 4,983.82 88.70 32.35 0.02 57.60 5,712.90
Disposals (0.02) (12.84) (392.05) (10.30) (23.38) - - (438.59)
Classified as held for sale - - (0.10) - - - - (0.10)
Other re-classifications - 2.86 (2.95) 0.09 0.82 - - 0.82
Exchange differences on consolidation 1.44 474.91 3,387.66 8.20 0.78 0.05 9.16 3,882.20
Accumulated depreciation as at March 31, 2018 505.09 4,607.35 37,222.31 419.27 181.42 0.36 211.44 43,147.24
Total accumulated depreciation and 827.38 4,890.46 39,525.16 424.08 181.90 0.36 229.02 46,078.36
Net carrying value as at April 1, 2017 15,874.44 7,193.20 62,235.38 207.18 180.57 0.40 1,189.42 86,880.59
Net carrying value as at March 31, 2018 16,127.85 7,257.36 65,364.27 243.87 160.80 0.42 1,168.21 90,322.78
(i) Net carrying value of land including roads comprises of:

(` crore)
As at As at
March 31, 2019 March 31, 2018
Leasehold land
24.63 29.39
Freehold land including roads 16,195.44 16,098.46
16,220.07 16,127.85

NOTES

(ii) Net carrying value of buildings comprises of:

(` crore)
As at As at
March 31, 2019 March 31, 2018
Leasehold buildings
360.30 234.05
Freehold buildings 16,130.26 7,023.31
16,490.56 7,257.36
(iii) Net carrying value of plant and machinery comprises of:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Assets held under finance leases
Cost/deemed cost 5,416.13 4,565.81
Accumulated depreciation and impairment 2,505.72 2,300.73
2,910.41 2,265.08
Owned assets 81,103.17 63,099.19
84,013.58 65,364.27
(iv) Net carrying value of furniture, fixtures and office equipments comprises of:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Furniture and fixtures
69.22 54.97
Office equipments
193.69 188.90
262.91 243.87
(v) `206.01 crore (2017-18: `115.35 crore) of borrowing costs has been capitalised during the year on qualifying assets under construction.
The capitalisation rate ranges between 7.00% to 9.80% (2017-18: 0.20% to 9.00%).
329
CONSOLIDATED
NOTES

(vi) Rupee liability has increased by `108.32 crore (2017-18: `44.16 crore) arising out of retranslation of the value of long-term foreign currency
loans and liabilities for procurement of property, plant and equipment, generally plant and machinery. This increase is adjusted against
the carrying cost of assets and depreciated over their remaining useful life. The depreciation for the current year is higher by `3.57 crore
(2017-18: `1.40 crore) on account of this adjustment.
(vii) During the year, the Group recognised a net impairment charge of `118.08 crore (2017-18: `1,161.93 crore) for property, plant and
equipment including capital work-in-progress. The impairment charge was primarily contained in the Indian and European Operations.
Within the Indian operations, the Group has recognised an impairment charge of `8.54 crore (2017-18: `33.99 crore) in respect
of expenditure incurred at one of its mining sites. The impairment recognised is included within other expenses in the consolidated
Within the European business, consistent with annual test for impairment of goodwill as at March 31, 2019, property, plant and equipment
(including capital work-in-progress) were also tested for impairment as at that date where indicators of impairment existed. The outcome of
the test indicated that the value in use of certain downstream and distribution businesses against which the property, plant and equipment
(including capital work-in-progress) is included, using a discount rate of 8.20% p.a. (2017-18: 8.20% p.a.) was lower than its carrying value
due to losses generated during the year in those CGU’s and/or forecasting losses in the annual plan. Accordingly, an impairment charge
of `106.68 crore (2017-18: `223.25 crore) was recognised. The impairment recognised is included within other expenses in the
consolidated statement of profit and loss.
During the year ended March 31, 2018, within the overseas mining businesses, volatility in commodity prices triggered an impairment
assessment for mining operations carried out by the Group in Canada. This resulted in an impairment charge of `903.01 crore being
recognised during the year ended March 31, 2018. The recoverable value was based on value in use using cash flow projections for 16
years and a discount rate of 8.00% p.a. The impairment recognised is included within exceptional items in the consolidated statement of
profit and loss.
The balance impairment charge recognised during the year ended March 31, 2019 amounting to `2.86 crore (2017-18: `1.68 crore) relates
to other businesses within the Group.
The Group has conducted sensitivity analysis on the impairment tests of the carrying value in respect of Group’s CGUs and property,
plant and equipment. The management believes that no reasonably possible change in any of the key assumptions used in the value
in use calculations would cause the carrying value of property, plant and equipment in any CGU to materially exceed its value in use,
other than in respect of the remaining property, plant and equipment at the Strip Products UK business which had a carrying value as at
March 31, 2019 of `3,358.46 crore (2017-18: `2,343.69 crore) and at the overseas Canadian mining business which had a carrying value
as at March 31, 2019 of `6,175.14 crore (2017-18: `5,282.61 crore). At the Strips product UK business site, the value in use is dependent
on sustaining the improvement to UK Steel market margins and the implementation of a business transformation plan. For the Canadian
mining operations, the value in use is dependent on improvement in commodity prices and realisation of cost savings in operation.
A reasonably possible change in any of these key assumptions would increase the likelihood of impairment losses in the future.
(viii) The details of property, plant and equipment pledged against borrowings is presented in note 23, page 363.
4. Leases
The Group has taken certain land, buildings, plant and machinery under operating and/or finance leases. The following is a summary of
the future minimum lease rental payments under non-cancellable operating leases and finance leases entered into by the Group.
A. Operating leases:
Significant leasing arrangements include lease of land for periods ranging between 12 to 99 years renewable on mutual consent, lease
of office spaces, assets dedicated for use under long-term arrangements and time charter hire vessels with lease period varying from
2 to 7 years. Payments under long-term arrangements involving use of dedicated assets are allocated between those relating to the

NOTES
4. Leases (Contd.)

right to use of assets, executory services and for output based on the underlying contractual terms and conditions. Any change in the
allocation assumptions may have an impact on lease assessment and/or lease classification. Payments linked to changes in inflation index
under lease arrangements have been considered as contingent rent and recognised in the consolidated statement of profit and loss as
and when incurred.
Future minimum lease payments under non-cancellable operating leases are as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Not later than one year 930.01 737.29
Later than one year but not later than five years 1,858.83 1,504.98
Later than five years 1,521.88 1,508.37
4,310.72 3,750.64
uring the year ended March 31, 2019, total operating lease rental expense recognised in the consolidated statement of profit and loss was
D
`1,713.86 crore (2017-18: `790.41 crore) including contingent rent of `49.27 crore (2017-18 `31.20 crore).
B. Finance leases:
Significant leasing arrangements include assets dedicated for use under long-term arrangements. The arrangements cover a substantial part
of the economic life of the underlying asset and generally contain a renewal option on expiry. Payments under long-term arrangements
involving use of dedicated assets are allocated between those relating to the right to use of assets, executory services and for output based on
the underlying contractual terms and conditions. Any change in the allocation assumptions may have an impact on lease assessment and/or
lease classification.
T he minimum lease payments and such payments excluding future finance charges in respect of arrangements classified as finance
leases is as below:
(` crore)
Minimum lease Minimum lease Minimum lease Minimum lease
payments payments less payments payments less
future finance future finance
charges charges
Not later than one year 856.43 394.46 652.42 252.31
Later than one year but not later than five years 2,730.94 1,436.64 2,076.10 832.86
Later than five years 3,654.66 2,022.20 4,481.29 2,035.94
Total future minimum lease commitments 7,242.03 3,853.30 7,209.81 3,121.11
Present value of minimum lease commitments 3,853.30 3,121.11
Disclosed as:
Borrowings-non-current (refer note 23, page 363) 3,458.84 2,868.80
Other financial liabilities - Current (refer note 24, page 368) 394.46 252.31
3,853.30 3,121.11
331
CONSOLIDATED
NOTES
5. Goodwill on consolidation
[Item No. I(c), Page 306]
(` crore)
As at As at
March 31, 2019 March 31, 2018
Cost as at beginning of the year 5,517.55 4,740.30
Addition relating to acquisitions - 142.43
Disposal of group undertakings (28.47) -
Exchange differences on consolidation (100.95) 634.82
Cost as at end of the year 5,388.13 5,517.55
Impairment as at beginning of the year 1,418.10 1,245.57
Impairment as at end of the year 1,391.51 1,418.10
Net book value as at beginning of the year 4,099.45 3,494.73
Net book value as at end of the year 3,996.62 4,099.45
(i) Disposal of group undertakings relates to Black Ginger 461 (Proprietary) Ltd, a subsidiary of the Group disposed off during the year ended
March 31, 2019. Detailed disclosure in respect of the disposal is provided in note 42, page 395.
Addition to goodwill during the year ended March 31, 2018 relates to the acquisition of the remaining 74% equity stake by the Group in
one of its joint venture “Bhubaneshwar Power Private Limited “. The goodwill relates to synergies from combining the acquiree activities
with those of the Group to meet the growing demand for power.
(ii) The carrying value of goodwill predominantly relates to the goodwill that arose on the acquisition of erstwhile Corus Group Plc. and has
been tested against the recoverable amount of Strip Products Mainland Europe cash generating unit (CGU) by the Group. This goodwill
relates to expected synergies from combining Corus’ activities with those of the Group and to assets, which could not be recognised as
separately identifiable intangible assets. The goodwill is tested annually and for impairment more frequently if there are any indications
that the goodwill may be impaired. The recoverable amount of Strip Products Mainland Europe CGU has been determined from a value
in use calculation. The calculation uses cash flow forecasts based on the most recently approved financial budgets and strategic forecasts
which cover a period of three years and future projections taking the analysis out to 15 years. Key assumptions for the value in use
calculation are those regarding expected changes to selling prices and raw material costs, steel demand in European Union, exchange
rates and a discount rate of 8.20% p.a. (March 31, 2018: 8.20% p.a.). Changes in selling prices, raw material costs, exchange rates and EU
steel demand are based on expectations of future changes in the steel market based on external market sources. A Nil (March 31, 2018: Nil)
growth rate is used to extrapolate the cash flow projections beyond the three-year period of the financial budgets to 15 years. The pre-tax
discount rate is derived from the Tata Steel Europe (TSE) weighted average cost of capital (WACC) and the WACCs of its main European
steel competitors. The outcome of the Group’s goodwill impairment test as at March 31, 2019 for the Strip Products Mainland Europe CGU
resulted in no impairment of goodwill (March 31, 2018: Nil).
The management believes that no reasonably possible change in any of the key assumptions used in the value in use calculation would
cause the carrying value of the CGU to materially exceed its value in use.
.

NOTES
6. Other intangible assets

[Item No. I(d), Page 306]
(` crore)
Patents Development Software Mining Other Total
and costs costs assets intangible
trademarks assets
Cost/deemed cost as at April 1, 2018 13.99 278.81 530.68 2,517.52 184.17 3,525.17
Addition relating to acquisitions - - 0.10 - 512.80 512.90
Additions 16.00 - 90.16 185.47 0.84 292.47
Disposals (1.19) - (24.23) - - (25.42)
Disposal of group undertakings - - (0.45) (236.09) - (236.54)
Classified as held for sale - - (24.86) - - (24.86)
Other re-classifications - - 3.03 - - 3.03
Exchange differences on consolidation (0.36) (10.53) (4.88) 7.07 - (8.70)
Cost/deemed cost as at March 31, 2019 28.44 268.28 569.55 2,473.97 697.81 4,038.05
Accumulated impairment as at April 1, 2018 - - 0.47 125.61 30.65 156.73
Charge for the year 11.36 - 21.70 3.06 - 36.12
Exchange differences on consolidation (0.13) - (0.46) 6.77 - 6.18
Accumulated impairment as at March 31, 2019 11.23 - 21.71 135.44 30.65 199.03
Accumulated amortisation as at April 1, 2018 9.34 224.34 310.79 1,103.91 37.40 1,685.78
Charge for the year 0.53 29.44 92.51 148.98 40.90 312.36
Disposals (0.63) - (24.23) - - (24.86)
Disposal of group undertakings - - (0.31) (93.08) - (93.39)
Classified as held for sale - - (18.75) - - (18.75)
Other re-classifications - - (1.00) - - (1.00)
Exchange differences on consolidation (0.07) (9.60) (0.56) (5.21) - (15.44)
Accumulated amortisation as at March 31, 2019 9.17 244.18 358.45 1,154.60 78.30 1,844.70
Total accumulated amortisation and impairment 20.40 244.18 380.16 1,290.04 108.95 2,043.73
Net carrying value as at April 1, 2018 4.65 54.47 219.42 1,288.00 116.12 1,682.66
Net carrying value as at March 31, 2019 8.04 24.10 189.39 1,183.93 588.86 1,994.32
333
CONSOLIDATED
NOTES
6. Other intangible assets (Contd.)

[Item No. I(d), Page 306]
(` crore)
Patents Development Software Mining Other Total
and costs costs assets intangible
trademarks assets
Cost/deemed cost as at April 1, 2017 10.16 239.22 425.29 2,399.45 93.94 3,168.06
Addition relating to acquisitions - - 0.02 - 90.20 90.22
Additions 2.31 - 83.99 82.61 0.03 168.94
Disposals - - (5.61) - - (5.61)
Exchange differences on consolidation 1.52 39.59 26.99 35.46 - 103.56
Cost/deemed cost as at March 31, 2018 13.99 278.81 530.68 2,517.52 184.17 3,525.17
Accumulated impairment as at April 1, 2017 - - 0.42 122.57 30.65 153.64
Exchange differences on consolidation - - 0.05 3.04 - 3.09
Accumulated impairment as at March 31, 2018 - - 0.47 125.61 30.65 156.73
Accumulated amortisation as at April 1, 2017 7.71 159.29 241.36 948.12 26.71 1,383.19
Charge for the year 0.64 36.14 66.39 147.80 10.69 261.66
Disposals - - (5.54) - - (5.54)
Exchange differences on consolidation 0.99 28.91 8.58 7.99 - 46.47
Accumulated amortisation as at March 31, 2018 9.34 224.34 310.79 1,103.91 37.40 1,685.78
Total accumulated amortisation and impairment 9.34 224.34 311.26 1,229.52 68.05 1,842.51
Net carrying value as at April 1, 2017 2.45 79.93 183.51 1,328.76 36.58 1,631.23
Net carrying value as at March 31, 2018 4.65 54.47 219.42 1,288.00 116.12 1,682.66
(i) Mining assets represent expenditure incurred in relation to acquisition of mines, mine development expenditure post establishment of
technical and commercial feasibility and restoration obligations as per applicable regulations.
(ii) During the year ended March 31, 2019, the Group recognised an impairment charge of `68.39 crore (2017-18: Nil) in respect of intangible
assets including intangible assets under development. The impairment is split as: Indian operations `5.24 crore (2017-18: Nil) and
European operations `63.15 crore (2017-18: Nil). The impairment recognised is included within other expenses in consolidated statement
of profit and loss.

NOTES
7. Equity accounted investments

[Item No. I(f ), Page 306]
(a) Investment in associates:

(i) The Group has no material associates as at March 31, 2019. The aggregate summarised financial information in respect of the Group’s
immaterial associates accounted for using the equity method is as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Carrying value of the Group’s interest in associates* 155.86 301.23
(` crore)
March 31, 2019 March 31, 2018
Group's share in profit/(loss) for the year of associates* 19.40 62.43
Group's share in other comprehensive income for the year of associates 1.63 (0.31)
Group's share in total comprehensive income for the year of associates 21.03 62.12
(ii) Fair value of investments in equity accounted associates for which published price quotation is available, which is a Level 1 input as at
March 31, 2019 is `62.07 crore (March 31, 2018: `102.76 crore). The carrying value of such investments is Nil (March 31, 2018: Nil) as the
Group’s share of losses in such associates exceeds the cost of investments made.
(iii) Share of unrecognised loss in respect of equity accounted associates amounted to `9.41 crore for the year ended March 31, 2019 (2017-18:
`40.85 crore). Cumulative share of unrecognised losses in respect of equity accounted associates as at March 31, 2019 amounted to
`77.95 crore. (March 31, 2018: `68.54 crore)
(iv) The Group did not recognise any impairment in respect of its equity accounted associates during the year (2017-18: Nil).
(b) Investment in joint ventures:

(i) The Group holds 51% of the equity share capital in T M International Logistics Limited, Jamshedpur Continuous Annealing & Processing
Company Private Limited and T M Mining Company Limited. However, decisions in respect of activities which significantly affect the risks
and rewards of these businesses, require an unanimous consent of all the shareholders. These entities have therefore been considered as
joint ventures.
335
CONSOLIDATED
NOTES
7. Equity accounted investments (Contd.)

(ii) The Group has no material joint ventures as at March 31, 2019. The aggregate summarised financial information in respect of the Group’s
immaterial joint ventures accounted for using the equity method is as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Carrying value of Group’s interest in joint ventures* 1,767.09 1,479.99
(` crore)
March 31, 2019 March 31, 2018
Group's share in profit/(loss) for the year of joint ventures* 205.30 176.69
Group's share in other comprehensive income for the year of joint ventures 2.76 16.27
Group's share in total comprehensive income for the year of joint ventures 208.06 192.96
(iii) Share of unrecognised losses in respect of equity accounted joint ventures amounted to `57.24 crore for the year ended March 31, 2019
(2017-18: `35.78 crore). Cumulative share of unrecognised losses in respect of equity accounted joint ventures as at March 31, 2019
amounted to `1,293.30 crore. (March 31, 2018: `1,187.58 crore).
(iv) During the year ended March 31, 2019, the Group has recognised an impairment of `0.06 crore (2017-18: Nil) in respect of its equity
accounted joint ventures.
(c) Summary of carrying value of Group’s interest in equity accounted investees:

(` crore)
As at As at
March 31, 2019 March 31, 2018
Carrying value of immaterial associates 155.86 301.23
Carrying value of immaterial joint ventures 1,767.09 1,479.99
1,922.95 1,781.22
(d) Summary of Group’s share in profit/(loss) for the year of equity accounted investees:
(` crore)
March 31, 2019 March 31, 20018
Share of profit/(loss) in immaterial associates 19.40 62.43
Share of profit/(loss) in immaterial joint ventures 205.30 176.69
224.70 239.12

NOTES
7. Equity accounted investments (Contd.)

(e) Summary of Group’s share in other comprehensive income for the year of equity accounted investees:
(` crore)
March 31, 2019 March 31, 2018
Share of other comprehensive income of immaterial associates 1.63 (0.31)
Share of other comprehensive income of immaterial joint ventures 2.76 16.27
4.39 15.96
*Group’s share in net assets and profit/(loss) of equity accounted investees has been determined after giving effect for subsequent
amortisation/depreciation and other adjustments arising on account of fair value adjustments made to the identifiable net assets of the equity
accounted investees as at the date of acquisition and other adjustment e.g. unrealised profits on inventories etc., arising under the equity
method of accounting.
8. Investments
[Item No. I(g)(i) and II(b)(i), Page 306]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Investments carried at amortised cost:
Investment in government or trust securities 0.02 0.02
Investment in bonds and debentures 0.20 0.20
Investment in preference shares 64.99 -
65.21 0.22
(b) Investments carried at fair value through other comprehensive income:
Investment in equity shares# 756.39 876.65
756.39 876.65
(c) Investments carried at fair value through profit and loss:
Investment in bonds and debentures 49.74 141.04
Investment in preference shares 250.00 -
Investment in equity shares 60.75 120.45
Investment in mutual funds 108.27 70.92
468.76 332.41
1,290.36 1,209.28
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
Investments carried at fair value through profit and loss:
Investment in mutual funds 2,524.86 14,908.97
2,524.86 14,908.97
337
CONSOLIDATED
NOTES
[Item No. I(g)(i) and II(b)(i), Page 306]
(i) Carrying value and market value of quoted and unquoted investments is as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Investments in quoted instruments:
Aggregate carrying value 454.53 699.46
Aggregate market value 454.53 699.46
(b) Investments in unquoted instruments:

Aggregate carrying value 3,360.69 15,418.79
(ii) C
umulative gain on de-recognition of investments during the year which were carried at fair value through other comprehensive
income amounted to `31.06 crore (2017-18: `3,427.46 crore). Fair value of such investments as on the date of de-recognition was
`40.78 crore (2017-18: `3,782.76 crore).
# includes unquoted equity instruments for which cost has been considered as an appropriate estimate of fair value because of a wide range
of possible fair value measurements and cost represents the best estimate of fair value within that range.
9. Loans
[Item No. I(g)(ii) and II(b)(v), Page 306]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
Considered good- Unsecured 254.98 197.71
254.98 197.71
7.37 7.52
(c) Other loans
Credit impaired 1,382.53 1,313.60
Less: Allowance for credit losses 1,382.53 1,313.60
350.99 512.11
613.34 717.34

NOTES
9. Loans (Contd.)
[Item No. I(g)(ii) and II(b)(v), Page 306]
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
91.16 43.69
27.60 46.22
(c) Other loans
120.94 166.57
239.70 256.48
(i) Security deposits are primarily in relation to public utility services and rental agreements. It includes deposit with Tata Sons Private Limited
`1.25 crore (March 31, 2018: `1.25 crore).
(ii) Non-current loans to related parties represent loans given to joint ventures `185.37 crore (March 31, 2018: `188.95 crore) and associates
`10.67 crore (March 31, 2018: `10.88 crore) out of which `185.37 crore (March 31, 2018: `188.95 crore) and `3.30 crore (March 31, 2018:
`3.36 crore) respectively is impaired.
(iii) Current loans/advances to related parties represent loans given to joint ventures `859.15 crore (March 31, 2018: `829.58 crore) out of which
`831.55 crore (March 31, 2018: `783.36 crore) is impaired.
(iv) There are no outstanding debts from directors or other officers of the Company.
339
CONSOLIDATED
NOTES
10. Other financial assets

[Item No. I(g)(iv) and II(b)(vii), Page 306]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Interest accrued on deposits, loans and advances
84.41 2.25
(b) Earmarked balances with banks 70.80 21.25
(c) Other balances with banks 0.19 63.77
(d) Others
Credit impaired 148.34 -
Less: Allowance for credit losses 148.34 -
414.66 0.64
570.06 87.91
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
42.10 43.28
(b) Others
Considered good- Unsecured 1,206.46 567.32
Credit impaired 5.17 -
Less: Allowance for credit losses 5.17 -
1,206.46 567.32
1,248.56 610.60
(i) Non-current earmarked balances with banks represent deposits and balances in escrow account not due for realisation within 12 months
from the balance sheet date. These are primarily placed as security with government bodies, margin money against issue of bank
guarantees and deposits made against contract performance.
(ii) Other non-current balances with banks represent bank deposits not due for realisation within 12 months from the balance sheet date.
(iii) Current other financial assets include amount receivable from post-employment benefit funds `769.20 crore (March 31, 2018: `302.14
crore) on account of retirement benefit obligations paid by the Group directly.

NOTES
11. Retirement benefit assets and obligations

[Item No. I(h), II(c), V(c) and VI(c) Pages 306 and 307]
(I) Retirement benefit assets

A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Pension 19,963.75 20,570.52
(b) Retiring gratuities 0.44 0.35
19,964.19 20,570.87
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Retiring gratuities 4.38 2.91
(II) Retirement benefit obligations

A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Pension 1,072.64 1,096.53
(c) Post-retirement medical benefits 1,214.83 1,150.39
(d) Other defined benefits 245.63 201.94
2,653.46 2,516.56
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Pension 7.37 9.23
(c) Post-retirement medical benefits 92.66 89.53
(d) Other defined benefits 16.15 7.91
120.69 110.36
(i) Detailed disclosure in respect of post-retirement defined benefit schemes is provided in note 38, page 378.
(ii) Other defined benefits include post-retirement lumpsum benefits, long service awards, packing and transportation, farewell gifts etc.
341
CONSOLIDATED
NOTES
12. Income taxes

[Item No. I(j) and V(e), Pages 306 and 307]
A. Income tax expenses/(benefit)

Indian companies are subject to income tax in India on the basis of their standalone financial statements. Indian companies can claim tax
exemptions/deductions under specific sections of the Income-tax Act, 1961 subject to fulfilment of prescribed conditions as may be applicable.
As per the Income-tax Act, 1961, companies are liable to pay income tax based on the higher of regular income tax payable or the amount
payable based on the provisions applicable for Minimum Alternate Tax (MAT). MAT paid in excess of regular income tax during a year can be
carried forward for a period of fifteen years and can be offset against future tax liabilities arising from regular income tax.
Indian companies can carry forward business loss for a maximum period of eight assessment years immediately succeeding the assessment
year to which the loss pertains. Unabsorbed depreciation can be carried forward for an indefinite period.
Apart from India, major tax jurisdictions for the Group include Singapore, United Kingdom and Netherlands. The number of years that are
subject to tax assessments varies depending on the tax jurisdiction.
The reconciliation of estimated income tax to income tax expense is as below:
(` crore)
March 31, 2019 March 31, 2018
Profit/(loss) before tax 15,905.72 20,956.09
Income tax expense at tax rates applicable to individual entities 5,576.07 4,960.95
(a) Tax on income at different rates (24.22) (0.04)
(b) Additional tax benefit for capital investment including research and development expenditures (25.37) (26.79)
(c) Income exempt from tax/items not deductible 646.06 247.61
(d) Deferred tax assets not recognised because realisation is not probable 3,197.18 780.11
(e) Adjustments to taxes in respect of prior periods (287.69) 16.67
(f ) Utilisation/credit of unrecognised tax losses, unabsorbed depreciation and other tax benefits (2,406.93) (2,713.62)
(g) Impact of changes in tax rates(i) 43.33 127.44
Tax expense as reported 6,718.43 3,392.33
(i) Impact of changes in tax rates during the year ended March 31, 2019 represents re-measurement of deferred tax assets following a
reduction in corporate income tax rate within European operations.
During the year ended March 31, 2018, the Company and its Indian subsidiaries re-measured deferred tax balances expected to reverse in
future periods based on changes in statutory tax rate made by the Finance Act, 2018.

NOTES
12. Income taxes (Contd.)

B. Deferred tax assets/(liabilities)

(i) Components of deferred tax assets and liabilities as at March 31, 2019 is as below:
(` crore)
Balance Recognised/ Recognised Recognised Addition Disposal Reclassified Other Exchange Balance
as at (reversed) in in other in equity relating to of group as held for movements differences on as at
April 1, 2018 profit and loss comprehensive during the acquisitions undertakings sale during the consolidation March 31, 2019
during the year income during year during the during the during the year during the
the year year year year year

Tax-loss carry forwards 2,991.55 1,573.56 - - 2,208.20 - (9.52) 15.83 (60.48) 6,719.14
Expenses allowable 1,984.22 (791.63) - - 2,009.01 (9.85) (16.81) (2.26) (3.55) 3,169.13
for tax purposes when
paid/written off
MAT credit entitlement/ 2,160.66 - - - - - - (2,160.66) - -
(utilisation)
Others 321.64 62.48 (44.10) - 424.08 - 13.09 8.50 (5.01) 780.68
7,458.07 844.41 (44.10) - 4,641.29 (9.85) (13.24) (2,138.59) (69.04) 10,668.95
Deferred tax
liabilities:
Property, plant and 13,454.92 247.64 - (4.81) 4,834.29 (58.18) (57.09) 23.93 0.82 18,441.52
equipment and
Intangible assets
Retirement benefit 2,668.18 250.65 (100.47) - - - 8.28 - (56.69) 2,769.95
assets/obligations
Others 869.05 314.58 - - (59.61) 0.71 0.16 (0.24) (16.23) 1,108.42
16,992.15 812.87 (100.47) (4.81) 4,774.68 (57.47) (48.65) 23.69 (72.10) 22,319.89
Net deferred tax (9,534.08) 31.54 56.37 4.81 (133.39) 47.62 35.41 (2,162.28) 3.06 (11,650.94)
assets/(liabilities):
Disclosed as:
Deferred tax assets 1,035.80 808.95
Deferred tax liabilities 10,569.88 12,459.89
(9,534.08) (11,650.94)
343
CONSOLIDATED
NOTES

Components of deferred tax assets and liabilities as at March 31, 2018 is as below:
(` crore)
Balance Recognised/ Recognised Recognised in Addition relating Other Exchange Balance
as at (reversed) in in other equity during to acquisitions movements differences on as at
during the year
April 1, 2017 profit and loss comprehensive the year during the year consolidation April 1, 2018
during the year Income during during the year
the year
Tax-loss carry forwards 1,009.20 1,716.86 - - - (21.76) 287.25 2,991.55
Expenses allowable 2,151.80 (177.93) - - - (22.00) 32.35 1,984.22
for tax purposes when
paid/written off
MAT credit entitlement/ 1,513.30 (84.02) 731.38 - - - - 2,160.66
(utilisation)
Others 104.10 164.79 33.58 - - 0.15 19.02 321.64
4,778.40 1,619.70 764.96 - - (43.61) 338.62 7,458.07
Property, plant and 13,248.51 172.12 - (6.21) 36.09 0.23 4.18 13,454.92
equipment and
Intangible assets
Retirement benefit 90.40 2,655.29 (296.47) - - - 218.96 2,668.18
assets/obligations
Others 583.70 194.91 - - - - 90.44 869.05
13,922.61 3,022.32 (296.47) (6.21) 36.09 0.23 313.58 16,992.15
Net deferred tax (9,144.21) (1,402.62) 1,061.43 6.21 (36.09) (43.84) 25.04 (9,534.08)
assets/(liabilities):
Disclosed as:
Deferred tax assets 885.87 1,035.80
Deferred tax liabilities 10,030.08 10,569.88
(9,144.21) (9,534.08)
(ii) Deferred tax assets, have been recognised based on an evaluation of whether it is probable that taxable profits will be earned in
future accounting periods considering all the available evidences, including approved budgets and forecasts by the Board of the
respective entities.
(iii) Deferred tax assets have not been recognised in respect of tax losses of `45,310.97 crore (March 31, 2018: `39,499.52 crore) as its recovery
is not considered probable in the foreseeable future. Such losses primarily relate to the Group’s European operations.

NOTES

(iv) Unrecognised tax losses in respect of which deferred tax asset has not been recognised, expire unutilised based on the year of
origination as below:
(` crore)
As at
March 31, 2019
Within five years 3,081.35
Later than five years but less than ten years 7,245.63
Later than ten years but less than twenty years 253.92
No expiry 34,730.07
45,310.97
(v) Unused tax credits and other deductible temporary differences in respect of which deferred tax asset has not been recognised, expire
unutilised based on the year of origination as below:
(` crore)
As at
March 31, 2019
Within five years 2,019.28
No expiry 1,005.88
3,025.16
(vi) At the end of the reporting period, aggregate amount of temporary difference associated with undistributed earnings of subsidiaries for
which deferred tax liability has not been recognised is `6,642.93 crore (March 31, 2018: `6,210.92 crore). No liability has been recognised
in respect of such difference because the Group is in a position to control the timing of reversal of the temporary difference and it is
probable that such difference will not reverse in the foreseeable future.
345
CONSOLIDATED
NOTES
13. Other assets

[Item No. I(k) and II(e), Page 306]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Capital advances
Considered good - Unsecured 1,068.83 502.36
1,068.83 502.36
(b) Advances with public bodies
1,473.31 880.48
(c) Prepaid lease payments for operating leases 1,888.22 947.54
(d) Capital advances to related parties

(e) Others
Considered doubtful - Unsecured - 10.09
Less: Provision for doubtful advances - 10.09
219.18 214.74
4,654.92 2,577.14

NOTES
13. Other assets (Contd.)

[Item No. I(k) and II(e), Page 306]
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Advances with public bodies
Considered good - Unsecured 2,095.99 2,120.06
2,095.99 2,120.06
(b) Prepaid lease payments for operating leases 15.18 13.66
(c) Advances to related parties

(d) Others
1,396.65 881.82
3,529.70 3,098.09
(i) Advances with public bodies primarily relate to input credit entitlements and amounts paid under protest in respect of demands and
claims from regulatory authorities.
(ii) Prepaid lease payments for operating leases relate to land leases classified as operating since land has an indefinite economic life and title
is not expected to transfer at the end of the lease term.
(iii) Others include advances against supply of goods/services and advances paid to employees.
347
CONSOLIDATED
NOTES
14. Inventories
[Item No. II(a), Page 306]
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Raw materials 11,424.47 9,551.29
(b) Work-in-progress 4,591.81 5,145.30
(c) Finished and semi-finished goods 11,055.76 9,787.47
(d) Stock-in-trade 96.65 66.94
(e) Stores and spares 4,487.41 3,780.04
31,656.10 28,331.04
Included above, goods-in-transit:
(i) Raw materials 1,942.16 1,939.01
(ii) Finished and semi-finished goods 314.93 123.02
(iii) Stock-in-trade 66.22 31.99
(iv) Stores and spares 190.74 155.60
2,514.05 2,249.62
Value of inventories above is stated after provisions (net of reversal) of `482.25 crore (March 31, 2018: `526.77 crore) for write-down to net
realisable value and provision for slow-moving and obsolete items.
15. Trade receivables

(` crore)
As at As at
March 31, 2019 March 31, 2018
Considered good- Unsecured 11,811.00 12,415.52
12,203.92 12,665.78
11,811.00 12,415.52
In determining allowance for credit losses of trade receivables, the Group has used the practical expedient by computing the expected credit
loss allowance based on a provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for forward
looking information. The expected credit loss allowance is based on ageing of the receivables that are due and rates used in the provision matrix.

NOTES
15. Trade receivables (Contd.)

(i) Movement in allowance for credit losses of receivables is as below:
(` crore)
March 31, 2019 March 31, 2018
Charge during the year 33.16 55.67
Utilised during the year (19.94) (24.36)
Addition relating to acquisitions 172.36 -
Disposal of group undertakings (9.75) (28.18)
Classified as held for sale (32.15) -
(ii) Ageing of trade receivables and credit risk arising therefrom is as below:
(` crore)
Gross Subject to credit Allowance for Net
credit risk insurance cover credit losses credit risk
Amounts not yet due 10,469.72 7,687.00 41.14 2,741.58
One month overdue 715.71 423.61 9.65 282.45
Two months overdue 191.42 59.70 8.39 123.33
Three months overdue 76.60 29.41 4.71 42.48
Between three to six months overdue 157.49 50.18 10.87 96.44
Greater than six months overdue 592.98 78.19 318.16 196.63
12,203.92 8,328.09 392.92 3,482.91
(` crore)
Gross Subject to credit Allowance for Net
credit risk insurance cover credit losses credit risk
Amounts not yet due 11,124.82 7,102.01 8.12 4,014.69
One month overdue 621.91 298.09 0.78 323.04
Two months overdue 161.60 115.51 3.27 42.82
Three months overdue 219.77 142.03 0.98 76.76
Between three to six months overdue 146.18 72.38 16.05 57.75
Greater than six months overdue 391.50 70.44 221.06 100.00
12,665.78 7,800.46 250.26 4,615.06
(iii) The Group considers its maximum exposure to credit risk with respect to customers as at March 31, 2019 to be `3,482.91 crore (March 31,
2018: `4,615.06 crore), which is the carrying value of trade receivables after allowance for credit losses and considering insurance cover.
The Group’s exposure to customers is diversified and there is no concentration of credit risk with respect to any particular customer.
(iv) There are no outstanding receivables due from directors or officers of the Company.
349
CONSOLIDATED
NOTES
16. Cash and cash equivalents

[Item No. II(b)(iii), Page 306]
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Cash on hand 1.67 1.50
(b) Cheques, drafts on hand 9.32 30.46
(c) Remittances-in-transit 9.27 53.20
(d) Unrestricted balances with banks 2,955.27 7,698.34
2,975.53 7,783.50
(i) Currency profile of cash and cash equivalents is as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
INR 1,328.22 5,132.75
GBP 1,565.50 1,449.48
EURO (131.98) 528.09
USD 30.35 190.76
Others 183.44 482.42
Total 2,975.53 7,783.50
INR-Indian Rupees, GBP- Great Britain Pound, USD-United States Dollars.

Others primarily include SGD-Singapore Dollars, CAD-Canadian Dollars and THB-Thai Baht.
17. Other balances with banks

[Item No. II(b)(iv), Page 306]
(` crore)
As at As at
March 31, 2019 March 31, 2018
Earmarked balances with banks 365.84 154.35
(i) Currency profile of earmarked balances with banks is as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
INR 350.21 139.65
USD 15.63 14.70
Total 365.84 154.35
INR-Indian Rupees, USD-United States Dollars.

(ii) Earmarked balances with banks represent balances held for unpaid dividends, margin money/fixed deposits against issue of bank
guarantees and deposits made against contract performance.

NOTES
18. Assets and liabilities held for sale

[Item No. III and VII, Pages 306 and 307]
(i) On January 28, 2019, the Group entered into definitive agreements with HBIS Group Co. Ltd. (“HBIS”) to divest its entire equity stake in
NatSteel Holdings Pte. Ltd. (“NSH”) and Tata Steel (Thailand) Public Company Ltd. (“TSTH”). As per the agreement, the divestment will be
made to a company in which 70% equity shares will be held by an entity controlled by HBIS and 30% will be held by the Group.
In accordance with Ind AS 105, “Non-current Assets Held for Sale and Discontinued Operations”, the assets and liabilities of businesses forming
part of the disposal group have been classified as held for sale.
As on March 31, 2018, the Group had classified certain assets within these businesses as held for sale.
The major classes of assets and liabilities classified as held for sale as on reporting date are set out below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Non-current assets
Property, plant and equipment 1,484.91 95.93
Capital work-in-progress 40.27 -
Other intangible assets 6.17 -
Intangible assets under development 0.54 -
Other investments 38.70 -
Other financial assets 1.50 -
Other non-financial assets 1.83 -
Non-current tax assets 19.29 -
Deferred tax assets 16.43 -
1,609.64 95.93
Current assets
Inventories 1,491.32 -
Trade receivables 608.51 -
Cash and bank balances 294.77 -
Other current financial assets 78.25 -
Derivative assets 2.82 -
Other current non-financial assets 51.26 -
Current tax assets 2.88 -
2,529.81 -
Total assets held for sale 4,139.45 95.93
351
CONSOLIDATED
NOTES
18. Assets and liabilities held for sale (Contd.)

[Item No. III and VII, Pages 306 and 307]
(` crore)
As at As at
March 31, 2019 March 31, 2018
Non-current liabilities
Borrowings 11.14 -
Other financial liabilities 0.37 -
Provisions 0.23 -
Retirement benefit obligations 61.89 -
Deferred tax liabilities 51.68 -
125.31 -
Current liabilities
Borrowings 670.97 -
Derivative liabilities 3.62 -
Trade payables 501.19 -
Provisions 2.76 -
Other non-financial liabilities 17.91 -
Current tax liabilities 12.75 -
1,300.73 -
Total liabilities held for sale 1,426.04 -
(ii) As at March 31, 2019, the Group has classified certain assets and liabilities held within a disposal group with net carrying value of `2.73
crores (March 31, 2018: `6.43 crore) in respect of one of its Indian subsidiary as held for sale. These assets and liabilities continue to be
classified as held for sale as the Group expects to recover the carrying value principally through sale.
(` crore)
As at As at
March 31, 2019 March 31, 2018
Property, plant and equipment 0.06 0.06
Inventories 1.92 5.08
Trade receivables 0.79 1.25
Other non-financial assets 0.04 0.15
Total assets held for sale 2.81 6.54
Trade payables 0.08 0.11
Total liabilities held for sale 0.08 0.11

NOTES
19. Equity share capital

[Item No. IV(a), Page 307]
(` crore)
As at As at
March 31, 2019 March 31, 2018
Authorised:
35,00,00,000 'A' Ordinary Shares of `10 each * 350.00 350.00
(March 31, 2018: 35,00,00,000 'A' Ordinary Shares of `10 each)
2,50,00,000 Cumulative Redeemable Preference Shares of `100 each * 250.00 250.00
60,00,00,000 Cumulative Convertible Preference Shares of `100 each * 6,000.00 6,000.00
8,350.00 8,350.00
Issued:
1,12,75,20,570 Ordinary Shares of `10 each
(March 31, 2018: 1,12,75,20,570 Ordinary Shares of `10 each) 1,127.52 1,127.52
7,76,97,280 Ordinary Shares of `10 each (partly paid up, `2.504 each paid up)
(March 31, 2018: 7,76,97,280 Ordinary Shares of `10 each, 77.70 77.70
1,205.22 1,205.22
Subscribed and paid up:

1,12,53,07,787 Ordinary Shares of `10 each fully paid up 1,125.30 1,125.31
(March 31, 2018:7,76,34,625 Ordinary Shares of `10 each,
Amount paid up on 3,89,516 Ordinary Shares of `10 each forfeited 0.20 0.20
(March 31, 2018: 3,89,516 Shares of `10 each)
1,144.94 1,144.95
* 'A' class Ordinary Shares and Preference Shares included within authorised share capital are for disclosures purposes and have not
yet been issued.
(i) Subscribed and paid up share capital excludes 11,81,893 (March 31, 2018: 11,68,393) Ordinary Shares of face value `10 each fully paid
up held by subsidiaries of the Company.
353
CONSOLIDATED
NOTES

(ii) Details of movement in subscribed and paid up share capital is as below:
As at As at
March 31, 2019 March 31, 2018
No. of shares ` crore No. of shares ` crore
Ordinary Shares of `10 each
Balance at the beginning of the year 1,20,29,51,047 1,144.75 97,00,47,046 970.04
Fully paid shares allotted during the year(a),(b),(c) 4,865 0.00* 15,52,69,376 155.27
Partly paid shares allotted during the year(d) 2,080 0.00* 7,76,34,625 19.44
Adjustment for cross holdings (13,500) (0.01) - -
Balance at the end of the year 1,20,29,44,492 1,144.74 1,20,29,51,047 1,144.75

690 Ordinary Shares of face value `10 each were allotted at a premium of `290 per share to the shareholders whose shares were kept
(a)
in abeyance in the Rights Issue of 2007.
11 Ordinary Shares of face value `10 each were allotted at a premium of `590 per share in lieu of Cumulative Convertible Preference
(b)
Shares of `100 each to the shareholders whose shares were kept in abeyance in the Rights Issue of 2007.
(c) 4,164 fully paid Ordinary Shares of face value `10 each were allotted at a premium of `500 per share to the shareholders whose
shares were kept in abeyance in the Rights Issue of 2018.
2,080 partly paid Ordinary Shares of face value `10 each (`2.504 paid up) were allotted at a premium of `605 (`151.496 paid up) per
(d)
share to the shareholders whose shares were kept in abeyance in the Rights Issue of 2018.
(iii) The balance proceeds which remained unutilised as at March 31, 2018 from the Rights Issue, 2018 have been fully utilised during the
year as below:
(` crore)
Utilised till Utilised during the year
Particulars Total
March 31, 2018 ended March 31, 2019
Repayments of loan 5,000.00 1,950.00 6,950.00
Expenses towards general corporate purpose 1,500.00 630.44 2,130.44
Issue expense - 33.85 33.85
Total 6,500.00 2,614.29 9,114.29
(iv) As at March 31, 2019, 2,99,188 Ordinary Shares of face value `10 each (March 31, 2018: 3,00,395 Ordinary Shares) are kept in abeyance in
respect of Rights Issue of 2007.
As at March 31, 2019, 1,21,460 fully paid Ordinary Shares of face value `10 each (March 31, 2018: 1,25,624 fully paid Ordinary Shares) and
60,575 partly paid Ordinary Shares of face value `10 each, `2.504 paid up (March 31, 2018: 62,655 partly paid Ordinary Shares, `2.504 paid
up) are kept in abeyance in respect of Rights Issue of 2018.

NOTES

(v) Details of shareholders holding more than 5 percent shares in the Company is as below:
As at As at
March 31, 2019 March 31, 2018
No. of Ordinary No. of Ordinary
% held % held
Shares Shares
(a) Tata Sons Private Limited 38,09,73,085 31.64 38,09,73,085 31.64
(b) Life Insurance Corporation of India 10,83,88,660 9.00 10,83,88,660 9.00
1,34,73,958 shares (March 31, 2018: 1,27,40,651 shares) of face

(vi) - in the case where a resolution is put to vote in the
value of `10 per share represent the shares underlying GDRs meeting and is to be decided on a show of hands,
which were issued during 1994 and 2009. Each GDR represents the holders of ‘A’ Ordinary Shares shall be entitled to
one underlying Ordinary Share. the same number of votes as available to holders of
Ordinary Shares.
(vii) The rights, powers and preferences relating to each class of share
capital and the qualifications, limitations and restrictions thereof (b) The holders of Ordinary Shares and the holders of ‘A’ Ordinary
are contained in the Memorandum and Articles of Association of Shares shall vote as a single class with respect to all matters
the Company. The principal rights are as below: submitted for voting by shareholders of the Company and
shall exercise such votes in proportion to the voting rights
A. Ordinary Shares of `10 each attached to such shares including in relation to any scheme
(i) In respect of every Ordinary Share (whether fully paid or partly under Sections 391 to 394 of the Companies Act, 1956.
paid), voting right and dividend shall be in the same proportion
(ii) The holders of ‘A’ Ordinary Shares shall be entitled to dividend
as the capital paid up on such Ordinary Share bears to the total
on each ‘A’ Ordinary Share which may be equal to or higher
paid up Ordinary Capital of the Company.
than the amount per Ordinary Share declared by the Board for
(ii) The dividend proposed by the Board of Directors is subject to each Ordinary Share, and as may be specified at the time of the
the approval of the Shareholders in the ensuing Annual General issue. Different series of ‘A’ Ordinary Shares may carry different
Meeting, except in case of interim dividend. entitlements to dividend to the extent permitted under applicable
law and as prescribed under the terms applicable to such issue.
(iii) In the event of liquidation, the Shareholders of Ordinary Shares
are eligible to receive the remaining assets of the Company C. Preference Shares
after distribution of all preferential amounts, in proportion to

The Company has two classes of Preference Shares i.e.
their shareholding.
Cumulative Redeemable Preference Shares (CRPS) of `100 per
B. ‘A’ Ordinary Shares of `10 each share and Cumulative Convertible Preference Shares (CCPS) of
`100 per share.
(i) (a) The holders of ‘A’ Ordinary Shares shall be entitled to such
rights of voting and/or dividend and such other rights as per (i) Such shares shall confer on the holders thereof, the right to a fixed
the terms of the issue of such shares, provided always that: preferential dividend from the date of allotment, at a rate as may
be determined by the Board at the time of the issue, on the capital
- in the case where a resolution is put to vote on a
for the time being paid up or credited as paid up thereon.
poll, such differential voting entitlement (excluding
fractions, if any) will be applicable to holders of ‘A’ (ii) Such shares shall rank for capital and dividend (including all
Ordinary Shares. dividend undeclared upto the commencement of winding up)
355
CONSOLIDATED
NOTES

and for repayment of capital in a winding up, pari passu inter holders thereof the right to vote at any meetings of the Company
se and in priority to the Ordinary Shares of the Company, but save to the extent and in the manner provided in the Companies
shall not confer any further or other right to participate either Act, 1956, or any re-enactment thereof.
in profits or assets. However, in case of CCPS, such preferential
(iv) CCPS shall be converted into Ordinary Shares as per the terms,
rights shall automatically cease on conversion of these shares into
determined by the Board at the time of issue; as and when
Ordinary Shares.
converted, such Ordinary Shares shall rank pari passu with the
(iii) The holders of such shares shall have the right to receive all notices then existing Ordinary Shares of the Company in all respects.
of general meetings of the Company but shall not confer on the
20. Hybrid perpetual securities

[Item No. IV(b), Page 307]
The details of movement in hybrid perpetual securities is as below:

(` crore)
March 31, 2019 March 31, 2018
The Company had issued hybrid perpetual securities of `775.00 crore and `1,500.00 crore in May 2011 and March 2011 respectively.
These securities are perpetual in nature with no maturity or redemption and are callable only at the option of the Company. The distribution on
these securities are 11.50% p.a. and 11.80% p.a. respectively, with a step up provision if the securities are not called after 10 years. The distribution
on the securities may be deferred at the option of the Company if in the six months preceding the relevant distribution payment date, the
Company has not made payment on, or repurchased or redeemed, any securities ranking pari passu with, or junior to the instrument. As these
securities are perpetual in nature and the Company does not have any redemption obligation, these have been classified as equity.

NOTES
21. Other equity

A. Retained earnings
The details of movement in retained earnings is as below:

(` crore)
March 31, 2019 March 31, 2018
Balance at the beginning of the year 7,801.99 (11,447.01)
Profit/(loss) for the year 10,218.33 13,434.33
Remeasurement of post-employment defined benefit plans (523.40) (2,993.66)
Tax on remeasurement of post-employment defined benefit plans 97.48 213.61
Dividend (1,144.76) (970.05)
Tax on dividend (224.61) (188.17)
Tax on distribution on hybrid perpetual securities 92.99 92.70
Transfers within equity(i) 29.95 3,426.26
Adjustment for change in ownership interests (2,025.42) 6,500.11
(i) Primarily relates to cumulative gain on sale of investments carried at fair value through other comprehensive income transfered from
investment revaluation reserve.
B. Items of other comprehensive income

(a) Cash flow hedge reserve
The cumulative effective portion of gain or losses arising from changes in fair value of hedging instruments designated as cash flow hedges
are recognised in cash flow hedge reserve. Such changes recognised are reclassified to the consolidated statement of profit and loss when the
hedged item affects the profit or loss or are included as an adjustment to the cost of the related non-financial hedged item.
The Group has designated certain foreign currency forward contracts, commodity contracts, interest rate swaps and collar as cash flow hedges
in respect of foreign exchange, commodity price and interest rate risks.
The details of movement in cash flow hedge reserve is as below:
(` crore)
March 31, 2019 March 31, 2018
Other comprehensive income recognised during the year 109.64 (96.00)
357
CONSOLIDATED
NOTES

(i) The details of other comprehensive income recognised during the year is as below:
(` crore)
March 31, 2019 March 31, 2018
Fair value changes recognised during the year 349.67 (579.05)
Fair value changes reclassified to the consolidated statement of profit and loss/cost of hedged items (198.58) 454.47
Tax impact on above (41.45) 28.58
109.64 (96.00)
During the year, ineffective portion of cash flow hedges recognised in the consolidated statement of profit and loss amounted to Nil
(2017-18: Nil).
(ii) The amount recognised in cash flow hedge reserve (net of tax) is expected to impact the consolidated statement of profit and loss as below:
- within the next one year: gain of `120.03 crore (2017-18: gain of `6.24 crore)
- later than one year: loss of `0.40 crore (2017-18: gain of `3.75 crore)
(b) Investment revaluation reserve

The cumulative gains and losses arising on fair value changes of equity investments measured at fair value through other comprehensive
income are recognised in investment revaluation reserve. The balance of the reserve represents such changes recognised net of amounts
reclassified to retained earnings on disposal of such investments.
The details of movement in investment revaluation reserve is as below:
(` crore)
March 31, 2019 March 31, 2018
Balance at the beginning of the year 155.23 3,788.40
Other comprehensive income recognised during the year (44.30) (204.92)
Tax impact on above (2.65) (0.63)
Transfers within equity (31.06) (3,427.62)
Other movements 3.06 -
(c) Foreign currency translation reserve

Exchange differences arising on translation of assets, liabilities, income and expenses of the Group’s foreign subsidiaries, associates and joint
ventures are recognised in other comprehensive income and accumulated separately in foreign currency translation reserve. The amounts
recognised are transferred to the consolidated statement of profit and loss on disposal of the related foreign subsidiaries, associates and
joint ventures.

NOTES

The details of movement in foreign currency translation reserve is as below:
(` crore)
March 31, 2019 March 31, 2018
Other comprehensive income recognised during the year 507.78 (1,550.19)
Other movements (79.82) -
C.
Other reserves
(a) Securities premium
Securities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the provisions of the
Companies Act, 2013.
The details of movement in securities premium is as below:
(` crore)
March 31, 2019 March 31, 2018
Received/transfer on issue of Ordinary Shares during the year 0.26 8,939.59
Equity issue expenses written (off )/back during the year 0.43 (33.85)
(b) Debenture redemption reserve

The Companies Act, 2013 requires that a company which has issued debentures, shall create a debenture redemption reserve out of profits of
the company available for payment of dividend. The company is required to maintain a debenture redemption reserve of 25% of the value of
debentures issued, either by a public issue or on a private placement basis. The amounts credited to the debenture redemption reserve cannot
be utilised by the company except to redeem debentures.
The details of movement in debenture redemption reserve is as below:
(` crore)
March 31, 2019 March 31, 2018
359
CONSOLIDATED
NOTES

(c) General reserve

Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in
accordance with applicable regulations. Consequent to the introduction of the Companies Act, 2013 the requirement to mandatorily transfer
a specified percentage of net profit to general reserve has been withdrawn.
The details of movement in general reserve is as below:

(` crore)
March 31, 2019 March 31, 2018
Adjustment for cross holdings (0.81) -
(d) Capital redemption reserve

The Companies Act, 2013 requires that when a company purchases its own shares out of free reserves or securities premium account, a sum
equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such transfer
shall be disclosed in the balance sheet. The capital redemption reserve may be applied by the company, in paying up unissued shares of
the company to be issued to shareholders of the company as fully paid bonus shares. The Group established this reserve pursuant to the
redemption of preference shares issued in earlier years.
The details of movement in capital redemption reserve is as below:
(` crore)
March 31, 2019 March 31, 2018
(e) Special reserve

Special reserve represents reserve created by certain Indian subsidiaries of the Company pursuant to the Reserve Bank of India Act, 1934 (the
“RBI Act”) and other related applicable regulations. Under the RBI Act, a non-banking finance company is required to transfer an amount not
less than 20% of its net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund is permitted only for the
purposes specified by the RBI.
The details of movement in special reserve is as below:

(` crore)
March 31, 2019 March 31, 2018
Transfers within equity 0.56 0.92

NOTES

(f) Capital reserve on consolidation

The excess of fair value of net assets acquired over consideration paid in a business combination is recognised as capital reserve on consolidation.
The reserve is not available for distribution.
The details of movement in capital reserve on consolidation is as below:

(` crore)
March 31, 2019 March 31, 2018
Addition relating to acquisitions 1,336.41 -
Balance at the end of the year 1,436.94 100.53
(g) Others
thers primarily represent amounts appropriated out of the statement of profit and loss for unforeseen contingencies. Such appropriations
O
are free in nature.
The details of movement in others is as below:
(` crore)
March 31, 2019 March 31, 2018
Transfers within equity 0.55 0.28
D. Share application money pending allotment

The details of movement in share application money pending allotment is as below:
(` crore)
March 31, 2019 March 31, 2018
Application money received during the year 0.24 0.02
Allotment of Ordinary Shares during the year (0.26) (0.01)
Balance at the end of the year - 0.02
361
CONSOLIDATED
NOTES
22. Non-controlling interests

Non-controlling interests represent proportionate share held by minority shareholders in the net assets of subsidiaries which are not wholly
owned by the Company.
The balance of non-controlling interests as at the end of the year is as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
In September 2017, the UK Pensions Regulator (tPR) had approved a Regulated Apportionment Arrangement (RAA) in respect of the British Steel
Pension Scheme (BSPS) which separated the scheme from Tata Steel UK (TSUK), a wholly owned indirect subsidiary of the Company. This was
accompanied by a one-time settlement payment and a transfer of a 33% minority stake in TSUK to the BSPS trustees. During the year ended
March 31, 2019 the non-controlling interest was diluted from 33% to 0.33% due to an equity issuance made by TSUK.
The Company, through its wholly owned subsidiary, T S Global Minerals Holdings Pte. Ltd via TSMUK holds 77.68 % equity stake in Tata Steel
Minerals Canada Limited.
On May 18, 2018, Bamnipal Steel Limited, a wholly owned subsidiary of the Company, completed the acquisition of 72.65% stake in Tata Steel
BSL Limited (formerly “Bhushan Steel Limited”) pursuant to a Corporate Insolvency Resolution Process implemented under the Insolvency and
Bankruptcy Code 2016.
The table below provides information in respect of these subsidiaries which include material non-controlling interests as at March 31, 2019:
(` crore)
Name of subsidiary Country of % of non- % of non- Profit/(loss) Profit/(loss) Non-controlling Non-controlling
incorporation and controlling controlling attributable to attributable to interests as at interests as at
operation interests as at interests as at non-controlling non-controlling March 31, 2019 March 31, 2018
March 31, 2019 March 31, 2018 interests for interests for
the year ended the year ended
March 31, 2019 March 31, 2018
Tata Steel UK Limited United Kingdom 0.33% 33.33% (1,091.61) 4,389.78 (14.35) (623.46)
Tata Steel Minerals Canada 22.32% 22.32% (10.91) (225.13) 624.98 599.30
Canada Limited
Tata Steel BSL Limited India 27.35% - (240.93) - 286.43 -
The tables below provide summarised information in respect of consolidated balance sheet as at March 31, 2019, consolidated statement of
profit and loss and consolidated statement of cash flows for the year ended March 31, 2019, in respect of the above mentioned entities:
Summarised balance sheet information
(` crore)
Tata Steel UK Limited Tata Steel Minerals Canada Limited Tata Steel BSL Limited
Particulars As at As at As at As at As at As at
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
Non-current assets 32,122.20 31,672.43 6,943.13 6,034.10 31,628.26 -
Current assets 7,019.72 7,208.45 82.43 130.95 7,981.01 -
Total assets (A) 39,141.92 38,880.88 7,025.56 6,165.05 39,609.27 -
Non-current liabilities 19,412.41 18,458.11 3,514.19 2,869.43 17,089.27 -
Current liabilities 24,049.55 22,293.33 711.27 610.57 4,178.26 -
Total liabilities (B) 43,461.96 40,751.44 4,225.46 3,480.00 21,267.53 -
Net assets (A-B)(i) (4,320.04) (1,870.56) 2,800.10 2,685.05 18,341.74 -
(i) Net assets of Tata Steel BSL Limited as at March 31, 2019, includes equity portion of preference shares of `17,295.82 issued by Tata Steel BSL
Limited to the Company.

NOTES
22. Non-controlling interests (Contd.)

Summarised profit and loss information
(` crore)
Particulars Year ended Year ended Year ended Year ended Year ended Year ended
Revenue 22,049.17 20,632.85 1.67 - 18,493.07 -
Profit/(loss) for the year (3,274.83) 12,064.97 (48.88) (1,008.64) (881.07) -
Total comprehensive (3,749.25) 10,607.87 (48.88) (1,008.64) (872.96) -
income for the year
Summarised cash flow information

(` crore)
Particulars Year ended Year ended Year ended Year ended Year ended Year ended
Net cash from/(used in) (1,200.22) (3,304.20) (51.27) 225.34 5,458.42 -
operating activities
Net cash from/(used in) (1,438.44) (957.39) (394.77) (597.16) (1,315.43) -
Net cash from/(used in) 3,014.30 3,991.68 410.74 218.77 (4,577.49) -
Effect of exchange rate on cash and (5.17) 46.92 3.13 (0.58) - -
cash equivalents
Cash and cash equivalents at the 258.76 481.75 48.12 201.75 712.15 -
beginning of the year
Cash and cash equivalents at the 629.23 258.76 15.95 48.12 277.65 -
end of the year
23. Borrowings
[Item No. V(a)(i) and VI(a)(i), Page 307]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Secured
(i) Loan from Joint Plant Committee - Steel Development Fund 2,564.10 2,494.42
(ii) Term loans from banks/financial institutions 23,458.91 17,825.17
(iii) Finance lease obligations 1,324.76 471.29
27,347.77 20,790.88
363
CONSOLIDATED
NOTES

(` crore)
As at As at
March 31, 2019 March 31, 2018
(b) Unsecured
(i) Bonds and debentures 29,509.49 29,456.43
(ii) Non-convertible preference shares 13.31 19.97
(iii) Term loans from banks/financial institutions 21,047.72 19,942.61
(iv) Finance lease obligations 2,134.08 2,397.51
(v) Deferred payment liabilities 6.40 6.11
(vi) Other loans 283.96 175.59
52,994.96 51,998.22
80,342.73 72,789.10
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Secured
(i) Loans from banks/financial institutions 5,437.52 5,541.48
(ii) Repayable on demand from banks/financial institutions 45.88 139.62
(iii) Other Loans - 37.69
5,483.40 5,718.79
(b) Unsecured
(i) Preference shares 1.00 -
(ii) Loans from banks/financial institutions 5,129.65 9,893.26
(iii) Commercial papers 171.97 73.65
(iv) Other loans 16.06 199.28
5,318.68 10,166.19
10,802.08 15,884.98
(i) As at March 31, 2019, `35,931.48 crore (March 31, 2018: `26,819.90 crore) of the total outstanding borrowings (including current
maturities) were secured by a charge on property, plant and equipment, inventories and receivables.
(ii) The security details of major borrowings as at March 31, 2019 is as below:
(a) Loans from Joint Plant Committee-Steel Development Fund

It is secured by mortgages on, all present and future immovable properties wherever situated and hypothecation of movable assets,
excluding land and building mortgaged in favour of Government of India under the deed of mortgage dated April 13, 1967 and in
favour of Government of Bihar under two deeds of mortgage dated May 11, 1963, immovable properties and movable assets of the Tube
Division, Bearing Division, Ferro Alloys Division and Cold Rolling Complex (West) at Tarapur and all investments and book debts of the
Company subject to the prior charges created and/or to be created in favour of the bankers for securing borrowing for the working capital
requirement and charges created and/or to be created on specific items of machinery and equipment procured/to be procured under
deferred payment schemes/bill re-discounting schemes/asset credit schemes.

NOTES

The loan is repayable in 16 equal semi-annual instalments after completion of four years from the date of the tranche.
The Company has filed a writ petition before the High Court at Kolkata in February 2006 claiming waiver of the outstanding loan and
interest and refund of the balance lying with Steel Development Fund and the matter is subjudice.
The loan includes funded interest `924.77 crore (March 31, 2018: `855.09 crore).
It includes `1,639.33 crore (March 31, 2018: `1,639.33 crore) representing repayments and interest on earlier loans for which applications
of funding are awaiting sanction and is not secured by charge on movable assets of the Company.
(b) Loans from banks/financial institutions

Majority of the secured borrowings from banks/financial institutions relate to subsidiaries of the Company namely Tata Steel BSL Limited
(formerly Bhushan Steel Limited) and Tata Steel Europe.
The borrowings in Tata Steel BSL Limited are secured by a charge on all its immovable and movable properties both present and future
including movable plant and machinery, spares, tools and accessories, ranking pari passu inter-se. The loan is payable in 18 semi-annual
instalments starting from March 2022.
The borrowings in Tata Steel Europe relate to the senior facility arrangement and are secured by guarantees and debentures granted by
material subsidiaries of Tata Steel Europe (other than Tata Steel Nederland B.V. and its subsidiaries) and by a pledge over the shares in Tata
Steel Nederland B.V.
(iii) The details of major unsecured borrowings as at March 31, 2019 is as below:
(a) Commercial papers

Commercial papers raised by the Group are short-term in nature ranging between one to three months.
(b) Bonds and debentures

(I) Non-convertible debentures:
The details of debentures issued by the Company is as below:
(i) 9.84% p.a. interest bearing 43,150 debentures of face value `10,00,000 each are redeemable at par in 4 equal annual instalments
commencing from February 28, 2031.
(ii) 10.25% p.a. interest bearing 25,000 debentures of face value `10,00,000 each are redeemable at par in 3 equal annual instalments
commencing from January 6, 2029.
(iii) 10.25% p.a. interest bearing 5,000 debentures of face value `10,00,000 each are redeemable at par in 3 equal annual instalments
commencing from December 22, 2028.
(iv) 8.15% p.a. interest bearing 10,000 debentures of face value `10,00,000 each are redeemable at par on October 1, 2026.
(v) 2.00% p.a. interest bearing 15,000 debentures of face value `10,00,000 each are redeemable at a premium of 85.03% of the face value
on April 23, 2022.
(vi) 9.15% p.a. interest bearing 5,000 debentures of face value `10,00,000 each are redeemable at par on January 24, 2021.
(vii) 11.00% p.a. interest bearing 15,000 debentures of face value `10,00,000 each are redeemable at par on May 19, 2019.
(viii) 10.40% p.a. interest bearing 6,509 debentures of face value `10,00,000 each are redeemable at par on May 15, 2019.
365
CONSOLIDATED
NOTES

(II) Bonds
ABJA Investment Co. Pte. Ltd. a wholly owned subsidiary of the Company has issued non-convertible bonds that are listed on the Singapore
Stock Exchange and Frankfurt Stock Exchange. Details of the bonds outstanding at the end of the reporting period is as below:
Sl. No. Issued on Currency Initial principal due Outstanding principal (in millions) Interest rate Redeemable on
(in millions)
As at As at
March 31, 2019 March 31, 2018
1 January 2018 USD 1,000 1,000 1,000 5.45% January 2028
2 July 2014 USD 1,000 1,000 1,000 5.95% July 2024
3 January 2018 USD 300 300 300 4.45% July 2023
4 May 2013 SGD 300 300 300 4.95% May 2023
5 July 2014 USD 500 500 500 4.85% January 2020
(c) Loans from banks/financial institutions

(I) Details of loans from banks/financial institutions availed by the Company is as below:
(i) Rupee loan amounting `2,500.00 crore (March 31, 2018: `4,450.00 crore) is repayable in 9 quarterly instalments commencing from
March 31, 2023.
(ii) Rupee loan amounting `1,047.50 crore (March 31, 2018: `1,485.00 crore) is repayable in 10 semi-annual instalments, the next
instalment is due on November 29, 2022.
(iii) Rupee loan amounting `584.58 crore (March 31, 2018: `823.84 crore) is repayable in 8 semi-annual instalments, the next instalment
is due on June 15, 2021.
(iv) Rupee loan amounting `750.00 crore (March 31, 2018: `750.00 crore) is repayable in 3 equal annual instalments commencing
from May 21, 2021.
(v) USD 7.86 million equivalent to `54.38 crore (March 31, 2018: USD 7.86 million equivalent to `51.24 crore) is repayable on
March 1, 2021.
(vi) Rupee loan amounting `1,600.00 crore (March 31, 2018: `2,000.00 crore) is repayable in 8 semi-annual instalments, the next
instalment is due on April 30, 2020.
(vii) USD 200.00 million equivalent to `1,383.55 crore (March 31, 2018: USD 200.00 million equivalent to `1,303.65 crore) loan is repayable
in 3 equal annual instalments commencing from February 18, 2020.
(viii) Rupee loan amounting `640.42 crore (March 31, 2018: `646.16 crore) is repayable in 16 semi-annual instalments, the next instalment
is due on August 14, 2019.
(ix) Euro 16.21 million equivalent to `125.96 crore (March 31, 2018: Euro 21.62 million equivalent to `174.68 crore) loan is repayable in
6 equal semi-annual instalments, the next instalment is due on July 8, 2019.
(x) Euro 66.87 million equivalent to `519.58 crore (March 31, 2018: Euro 85.98 million equivalent to `694.80 crore) loan is repayable in
7 equal semi-annual instalments, the next instalment is due on April 30, 2019.
(xi) Rupee loan amounting `1,485.00 crore (March 31, 2018: Nil) is repayable in 19 semi-annual instalments, the next instalment is due
on April 16, 2019.

NOTES

(II) Details of loans from banks/financial institutions availed by NatSteel Asia Pte Limited a subsidiary of the Company is as below:
(i) USD 1,151.16 million equivalent to `7,963.16 crore (March 31, 2018: Nil) loan is repayable in 3 annual instalments, the next instalment
is due on April 19, 2022.
(ii) EUR 418.27 million equivalent to `3,248.41 crore (March 31, 2018: Nil) loan is repayable in 3 annual instalments, the next instalment
is due on April 19, 2022
(d) Finance lease obligations

The Group has taken certain items of plant and machinery on lease for business purpose. In addition, the Group has entered into long-term
arrangements whose fulfilment is dependent on the use of dedicated assets. Some of these arrangements have been assessed as being in
the nature of lease and have been classified as a finance lease.
Finance lease obligations represent the present value of minimum lease payments payable over the lease term. The arrangements have
been classified as secured or unsecured based on the legal form.
(iv) Currency and interest exposure of borrowings including current maturities at the end of the reporting period is as below:
(` crore)
Fixed Floating Fixed Floating Total
Total
rate rate rate rate
INR 19,350.08 25,201.05 44,551.13 13,635.17 13,925.16 27,560.33
GBP 147.48 3,514.88 3,662.36 196.48 3,756.56 3,953.04
EURO 972.92 15,523.15 16,496.07 1,136.68 16,761.01 17,897.69
USD 23,094.51 10,980.10 34,074.61 22,184.41 17,783.20 39,967.61
Others 2,005.37 26.68 2,032.05 1,823.48 944.90 2,768.38
Total 45,570.36 55,245.86 1,00,816.22 38,976.22 53,170.83 92,147.05
INR-Indian Rupees, GBP- Great Britain Pound, USD-United States Dollars.
(a) Others primarily include SGD-Singapore Dollars, CAD-Canadian Dollars and THB-Thai Baht.
(b) Majority of floating rate borrowings are bank borrowings bearing interest rates based LIBOR, EURIBOR or local official rates. Of the total
floating rate borrowings as at March 31, 2019, `1,037.66 crore (March 31, 2018: `10,083.55 crore) has been hedged using interest rate
swaps and collars, with contracts covering a period of more than one year.
367
CONSOLIDATED
NOTES

(v) Maturity profile of borrowings including current maturities is as below:

(` crore)
As at As at
March 31, 2019 March 31, 2018
Not later than one year or on demand 20,877.47 19,681.09
Later than one year but not two years 6,756.98 8,853.85
Later than two years but not three years 8,335.28 17,995.05
Later than three years but not four years 8,093.70 12,589.58
Later than four years but not five years 12,011.55 4,412.46
More than five years 49,261.03 34,260.93
1,05,336.01 97,792.96
Less: Capitalisation of transaction costs 1,131.06 1,557.21
1,00,816.22 92,147.05
(vi) Some of the Group’s major financing arrangements include financial covenants, which require compliance to certain debt-equity ratios
and debt coverage ratios by entities within the Group who have availed such borrowings. Additionally, certain negative covenants may
limit the ability of entities within the Group to borrow additional funds or to incur additional liens, and/or provide for increased costs in
case of breach.
24. Other financial liabilities

[Item No. V(a)(iii) and VI(a)(iv), Page 307]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Interest accrued but not due 9.57 18.17
(b) Creditors for other liabilities 261.01 87.66
270.58 105.83
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Current maturities of long-term borrowings 9,276.95 3,220.66
(b) Current maturities of finance lease obligations 394.46 252.31
(c) Interest accrued but not due 848.96 817.35
(d) Unclaimed dividends 99.11 68.81
(e) Creditors for other liabilities 6,118.35 5,432.65
16,737.83 9,791.78
(i) Non-current and current creditors for other liabilities include:

(a) creditors for capital supplies and services of `3,717.51 crore (March 31, 2018: `3,219.87 crore).
(b) liability for employee family benefit scheme `189.87 crore (March 31, 2018: `184.39 crore).

NOTES
25. Provisions
[Item No. V(b) and VI(b), Page 307]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Employee benefits 2,396.20 2,479.01
(b) Insurance provisions 661.77 858.44
(c) Others 988.24 1,000.79
4,046.21 4,338.24
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Employee benefits 395.97 442.33
(b) Others 852.75 827.31
1,248.72 1,269.64
(i) Non-current and current provision for employee benefits include provision for leave salaries `1,127.69 crore (March 31, 2018: `1,082.50
crore) and provision for early separation and disability `1,591.55 crore (March 31, 2018: `1,763.11 crore).
(ii) As per the leave policy of the Company and its Indian subsidiaries, an employee is entitled to be paid the accumulated leave balance on
separation. The Company and its Indian subsidiaries present provision for leave salaries as current and non-current based on actuarial
valuation considering estimates of availment of leave, separation of employee, etc.
(iii) Insurance provisions relate to Crucible Insurance Company which underwrites marine cargo, public liability and retrospective hearing
impairment policies of Tata Steel Europe, a wholly owned indirect subsidiary of the Company. These provisions represent losses incurred
but not yet reported in respect of risks retained by the Group rather then passed to third party insurers and include amounts in relation to
certain disease insurance claims. Such provisions are subject to regular review and are adjusted as appropriate. The value of final insurance
settlements is uncertain and so is the timing of the expenditure.
(iv) Non-current and current other provisions primarily include:
(a) provision for compensatory afforestation, mine closure and rehabilitation obligations and other environmental remediation obligations
`1,046.50 crore (March 31, 2018: `906.92 crore). These amounts become payable upon closure of the mines/sites and are expected
to be incurred over a period of 1 to 33 years.
(b) provision in respect of onerous leases amounting to `249.65 crore (March 31, 2018: `273.80 crore). The outstanding term of these
leases ranges between 1 to 14 years.
369
CONSOLIDATED
NOTES
25. Provisions (Contd.)

[Item No. V(b) and VI(b), Page 307]
(v) The details of movement in provision balances is as below:

(` crore)
Insurance Others Total
Provisions
Balance at the beginning of the year 858.44 1,828.10 2,686.54
Recognised/(released) during the year (i) (131.98) 290.48 158.50
Disposal of group undertakings - (12.26) (12.26)
Utilised during the year (50.83) (233.47) (284.30)
Classified as held for sale - (0.23) (0.23)
Exchange differences on consolidation (13.86) (31.63) (45.49)
Balance at the end of the year 661.77 1,840.99 2,502.76
(i) Includes provisions capitalised during the year in respect of restoration obligations.

(` crore)
Insurance Others Total
Provisions
Balance at the beginning of the year 882.46 1,402.44 2,284.90

Recognised/(released) during the year (81.41) 396.35 314.94
Disposal of group undertakings - (2.79) (2.79)
Utilised during the year (54.95) (87.89) (142.84)
Exchange differences on consolidation 112.34 119.99 232.33
Balance at the end of the year 858.44 1,828.10 2,686.54
26. Deferred income

[Item No. V(d) and VI(d), Page 307]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Grants relating to property, plant and equipment 804.37 1,452.30
(b) Revenue grants 32.14 10.61
(c) Others 70.29 63.67
906.80 1,526.58

NOTES
26. Deferred income (Contd.)

[Item No. V(d) and VI(d), Page 307]
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Grants relating to property, plant and equipment 10.48 0.83
(b) Others 6.03 5.38
16.51 6.21
Grants relating to property, plant and equipment relates to duty saved on import of capital goods and spares under the EPCG scheme.
Under the scheme, certain entities within the Group are committed to export prescribed times of the duty saved on import of capital goods
over a specified period of time. In case such commitments are not met, the entities would be required to pay the duty saved along with interest
to the regulatory authorities. Such grants recognised are released to the consolidated statement of profit and loss based on fulfilment of
related export obligations.
During the year, an amount of `635.76 crore (2017-18: `528.20 crore) was released from deferred income to the consolidated statement of
profit and loss on fulfilment of export obligations.
27. Other liabilities

[Item No. V(f ) and VI(f ), Page 307]
A. Non-current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Statutory dues 19.77 35.47
(b) Other credit balances 499.46 322.69
519.23 358.16
B. Current
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Advances received from customers 769.60 583.70
(b) Employee recoveries and employer contributions 161.08 100.35
(c) Statutory dues 6,931.75 6,215.59
(d) Other credit balances 49.78 32.62
7,912.21 6,932.26
(i) Statutory dues primarily relate to payables in respect of GST, excise duties, service tax, sales tax, VAT, tax deducted at source and royalties.
371
CONSOLIDATED
NOTES
28. Trade payables

[Item No. VI(a)(ii), Page 307]
A. Total outstanding dues of micro and small enterprises

(` crore)
As at As at
March 31, 2019 March 31, 2018
Dues of micro and small enterprises 169.74 32.21
169.74 32.21
B. Total outstanding dues of creditors other than micro and small enterprises
(` crore)
As at As at
March 31, 2019 March 31, 2018
(a) Creditors for supplies and services 17,100.42 15,968.40
(b) Creditors for accrued wages and salaries 4,446.80 4,413.20
21,547.22 20,381.60
29. Revenue from operations

(` crore)
March 31, 2019 March 31, 2018
(a) Sale of products 1,52,843.66 1,21,008.92
(b) Sale of power and water 1,727.58 1,698.35
(c) Income from services 120.60 23.47
(d) Other operating revenues(ii) 2,977.15 1,378.95
1,57,668.99 1,24,109.69
(i) Revenue from contracts with customers disaggregated on the basis of geographical regions and major businesses is as below:
(` crore)
March 31, 2019 March 31, 2018
(a) India 79,605.15 55,647.26
(b) Outside India 75,086.69 67,083.48
1,54,691.84 1,22,730.74
(` crore)
March 31, 2019 March 31, 2018
(a) Steel 142,483.73 112,666.22
(b) Power and water 1,727.58 1,698.35
(c) Others 10,480.53 8,366.17
1,54,691.84 1,22,730.74
Revenue outside India includes Asia excluding India `8,895.30 crore (2017-18: `6,844.47 crore), UK `14,767.65 crore (2017-18: `13,583.51
crore) and other European countries `41,123.35 crore (2017-18: `38,904.30 crore).
(ii) Other operating revenues include export incentives and deferred income released to consolidated statement of profit and loss on
fulfilment of export obligations under the EPCG scheme.

NOTES
30. Other income

[Item No. II, Page 308]

(` crore)
March 31, 2019 March 31, 2018
(a) Dividend income 34.19 39.47
(b) Interest income 316.64 249.76
(c) Net gain/(loss) on sale/fair value changes of mutual funds 708.96 680.76
(d) Gain/(loss) on sale of property, plant and equipment including intangible assets (net of loss on 266.50 (50.23)
assets sold/scrapped/written off )
(e) Gain/(loss) on cancellation of forwards, swaps and options 36.95 (79.33)
(f ) Other miscellaneous income 57.34 40.67
1,420.58 881.10
(i) Dividend income includes income from investments carried at fair value through other comprehensive income of `19.58 crore
(2017-18: `18.59 crore).
(ii) Interest income includes:
(a) income from financial assets carried at amortised cost of `315.24 crore (2017-18: `239.41crore).
(b) income from financial assets carried at fair value through profit and loss `1.40 crore (2017-18: `10.35 crore).
31. Employee benefits expense

(` crore)
March 31, 2019 March 31, 2018
(a) Salaries and wages 15,382.93 13,751.40
(b) Contribution to provident and other funds 2,719.49 2,741.36
(c) Staff welfare expenses 656.45 477.15
18,758.87 16,969.91
During the year ended March 31, 2019, the Company has recognised an amount of `27.06 crore (2017-18: `19.04 crore) as remuneration to key
managerial personnel. The details of such remuneration is as below:
(` crore)
March 31, 2019 March 31, 2018
(a) Short-term employee benefits 22.05 19.03
(b) Post-employment benefits 4.88 (0.02)
(c) Other long-term employee benefits 0.13 0.03
27.06 19.04
373
CONSOLIDATED
NOTES
32. Finance costs

(` crore)
March 31, 2019 March 31, 2018
Interest expense on:
(a) Bonds, debentures, bank borrowings and others 7,537.44 5,166.49
(b) Finance leases 328.67 403.58
7,866.11 5,570.07
Less: Interest capitalised 206.01 115.33
7,660.10 5,454.74
33. Depreciation and amortisation expense

[Item No. IV(f ), Page 308]
(` crore)
March 31, 2019 March 31, 2018
Depreciation of tangible assets and amortisation of intangible assets 7,592.44 5,974.54
Less: Reclassified to discontinued operations 237.49 219.96
Less: Amount released from grants received 13.12 12.88
7,341.83 5,741.70
34. Other expenses

(` crore)
March 31, 2019 March 31, 2018
(a) Consumption of stores and spares 11,160.14 8,439.89
(b) Repairs to buildings 133.23 98.97
(c) Repairs to machinery 6,672.15 5,707.77
(d) Relining expenses 87.90 52.29
(e) Fuel oil consumed 451.20 350.81
(f ) Purchase of power 4,865.36 4,089.62
(g) Conversion charges 2,680.86 2,656.87
(h) Freight and handling charges 8,388.65 7,950.18
(i) Rent 3,454.91 2,378.54
(j) Royalty 2,191.26 1,650.45
(k) Rates and taxes 1,485.19 1,234.83
(l) Insurance charges 272.24 282.37
(m) Commission, discounts and rebates 259.88 255.22
(n) Allowance for credit losses/provision for advances 173.90 93.88
(o) Excise duty (including recovered on sales) 0.21 860.62
(p) Others 8,133.64 4,368.82
50,410.72 40,471.13

NOTES
34. Other expenses (Contd.)

(i) Others include:

(a) net foreign exchange loss `785.89 crore (2017-18: gain `1,839.41 crore)
(b) donations to electoral trusts `175.00 crore (2017-18: Nil)
(ii) Revenue expenditure charged to the consolidated statement of profit and loss in respect of research and development activities
undertaken during the year is `857.21 crore (2017-18: `672.28 crore)
35. Exceptional items

[Item No. VII, Page 308]
Exceptional items are those which are considered for separate disclosure in the financial statements considering their size, nature or
incidence. Such items included within the consolidated statement of profit and loss are detailed below:
(a) Profit on sale of subsidiaries and non-current investments `180.13 crore (2017-18: Nil) primarily includes profit on sale of investment
in TRL Krosaki Refractories Ltd, an associate of the Company.
(b) Provision for impairment of investments/doubtful advances `172.12 crore is primarily in respect of amounts paid to public bodies
paid under protest. Provision recognised for the year ended March 31, 2018 primarily relates to provision in respect of advances paid
for repurchase of equity shares in Tata Teleservices Limited from NTT Docomo Inc.
(c) Provision for impairment of non-current assets relate to impairment recognised in respect of property, plant and equipment
(including capital work-in-progress and capital advances) and intangible assets `9.57 crore (2017-18: `903.01 crore). The impairment
recognised is contained within Bamnipal Steel (including Tata Steel BSL) segment (2017-18: Rest of the World). The impairment
recognised is shown as an exceptional item in segment reporting and does not form part of the segment result.
(d) Provision for demands and claims `328.64 crore (2017-18: `3,213.68 crore) is in respect of certain statutory demands and claims
relating to environment and mining matters.
(e) Employee separation compensation `35.33 crore (2017-18: `107.60 crore) relates to provisions recognised in respect of early
separation of employee within Indian operations.
(f ) Restructuring and other provisions `244.56 crore primarily include write back of liabilities no longer required (2017-18: `13,850.66
crore primarily represents gain arising on modification of benefit structure for members of the new pension scheme versus their
benefits under Tata Steel Europe’s British Steel Pension Scheme).
36. Discontinued operations

[Item No. XI, Page 308]
On January 28, 2019, the Group entered into definitive agreements with HBIS Group Co. Ltd. (“HBIS”) to divest its entire equity stake in Nat
Steel Holdings Pte. Ltd. (“NSH”) and Tata Steel (Thailand) Public Company Ltd. (“TSTH”). As per the agreement, the divestment will be made
to a company in which 70% equity shares will be held by an entity controlled by HBIS and 30% will be held by the Group.
In accordance with Ind AS 105, “Non-current Assets Held for Sale and Discontinued Operations”, the businesses have been classified as
discontinued operations for the year ended March 31, 2019. Results for the year ended March 31, 2018 has been restated accordingly.
On February 9, 2017, Tata Steel UK Limited, an indirect subsidiary of the Company announced a definitive sales agreement to dispose off
the trade and other assets of its Speciality Steels business. The disposal was completed on May 1, 2017. The results of this business was
classified as discontinued operations till the date of sale during the year ended March 31, 2018.
375
CONSOLIDATED
NOTES
36. Discontinued operations (Contd.)

[Item No. XI, Page 308]
The results of discontinued operations in each of the periods is set out below:
(` crore)
March 31, 2019 March 31, 2018
I Revenue from operations 9,632.74 9,065.83
II Other income 2.67 (13.45)
III Total income 9,635.41 9,052.38
IV Expenses:
(a) Cost of materials consumed 396.07 529.05
(b) Purchases of stock-in-trade 5,935.93 5,628.22
(c) Changes in inventories of finished and semi-finished goods, stock-in-trade and 329.57 (164.65)
work-in-progress
(d) Employee benefits expense 597.11 687.50
(e) Finance costs 81.78 47.17
(f ) Depreciation and amortisation expense 237.49 219.96
(g) Other expenses 2,138.34 1,874.95
Total expenses 9,716.29 8,822.20
V Share of profit/(loss) of joint ventures and associates (2.43) (23.21)
VI Profit/(loss) before exceptional items and tax (III-IV+V) (83.31) 206.97
VII Exceptional items (15.29) -
VIII Profit/(loss) before tax (VI+VII) (98.60) 206.97
IX Tax expense:
(a) Current tax 12.19 22.54
(b) Deferred tax (21.83) (9.47)
Total tax expense (9.64) 13.07
X Profit/(loss) after tax (88.96) 193.90
XI Profit/(loss) on disposal of discontinued operations - 5.15
XII Profit/(loss) after tax from discontinued operations (X+XI) (88.96) 199.05
XIII Other comprehensive income/(loss)
(A) (i) Items that will not be reclassified subsequently to profit and loss:
(a) Remeasurement gain/(loss) on post-employment defined benefit plans (0.22) 1.81
(b) Fair value changes of investments in equity shares 10.94 13.90
(ii) Income tax on items that will not be reclassified subsequently to profit and loss (2.03) (0.93)
(B) (i) Items that will be reclassified subsequently to profit and loss:
(a) Foreign currency translation differences 22.48 28.57
(b) Fair value changes of cash flow hedges 2.72 1.15
(c) Share of equity accounted investees - 0.47
(ii) Income tax on items that will be reclassified subsequently to profit and loss - -
Total other comprehensive income/(loss) 33.89 44.97
XIV Total comprehensive income/(loss) from discontinued operations (XII + XIII) (55.07) 244.02
Profit/(loss) from discontinued operations for the year ended March 31, 2018, includes reversal of provision amounting to `49.28 crore held in
respect of Long Products business in the UK classified as held for sale in the earlier years.
During the year ended March 31, 2019, discontinued operations resulted in an inflow of `550.43 crore (March 31, 2018: inflow of `244.96 crore)
to the Group’s net operating cash flows, an outflow of `76.78 crore (March 31, 2018: outflow of `56.68 crore) in respect of investing activities
and an outflow of `422.45 crore (March 31, 2018: outflow of `388.37 crore) in respect of financing activities.

NOTES
37. Earnings per share

[Item No. XVIII, XIX and XX, Page 309]
The following table reflects the profit and shares data used in the computation of basic and diluted earnings per share (EPS).
(` crore)
March 31, 2019 March 31, 2018
(a) Profit/(loss) after tax from continuing operations 10,283.45 13,255.26
Less: Distribution on hybrid perpetual securities (net of tax) 173.13 173.43
Profit/(loss) after tax from continuing operations attributable to ordinary shareholders- for basic 10,110.32 13,081.83
and diluted EPS (A)
Profit/(loss) after tax from discontinued operations attributable to ordinary shareholders- for (65.12) 179.07
basic and diluted EPS (B)
Profit/(loss) after tax from continuing and discontinued operations attributable to ordinary 10,045.20 13,260.90
shareholders - for basic and diluted EPS (A+B)
Nos. Nos.
(b) Weighted average number of Ordinary Shares for basic EPS 1,14,47,45,815 1,03,50,31,235
Add: Adjustment for shares held in abeyance 1,37,496 1,55,646
Weighted average number of Ordinary Shares and potential Ordinary Shares for diluted EPS 1,14,48,83,311 1,03,51,86,881
(c) Nominal value of Ordinary Share (`) 10.00 10.00
(d) Basic earnings per Ordinary Share (`) - continuing operations 88.32 126.39
Diluted earnings per Ordinary Share (`) - continuing operations 88.31 126.37
Basic earnings per Ordinary Share (`) - discontinued operations (0.57) 1.73
Diluted earnings per Ordinary Share (`) - discontinued operations (0.57) 1.73
Basic earnings per Ordinary Share (`) - continuing and discontinued operations 87.75 128.12
Diluted earnings per Ordinary Share (`) - continuing and discontinued operations 87.74 128.10
(i) Basic and diluted earnings per share for continuing and discontinued operations for the year ended March 31, 2018 has been restated to
give effect of businesses classified as discontinued operations.
(ii) As at March 31, 2019, 5,81,95,359 options (March 31,2018: 28,69,886) in respect of partly paid shares were excluded from weighted
average number of Ordinary Shares for the computation of diluted earnings per share as these were anti-dilutive.
377
CONSOLIDATED
NOTES
38. Employee benefits B. Defined benefit plans

A. Defined contribution plans The defined benefit plans operated by the Group are as below:
The Group participates in a number of defined contribution plans on (a) Provident fund and pension
behalf of relevant personnel. Any expense recognised in relation to

Provident fund benefits provided under plans wherein
these schemes represents the value of contributions payable during
contributions are made to an irrevocable trust set up by the
the period by the Group at rates specified by the rules of those plans.
Company/Indian subsidiaries to manage the investments and
The only amounts included in the consolidated balance sheet are
distribute the amounts entitled to employees are treated as
those relating to the prior months contributions that were not due to
a defined benefit plan as the Company/Indian subsidiaries
be paid until after the end of the reporting period.
are obligated to provide the members a rate of return which
The major defined contribution plans operated by the should, at the minimum, meet the interest rate declared
Group are as below: by Government administered provident fund. A part of the
Company’s/Indian subsidiaries’ contribution is transferred to
(a) Provident fund and pension Government administered pension fund. The contributions
The Company and its Indian subsidiaries provide provident fund made by the Company/Indian subsidiaries and the shortfall of
benefits for eligible employees as per applicable regulations interest, if any, are recognised as an expense in the consolidated
wherein both employees and the Company/Indian subsidiaries statement of profit and loss under employee benefits expense.
make monthly contributions at a specified percentage of the
In accordance with an actuarial valuation of provident fund
eligible employee’s salary. Contributions under such schemes
liabilities of Company and its Indian subsidiaries based on
are made either to a provident fund set up as an irrevocable
guidance issued by Actuarial Society of India and based on the
trust by the Company/Indian subsidiaries to manage the
assumptions as mentioned below, there is no deficiency in the
investments and distribute the amounts entitled to employees
interest cost as the present value of the expected future earnings
or to state managed funds.
of the fund is greater than the expected amount to be credited
Benefits provided under plans wherein contributions are made to the individual members based on the expected guaranteed
to state managed funds and the Company/Indian subsidiaries rate of interest of Government administered provident fund.
do not have a future obligation to make good shortfall, if any, is
Key assumptions used for actuarial valuation are as below:
treated as a defined contribution plan.
As at As at
(b) Superannuation fund March 31, 2019 March 31, 2018

The Company and some of its Indian subsidiaries have Discount rate 7.50% 7.50%
a superannuation plan for the benefit of its employees. Guaranteed rate of return 8.60% - 8.65% 8.55%
Employees who are members of the superannuation plan Expected rate of 8.60% - 8.75% 8.55% - 8.75%
return on investment
are entitled to benefits depending on the years of service
and salary drawn.
(b) Retiring gratuity

Separate irrevocable trusts are generally maintained for The Company and its Indian subsidiaries have an obligation
employees covered and entitled to benefits. The Company towards gratuity, a defined benefit retirement plan covering
and its Indian subsidiaries contribute up to 15% of the eligible eligible employees. The plan provides for a lump-sum payment
employees’ salary or `1,50,000, whichever is lower, to the trust to vested employees at retirement, death while in employment
every year. Such contributions are recognised as an expense as or on termination of employment of an amount equivalent
and when incurred. The Company and its Indian subsidiaries to 15 to 30 days salary payable for each completed year
does not have any further obligations beyond this contribution. of service. Vesting occurs upon completion of five years of
The contributions recognised as an expense in the consolidated service. The Company and its Indian subsidiaries make annual
statement of profit and loss during the year on account of the contributions to gratuity funds established as trusts or insurance
above defined contribution plans amounted to `1,369.81 crore companies. The Company and its Indian subsidiaries accounts
(2017-18: `1,185.05 crore). for the liability for gratuity benefits payable in the future based
on an year-end actuarial valuation.

NOTES
38. Employee benefits (Contd.) In line with the conditions agreed as part of a Regulated
Apportionment Arrangement (‘RAA’) on September 11, 2017,
(c) Post-retirement medical benefits assets and liabilities in respect of approximately 80,000 electing
Under this unfunded scheme, employees of the Company and members of the BSPS were transferred from the old scheme
some of its subsidiaries receive medical benefits subject to on March 28, 2018 ahead of that scheme entering a Pension
certain limits on amounts of benefits, periods after retirement Protection Fund (‘PPF’) assessment period the following day.
and types of benefits, depending on their grade and location at The new scheme (which retains the title ‘British Steel Pension
the time of retirement. Employees separated from the Company Scheme’) is sponsored by Tata Steel UK Limited (‘TSUK’).
and its subsidiaries under an early separation scheme, on Although TSUK has a legal obligation to fund any future deficit,
medical grounds or due to permanent disablement are also a key condition of the new BSPS going forward was that it was
covered under the scheme. The Company and such subsidiaries sufficiently well funded to meet the scheme’s modified liabilities
account for the liability for post-retirement medical scheme on a self-sufficiency basis with a buffer to cover residual risks.
based on an year-end actuarial valuation. With the assets that were transferred, the new scheme is well
positioned to pay benefits securely on a low risk basis without
(d) Tata Steel Europe’s pension plan recourse to TSUK. This risk includes economic risks (such as
Tata Steel Europe, a wholly owned indirect subsidiary of the interest rate risk and inflation risk), demographic risks (for
Company, operates a number of defined benefit pension example members living longer than expected), and legal risks
and post-retirement schemes. The benefits offered by these (for example changes in legislation that may increase liabilities).
schemes are largely based on pensionable pay and years of TSUK has worked with the Trustee to develop and implement
service at retirement. With the exception of certain unfunded an Integrated Risk Management (‘IRM’) framework to manage
arrangements, the assets of these schemes are held in these risks. The framework provides ongoing monitoring of the
administered funds that are legally separated from Tata Steel key investment, funding and covenant risks facing the scheme
Europe. For those pension schemes set up under a trust, the and tracks progress against the scheme’s journey plan and
trustees are required by law to act in the best interests of the target. Measures taken by the Trustee to manage risk include the
schemes beneficiaries in accordance with the scheme rules use of asset-liability matching techniques to reduce interest rate
and relevant pension legislation. The trustees are generally risk, and investment in assets that are expected to be correlated
responsible for the investment policy with regard to the assets to future inflation in the longer term to mitigate inflation risk.
of the fund, after consulting with the sponsoring employer. In particular, the scheme’s investment policy has regard for
the maturity and nature of the scheme’s liabilities and seeks to
Tata Steel Europe accounts for all pension and post-retirement
match a large part of the scheme’s liabilities with secure bonds,
defined benefit arrangements using Ind AS 19 ‘Employee
whilst achieving a higher long-term return on a small proportion
Benefits’, with independent actuaries being used to calculate the
of equity and other investments. The BSPS and Open Trustee
costs, assets and liabilities to be recognised in relation to these
Limited (‘OTL’), acting on behalf of the members who transferred
schemes. The present value of the defined benefit obligation,
to the PPF, hold an anti-embarrassment non-controlling interest
the current service cost and past service costs are calculated
in TSUK agreed as part of the RAA. The total non-controlling
by these actuaries using the projected unit credit method.
interest in TSUK reduced from 33.33% as at March 31, 2018 (split
However, the ongoing funding arrangements of each scheme, in
BSPS 27.70%; OTL 5.63%) to 0.33% as at March 31, 2019 (split
place to meet their long-term pension liabilities, are governed by
BSPS 0.27%; OTL 0.06%) due to an equity issuance made by
the individual scheme documentation and national legislation.
TSUK on March 20, 2019 to strengthen TSUK’s financial position.
The principal defined benefit pension scheme of Tata Steel No value has been included in the BSPS’s assets at March 31,
Europe as at March 31, 2019 is the BSPS, which is the main 2019 (2018: nil) for its interest in TSUK as the estimated equity
scheme for historic and present employees based in the UK. value of TSUK is zero (March 31,2018: zero).
379
CONSOLIDATED
NOTES
38. Employee benefits (Contd.) (ii) Interest risk: A decrease in the bond interest rate will
increase the plan liability. However, this will be partially
(e) Other defined benefits offset by an increase in the value of plan’s debt investments.
Other benefits provided under unfunded schemes include (iii) Salary risk: The present value of the defined benefit plan
pension payable to directors on their retirement, farewell liability is calculated by reference to the future salaries of
gifts, post-retirement lumpsum benefit and reimbursement of plan participants. As such, an increase in salary of the plan
packing and transportation charges to the employees based on participants will increase the plan’s liability.
their last drawn salary.
(iv) Longevity risk: The present value of the defined benefit
The defined benefit plans expose the Group to a number of plan liability is calculated by reference to the best estimate
actuarial risks as below: of the mortality of plan participants both during and after
(i) Investment risk: The present value of the defined benefit their employment. An increase in the life expectancy of the
plan liability is calculated using a discount rate determined plan participants will increase the plan’s liability.
by reference to government/high quality bond yields. (v) Inflation risk: Some of the Group’s Pension obligations
If the return on plan asset is below this rate, it will create are linked to inflation, and higher inflation will lead to
a plan deficit. higher liabilities although, in most cases, caps on the level
of inflationary increases are in place to protect the plan
against extreme inflation.

NOTES
C. Details of defined benefit obligations and plan assets:

(a) Retiring gratuity:
(i) The following table sets out the amounts recognised in the consolidated financial statements in respect of retiring gratuity:
(` crore)
March 31, 2019 March 31, 2018
Addition relating to acquisitions 56.67 0.31
Interest cost 205.38 198.80
Benefits paid (257.31) (282.60)
Remeasurement (gain)/loss (17.85) (163.03)
Adjustment for arrear wage settlement - 87.55
(` crore)
March 31, 2019 March 31, 2018
Fair value of plan assets at the beginning of the year 2,898.34 2,745.34
Addition relating to acquisitions 22.55 0.27
Interest income 211.58 190.40
Remeasurement gain/(loss) excluding amount included within employee benefits expense 29.73 8.21
Employers' contribution 72.05 236.72
Benefits paid (257.31) (282.60)
Fair value of plan assets at the end of the year 2,976.94 2,898.34
Amounts recognised in the consolidated balance sheet consist of:
(` crore)
As at As at
March 31, 2019 March 31, 2018
Fair value of plan assets 2,976.94 2,898.34
Present value of obligations 3,096.99 2,966.47
(120.05) (68.13)
Recognised as:
Retirement benefit assets - Non-current 0.44 0.35
Retirement benefit assets - Current 4.38 2.91
Retirement benefit obligations - Non-current (120.36) (67.70)
Retirement benefit obligations - Current (4.51) (3.69)
(120.05) (68.13)
381
CONSOLIDATED
NOTES
Expense/(gain) recognised in the consolidated statement of profit and loss consist of:
(` crore)
March 31, 2019 March 31, 2018
Net interest expense (6.20) 8.40
137.43 152.66

Return on plan assets excluding amount included in employee benefits expense (29.73) (8.21)
Actuarial (gain)/loss arising from changes in demographic assumptions (8.62) (37.89)
Actuarial (gain)/loss arising from changes in financial assumptions (7.32) (100.93)
Actuarial (gain)/loss arising from changes in experience adjustments (1.91) (24.21)
(47.58) (171.24)
Expense/(gain) recognised in the consolidated statement of profit and loss 89.85 (18.58)
(ii) Fair value of plan assets by category of investments is as below:
(%)
As at As at
March 31, 2019 March 31, 2018
Asset category (%)
Quoted
Equity instruments 0.05 0.01
Debt instruments 18.43 20.89
18.48 20.90
Unquoted
Debt instruments 0.96 1.02
Insurance products 77.12 68.69
Others 3.44 9.39
81.52 79.10
100.00 100.00
The Group’s investment policy is driven by considerations of maximising returns while ensuring credit quality of debt instruments. The asset
allocation for plan assets is determined based on prescribed investment criteria and is also subject to other exposure limitations. The Group
evaluates the risks, transaction costs and liquidity for potential investments. To measure plan assets performance, the Group compares actual
returns for each asset category with published benchmarks.

NOTES
(iii) Key assumptions used in the measurement of retiring gratuity is as below:

(%)
As at As at
March 31, 2019 March 31, 2018
Discount rate 7.50 - 7.71 % 7.50 - 8.00 %
Rate of escalation in salary 4.00 - 10.00 % 4.00 - 10.00 %
(iv) Weighted average duration of the retiring gratuity obligation ranges between 6 to 16 years (March 31, 2018: 6 to 23 years).
(v) The Group expects to contribute `86.49 crore to the plan during the financial year 2019-20.
(vi) The table below outlines the effect on retiring gratuity obligation in the event of a decrease/increase of 1% in the assumptions used.


(b) Tata Steel Europe’s Pension Plan

(i) The following table sets out the amounts recognised in the consolidated financial statements in respect of Tata Steel Europe’s pension plans.
(` crore)
March 31, 2019 March 31, 2018
Costs relating to scheme change 18.32 180.26
Interest cost 2,125.59 3,021.56
Past service cost - (15,708.68)
Remeasurement (gain)/loss 3,085.94 1.76
Employers' contribution - (8.58)
Settlements - (14,240.82)
Benefits paid (10,673.74) (23,588.78)
Obligations of companies disposed off (127.66) -
Exchange differences on consolidation (1,472.32) 13,102.79
383
CONSOLIDATED
NOTES

(` crore)
March 31, 2019 March 31, 2018
Fair value of plan assets at the beginning of the year 1,04,248.01 1,22,611.14
Interest income 2,629.50 3,098.82
Remeasurement gain/(loss) 2,382.12 (1,733.96)
Employers' contribution 45.81 4,910.04
Settlements - (15,597.09)
Benefits paid (10,655.41) (23,563.03)
Exchange differences on consolidation (1,843.01) 14,522.09
Fair value of plan assets at end of the year 96,807.02 1,04,248.01

(` crore)
As at As at
March 31, 2019 March 31, 2018
Fair value of plan assets 96,807.02 1,04,248.01
Present value of obligations 77,973.85 84,834.48
18,833.17 19,413.53
Recognised as:
Retirement benefit assets - Non-current 19,963.75 20,570.52
Retirement benefit obligations - Current (7.90) (9.41)
Retirement benefit obligations - Non-current (1,122.68) (1,147.58)
18,833.17 19,413.53
(` crore)
March 31, 2019 March 31, 2018
Past service costs - (17.17)
Net interest expense/(income) (503.91) (77.26)
Costs relating to scheme changes 18.32 -
Exceptional items:
Past service costs - (15,691.51)
Settlements - 1,356.27
Costs relating to scheme changes - 180.26
(302.35) (14,120.65)
Return on plan assets excluding amount included in employee benefits expense (2,382.12) 1,733.96
Actuarial (gain)/loss arising from changes in demographic assumptions (1,179.06) -
Actuarial (gain)/loss arising from changes in financial assumptions 3,818.84 (4,068.81)
Actuarial (gain)/loss arising from changes in experience adjustments 446.16 4,070.57
703.82 1,735.72
Expense/(gain) recognised in the consolidated statement of profit and loss 401.47 (12,384.93)

NOTES
(ii) Fair value of plan assets by category of investments is as below:
(%)
As at As at
March 31, 2019 March 31, 2018
Assets category (%)
Quoted
(a) Equity - UK Entities 0.59 0.69
(b) Equity - Non-UK Entities 7.41 7.64
(c) Bonds - Fixed rate 49.86 45.55
(d) Bonds - Indexed linked 28.05 31.74
(e) Others 0.04 0.21
85.95 85.83
Unquoted
(a) Property 12.75 11.46
(b) Others 1.30 2.71
14.05 14.17
100.00 100.00
(iii) Key assumptions used in the measurement of pension benefits is as below:
As at As at
March 31, 2019 March 31, 2018
Discount rate 0.80 - 3.95% 1.37 - 4.10%
Rate of escalation in salary 0.00 - 2.00% 0.00 - 2.00%
Inflation rate 1.00 - 3.20% 1.00 - 3.10%
Demographic assumptions are set having regard to the latest trends in life expectancy, plan experience and other relevant data, including
externally published actuarial information within each national jurisdiction. The assumptions are reviewed and updated as necessary as part
of the periodic actuarial funding valuations of the individual pension and post-retirement plans. For the BSPS, the liability calculations as at
March 31, 2019 use the Self-Administered Pension Schemes 2 (SAPS 2) base tables, S2NMA/S2DFA with the 2015 CMI projections with a 1.50%
p.a. (2017-18: 1.50% p.a.) long-term trend applied from 2007 to 2016 [(adjusted by a multiplier of 1.15 p.a. (2017-18: 1.15 p.a.) for males and
1.21 p.a. (2017-18: 1.21 p.a.) for females)]. In addition, future mortality improvements are allowed for in line with the 2018 CMI Projections with
a long-term improvement trend of 1% per annum, a smoothing parameter of 7.0 and an initial addition parameter of 0%. This indicates that
today's 65 year old male member is expected to live on average to approximately 86 years (2017-18: 86.2 years) of age and a male member
reaching age 65 in 15 years time is then expected to live on average to 86 years (2017-18: 87) of age.
(iv) Weighted average duration of the pension obligations is 14.5 years (March 31, 2018: 14.5 years).
(v) The Group expects to contribute Nil to the plan during the financial year 2019-20.
(vi) The table below outlines the effect on pension obligations in the event of a decrease/increase of 10 bps in the assumptions used.
385
CONSOLIDATED
NOTES

Discount rate Increase by 10 bps, decrease by 10 bps Decrease by 1.4%, increase by 1.4%
Rate of escalation in salary Increase by 10 bps, decrease by 10 bps Not applicable as pensionable earnings is capped
Inflation rate Increase by 10 bps, decrease by 10 bps Increase by 1.0%, decrease by 1.0%
Mortality rate One year increase/decrease in life expectancy Increase by 3%, decrease by 3%

Discount rate Increase by 10 bps, decrease by 10 bps Decrease by 1.4%, increase by 1.4%
Rate of escalation in salary Increase by 10 bps, decrease by 10 bps Not applicable as pensionable earnings is capped
Inflation rate Increase by 10 bps, decrease by 10 bps Increase by 1.0%, decrease by 1.0%
Mortality rate One year increase/decrease in life expectancy Increase by 5.1%, decrease by 5.1%
(c) Post-retirement medical and other defined benefit plans
(i) The following table sets out the amounts recognised in the consolidated financial statements in respect of post-retirement medical and
other defined benefit plans.
(` crore)
March 31, 2019 March 31, 2018
Obligations at the beginning of the year 1,239.92 158.62 1,256.63 181.29
Interest costs 90.26 8.96 85.62 10.40
Remeasurement (gain)/loss:
(i) Actuarial (gain)/loss arising from changes in demographic assumptions - 1.26 (20.53) (1.46)
(ii) Actuarial (gain)/loss arising from changes in financial assumptions (0.02) (0.20) (55.95) (6.77)
(iii) Actuarial (gain)/loss arising from changes in experience adjustments 24.99 1.33 15.59 (6.18)
Benefits paid (66.78) (13.40) (63.45) (12.35)
Classified as held for sale - (62.11) - -
Exchange differences on consolidation - 1.22 - 5.26
Obligations at the end of the year 1,307.49 211.21 1,239.92 158.62

NOTES

(` crore)
Present value of obligations 1,307.49 211.21 1,239.92 158.62
Recognised as:
(a) Retirement benefit obligation - Current 92.66 15.61 89.53 7.73
(b) Retirement benefit obligation - Non-current 1,214.83 195.60 1,150.39 150.89
1,307.49 211.21 1,239.92 158.62
(` crore)
March 31, 2019 March 31, 2018
Current service costs 19.12 115.53 22.01 13.04
Past service costs - - - (24.61)
Interest costs 90.26 8.96 85.62 10.40
109.38 124.49 107.63 (1.17)

Actuarial (gain)/loss arising from changes in demographic assumptions - 1.26 (20.53) (1.46)
Actuarial (gain)/loss arising from changes in financial assumption (0.02) (0.20) (55.95) (6.77)
Actuarial (gain)/loss arising from changes in experience adjustments 24.99 1.33 15.59 (6.18)
24.97 2.39 (60.89) (14.41)
Expense/(gain) recognised in the consolidated statement of profit and loss 134.35 126.88 46.74 (15.58)
(ii) Key assumptions used in the measurement of post-retirement medical and other defined benefits is as below:

(a) Discount rate 7.50% 7.50% 7.50% 0.51% -7.50%
(b) Rate of escalation in salary N.A 3.50% - 15.00% N.A. 4.00% -15.00%
(c) Inflation rate 5.00% - 8.00% 4.00% - 6.00% 5.00% - 8.00% 4.00% -7.00%
(iii) Weighted average duration of post-retirement medical benefit obligations ranges between 7 to 9 years (March 31, 2018: 7 to 10 years).
Weighted average duration of other defined benefit obligations ranges between 6 to 12 years (March 31, 2018: 6 to 33 years).
387
CONSOLIDATED
NOTES
(iv) The table below outlines the effect on post-retirement medical benefit obligations in the event of a decrease/increase of 1% in the
assumptions used:


(v) The table below outlines the effect on other defined benefit obligations in the event of a decrease/increase of 1% in the assumptions used:



NOTES
39. Contingencies and commitments (b) Interest expenditure on “Hybrid perpetual securities” issued
by the Company has been disallowed in assessments with
A. Contingencies
tax demand raised for `459.13 crore (inclusive of interest)
In the ordinary course of business, the Group faces claims and (March 31, 2018: Nil)
assertions by various parties. The Group assesses such claims and
assertions and monitors the legal environment on an on-going basis, In respect of the above demands, the Company has deposited an
with the assistance of external legal counsel, wherever necessary. amount of `1,065.00 crore (March 31, 2018: `665.00 crore) as a
The Group records a liability for any claims where a potential loss is precondition for obtaining stay. The Company expects to sustain its
probable and capable of being estimated and discloses such matters position on ultimate resolution of the said appeals.
in its consolidated financial statements, if material. For potential
Customs, Excise duty and Service tax
losses that are considered possible, but not probable, the Group
provides disclosure in the consolidated financial statements but does s at March 31, 2019, there were pending litigation for various
A
not record a liability in its accounts unless the loss becomes probable. matters relating to customs, excise duty and service tax involving
demands of `911.67 crore (March 31, 2018: `1,021.16 crore), which
The following is a description of claims and assertions where a includes `5.91 crore (March 31, 2018: `44.96 crore) in respect of
potential loss is possible, but not probable. The Group believes that equity accounted investees.
none of the contingencies described below would have a material
adverse effect on the Group’s financial condition, results of operations Sales tax/VAT
or cash flows. The total sales tax demands that are being contested by the Group
It is not practicable for the Group to estimate the timings of the cash amounted to `903.92 crore (March 31, 2018: `667.40 crore), which
outflows, if any, pending resolution of the respective proceedings. includes `93.74 crore (March 31, 2018: `27.74 crore) in respect of
The Group does not expect any reimbursements in respect of the same. equity accounted investees.
The details of significant demands is as below:
Litigations
The Group is involved in legal proceedings, both as plaintiff and as (a)
The Company stock transfers its goods manufactured at
defendant. There are claims which the Group does not believe to be Jamshedpur works plant to its various depots/branches located
of a material nature, other than those described below. outside the state of Jharkhand across the country without
payment of Central Sales tax as per the provisions of the Act
Income tax and submits F-Form in lieu of the stock-transfers made during
The Group has ongoing disputes with income tax authorities relating the period of assessment. These goods are then sold to various
to tax treatment of certain items. These mainly include disallowance customers outside the states from depots/branches and the
of expenses, tax treatment of certain expenses claimed by the Group value of these sales are disclosed in the periodical returns
as deductions and the computation of, or eligibility of the Group’s use filed as per the Jharkhand Vat Act, 2005. The Commercial Tax
of certain tax incentives or allowances. Department has raised demand of Central Sales tax by levying
tax on the differences between value of sales outside the states
Most of these disputes and/or disallowances, being repetitive in and value of F-Form submitted for stock transfers. The amount
nature, have been raised by the income tax authorities consistently involved for various assessment years beginning 2011-12
in most of the years. to 2015-16 is amounting to `127.00 crore (March 31, 2018:
As at March 31, 2019, there are matters and/or disputes pending in `125.00 crore).
appeals amounting to `3,218.64 crore (March 31, 2018: `1,504.72 (b) The Commercial Tax Department of Jharkhand has rejected
crore) which includes `17.18 crore (March 31, 2018: `9.96 crore) in certain Input tax credit claimed by the Company on goods
respect of equity accounted investees. purchased from the suppliers within the State of Jharkhand.
The details of significant demands is as below: The Department has alleged that the goods have not been
used in accordance with the provisions of Jharkhand VAT Act,
(a)
Interest expenditure on loans taken by the Company for 2005. The potential exposure on account of disputed tax and
acquisition of a subsidiary has been disallowed in assessments interest for the period beginning 2012-2013 to 2015-2016 as on
with tax demand raised for `1,791.29 crore (inclusive of interest) March 31, 2019 is `104.00 crore (March 31,2018: `93.00 crore).
(March 31, 2018: `1,250.16 crore).
389
CONSOLIDATED
NOTES
39. Contingencies and commitments (Contd.) Regulations) Act (MMDR). The Company filed revision petitions
before the Mines Tribunal against all such demand notices.
Other taxes, dues and claims Initially, a stay of demands was granted, later by order dated
Other amounts for which the Group may contingently be liable October 12, 2017, the issue has been remanded to the state for
aggregate to `12,578.82 crore (March 31, 2018: `10,782.16 crore), reconsideration of the demand in the light of Supreme Court
which includes `75.22 crore (March 31, 2018: `77.10 crore) in respect judgement passed on August 2, 2017.
of equity accounted investees.
The Hon’ble Supreme Court pronounced its judgement in the
The details of significant demands is as below: Common Cause case on August 2, 2017 wherein it directed that
compensation equivalent to the price of mineral extracted in
(a)
Claim by a party arising out of conversion arrangement
excess of environment clearance or without forest clearance
`195.79 crore (March 31, 2018: `195.79 crore). The Company
from the forest land be paid.
has not acknowledged this claim and has instead filed a claim
of `141.23 crore (March 31, 2018: `141.23 crore) on the party. In pursuance to the Judgement of Hon’ble Supreme Court,
The matter is pending before the Calcutta High Court. demand/show cause notices amounting to `3,873.35 crore have
been issued during 2017-18 by the Deputy Director of Mines,
(b)
The State Government of Odisha introduced “Orissa Rural
Odisha and the District Mining Office, Jharkhand.
Infrastructure and Socio Economic Development Act, 2004”
with effect from February 2005 levying tax on mineral bearing In respect of the above demands:
land computed on the basis of value of minerals produced from
the mineral bearing land. The Company had filed a writ petition
• asdirected by the Hon’ble Supreme Court, the Company
has provided and paid for iron ore and manganese ore an
in the High Court of Orissa challenging the validity of the Act.
amount of `614.41 crore during 2017-18 for production in
Orissa High Court held in December 2005 that the State does not
excess of environment clearance to the Deputy Director
have authority to levy tax on minerals. The State of Odisha filed
of Mines, Odisha.
an appeal in the Supreme Court against the order of Orissa High
Court and the case is pending in Supreme Court. The potential • the Company has provided and paid under protest an
liability, as at March 31, 2019 is `7,573.53 crore (March 31, 2018: amount of `56.97 crore during 2017-18 for production in
`6,521.05 crore). excess of environment clearance to the District Mining
Office, Jharkhand.
(c) The Company pays royalty on iron ore on the basis of quantity
removed from the leased area at the rates based on notification • theCompany has challenged the demands amounting to
issued by the Ministry of Mines, Government of India and the `132.91 crore during 2017-18 for production in excess of
price published by India Bureau of Mines (IBM) on a monthly lower of mining plan and consent to operate limits raised
basis. Demand of `411.08 crore has been raised by Deputy by the Deputy Director of Mines, Odisha before the Mines
Director of Mines, Joda, claiming royalty at sized ore rates on Tribunal and obtained a stay on the matter. Mines Tribunal,
despatches of ore fines. The Company has filed a revision petition Delhi vide order dated November 26, 2018 disposed of all
on November 14, 2013 before the Mines Tribunal, Government the revision applications with a direction to remand it to
of India, Ministry of Mines, New Delhi, challenging the legality the State Government to hear all such cases afresh and pass
and validity of the demand raised and to grant refund of royalty detailed order. The demand amount of `132.91 crore is
paid in excess by the Company. Mines Tribunal has granted stay considered contingent.
on the total demand with directive to Government of Odisha
not to take any coercive action for realisation of this demanded
• the Company has made a comprehensive submission before
the Deputy Director of Mines, Odisha against show cause
amount. Likely demand of royalty on fines at sized ore rates
notices amounting to `694.02 crore received during 2017-18
as on March 31, 2019 is `1,630.16 crore (March 31, 2018:
for production in violation of mining plan, Environment
`1,036.53 crore).
Protection Act, 1986 and Water (Prevention & Control of
(d) Demand notices were originally issued by the Deputy Director Pollution) Act, 1981. A demand amounting to `234.74 crore
of Mines, Odisha amounting to `3,827.29 crore for excess has been received in April 2018 crore from the Deputy
production over the quantity permitted under the mining Director of Mines, Odisha for production in excess of the
plan, environment clearance or consent to operate, pertaining Environmental Clearance. The Company has challenged
to 2000-01 to 2009-10. The demand notices have been raised the demand and obtained a stay on the matter from the
under Section 21(5) of the Mines & Minerals (Development and Revisionary Authority, Mines Tribunal, New Delhi. The demand

NOTES
39. Contingencies and commitments (Contd.) (iii)

Mizuho Corporate Bank Limited and Japan Bank
for International Co-operation, not to dispose of its
of `234.74 crore has been provided in 2017-18 and `694.02 investments in Tata NYK Shipping Pte Limited (to retain
crore is considered contingent. minimal stake required to be able to provide a corporate
• the Company based on its internal assessment has provided guarantee towards long-term debt) and
an amount of `1,412.89 crore against demand notices (iv) ICICI Bank Limited to directly or indirectly continue to
amounting to `2,140.30 crore received from the District hold atleast 51% shareholding in Jamshedpur Continuous
Mining Office, Jharkhand during 2017-18 for production Annealing & Processing Company Private Limited.
in excess of environment clearance. The balance amount of
`727.41 crore is been considered contingent. The Company (c)
The Company and Bluescope Steel Limited have given
has however been granted a stay by the Revisional undertaking to State Bank of India not to reduce collective
Authority, Ministry of Coal, Government of India against such shareholding in Tata Bluescope Steel Private Limited (TBSPL)
demand notices. (formerly Tata Bluescope Steel Limited), below 51% without
prior consent of the lender. Further, the Company has given
(e)
An agreement was executed between the Government an undertaking to State Bank of India to intimate them before
of Odisha (GoO) and the Company in December, 1992 for diluting its shareholding in TBSPL below 50%.
drawal of water from Kundra Nalla for industrial consumption.
In December 1993, the Tahsildar, Barbil issued a show-cause (d) The Company, as a promoter, has pledged 4,41,55,800 equity
notice alleging that the Company has lifted excess quantity of shares (March 31, 2018: 4,41,55,800) of Industrial Energy Limited
water than the sanctioned limit under the agreement. with Infrastructure Development Finance Corporation Limited.
While the proceedings in this regard were in progress, the (e) The Group has given guarantees aggregating `188.00 crore
Company had applied for allocation of fresh limits. (March 31, 2018: `205.73 crore) details of which are as below:
Over the years, there has also been a steep increase in water (i)
in favour of Commissioner of Customs `1.07 crore
charges against which the Company filed writ petitions before (March 31, 2018: `1.07 crore) given on behalf of Timken
the Hon’ble High Court of Odisha. In this regard, the Company India Limited in respect of goods imported.
has received demands of `118.70 crore for the period beginning (ii) in favour of Mizuho Corporate Bank Ltd., Japan for `9.60
January 1996 to May 2018. The potential exposure as on crore (March 31, 2018: `27.33 crore) against the loan
March 31, 2019 is `125.98 crore (March 31, 2018: `99.34 crore) is granted to a joint venture Tata NYK Shipping Pte. Limited.
considered contingent.
(iii)
in favour of The President of India for `177.18 crore
B. Commitments (March 31, 2018: `177.18 crore) against performance of
(a) The Group has entered into various contracts with suppliers export obligations under various bonds executed by a joint
and contractors for the acquisition of plant and machinery, venture Jamshedpur Continuous Annealing & Processing
equipment and various civil contracts of capital nature Company Private Limited.
amounting to `10,175.00 crore, which includes `30.30 crore (iv) in favour of President of India for `0.15 crore (March 31,
in respect of equity accounted investees (March 31, 2018: 2018: `0.15 crore) against advance license.
`8,001.50 crore which includes `4.83 crore in respect of equity
accounted investees). 40. Other significant litigations
Other commitment as at March 31, 2018 amounts to `0.01 crore (a) Odisha Legislative Assembly issued an amendment to Indian
which includes Nil in respect of equity accounted investees Stamp Act, 1889, on May 9, 2013 and inserted a new provision
(March 31, 2018: `0.01 crore which includes Nil in respect of (Section 3A) in respect of stamp duty payable on grant/renewal
equity accounted investees). of mining leases. As per the amended provision, stamp duty is
levied equal to 15% of the average royalty that would accrue
(b) The Company has given undertakings to: out of the highest annual extraction of minerals under the
(i)
IDBI not to dispose of its investment in Wellman approved mining plan multiplied by the period of such mining
Incandescent India Ltd., lease. The Company had filed a writ petition challenging the
constitutionality of the Act on July 5, 2013. The Hon’ble High
(ii) IDBI and ICICI Bank Ltd. (formerly ICICI) not to dispose of its Court, Cuttack passed an order on July 9, 2013 granting interim
investment in Standard Chrome Ltd.,
391
CONSOLIDATED
NOTES
40. Other significant litigations (Contd.) provides for extension of such mining leases whose applications
for renewal have remained pending with the State(s). Based on
stay on the operation of the Amendment Act, 2013. Because of the new Ordinance, Jharkhand Government revised the Express
the stay, as on date, the Act is not enforceable and any demand Order on February 12, 2015 for extending the period of lease
received by the Company is not liable to be proceeded with. upto March 31, 2030 with the following terms and conditions:
Meanwhile, the Company received demand notices for the
various mines at Odisha totalling to `5,579.00 crore (March 31,
• value of iron ore produced by alleged unlawful mining during
the period January 1, 2012 to April 20, 2014 for `2,994.49 crore
2018: `5,579.00 crore). The Company has concluded that it is
to be decided on the basis of disposal of our writ petition
remote that the claim will sustain on ultimate resolution of the
before Hon’ble High Court of Jharkhand.
legal case by the court.
In April, 2015, the Company has received an intimation from
• value of iron ore produced from April 21, 2014 to
July 17, 2014 amounting to `421.83 crore to be paid in
Government of Odisha, granting extension of validity period for
maximum 3 instalments.
leases under the MMDR Amendment Act, 2015 up to March 31,
2030 in respect of eight mines and up to March 31, 2020 for • value of iron ore produced from July 18, 2014 to August 31,
two mines subject to execution of supplementary lease deed. 2014 `152.00 crore to be paid immediately.
Liability has been provided in the books of accounts as on
District Mining Officer Chaibasa on March 16, 2015 issued a
March 31, 2019 as per the existing provisions of the Stamp Act,
demand notice for payment of `421.83 crore in three monthly
1899 and the Company had paid the stamp duty and registration
installments. The Company on March 20, 2015 replied that since
charges totalling `413.72 crore (March 31, 2018: `413.72 crore)
the lease has been extended by application of law till March 31,
for supplementary deed execution in respect of eight mines out
2030, the above demand is not tenable. The Company, however
of the above mines.
paid `50.00 crore under protest on July 27, 2015, because the
b) Noamundi Iron Mine of TSL was due for its third renewal with State had stopped issuance of transit permits.
effect from January 01, 2012. The application for renewal was
The Company filed another writ petition before the Hon’ble
submitted by the company within the stipulated time, but it
High Court of Jharkhand which was heard on September 9,
remained pending consideration with the State and the mining
2015. An interim order was given by the Hon’ble High Court
operations were continued in terms of the prevailing law.
of Jharkhand on September 17, 2015, wherein the Court has
By a judgement of April 2014 in the case of Goa mines, the directed the Company to pay the amount of `371.83 crore in 3
Supreme Court took a view that second and subsequent renewal equal instalments, first instalment by October 15, 2015, second
of mining lease can be effected once the State considers the instalment by November 15, 2015 and third instalment by
application and decides to renew the mining lease by issuing December 15, 2015.
an express order. State of Jharkhand issued renewal order to
In view of the interim order of the Hon’ble High Court of
the Company on December 31, 2014. The State, however, took
Jharkhand `124.00 crore was paid on September 28, 2015,
a view on an interpretation of Goa judgment that the mining
`124.00 crore on November 12, 2015 and `123.83 crore on
carried out after expiry of the period of second renewal was
December 14, 2015 under protest.
‘illegal’ and hence, issued a demand notice of `3,568.31 crore
being the price of iron ore extracted. The said demand has been The case is pending at Hon’ble High court for disposal. The State
challenged by the Company before the Jharkhand High Court. issued similar terms and conditions to other mining lessees
in the State rendering the mining as illegal. Based on the
The mining operations were suspended from August 1, 2014.
Company’s assessment of the Goa mines judgement read with
Upon issuance of an express order, the Company paid `152.00
the Ordinance issued in the year 2015, the Company believes
crore under protest, so that mining can be resumed.
that it is remote that the demand of the State would sustain.
The Mines and Minerals Development and Regulation (MMDR)
Amendment Ordinance 2015 promulgated on January 12, 2015

NOTES
41. Acquisition of subsidiaries

A. On May 18, 2018, Bamnipal Steel Limited, a wholly-owned subsidiary of the Company, completed the acquisition of 72.65% stake in Tata Steel
BSL Limited (formerly Bhushan Steel Limited) pursuant to a Corporate Insolvency Resolution process implemented under the Insolvency and
Bankruptcy Code, 2016.
Fair value of identifiable assets acquired and liabilities assumed as on the date of acquisition is as below:
(` crore)
Fair value as on
acquisition date
Non-current assets
Property, plant and equipment 29,511.90
Capital work-in-progress 1,222.28
Other intangible assets 0.10
Investments 1.13
Financial assets 565.80
Non-current tax assets 29.29
Other assets 1,433.22
32,763.72
Current assets
Inventories 4,219.48
Trade receivables 1,288.33
Cash and cash equivalents 712.14
Other balances with banks 552.97
Other financial assets 63.90
Other assets 1,072.32
7,909.14
Total assets [A] 40,672.86
Borrowings 19,276.99
Other financial liabilities 40.01
Provisions 20.36
Retirement benefit obligations 34.01
Deferred income 2.61
19,373.98
Current liabilities
Borrowings 16,638.47
Trade payables 937.27
Other financial liabilities 1,155.16
Provisions 7.54
Other liabilities 641.56
19,380.00
Total liabilities [B] 38,753.98
Fair value of identifiable net assets [C=A-B] 1,918.88

393
CONSOLIDATED
NOTES
41. Acquisition of subsidiaries (Contd.)
(` crore)
Consideration paid 158.89

Non-controlling interests 523.65
Consideration paid including non-controlling interests [D] 682.54
Capital reserve [C-D] 1,236.34
(i) Pursuant to the resolution plan, Bamnipal Steel Limited, a wholly owned subsidiary of the Company paid `35,073.69 crore to the financial
lenders of Bhushan Steel Limited.
(ii) From the date of acquisition, Tata Steel BSL Limited contributed `18,375.86 crore to revenue from operations and a loss of `881.07 crore
to the consolidated profit before tax on a pre-consolidation adjustments basis.
Had these business combination been effected at April 1, 2018, the revenue of the Group from continuing operations would have been
higher by `2,515.75 crore and profit from continuing operations would have been lower by `673.98 crore on a pre-consolidation
adjustments basis.
(iii) Acquisition-related costs amounting to `41.11 crore have been excluded from the consideration transferred and have been recognised
as an expense in the consolidated statement of profit and loss within other expenses.
B.
On September 18, 2018, the Company acquired 51% stake in Creative Port Development Private Limited (“CPDPL”), a proposed
greenfield port project.
Fair value of identifiable assets acquired and liabilities assumed as on the date of acquisition is as below:
(` crore)
Fair value as on
acquisition date
Non-current assets
Property, plant and equipment 0.04
Capital work-in-progress 38.77
Other intangible assets 512.80
Financial assets 0.02
551.63
Current assets
Cash and cash equivalents 1.45
Other balances with banks 0.70
Other financial assets 0.04
Other assets 0.46
2.65
Total assets [A] 554.28
Borrowings 2.00
Retirement benefit obligations 0.11
Deferred tax liabilities 133.39
135.50
Current liabilities
Borrowings 0.75
Trade payables 3.30
Other financial liabilities 0.09
4.14
Total liabilities [B] 139.64
Fair value of identifiable net assets [C=A-B] 414.64

NOTES
41. Acquisition of subsidiaries (Contd.)

(` crore)
Consideration paid 49.88

Deferred consideration 42.00
Fair-value of previously held equity interest 17.01
Non-controlling interests 205.68
Consideration paid including fair-value of previously held 314.57
equity interest and non-controlling interest [D]
Capital reserve [C-D] 100.07
From the date of acquisition, Creative Port Development Private Limited has contributed Nil to revenue from operations and a loss of `0.30
crore to consolidated profit before tax on a pre-consolidation adjustments basis.
42. Disposal of subsidiaries

During the year ended March 31, 2019, the Group disposed off Corus Building Systems Bulgaria AD in Bulgaria and Kalzip Business Units.
The Group also disposed Black Ginger 461 (Proprietary) Ltd. within the overseas mining business in South Africa.
A profit of `10.20 crore being the difference between the fair value of consideration received and the carrying value of net assets disposed off in
respect of these businesses was recognised in the consolidated statement of profit and loss.
During the year ended March 31, 2018, the Group disposed off the trade and other assets of Speciality Steels Limited to Liberty Steels Limited.
The Group had also disposed off Saw Pipe Mills in Hartepool to Liberty House Group. A loss of `21.90 crore was recognised on such disposal.
(i) Details of net assets disposed off and profit/(loss) on disposal is as below:
(` crore)
March 31, 2019 March 31, 2018
Non-current assets
Goodwill 28.47 -
Property, plant and equipment 99.48 13.72
Capital work-in-progress 1.40 -
Other intangible assets 143.71 -
273.06 13.72
Current assets
Inventories 223.00 849.62
Trade receivables 113.66 218.77
Cash and bank balances 24.22 3.73
Other financial assets 16.89 -
Derivative assets 0.06 -
Current tax assets 8.65 -
Other non-financial assets 13.63 -
400.11 1,072.12
Non-controlling interests 71.86 -
Borrowings 89.64 9.43
Provisions 26.39 10.64
Other financial liabilities 0.84 0.02
Deferred income 10.80 -
Deferred tax liabilities 47.62 -
294.81 20.09
395
CONSOLIDATED
NOTES
42. Disposal of subsidiaries (Contd.)

(` crore)
March 31, 2019 March 31, 2018
Current liabilities
Borrowings 160.66 2.40
Derivative liabilities 15.19 -
Trade payables 136.46 382.12
Provisions 17.90 9.42
Current tax liabilities 42.12 -
Other non-financial liabilities 21.02 -
461.08 393.94
Carrying value of net assets disposed off (154.58) 671.81
Less: Adjustments in respect of:
Impairment in relation to assets - 192.19
Inter-company arrangements (191.94) -
(191.94) 192.19
Adjusted carrying value of net assets disposed 37.36 479.62

(` crore)
March 31, 2019 March 31, 2018
Sale consideration 87.24 475.99
Transaction costs - (18.27)
Foreign exchange recycled to profit/(loss) on disposal (39.68) -
Carrying value of net assets disposed off (37.36) (479.62)
Profit/(loss) on disposal 10.20 (21.90)
(ii) Details of net cash flow arising on disposal is as below:

(` crore)
March 31, 2019 March 31, 2018
Consideration received in cash and cash equivalents 87.24 475.99
Deferred consideration - (386.75)
Consideration received in the form of preference shares - (55.02)
Net cash flow arising on disposal 87.24 34.22

NOTES
43. Capital Management

The Group’s capital management is intended to create value for shareholders by facilitating the achievement of long-term and short-term
goals of the Group.
The Group determines the amount of capital required on the basis of annual business plan of entities within the Group coupled with long-term
and short-term strategic investment and expansion plans. The funding needs are met through equity, cash generated from operations,
long-term and short-term bank borrowings and issue of non-convertible debt securities.
The Group monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio of the Group.
Net debt includes interest bearing borrowings less cash and cash equivalents, other bank balances (including non-current and earmarked
balances) and current investments.
The table below summarises the capital, net debt and net debt to equity ratio of the Group.
(` crore)
As at As at
March 31, 2019 March 31, 2018
Equity share capital 1,144.94 1,144.95
Hybrid perpetual securities 2,275.00 2,275.00
Other equity 65,505.14 57,450.67
Equity attributable to shareholders of the Company 68,925.08 60,870.62
Total equity (A) 71,289.54 61,807.14
Non-current borrowings 80,342.73 72,789.10

Current borrowings 10,802.08 15,884.98
Current maturities of long-term borrowings and finance lease obligations 9,671.41 3,472.97
Gross debt (B) 1,00,816.22 92,147.05
Total capital (A+B) 1,72,105.76 1,53,954.19
Gross debt as above 1,00,816.22 92,147.05

Less: Current investments 2,524.86 14,908.97
Less: Cash and cash equivalents 2,975.53 7,783.50
Less: Other balances with banks (including non-current earmarked balances) 436.83 239.37
Net debt (C) 94,879.00 69,215.21
Net debt to equity ratio(i) 1.43 1.37

(i) Net debt to equity ratio as at March 31, 2019 and March 31, 2018 has been computed based on the average of opening and closing equity.
397
CONSOLIDATED
NOTES
44. Disclosures on financial instruments
T his section gives an overview of the significance of financial instruments for the Group and provides additional information on balance sheet
items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income
and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 2(r), page
320 to the consolidated financial statements.
(a) Financial assets and liabilities
The following tables present the carrying value and fair value of each category of financial assets and liabilities as at March 31, 2019 and
March 31, 2018.
As at March 31, 2019 (` crore)

Financial assets:
Investments 65.21 756.39 - - 2,993.62 3,815.22 3,815.22
Derivatives - - 184.44 283.41 - 467.85 467.85
Loans 853.04 - - - - 853.04 853.04
Other financial assets 1,747.63 - - - - 1,747.63 1,747.63
17,889.24 756.39 184.44 283.41 2,993.62 22,107.10 22,107.10
Trade payables 21,716.96 - - - - 21,716.96 21,716.96
Borrowings 1,00,816.22 - - - - 1,00,816.22 99,893.42
Derivatives - - 216.35 260.06 - 476.41 476.41
1,29,870.18 - 216.35 260.06 - 1,30,346.59 1,29,423.79

NOTES
As at March 31, 2018 (` crore)

cost through other instruments in instruments through profit carrying value
comprehensive hedging not in hedging and loss value
Financial assets:
Investments 0.22 876.65 - - 15,241.38 16,118.25 16,118.25
Derivatives - - 87.89 92.22 - 180.11 180.11
Loans 973.82 - - - - 973.82 973.82
Other financial assets 613.49 - - - - 613.49 613.49
22,025.92 876.65 87.89 92.22 15,241.38 38,324.06 38,324.06
Trade payables 20,413.81 - - - - 20,413.81 20,413.81
Borrowings 92,147.05 - - - - 92,147.05 91,516.09
Derivatives - - 350.37 203.46 - 553.83 553.83
1,18,985.50 - 350.37 203.46 - 1,19,539.33 1,18,908.37
(i) Investments in mutual funds and derivative instruments (other than those designated in a hedging relationship) are mandatorily classified
as fair value through profit and loss.
(b) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped
into Level 1 to Level 3, as described below.
uoted prices in an active market (Level 1): This Level of hierarchy includes financial assets and liabilities, that are measured by reference
Q
to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of investments in quoted equity
shares and mutual funds.
Valuation techniques with observable inputs (Level 2): This Level of hierarchy includes financial assets and liabilities, measured using

inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or
indirectly (i.e., derived from prices). This Level of hierarchy includes the Group’s over-the-counter (OTC) derivative contracts.
Valuation techniques with significant unobservable inputs (Level 3): This Level of hierarchy includes financial assets and liabilities
measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in
part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions
in the same instrument nor are they based on available market data. This Level includes investment in unquoted equity shares and
preference shares.

399
CONSOLIDATED
NOTES
(` crore)
Financial assets:
Investments in mutual funds 2,633.13 - - 2,633.13
Investments in equity shares 454.53 - 362.61 817.14
Investments in bonds and debentures - 49.74 - 49.74
Investments in preference shares - - 250.00 250.00
3,087.66 517.59 612.61 4,217.86
- 476.41 - 476.41
(` crore)
Financial assets:
Investments in mutual funds 14,979.89 - - 14,979.89
Investments in equity shares 608.16 - 388.94 997.10
Investments in bonds and debentures 91.30 49.74 - 141.04
15,679.35 229.85 388.94 16,298.14
- 553.83 - 553.83
Notes:
(i) Current financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.
(ii) Derivatives are fair valued using market observable rates and published prices together with forecasted cash flow information
where applicable.
(iii) Investments carried at fair value are generally based on market price quotations. Investments included in Level 3 of the fair value hierarchy
have been valued using the cost approach to arrive at their fair value. Cost of unquoted equity instruments has been considered as an
appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of
fair value within that range. Fair value of investment in preference shares is estimated by discounting the expected future cash flows using
a discount rate equivalent to the expected rate of return for a similar instrument and maturity as on the reporting date.
(iv) Fair value of borrowings which have a quoted market price in an active market is based on its market price which is categorised as Level 1.
Fair value of borrowings which do not have an active market or are unquoted is estimated by discounting the expected future cash flows
using a discount rate equivalent to the risk-free rate of return adjusted for credit spread considered by lenders for instruments of similar
maturities which is categorised as Level 2 in the fair value hierarchy.
(v) Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent limitations in
any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily
indicative of the amounts that the Group could have realised or paid in sale transactions as of respective dates. As such, fair value of
financial instruments subsequent to the reporting dates may be different from the amounts reported at each reporting date.
(vi) There have been no transfers between Level 1 and Level 2 for the years ended March 31, 2019 and March 31, 2018.

NOTES
(vii) Reconciliation of Level 3 fair value measurement is as below:
(` crore)
March 31, 2019 March 31, 2018
Additions during the year 267.92 -
Fair value changes during the year (0.02) (72.68)
Classified as held for sale (23.60) -
Reclasification within investments * (17.00) -
Exchange rate differences on consolidation (3.63) 9.02
* represents investment held in Subarnarekha Port Private Limited which became a subsidiary during the year.
(c) Derivative financial instruments

erivative instruments used by the Group include forward exchange contracts, interest rate swaps, currency swaps, options, commodity futures
D
interest rate caps and collars. These financial instruments are utilised to hedge future transactions and cash flows and are subject to hedge
accounting under Ind AS 109 “Financial Instruments” wherever possible. The Group does not hold or issue derivative financial instruments for
trading purposes. All transactions in derivative financial instruments are undertaken to manage risks arising from underlying business activities.
The following table sets out the fair value of derivatives held by the Group as at the end of the reporting period.
(` crore)
Assets Liabilities Assets Liabilities
(a) Foreign currency forwards, futures, swaps and options 360.07 476.34 133.23 532.38
(b) Commodity futures and options 90.56 - 32.42 18.92
(c) Interest rate swaps and collars 17.22 0.07 14.46 2.53
467.85 476.41 180.11 553.83
Classified as:
Non-current 108.74 59.82 29.16 85.04
Current 359.11 416.59 150.95 468.79

As at the end of the reporting period, total notional amount of outstanding foreign currency contracts, commodity futures, options, interest
rate swaps and collars that the Group has committed to is as below:
(US$ million)
As at As at
March 31, 2019 March 31, 2018
(i) Foreign currency forwards, futures, swaps and options 7,722.00 7,072.23
(ii) Commodity futures and options 115.40 150.07
(iii) Interest rate swaps and collars 150.00 1,764.39
7,987.40 8,986.69
401
CONSOLIDATED
NOTES
(d) Transfer of financial assets

T he Group transfers certain trade receivables under discounting arrangements with banks/financial institutions. Some of such arrangements
do not qualify for de-recognition due to recourse arrangements being in place. Consequently, the proceeds received from transfer are recorded
as short-term borrowings from banks/financial institutions.
The carrying value of trade receivables not de-recognised along with the associated liabilities is as below:
(` crore)
Carrying Carrying value of Carrying Carrying value of
value of associated liabilities value of associated liabilities
assets assets
transferred transferred
Trade receivables 6.60 6.60 583.18 583.18
(e) Financial risk management one currency or where assets/liabilities are denominated in a
In the course of its business, the Group is exposed primarily to currency other than the functional currency of the respective
fluctuations in foreign currency exchange rates, commodity consolidated entities.
prices, interest rates, equity prices, liquidity and credit risk, which Considering the countries and economic environment in which
may adversely impact the fair value of its financial instruments. the Group operates, its operations are subject to risks arising
Entities within the Group have a risk management policy from fluctuations in exchange rates in those countries. The risks
which not only covers the foreign exchange risks but also other primarily relate to fluctuations in US Dollar, Great British Pound,
risks associated with the financial assets and liabilities such as Euro, Singapore Dollar, and Thai Baht against the respective
interest rate risks and credit risks. The risk management policy is functional currencies of the Company and its subsidiaries.
approved by the Board of Directors of the respective companies. Entities as per their risk management policy, use foreign
The risk management framework aims to: exchange and other derivative instruments primarily to hedge
(i) create a stable business planning environment by reducing foreign exchange and interest rate exposure. Any weakening
the impact of currency, commodity prices and interest rate of the functional currency may impact the respective entities’
fluctuations on the entity’s business plan. cost of imports and cost of borrowings and consequently may
increase the cost of financing the Group’s capital expenditures.
(ii) achieve greater predictability to earnings by determining
the financial value of the expected earnings in advance. A 10% appreciation/depreciation of foreign currencies with
respect to the functional currency of the entities within the
(i) Market risk Group would result in a decrease/increase in the Group’s
Market risk is the risk of any loss in future earnings, in realisable net profit and equity before considering tax impacts by
fair values or in future cash flows that may result from a change approximately `1,278.28 crore for the year ended March 31,
in the price of a financial instrument. The value of a financial 2019 (2017-18 `680.05 crore) and increase/decrease in carrying
instrument may change as a result of changes in interest rates, value of property, plant and equipment (before considering
foreign currency exchange rates, commodity prices, equity price depreciation impact) by approximately `101.04 crore as at
fluctuations, liquidity and other market changes. Future specific March 31, 2019 (March 31, 2018: `148.81 crore).
market movements cannot be normally predicted with The foreign exchange rate sensitivity is calculated by assuming
reasonable accuracy. a simultaneous parallel foreign exchange rates shift of all the
currencies by 10% against the functional currency of the entities
(a) Market risk - Foreign currency exchange rate risk:
within the Group.
The fluctuation in foreign currency exchange rates may have
potential impact on the consolidated statement of profit and The sensitivity analysis has been based on the composition of the
loss and equity, where any transaction references more than Group’s financial assets and liabilities as at March 31, 2019 and

NOTES
44. Disclosures on financial instruments (Contd.) (ii) Commodity risk

The Group makes use of commodity futures contracts and
March 31, 2018 excluding trade payables, trade receivables, other
options to manage its purchase price risk for certain commodities.
derivative and non-derivative financial instruments not forming
Across the Group, forward purchases are also made of zinc, tin
part of debt and which do not present a material exposure.
and nickel to cover sales contracts with fixed metal prices.
The period end balances are not necessarily representative of
the average debt outstanding during the period. There was no significant market risk relating to the consolidated
statement of profit and loss since the majority of commodity
(b) Market risk - Interest rate risk: derivatives are treated as cash flow hedges with movements
Interest rate risk is measured by using the cash flow sensitivity being reflected in equity and the timing and recognition in
for changes in variable interest rates. Any movement in the the consolidated statement of profit and loss would depend
reference rates could have an impact on the Group’s cash flows on the point at which the underlying hedged transactions
as well as costs. are recognised.
The Group is subject to variable interest rates on some of its (iii) Credit risk
interest bearing liabilities. The Group’s interest rate exposure is
Credit risk is the risk of financial loss arising from counter-party
mainly related to debt obligations.
failure to repay or service debt according to the contractual
Based on the composition of debt as at March 31, 2019 and terms or obligations. Credit risk encompasses both the direct
March 31, 2018 a 100 basis points increase in interest rates risk of default and the risk of deterioration of credit worthiness
would increase the Group’s finance costs (before considering as well as concentration risks.
interest eligible for capitalisation) and thereby consequently
Entities within the Group have a policy of dealing only with
reduce net profit and equity before considering tax impacts by
credit worthy counter parties and obtaining sufficient collateral,
approximately `555.11 crore for the year ended March 31, 2019
where appropriate as a means of mitigating the risk of financial
(2017-18: `442.84 crore).
loss from defaults.
The risk estimates provided assume a parallel shift of 100 basis

Financial instruments that are subject to credit risk and
points interest rate across all yield curves. This calculation also
concentration thereof principally consist of trade receivables,
assumes that the change occurs at the balance sheet date and has
loans receivables, investments in debt securities and mutual
been calculated based on risk exposures outstanding as at that
funds, balances with banks, bank deposits, derivatives and
date. The period end balances are not necessarily representative
financial guarantees provided by the Group. None of the financial
of the average debt outstanding during the period.
instruments of the Group result in material concentration
(c) Market risk - Equity price risk: of credit risk.
Equity price risk is related to the change in market reference The carrying value of financial assets represents the maximum
price of investments in equity securities held by the Group. credit risk. The maximum exposure to credit risk was
`12,960.20 crore and `29,525.00 crore as at March 31, 2019
The fair value of quoted investments held by the Group exposes
and March 31, 2018 respectively, being the total carrying
the Group to equity price risks. In general, these investments are
value of trade receivables, balances with bank, bank deposits,
not held for trading purposes.
investments in debt securities and mutual funds, loans,
The fair value of quoted investments in equity classified as fair derivative assets and other financial assets net of insurance
value through other comprehensive income/profit and loss as cover, where applicable.
at March 31, 2019 and March 31, 2018 was `454.53 crore and

The risk relating to trade receivables is presented in
`608.16 crore respectively.
note 15, page 348.
A 10% change in equity prices of such securities held as at
The Group’s exposure to customers is diversified and there is
March 31, 2019 and March 31, 2018 would result in an impact
no concentration of credit risk with respect to any particular
of `45.45 crore and `60.82 crore respectively on equity before
customer as at March 31, 2019 and March 31, 2018.
considering tax impact.
403
CONSOLIDATED
NOTES
44. Disclosures on financial instruments (Contd.) The Group has obtained fund and non-fund based working
capital lines from various banks. Furthermore, the entities
In respect of financial guarantees provided by the Group to within the Group have access to undrawn lines of committed
banks/financial institutions, the maximum exposure which the and uncommitted borrowing/facilities, funds from debt
Group is exposed to is the maximum amount which the Group markets through commercial paper programs, non-convertible
would have to pay if the guarantee is called upon. Based on debentures and other debt instruments. The Group invests its
the expectation at the end of the reporting period, the Group surplus funds in bank fixed deposits and mutual funds, which
considers that it is more likely than not that such an amount will carry no or low mark to market risk.
not be payable under the guarantees provided.
(iv) Liquidity risk

Liquidity risk refers to the risk that the Group cannot meet its
financial obligations. The objective of liquidity risk management
is to maintain sufficient liquidity and ensure that funds are
available for use as per requirements.
The following table shows a maturity analysis of the anticipated cash flows including future interest obligations for the Group’s derivative
and non-derivative financial liabilities on an undiscounted basis, which therefore differ from both carrying value and fair value. Floating rate
interest is estimated using the prevailing interest rate at the end of the reporting period. Cash flows in foreign currencies are translated using
the period end spot rates.
(` crore)
Borrowings including interest obligations 1,01,674.75 1,34,845.14 21,955.48 52,896.95 59,992.71
Trade payables 21,716.96 21,716.96 21,716.96 - -
1,29,870.18 1,63,040.57 49,889.90 52,918.57 60,232.10
(` crore)
Borrowings including interest obligations 92,982.57 1,16,791.20 21,366.81 54,309.71 41,114.68
Trade payables 20,413.81 20,413.81 20,413.81 - -
1,18,985.50 1,42,794.13 47,282.08 54,337.31 41,174.74

NOTES
45. Segment reporting

The Group is primarily engaged in the business of manufacture and distribution of steel products across the globe. Operating segments
have been identified based on how the Chief Operating Decision Maker (CODM) reviews and assesses the Group’s performance, which is
on the basis of the different geographical areas wherein major entities within the Group operate.
The Group’s reportable segments and segment information is presented below:

(` crore)
Tata Steel Bamnipal Steel Other Tata Steel Other trade Rest of the Inter-segment Total
India (including Tata Indian Europe related world eliminations
Steel BSL) operations operations
Segment revenue
External revenue 61,222.97 18,132.19 10,386.91 64,474.73 2,668.22 783.97 - 1,57,668.99
53,434.33 - 7,915.39 59,755.60 2,252.38 751.99 - 1,24,109.69
Intersegment revenue 9,387.95 243.67 1,879.94 302.34 31,028.29 - (42,842.19) -
7,085.04 - 1,507.06 229.85 25,787.49 - (34,609.44) -
Total revenue 70,610.92 18,375.86 12,266.85 64,777.07 33,696.51 783.97 (42,842.19) 1,57,668.99
60,519.37 - 9,422.45 59,985.45 28,039.87 751.99 (34,609.44) 1,24,109.69
Segment results before exceptional items, 20,743.98 3,027.95 1,132.22 5,413.63 489.63 182.13 (1,219.22) 29,770.32
interest, tax and depreciation: 15,799.94 - 953.90 3,712.84 2,067.52 (3.69) (1,161.48) 21,369.03
Reconciliation to profit/(loss) for the year:
Add: Finance income 1,033.60
945.26
Less: Finance costs 7,660.10
5,454.74
Less: Depreciation and amortisation expense 7,341.83
5,741.70
Add: Share of profit/(loss) of joint 224.70
ventures and associates 239.12
Profit before exceptional items and tax 16,026.69
11,356.97
Add: Exceptional items (refer note 35, page 375) (120.97)
9,599.12
Profit before tax 15,905.72
20,956.09
Less: Tax expense 6,718.43
3,392.33
Profit after tax from continuing operations 9,187.29
17,563.76
Profit after tax from (88.96)
discontinued operations 199.05
Net profit/(loss) for the year 9,098.33
17,762.81
Segment assets 1,34,385.00 39,854.24 8,977.20 68,251.43 68,831.55 7,739.47 (98,598.76) 2,29,440.13
1,17,765.08 0.01 7,258.98 69,078.02 58,737.78 7,479.19 (55,078.79) 2,05,240.27
Assets held for sale 4,142.26
4,517.67
Total assets 2,33,582.39
2,09,757.94
405
CONSOLIDATED
NOTES
45. Segment reporting (Contd.)

(` crore)
Tata Steel Bamnipal Steel Other Tata Steel Other trade Rest of the Inter-segment Total
India (including Tata Indian Europe related world eliminations
Steel BSL) operations operations
Segment assets include:
Equity accounted investments 1,573.83 - 14.11 323.73 11.28 - - 1,922.95
1,385.66 - 11.43 373.53 10.60 - - 1,781.22
Segment liabilities 67,809.45 21,428.15 4,532.60 92,326.76 46,465.89 4,747.92 (76,444.04) 1,60,866.73
64,365.30 - 4,463.50 91,793.30 39,380.73 2,866.28 (56,900.03) 1,45,969.08
Liabilities held for sale 1,426.12
1,981.72
Total liabilities 1,62,292.85
1,47,950.80
Addition to non-current assets 3,344.32 1,392.34 535.66 4,353.71 0.98 620.55 - 10,247.56
2,424.34 - 321.06 4,405.39 0.20 672.84 - 7,823.83
Figures in italics represents comparative figures of previous year.
(i) Details of revenue by nature of business is as below:

(` crore)
March 31, 2019 March 31, 2018
Steel 1,45,078.78 1,13,970.02
Others 12,590.21 10,139.67
1,57,668.99 1,24,109.69
Revenue from other businesses primarily relate to ferro alloys, power and water and other services.
(ii) Details of revenue based on geographical location of customers is as below:

(` crore)
March 31, 2019 March 31, 2018
India 82,528.14 57,043.86
Outside India 75,140.85 67,065.83
1,57,668.99 1,24,109.69
Revenue outside India includes: Asia excluding India `8,959.48 crore (2017-18: `6,522.19 crore), UK `14,810.44 crore (2017-18: `13,750.28
crore) and other European countries `41,142.74 crore (2017-18: `38,965.17 crore).
(iii) Details of non-current assets (property, plant and equipment, capital work-in-progress, intangibles and goodwill on
consolidation) based on geographical area is as below:
(` crore)
As at As at
March 31, 2019 March 31, 2018
India 1,10,980.41 80,930.93
Outside India 32,102.71 31,788.37
1,43,083.12 1,12,719.30
Non-current assets outside India include: Asia excluding India `2.55 crore (March 31, 2018: `1,477.15 crore), UK `7,981.67 crore (March 31,
2018: `6,662.42 crore) and other European countries `17,191.20 crore (March 31, 2018: `17,292.55 crore).

NOTES
45. Segment reporting (Contd.)
Notes:
(i) Segment performance is reviewed by the CODM on the basis of profit or loss from continuing operations before finance income/cost,
depreciation and amortisation expenses, share of profit/(loss) of joint ventures and associates and tax expenses. Segment results reviewed
by the CODM also exclude income or expenses which are non-recurring in nature and are classified as an exceptional item. Information about
segment assets and liabilities provided to the CODM, however, include the related assets and liabilities arising on account of items
excluded in measurement of segment results. Such amounts, therefore, form part of the reported segment assets and liabilities.
(ii) The Group executed definitive agreements to divest its entire equity stake in NatSteel Holdings Pte. Ltd. and Tata Steel (Thailand) Public
Company Ltd. The assets and liabilities of these companies have been classified as held for sale as on March 31, 2019 and have been
presented separately in the Consolidated Balance Sheet. The results for the current period of these companies have been disclosed within
discontinued operations and results for the previous periods have been restated accordingly. Consequent to the re-classification, ‘South
East Asian Operations’ is no longer presented as a separate segment.
(iii) No single customer represents 10% or more of the Group’s total revenue during the year ended March 31, 2019 and March 31, 2018.
(iv) The accounting policies of the reportable segments are the same as of the Group’s accounting policies.
46.
Related party transactions
The Group’s related parties primarily consists of its associates, joint ventures and Tata Sons Private Limited including its subsidiaries and
joint ventures. The Group routinely enters into transactions with these related parties in the ordinary course of business at market rates
and terms. Transactions and balances between the Company, its subsidiaries and fellow subsidiaries are eliminated on consolidation.
The following table summarises the related-party transactions and balances included in the consolidated financial statements for the year
ended/as at March 31, 2019 and March 31, 2018.
(` crore)
Associates Joint Tata Sons Private Total
subsidiaries and
joint ventures
Purchase of goods 488.88 186.86 710.83 1,386.57
300.07 129.18 455.67 884.92
Sale of goods 1,210.03 3,198.08 505.05 4,913.16

1,124.54 2,551.86 482.94 4,159.34
Services received 146.39 1,604.64 819.19 2,570.22

402.78 1,801.67 451.73 2,656.18
Services rendered 6.89 152.61 1.18 160.68

11.21 104.01 1.31 116.53
Interest income recognised 7.81 4.13 - 11.94

- 4.62 - 4.62
Interest expenses recognised - - 19.27 19.27

- - 19.23 19.23
Dividend paid - - 361.45 361.45

- - 295.61 295.61
Dividend received 46.89 68.02 10.88 125.79
407
CONSOLIDATED
NOTES
46. Related party transactions (Contd.)

(` crore)
Associates Joint Tata Sons Private Total
subsidiaries and
joint ventures
18.48 50.69 10.46 79.63
Provision/(reversal) recognised for receivables (0.01) (1.03) 0.02 (1.02)

during the year
- 5.35 - 5.35
Management contracts 16.61 3.12 285.72 305.45

3.08 3.57 186.54 193.19
Sale of investments - - 1.97 1.97

- - 3,782.76 3,782.76
Finance provided during the year (net of repayments) 250.00 134.91 - 384.91
- 46.82 - 46.82
Outstanding loans and receivables 26.68 1,263.64 43.96 1,334.28

124.61 1,267.11 20.54 1,412.26
Provision for outstanding loans and receivables 10.71 1,023.31 0.02 1,034.04
3.39 977.80 - 981.19
Outstanding payables 38.63 241.47 278.54 558.64

51.16 263.32 289.25 603.73
Guarantees provided outstanding - 186.78 - 186.78

- 204.51 - 204.51
Subscription to rights issue - - - -

- - 3,420.56 3,420.56
Figures in italics represent comparative figures of previous year.
(i) The details of remuneration paid to the key managerial personnel is provided in note 31, page 373.
During the year ended March 31, 2019, value of shares subscribed by key managerial personnel and their relatives under rights issue is Nil
(2017-18: `287,476.00)
The Group paid dividend of `32,345.87 (2017-18: `27,420.00) to key managerial personnel and `3,895.10 (2017-18: `3,310.00) to relatives
of key managerial personnel during the year ended March 31, 2019.
(ii) During the year ended March 31, 2019, the Group has contributed `337.70 crore (2017-18: `493.14 crore) to post-employment benefit plans.
As at March 31, 2019, amount receivable from post-employment benefit funds is `769.20 crore (March 31, 2018: `302.14 crore) on account
of retirement benefit obligations paid by the entities within the Group directly.
(iii) Details of investments made by the Company in preference shares of its joint ventures and associates is disclosed in note 8, page 337.
(iv) Commitment with respect to joint ventures and associates is disclosed in note 39B, page 391.
(v) Transaction with joint ventures have been disclosed at full value and not at their proportionate share.

NOTES
47. The Board of Directors of the Company have considered and approved a merger of Bamnipal Steel Limited and Tata Steel BSL Limited
(formerly Bhushan Steel Limited) into the Company by way of a composite scheme of amalgamation and have recommended a merger
ratio of 1 equity share of 10/-each fully paid up of the Company for every 15 equity shares of 2/- each fully paid up held by the public
shareholders of Tata Steel BSL Limited. The merger is subject to shareholders and other regulatory approvals.
48. On April 9, 2019, Tata Sponge Iron Limited, a subsidiary of the Company completed the acquisition of the steel business of Usha Martin
Limited (UML) followed by signing of definitive agreement in September 2018. The acquisition involves UML’s 1.0 MnTPA speciality steel
plant in Jamshedpur that makes alloy based long products, a functional iron ore mine, a coal mine under development and captive power
plants. The acquisition involves cash consideration after adjustment for negative working capital and debt like items payable to UML
of `4,094.07 crore, which is subject to further hold backs of `640.00 crore, pending transfer of some of the assets including mines and
certain land parcels.
49. The Company and its Indian subsidiaries is in the process of evaluating the impact of the recent Supreme Court Judgement in case of
"Vivekananda Vidyamandir and Others Vs The Regional Provident Fund Commissioner (II) West Bengal" and the related circular (Circular
No. CI/ 1(33)2019/Vivekananda Vidya Mandir/284) dated March 20, 2019 issued by the Employees’ Provident Fund Organisation in relation
to non-exclusion of certain allowances from the definition of "basic wages" of the relevant employees for the purposes of determining
contribution to provident fund under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952. In the assessment of the
management which is supported by legal opinion, the aforesaid matter is not likely to have a significant impact and accordingly no
provision has been considered in the consolidated financial statements.
50. On June 30, 2018, the Company and Thyssenkrupp AG signed definitive agreements to combine their European steel businesses in 50:50
joint venture in a new company. This follows the signing of a Memorandum of Understanding in September 2017. The proposed new
company, to be named thyssenkrupp Tata Steel BV, will be positioned as a leading pan European high quality flat steel producer with
a strong focus on performance, quality and technology leadership. The transaction is subject to merger control clearance in several
jurisdictions, including the European Union. The business proposed to be contributed to the joint venture has not been classified as held
for sale as at March 31, 2019.
51. Dividend
The dividend declared by the Company is based on profits available for distribution as reported in the standalone financial statements of
the Company. On April 25, 2019, the Board of Directors of the Company have proposed a dividend of `13.00 per Ordinary Share of `10
each and `3.25 per partly paid Ordinary Share of `10 each (paid up `2.504 per share) in respect of the year ended March 31, 2019 subject
to the approval of shareholders at the Annual General Meeting. If approved, the dividend would result in a cash outflow of `1,794.33 crore
inclusive of dividend distribution tax of `306.21 crore.
52. Previous year figures have been recasted/restated wherever necessary.
409
410
53. Statement of net assets and profit or loss attributable to owners and non-controlling interests
Reporting Net assets, i.e. total assets Share in profit or (loss) Share in other Share in total
NOTES
Name of the entity currency minus total liabilities comprehensive income comprehensive income
As % of Amount As % of Amount As % of consolidated Amount As % of total Amount

consolidated (` crore) consolidated (` crore) other comprehensive (` crore) comprehensive (` crore)
net assets profit or loss income income
A. Parent
Tata Steel Limited INR 105.52 72,729.71 103.08 10,533.19 (34.74) (50.22) 101.16 10,482.97
B. Subsidiaries
a) Indian
1 Kalzip India Private Limited INR - - 0.00 0.28 (4.19) (6.05) (0.06) (5.77)
2 Tata Steel International (India) Limited INR 0.07 45.79 0.03 2.93 - - 0.03 2.93
3 Jamshedpur Utilities & Services Company Limited INR 0.20 137.34 0.44 44.95 0.46 0.66 0.44 45.61
4 Haldia Water Management Limited INR (0.11) (76.69) 0.95 97.20 - - 0.94 97.20
5 Kalimati Global Shared Services Limited INR 0.01 4.01 0.00 0.26 - - 0.00 0.26
6 Tata Sponge Iron Limited INR 1.57 1,083.47 1.22 124.33 6.81 9.85 1.29 134.18
7 TSIL Energy Limited INR 0.00 1.22 0.00 0.06 - - 0.00 0.06
8 Creative Port Development Private Limited INR (0.00) (0.81) (0.00) (0.06) - - (0.00) (0.06)

9 Subarnarekha Port Private Limited INR 0.06 40.77 (0.00) (0.11) - - (0.00) (0.11)
10 Tata Steel BSL Limited INR 26.60 18,334.27 (8.61) (879.83) 5.68 8.21 (8.41) (871.62)
11 Bhushan Steel (Orissa) Limited INR 0.00 0.03 (0.00) (0.01) - - (0.00) (0.01)
12 Bhushan Steel (South) Limited INR (0.00) (1.01) (0.01) (0.76) - - (0.01) (0.76)
13 Bhushan Steel Madhya Bharat Limited INR 0.00 0.03 (0.00) (0.01) - - (0.00) (0.01)
14 Adityapur Toll Bridge Company Limited INR 0.07 49.86 0.10 10.12 - - 0.10 10.12
15 Tata Steel Special Economic Zone Limited INR 0.65 448.21 (0.06) (5.68) 0.01 0.01 (0.05) (5.67)
16 The Indian Steel & Wire Products Ltd INR 0.12 86.08 0.13 13.09 (0.37) (0.53) 0.12 12.56
17 Mohar Export Services Pvt Ltd INR (0.00) (0.04) - - - - - -
18 Rujuvalika Investments Limited INR 0.14 98.58 0.03 2.75 (4.71) (6.81) (0.04) (4.06)
19 T S Alloys Limited INR 0.17 116.31 (0.04) (3.87) (0.03) (0.04) (0.04) (3.91)
20 Tata Korf Engineering Services Ltd INR (0.01) (9.87) (0.00) (0.03) - - (0.00) (0.03)
21 Tata Metaliks Ltd. INR 1.11 767.08 1.78 181.89 0.02 0.03 1.76 181.92
22 Tata Steel Odisha Limited INR (0.00) (0.02) (0.00) (0.01) - - (0.00) (0.01)
23 Tata Steel Processing and Distribution Limited INR 0.99 681.43 0.74 76.10 1.58 2.29 0.76 78.39
24 Tayo Rolls Limited INR (0.68) (468.21) (0.19) (19.89) - - (0.19) (19.89)
25 The Tata Pigments Limited INR 0.08 54.01 0.05 4.88 (0.08) (0.12) 0.05 4.76
26 The Tinplate Company of India Ltd INR 1.03 711.11 0.57 58.00 1.13 1.63 0.58 59.63
27 Tata Steel Foundation INR 0.00 1.71 (0.07) (6.94) - - (0.07) (6.94)
28 Jamshedpur Football and Sporting Private Limited INR 0.02 12.92 (0.11) (10.93) - - (0.11) (10.93)
29 Sakchi Steel Limited INR (0.00) (0.00) (0.00) (0.01) - - (0.00) (0.01)
30 Jugsalai Steel Limited INR (0.00) (0.00) (0.00) (0.01) - - (0.00) (0.01)
31 Noamundi Steel Limited INR (0.00) (0.00) (0.00) (0.01) - - (0.00) (0.01)
32 Straight Mile Steel Limited INR (0.00) (0.00) (0.00) (0.01) - - (0.00) (0.01)
33 Bistupur Steel Limited INR (0.00) (0.00) (0.00) (0.01) - - (0.00) (0.01)
34 Jamadoba Steel Limited INR (0.00) (0.00) (0.00) (0.01) - - (0.00) (0.01)
35 Dimna Steel Limited INR (0.00) (0.00) (0.00) (0.01) - - (0.00) (0.01)
36 Bhubaneshwar Power Private Limited INR 0.40 278.59 0.58 59.67 0.02 0.03 0.58 59.70
37 Bamnipal Steel Limited INR 0.35 243.24 (0.15) (15.66) - - (0.15) (15.66)
CONSOLIDATED
53. Statement of net assets and profit or loss attributable to owners and non-controlling interests (Contd.)
NOTES
b) Foreign
1 Apollo Metals Limited USD 0.24 163.79 0.35 36.11 (3.80) (5.50) 0.30 30.61
2 Automotive Laser Technologies Limited GBP 0.00 0.00 - - - - - -
3 Beheermaatschappij Industriele Produkten B.V. EUR (0.08) (54.75) (0.01) (0.58) - - (0.01) (0.58)
4 Bell & Harwood Limited GBP - - - - - - - -
5 Blastmega Limited GBP 1.22 841.97 - - - - - -
6 Blume Stahlservice GmbH EUR - - - - - - - -
7 Bore Samson Group Limited GBP 0.20 135.86 - - 131.51 190.10 1.83 190.10
8 Bore Steel Limited GBP 0.21 144.84 - - 100.20 144.84 1.40 144.84
9 British Guide Rails Limited GBP 0.06 43.98 - - 1.88 2.72 0.03 2.72
10 British Steel Corporation Limited GBP 0.40 276.14 - - - - - -
11 British Steel Directors (Nominees) Limited GBP 0.00 0.00 - - - - - -

12 British Steel Engineering Steels (Exports) Limited GBP - - - - - - - -
13 British Steel Nederland International B.V. EUR 0.55 378.78 0.29 29.34 - - 0.28 29.34
14 British Steel Service Centres Limited GBP 0.72 496.51 - - - - - -
15 British Steel Trading Limited GBP - - - - - - - -

16 British Tubes Stockholding Limited GBP 0.00 0.00 - - (3.33) (4.81) (0.05) (4.81)
17 C V Benine EUR 0.02 16.81 - - - - - -
18 C Walker & Sons Limited GBP 0.21 147.08 - - - - - -
19 Catnic GmbH EUR 0.07 51.33 0.01 1.21 - - 0.01 1.21
20 Catnic Limited GBP (0.00) (0.55) - - - - - -
21 Cbs Investissements SAS EUR 0.00 2.08 0.00 0.06 - - 0.00 0.06
22 Cogent Power Inc. CAD 0.21 145.39 (0.07) (7.06) - - (0.07) (7.06)
23 Cogent Power Inc. USD (0.00) (0.88) (0.01) (0.88) - - (0.01) (0.88)
24 Cogent Power Limited GBP 0.16 110.73 (0.09) (9.06) - - (0.09) (9.06)
25 Color Steels Limited GBP 0.06 41.04 - - - - - -
26 Corbeil Les Rives SCI EUR 0.01 9.54 - - - - - -
27 Corby (Northants) & District Water Company Limited GBP 0.01 5.53 (0.00) (0.02) - - (0.00) (0.02)
28 Cordor (C& B) Limited GBP 0.00 2.94 - - 2.03 2.94 0.03 2.94
29 Corus Aluminium Verwaltungsgesellschaft Mbh EUR - - - - - - - -

30 Corus Building Systems Bulgaria AD LEV - - - - 23.25 33.61 0.32 33.61
31 Corus CNBV Investments GBP 0.00 0.00 - - - - - -
32 Corus Cold drawn Tubes Limited GBP (0.02) (15.60) - - - - - -
33 Corus Engineering Steels (UK) Limited GBP 0.60 414.67 - - - - - -
34 Corus Engineering Steels Holdings Limited GBP 5.85 4,035.08 - - - - - -
35 Corus Engineering Steels Limited GBP 6.25 4,304.92 - - - - - -
36 Corus Engineering Steels Overseas Holdings Limited GBP 0.01 9.00 - - - - - -
37 Corus Engineering Steels Pension Scheme Trustee Limited GBP 0.00 0.00 - - - - - -
38 Corus Group Limited GBP (9.01) (6,212.01) (6.95) (709.67) - - (6.85) (709.67)
39 Corus Holdings Limited GBP 0.01 5.23 - - - - - -
40 Corus International (Overseas Holdings) Limited GBP 6.38 4,395.08 0.73 75.04 - - 0.72 75.04
41 Corus International Limited GBP 3.98 2,745.68 - - - - - -
42 Corus International Romania SRL. RON 0.00 0.56 0.00 0.14 - - 0.00 0.14
43 Corus Investments Limited GBP 0.30 205.31 - - - - - -
411
412
NOTES

44 Corus Ireland Limited EUR 0.01 7.42 0.01 0.87 - - 0.01 0.87
45 Corus Large Diameter Pipes Limited GBP 0.96 658.49 - - - - - -
46 Corus Liaison Services (India) Limited GBP (0.03) (21.64) - - - - - -
47 Corus Management Limited GBP 0.23 155.26 - - - - - -
48 Corus Primary Aluminium B.V. EUR (0.18) (121.81) (0.03) (2.74) - - (0.03) (2.74)
49 Corus Property GBP 0.00 0.00 - - - - - -
50 Corus Service Centre Limited GBP 0.21 144.48 - - 21.79 31.50 0.30 31.50
51 Corus Steel Service STP LLC RUB (0.00) (0.51) (0.00) (0.33) - - (0.00) (0.33)
52 Corus Tubes Poland Spolka Z.O.O EUR 0.00 0.34 - - - - - -
53 Corus UK Healthcare Trustee Limited GBP 0.00 0.00 - - - - - -
54 Corus Ukraine Limited Liability Company UAH 0.00 0.02 - - - - - -
55 CPN (85) Limited GBP 0.00 0.00 - - - - - -

56 Crucible Insurance Company Limited GBP 0.40 272.51 0.36 36.52 - - 0.35 36.52
57 Degels GmbH EUR 0.11 77.15 0.35 36.23 (1.28) (1.85) 0.33 34.38
58 Demka B.V. EUR 0.10 68.09 (0.00) (0.01) - - (0.00) (0.01)

59 Dsrm Group Plc. GBP 0.26 179.63 - - - - - -
60 Esmil B.V. EUR 0.03 21.00 0.00 0.06 - - 0.00 0.06
61 Europressings Limited GBP 0.00 0.00 - - - - - -
62 Firsteel Group Limited GBP (0.12) (79.63) - - - - - -
63 Firsteel Holdings Limited GBP 0.10 70.06 - - - - - -
64 Fischer Profil GmbH EUR 0.00 0.13 0.15 15.29 (8.61) (12.44) 0.03 2.85
65 Gamble Simms Metals Limited EUR (0.00) (1.10) - - - - - -
66 Grant Lyon Eagre Limited GBP 0.00 3.39 - - - - - -
67 H E Samson Limited GBP 0.07 47.28 - - 23.55 34.04 0.33 34.04
68 Hadfields Holdings Limited GBP (0.02) (11.32) - - - - - -
69 Halmstad Steel Service Centre AB SEK 0.10 68.34 (0.05) (4.96) - - (0.05) (4.96)
70 Hammermega Limited GBP 0.03 20.37 - - - - - -
71 Harrowmills Properties Limited GBP 0.00 0.01 - - 119.27 172.40 1.66 172.40
72 Hille & Muller GmbH EUR 0.20 140.06 0.11 10.95 (6.07) (8.78) 0.02 2.17
73 Hille & Muller Usa Inc. USD 0.13 91.59 0.01 0.76 - - 0.01 0.76
74 Hoogovens Usa Inc. USD 0.67 463.71 0.02 1.69 - - 0.02 1.69
75 Huizenbezit “Breesaap” B.V. EUR (0.01) (8.24) 0.00 0.07 - - 0.00 0.07
76 Inter Metal Distribution SAS EUR 0.07 47.73 0.10 10.28 - - 0.10 10.28
77 Kalzip Asia Pte Limited SGD - - 0.15 15.80 130.02 187.94 1.97 203.74
78 Kalzip FZE UAE - - 0.01 0.87 (0.60) (0.87) - -
79 Kalzip GmbH EUR - - (0.00) (0.01) 0.19 0.27 0.00 0.26
80 Kalzip GmbH EUR - - 0.04 4.08 15.80 22.84 0.26 26.92
81 Kalzip Italy SRL EUR - - 0.00 0.03 (0.02) (0.03) - -
82 Kalzip Limited GBP - - 0.00 0.09 12.33 17.83 0.17 17.92
83 Kalzip Spain S.L.U. EUR - - 0.00 0.04 4.54 6.56 0.06 6.60
84 Layde Steel S.L. EUR 0.13 87.35 (0.05) (5.07) - - (0.05) (5.07)
85 Lister Tubes Limited EUR 0.02 12.56 - - - - - -
86 London Works Steel Company Limited GBP (0.14) (93.29) - - - - - -
87 Midland Steel Supplies Limited GBP 0.00 0.00 - - - - - -
CONSOLIDATED
Name of the entity currency minus total liabilities comprehensive income comprehensive income NOTES
88 Montana Bausysteme AG CHF 0.15 100.91 0.22 22.73 0.23 0.33 0.22 23.06
89 Naantali Steel Service Centre OY EUR 0.03 20.01 (0.07) (6.71) - - (0.06) (6.71)
90 Nationwide Steelstock Limited GBP - - - - - - - -
91 Norsk Stal Tynnplater AB NOK 0.02 16.21 0.01 1.04 - - 0.01 1.04
92 Norsk Stal Tynnplater AS NOK 0.07 46.83 (0.17) (17.15) - - (0.17) (17.15)
93 Orb Electrical Steels Limited GBP 0.00 0.00 - - - - - -
94 Ore Carriers Limited GBP 0.04 25.79 - - - - - -
95 Oremco Inc. USD (0.02) (13.99) (0.01) (0.52) - - (0.01) (0.52)
96 Plated Strip (International) Limited GBP 0.02 16.09 - - - - - -
97 Precoat International Limited GBP 0.10 70.17 - - - - - -
98 Precoat Limited GBP (0.03) (19.21) - - - - - -
99 Rafferty-Brown Steel Co Inc Of Conn. USD 0.04 29.10 (0.01) (0.73) - - (0.01) (0.73)
100 Round Oak Steelworks Limited GBP (0.63) (433.73) - - - - - -
101 Runblast Limited GBP 0.68 471.06 - - - - - -
102 Runmega Limited GBP 0.01 3.94 - - - - - -
103 S A B Profiel B.V. EUR 0.37 254.77 0.12 12.32 - - 0.12 12.32
104 S A B Profil GmbH EUR 0.19 132.01 (0.02) (2.24) - - (0.02) (2.24)
105 Seamless Tubes Limited GBP 0.24 168.09 - - - - - -
106 Service Center Gelsenkirchen Gmbh EUR 0.26 176.65 0.19 19.79 (163.48) (236.31) (2.09) (216.52)
107 Service Centre Maastricht B.V. EUR 0.08 52.02 (0.07) (7.45) - - (0.07) (7.45)
108 Societe Europeenne De Galvanisation (Segal) Sa EUR 0.32 222.58 0.11 11.59 - - 0.11 11.59
109 Staalverwerking En Handel B.V. EUR 1.00 687.20 (0.04) (3.68) - - (0.04) (3.68)
110 Steel Stockholdings Limited GBP 0.06 41.47 - - 25.16 36.37 0.35 36.37
111 Steelstock Limited GBP 0.00 0.18 - - - - - -
112 Stewarts & Lloyds Of Ireland Limited EUR - - - - - - - -
113 Stewarts And Lloyds (Overseas) Limited GBP 0.27 185.27 - - - - - -
114 Surahammar Bruks AB SEK 0.08 52.05 (0.52) (52.90) (1.47) (2.12) (0.53) (55.02)
115 Swinden Housing Association Limited GBP 0.02 11.31 - - - - - -
116 Tata Steel Belgium Packaging Steels N.V. EUR 0.22 150.23 0.07 6.66 - - 0.06 6.66
117 Tata Steel Belgium Services N.V. EUR 0.30 204.17 0.03 2.79 (0.45) (0.65) 0.02 2.14
118 Tata Steel Denmark Byggsystemer A/S DKK 0.03 21.81 0.01 0.65 - - 0.01 0.65
119 Tata Steel Europe Limited GBP (21.41) (14,758.56) 25.88 2,644.42 (0.19) (0.27) 25.52 2,644.15
120 Tata Steel Europe Distribution BV EUR (0.03) (19.41) 0.08 8.13 - - 0.08 8.13
121 Tata Steel Europe Metals Trading BV EUR 0.42 288.21 0.00 0.43 - - 0.00 0.43
122 Tata Steel France Batiment et Systemes SAS EUR (0.10) (69.14) (0.51) (52.13) - - (0.50) (52.13)
123 Tata Steel France Holdings SAS EUR 1.26 870.83 (0.29) (29.81) - - (0.29) (29.81)
124 Tata Steel Germany GmbH EUR 0.52 359.18 0.43 44.38 (5.41) (7.82) 0.35 36.56
125 Tata Steel Ijmuiden BV EUR 29.43 20,283.53 17.27 1,764.68 (473.44) (684.35) 10.42 1,080.33
126 Tata Steel International (Americas) Holdings Inc USD 0.90 622.83 0.23 23.24 - - 0.22 23.24
127 Tata Steel International (Americas) Inc USD 1.76 1,209.72 0.19 18.95 (0.70) (1.01) 0.17 17.94
128 Tata Steel International (Canada) Holdings Inc CAD 0.00 1.94 0.00 0.09 - - 0.00 0.09
129 Tata Steel International (Czech Republic) S.R.O CZK 0.01 6.03 0.04 3.68 - - 0.04 3.68
130 Tata Steel International (Denmark) A/S DKK 0.00 2.82 0.02 1.86 - - 0.02 1.86
131 Tata Steel International (Finland) OY EUR 0.00 0.98 - - - - - -
413
414
NOTES

132 Tata Steel International (France) SAS EUR 0.06 38.86 0.02 2.15 - - 0.02 2.15
133 Tata Steel International (Germany) GmbH EUR 0.00 1.69 0.17 17.06 (1.65) (2.38) 0.14 14.68
134 Tata Steel International (Italia) SRL EUR 0.01 9.79 (0.52) (53.49) - - (0.52) (53.49)
135 Tata Steel International (Middle East) FZE UAE 0.18 122.29 0.19 19.01 - - 0.18 19.01
136 Tata Steel International (Nigeria) Limited NGN - - - - - - - -
137 Tata Steel International (Poland) sp Zoo PLZ 0.01 4.62 0.00 0.36 - - 0.00 0.36
138 Tata Steel International (Schweiz) AG CHF 0.01 4.81 0.00 0.04 - - 0.00 0.04
139 Tata Steel International (South America) USD 0.00 1.20 0.00 0.35 - - 0.00 0.35
Representações LTDA
140 Tata Steel International (Sweden) AB SEK 0.01 8.99 0.02 2.20 - - 0.02 2.20
141 Tata Steel International Hellas SA EUR - - - - - - - -
142 Tata Steel International Iberica SA EUR 0.02 10.48 0.09 9.08 - - 0.09 9.08
143 Tata Steel Mexico SA de CV USD 0.00 0.71 0.00 0.33 - - 0.00 0.33
144 Tata Steel Istanbul Metal Sanayi ve Ticaret AS USD 0.02 11.48 (0.13) (13.67) - - (0.13) (13.67)

145 Tata Steel Maubeuge SAS EUR 0.22 149.47 (0.69) (70.64) 3.81 5.51 (0.63) (65.13)
146 Tata Steel Nederland BV EUR 17.74 12,224.60 2.11 215.68 - - 2.08 215.68
147 Tata Steel Nederland Consulting & Technical Services BV EUR (0.01) (3.89) - - - - - -
148 Tata Steel Nederland Services BV EUR 0.38 258.97 0.04 4.51 (12.31) (17.79) (0.13) (13.28)
149 Tata Steel Nederland Star-Frame BV EUR 0.00 0.12 (0.00) (0.02) - - (0.00) (0.02)
150 Tata Steel Nederland Technology BV EUR 0.73 503.15 0.09 9.22 (25.38) (36.68) (0.26) (27.46)
151 Tata Steel Nederland Tubes BV EUR (0.28) (195.58) (0.75) (76.46) - - (0.74) (76.46)
152 Tata Steel Netherlands Holdings B.V. EUR 2.41 1,661.73 (13.05) (1,333.65) 1.27 1.83 (12.85) (1,331.82)
153 Tata Steel Norway Byggsystemer A/S NOK 0.08 53.55 0.04 3.73 - - 0.04 3.73
154 Tata Steel Sweden Byggsystem AB SEK 0.00 1.65 (0.27) (27.38) - - (0.26) (27.38)
155 Tata Steel UK Consulting Limited GBP (0.01) (5.57) (0.05) (5.47) - - (0.05) (5.47)
156 Tata Steel UK Holdings Limited GBP (28.85) (19,881.85) (1.74) (177.30) - - (1.71) (177.30)
157 Tata Steel UK Limited GBP (6.27) (4,320.05) (31.64) (3,233.35) (324.41) (468.93) (35.73) (3,702.28)
158 Tata Steel USA Inc. USD 0.12 85.08 0.00 0.17 - - 0.00 0.17
159 The Newport And South Wales Tube Company Limited GBP 0.00 0.32 - - - - - -
160 The Stanton Housing Company Limited GBP 0.01 8.72 - - - - - -
161 The Templeborough Rolling Mills Limited GBP 0.21 143.69 - - - - - -
162 Thomas Processing Company USD 0.21 148.07 (0.00) (0.50) - - (0.00) (0.50)
163 Thomas Steel Strip Corp. USD (0.38) (262.06) (0.02) (1.77) (37.72) (54.52) (0.54) (56.29)
164 Toronto Industrial Fabrications Limited GBP - - - - - - - -
165 TS South Africa Sales Office Proprietary Limited ZAR 0.00 1.00 (0.00) (0.26) - - (0.00) (0.26)
166 Tulip UK Holdings (No.2) Limited GBP (0.00) (0.37) - - - - - -
167 Tulip UK Holdings (No.3) Limited GBP (32.73) (22,560.40) (4.06) (415.04) - - (4.01) (415.04)
168 U.E.S. Bright Bar Limited GBP 0.02 13.58 - - - - - -
169 UK Steel Enterprise Limited GBP 0.20 140.57 (0.03) (2.77) - - (0.03) (2.77)
170 Ukse Fund Managers Limited GBP 0.00 0.42 - - - - - -
171 Unitol SAS EUR 0.62 427.77 (0.14) (13.88) (0.70) (1.01) (0.14) (14.89)
172 Walker Manufacturing And Investments Limited GBP 0.45 312.09 - - 3.33 4.82 0.05 4.82
173 Walkersteelstock Ireland Limited EUR - - - - - - - -
174 Walkersteelstock Limited GBP 0.01 9.05 - - - - - -
CONSOLIDATED
Name of the entity currency minus total liabilities comprehensive income comprehensive income NOTES
175 Westwood Steel Services Limited GBP 0.31 212.73 - - - - - -

176 Whitehead (Narrow Strip) Limited GBP 0.15 103.82 - - - - - -
177 Tata Steel International (Singapore) Holdings Pte. Ltd. USD 0.69 474.77 1.08 110.07 - - 1.06 110.07
178 Tata Steel International (Shanghai) Ltd. CNY 0.01 5.80 0.00 0.38 - - 0.00 0.38
179 Tata Steel International (Thailand) Limited THB - - - - - - - -
180 TSIA Holdings (Thailand) Limited THB - - - - - - - -
181 Tata Steel International (Singapore) Pte. Ltd. USD - - (0.09) (8.97) - - (0.09) (8.97)
182 Tata Steel International (Asia) Limited HKD 0.01 6.26 0.05 4.98 - - 0.05 4.98
183 NatSteel Asia Pte. Ltd. USD 1.34 921.18 (5.26) (537.55) - - (5.19) (537.55)
184 TS Asia (Hong Kong) Ltd. USD 0.25 174.71 0.24 24.71 - - 0.24 24.71
185 NatSteel Holdings Pte. Ltd. SGD (0.09) (62.18) (1.27) (130.04) 1.87 2.70 (1.23) (127.34)
186 Easteel Services (M) Sdn. Bhd. MYR 0.05 37.57 0.02 2.07 - - 0.02 2.07
187 Eastern Steel Fabricators Philippines, Inc. SGD (0.06) (43.89) - - - - - -
188 NatSteel (Xiamen) Ltd. CNY 0.00 0.32 0.62 63.10 - - 0.61 63.10
189 NatSteel Recycling Pte Ltd. SGD 0.33 228.16 0.04 4.58 - - 0.04 4.58
190 NatSteel Trade International Pte. Ltd. USD 0.02 16.15 (0.00) (0.10) - - (0.00) (0.10)
191 NatSteel Vina Co. Ltd. VND 0.09 65.02 (0.08) (8.10) - - (0.08) (8.10)
192 The Siam Industrial Wire Company Ltd. THB 1.75 1,208.53 0.56 57.60 - - 0.56 57.60
193 TSN Wires Co., Ltd. THB 0.05 33.81 (0.17) (17.54) - - (0.17) (17.54)
194 NatSteel Trade International (Shanghai) Company Ltd. CNY - - 0.01 0.88 - - 0.01 0.88
195 T S Global Minerals Holdings Pte Ltd. USD 3.66 2,525.80 (11.36) (1,160.42) - - (11.20) (1,160.42)
196 Al Rimal Mining LLC OMR 0.01 6.57 - - - - - -
197 Black Ginger 461 (Proprietary) Ltd ZAR - - 0.26 27.05 - - 0.26 27.05
198 Kalimati Coal Company Pty. Ltd. AUD - - 2.19 223.44 - - 2.16 223.44
199 Sedibeng Iron Ore Pty. Ltd. ZAR - - 1.21 123.69 - - 1.19 123.69
200 Tata Steel Cote D’ Ivoire S.A FCFA - - (0.01) (0.61) - - (0.01) (0.61)
201 TSMUK Limited USD 5.35 3,685.00 (0.00) (0.07) - - (0.00) (0.07)
202 Tata Steel Minerals Canada Limited USD 4.06 2,800.11 (0.48) (48.61) - - (0.47) (48.61)
203 T S Canada Capital Ltd USD 0.05 34.76 (0.00) (0.16) - - (0.00) (0.16)
204 Tata Steel (Thailand) Public Company Ltd. THB 4.22 2,909.38 0.14 14.04 0.30 0.44 0.14 14.48
205 N.T.S Steel Group Plc. THB 0.13 88.06 (0.62) (63.38) (0.19) (0.28) (0.61) (63.66)
206 The Siam Construction Steel Co. Ltd. THB 0.80 553.28 0.22 22.60 (0.44) (0.64) 0.21 21.96
207 The Siam Iron And Steel (2001) Co. Ltd. THB 0.39 267.89 (0.05) (5.32) (0.06) (0.08) (0.05) (5.40)
208 Tata Steel Global Procurement Company Pte. Ltd. USD 3.52 2,428.65 3.27 333.98 - - 3.22 333.98
209 ProCo Issuer Pte. Ltd. GBP 0.26 181.33 0.53 53.99 - - 0.52 53.99
210 Bhushan Steel (Australia) PTY Ltd. AUD 0.01 6.69 (0.00) (0.24) (0.35) (0.51) (0.01) (0.75)
211 Bowen Energy PTY Ltd. AUD (0.03) (22.90) (0.00) (0.23) 0.27 0.39 0.00 0.16
212 Bowen Coal PTY Ltd. AUD 0.00 0.00 - - - - - -
213 Bowen Consolidated PTY Ltd. AUD 0.00 0.00 - - - - - -
214 ABJA Investment Co. Pte Ltd. USD (0.25) (168.94) 0.91 92.77 - - 0.90 92.77
215 Tata Steel (KZN) (Pty) Ltd. ZAR - - - - - - - -
216 T Steel Holdings Pte. Ltd. GBP 11.60 7,998.70 (1.02) (103.86) - - (1.00) (103.86)
217 T S Global Holdings Pte. Ltd. GBP 8.98 6,191.97 (10.47) (1,070.33) - - (10.33) (1,070.33)
218 Orchid Netherlands (No.1) B.V. GBP 0.00 1.77 (0.00) (0.29) - - (0.00) (0.29)
415
416
NOTES

C. Joint ventures
a) Indian
1 Naba Diganta Water Management Limited INR 0.02 16.89 0.03 2.73 (0.03) (0.05) 0.03 2.68
2 SEZ Adityapur Limited. INR (0.00) (0.04) - - - - - -
3 Himalaya Steel Mill Services Private Limited INR 0.01 4.15 0.01 1.15 - - 0.01 1.15
4 mjunction services limited INR 0.20 139.62 0.20 20.84 0.03 0.04 0.20 20.88
5 S & T Mining Company Private Limited INR (0.01) (4.61) - - - - - -
6 Tata BlueScope Steel Private Limited INR 0.58 400.52 0.79 80.71 0.09 0.13 0.78 80.84
7 Tata NYK Shipping (India) Private Limited INR 0.00 1.74 0.00 0.04 - - 0.00 0.04
8 Jamshedpur Continuous Annealing & Processing INR 0.54 371.37 0.17 17.26 0.05 0.07 0.17 17.33
Company Private Limited
9 TM International Logistics Limited INR 0.29 198.72 0.19 19.76 0.04 0.06 0.19 19.82
10 TKM Global Logistics Limited INR 0.04 27.72 0.02 1.79 0.03 0.05 0.02 1.84
11 Industrial Energy Limited INR 0.29 199.33 0.28 28.89 0.05 0.07 0.28 28.96

12 Jamipol Limited INR 0.09 64.08 0.09 9.43 0.22 0.32 0.09 9.75
13 Nicco Jubilee Park Limited INR - - - - - - - -
14 Medica TS Hospital Private Limited INR - - - - - - - -
15 Andal East Coal Company Private Limited INR - - - - - - - -
16 T M Mining Company Limited INR - - - - - - - -
b) Foreign
1 Afon Tinplate Company Limited GBP - - - - - - - -
2 Laura Metaal Holding B.V. EUR 0.23 159.78 0.24 24.55 - - 0.24 24.55
3 Ravenscraig Limited GBP (0.07) (49.24) (0.04) (3.65) - - (0.04) (3.65)
4 Tata Steel Ticaret AS TRY 0.02 16.32 0.08 8.25 - - 0.08 8.25
5 Air Products Llanwern Limited GBP 0.01 7.02 0.03 2.82 - - 0.03 2.82
6 Bsr Pipeline Services Limited EUR - - - - - - - -
7 Hoogovens Court Roll Service Technologies Vof EUR 0.03 17.74 0.01 1.37 - - 0.01 1.37
8 Texturing Technology Limited GBP 0.02 12.40 0.05 4.66 - - 0.04 4.66
9 Minas de Benga (Mauritius) Limited USD (1.69) (1,165.76) (0.44) (44.90) - - (0.43) (44.90)
10 BlueScope Lysaght Lanka (Pvt) Ltd LKR 0.01 8.54 (0.00) (0.03) - - (0.00) (0.03)
11 Tata NYK Shipping Pte Ltd. USD 0.12 85.67 0.14 14.78 4.04 5.84 0.20 20.62
12 International Shipping and Logistics FZE USD 0.34 232.62 0.04 3.83 (0.10) (0.14) 0.04 3.69
13 TKM Global China Ltd. CNY 0.01 3.84 0.00 0.14 - - 0.00 0.14
14 TKM Global GmbH EUR 0.27 182.77 0.02 1.57 - - 0.02 1.57
15 TVSC Construction Steel Solutions Limited HKD - - (0.02) (2.44) - - (0.02) (2.44)
D. Associates
a) Indian
1 TRF Limited. INR (0.03) (22.89) (0.35) (36.01) 1.26 1.82 (0.33) (34.19)
2 YORK Transport Equipment India Pvt. Ltd INR - - 0.00 0.45 - - 0.00 0.45
3 Malusha Travels Pvt Ltd INR - - - - - - - -
4 Kalinga Aquatic Ltd INR - - - - - - - -
5 Kumardhubi Fireclay & Silica Works Ltd. INR - - - - - - - -
6 Kumardhubi Metal Casting and Engineering Limited INR - - - - - - - -
7 Strategic Energy Technology Systems Private Limited INR - - - - - - - -
CONSOLIDATED
NOTES
8 Tata Construction & Projects Ltd. INR - - - - - - - -

9 Bhushan Energy Limited INR - - - - - - - -
10 Bhushan Capital & Credit Services Private Limited INR - - - - - - - -
11 Jawahar Credit & Holdings Private Limited INR - - - - - - - -
12 TRL Krosaki Refractories Limited INR - - 0.12 12.76 (0.42) (0.61) 0.12 12.15
b) Foreign
1 Albi Profils SRL EUR - - - - - - - -
2 Fabsec Limited GBP - - - - - - - -
3 GietWalsOnderhoudCombinatie B.V. EUR 0.03 19.69 (0.12) (12.42) - - (0.12) (12.42)
4 Hoogovens Gan Multimedia S.A. De C.V. MXN - - - - - - - -
5 ISSB Limited GBP - - - - - - - -
6 Wupperman Staal Nederland B.V. EUR 0.18 126.48 0.15 14.97 - - 0.14 14.97
7 European Profiles (M) Sdn. Bhd. MYR - - - - - - - -
8 New Millennium Iron Corp. CAD 0.05 35.10 (0.04) (3.74) - - (0.04) (3.74)
9 9336-0634 Québec Inc CAD - - - - - - - -
10 TRF Singapore Pte Limited SGD 0.07 44.93 0.07 6.79 (5.65) (8.17) (0.01) (1.38)
11 TRF Holdings Pte Limited USD - - 0.15 15.15 (0.69) (1.00) 0.14 14.15
12 Dutch Lanka Trailer Manufacturers Limited USD 0.01 8.11 0.04 3.78 (0.15) (0.21) 0.03 3.57
13 Dutch Lanka Engineering (Private) Limited LKR 0.00 1.61 0.00 0.10 (0.15) (0.21) (0.00) (0.11)
14 Dutch Lanka Trailer LLC OMR - - (0.00) (0.23) - - (0.00) (0.23)
15 Hewitt Robins International Ltd GBP 0.02 15.32 0.02 1.68 (0.32) (0.46) 0.01 1.22
16 Hewitt Robins International Holdings Ltd GBP 0.00 0.23 - - - - - -
17 YORK Transport Equipment (Asia) Pte Ltd USD - - (0.01) (0.56) (0.82) (1.19) (0.02) (1.75)
18 YORK Transport Equipment Pty Ltd AUD - - (0.00) (0.06) - - (0.00) (0.06)
19 YORK Sales (Thailand) Co. Ltd THB - - (0.00) (0.31) - - (0.00) (0.31)
20 YTE Transport Equipment (SA) (Pty) Limited ZAR - - (0.00) (0.02) - - (0.00) (0.02)
21 Rednet Pte Ltd. USD - - - - - - - -
22 YTE Special Products Pte Ltd USD - - 0.00 0.01 - - 0.00 0.01
23 Qingdao YTE Special Products Co. Ltd CNY - - (0.01) (0.77) - - (0.01) (0.77)
24 YORK Transport Equipment (Shanghai) Co. Ltd CNY - - (0.00) (0.03) - - (0.00) (0.03)
25 PT York Engineering USD - - - - - - - -
TOTAL 181.60 1,25,165.98 71.17 7,272.53 (480.36) (694.35) 63.48 6,578.18
E. Adjustment due to consolidation (81.60) (56,240.90) 28.83 2,945.80 580.36 838.90 36.52 3,784.70
TOTAL 100.00 68,925.08 100.00 10,218.33 100.00 144.55 100.00 10,362.88
F. Minority interests in subsidiaries

a) Indian subsidiaries
1 The Tinplate Company of India Ltd INR 178.08 13.45 0.41 13.86
2 The Indian Steel & Wire Products Ltd INR 4.29 0.65 (0.03) 0.62
3 Tata Metaliks Ltd. INR 319.51 90.00 0.02 90.02
4 Adityapur Toll Bridge Company Limited INR 5.73 1.16 - 1.16
5 Tata Sponge Iron Limited INR 493.32 54.02 (0.03) 53.99
6 Jamshedpur Utilities & Services Company Limited INR 23.34 38.88 - 38.88
7 Tayo Rolls Limited INR (211.11) (8.88) - (8.88)
8 Creative Port Development Private Limited INR 205.58 (0.09) - (0.09)
417
418
NOTES

9 Tata Steel BSL Limited INR 284.93 (240.97) 2.23 (238.74)

10 Mohar Export Services Pvt Ltd INR (0.01) - - -
b) Foreign subsidiaries
1 Tata Steel (Thailand) Public Company Ltd. THB 399.70 (13.37) 20.21 6.84
2 Tata Steel Europe Limited GBP (5.50) (1,081.14) (158.20) (1,239.34)
3 NatSteel Holdings Pte. Ltd. SGD 41.62 (10.47) 0.67 (9.80)
4 T S Global Minerals Holdings Pte Ltd. USD 624.98 36.76 (2.04) 34.72
5 Tata Steel (KZN) (Pty) Ltd. ZAR - - - -
Total non-controlling interests in subsidiaries 2,364.46 (1,120.00) (136.76) (1,256.76)
Consolidated net assets/profit after tax 71,289.54 9,098.33 7.79 9,106.12

List of subsidiaries, associates and joint ventures which have not been consolidated and reasons for not consolidating
Sl. No. Name Reason

1 Andal East Coal Company Private Limited Company is under liquidation
2 Kalinga Aquatic Ltd Company is under liquidation
3 Kumardhubi Fireclay & Silica Works Ltd. Company is under liquidation
4 Kumardhubi Metal Casting and Company is under liquidation
Engineering Limited
5 Tata Construction & Projects Ltd. Company is under liquidation
6 Strategic Energy Technology Systems Investment value is impaired completely
Private Limited
7 European Profiles (M) Sdn. Bhd. No control over financial and operating policies and hence not considered for consolidation
8 Albi Profils SRL The operations of the companies are not significant and hence are immaterial for consolidation
9 Hoogovens Gan Multimedia S.A. De C.V. The operations of the companies are not significant and hence are immaterial for consolidation
10 ISSB Limited The operations of the companies are not significant and hence are immaterial for consolidation
11 Fabsec Limited The operations of the companies are not significant and hence are immaterial for consolidation
12 Bhushan Energy Limited Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016 is initiated
against the Company
13 9336-0634 Québec Inc Financial information is not available
14 T M Mining Company Limited Financial information is not available
15 Tata Steel (KZN) (Pty) Ltd. Financial information is not available


CONSOLIDATED
ACS: 15921
Notice
Notice is hereby given that the 112th Annual General Meeting of the Director of the Company, be and is hereby appointed as a Director of
Members of Tata Steel Limited will be held on Friday, July 19, 2019, the Company liable to retire by rotation."
at 3.00 p.m. (IST) at the Birla Matushri Sabhagar, 19, Sir Vithaldas
Thackersey Marg, Mumbai 400 020, to transact the following business: Item No. 6 – Re-appointment of Ms. Mallika Srinivasan as an
Independent Director
Ordinary Business: To consider and if thought fit, to pass the following resolution as a
Item No. 1 – Adoption of Audited Standalone Financial Special Resolution:
Statements "RESOLVED THAT pursuant to the provisions of Sections 149, 152
To receive, consider and adopt the Audited Standalone Financial and other applicable provisions, if any, of the Companies Act, 2013
Statements of the Company for the Financial Year ended (‘Act’), the Companies (Appointment and Qualifications of Directors)
March 31, 2019 together with the Reports of the Board of Directors Rules, 2014, read with Schedule IV to the Act and Regulation 17
and the Auditors thereon. and other applicable regulations of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements)
Item No. 2 – Adoption of Audited Consolidated Financial Regulations, 2015 (‘Listing Regulations’), as amended from time
Statements to time, Ms. Mallika Srinivasan (DIN: 00037022), who was appointed
To receive, consider and adopt the Audited Consolidated as an Independent Director at the 107th Annual General Meeting
Financial Statements of the Company for the Financial Year ended of the Company and who holds office up to August 13, 2019 and
March 31, 2019 together with the Report of the Auditors thereon. who is eligible for re-appointment and who meets the criteria for
independence as provided in Section 149(6) of the Act along with the
Item No. 3 – Declaration of Dividend rules framed thereunder and Regulation 16(1)(b) of Listing Regulations
To declare dividend of: and who has submitted a declaration to that effect and in respect of
• `13/- per fully paid Ordinary (equity) Share of face value `10/- each whom the Company has received a Notice in writing from a Member
for the Financial Year 2018-19. under Section 160(1) of the Act proposing her candidature for the
office of Director, be and is hereby re-appointed as an Independent
• `3.25 per partly paid Ordinary (equity) Share of face value `10/-
Director of the Company, based on the recommendations of the
each (paid-up `2.504 per share) for the Financial Year 2018-19.
Nomination and Remuneration Committee, to hold office for a
Item No. 4 – Re-appointment of a Director second term commencing with effect from August 14, 2019 up to
May 20, 2022, not liable to retire by rotation."
To appoint a Director in the place of Mr. Koushik Chatterjee
(DIN:00004989), who retires by rotation in terms of Section 152(6) of Item No. 7 – Re-appointment of Mr. O. P. Bhatt as an
the Companies Act, 2013 and, being eligible, seeks re-appointment. Independent Director
Special Business: To consider and if thought fit, to pass the following resolution as a
Special Resolution:
Item No. 5 – Appointment of Mr. Vijay Kumar Sharma
as a Director "RESOLVED THAT pursuant to the provisions of Sections 149, 152
and other applicable provisions, if any, of the Companies Act, 2013
To consider and if thought fit, to pass the following resolution as an
(‘Act’), the Companies (Appointment and Qualifications of Directors)
Ordinary Resolution:
Rules, 2014, read with Schedule IV to the Act and Regulation 17 and
"RESOLVED THAT Mr. Vijay Kumar Sharma (DIN:02449088), who was other applicable regulations of the Securities and Exchange Board of
appointed by the Board of Directors, based on the recommendation India (Listing Obligations and Disclosure Requirements) Regulations,
of the Nomination and Remuneration Committee, as an Additional 2015 (‘Listing Regulations’), as amended from time to time,
Director of the Company effective August 24, 2018 and who holds Mr. O. P. Bhatt (DIN: 00548091), who was appointed as an Independent
office up to the date of this Annual General Meeting of the Company Director at the 107th Annual General Meeting of the Company
in terms of Section 161 and any other applicable provisions, if any, and who holds office up to August 13, 2019 and who is eligible for
of the Companies Act, 2013 (‘Act’) (including any modification or re-appointment and who meets the criteria for independence as
re-enactment thereof ) and Article 121 of the Articles of Association of provided in Section 149(6) of the Act along with the rules framed
the Company and who is eligible for appointment and has consented thereunder and Regulation 16(1)(b) of Listing Regulations and who
to act as a Director of the Company and in respect of whom the has submitted a declaration to that effect and in respect of whom
Company has received a notice in writing from a Member under the Company has received a Notice in writing from a Member under
Section 160(1) of the Act proposing his candidature for the office of Section 160(1) of the Act proposing his candidature for the office of
419
NOTICE
Director, be and is hereby re-appointed as an Independent Director giving effect to this Resolution and/or otherwise considered by them
of the Company, based on the recommendations of the Nomination to be in the best interest of the Company."
and Remuneration Committee, to hold office for a second term
commencing with effect from August 14, 2019 up to June 9, 2023, not NOTES:
liable to retire by rotation." (a) The Statement, pursuant to Section 102 of the Companies Act,
2013 (‘Act’) with respect to Item Nos. 5 to 9 forms part of this
Item No. 8 – Re-appointment of Mr. T. V. Narendran as Chief Notice. Additional information, pursuant to applicable Regulations
Executive Officer and Managing Director and payment of of the SEBI (Listing Obligations and Disclosures Requirements)
remuneration Regulations, 2015, and Secretarial Standard on General Meetings
To consider and if thought fit, to pass the following resolution as an issued by The Institute of Company Secretaries of India in
Ordinary Resolution: respect of Directors seeking appointment/re-appointment at
this Annual General Meeting (‘Meeting’ or ‘AGM’) is furnished as
"RESOLVED THAT pursuant to the provisions of Sections 196, 197,
annexure to the Notice.
203 and any other applicable provisions, if any, read along with
Schedule V of the Companies Act, 2013 (‘Act’) and the Companies (b) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL
(Appointment and Remuneration of Managerial Personnel) Rules, GENERAL MEETING IS ENTITLED TO APPOINT A PROXY TO
2014, as amended from time to time, the consent of the Members ATTEND AND VOTE AT THE MEETING ON HIS/HER BEHALF.
be and is hereby accorded to the re-appointment and terms of SUCH PROXY NEED NOT BE A MEMBER OF THE COMPANY.
remuneration of Mr. T. V. Narendran (DIN: 03083605) as Chief Executive
(c) Members are requested to note that a person can act as a proxy
Officer and Managing Director (‘CEO & MD’) of the Company for
on behalf of Members not exceeding 50 in number and holding
a period of five years, with effect from September 19, 2018 to
in aggregate not more than 10% of the total share capital of the
September 18, 2023, not liable to retire by rotation, upon the terms
Company carrying voting rights. A Member holding more than
and conditions set out in the Statement annexed to the Notice
10% of the total share capital of the Company carrying voting
convening this Meeting, including the remuneration to be paid in
rights may appoint a single person as proxy and such person
the event of loss or inadequacy of profits in any financial year during
shall not act as proxy for any other person or shareholder.
his said tenure within the overall limits of Section 197 of the Act, as
recommended by the Nomination and Remuneration Committee, (d) The instrument of proxy, in order to be effective, must be received
with liberty to the Board of Directors to alter and vary the terms and at the Registered Office of the Company at Bombay House,
conditions of the said re-appointment and terms of remuneration as 24 Homi Mody Street, Fort, Mumbai 400 001, not less than
it may deem fit and in such manner as may be agreed to between the 48 hours before the commencement of the Meeting. A Proxy
Board and CEO & MD. Form is annexed to this Notice. Proxies submitted on behalf
of limited companies, societies, etc. must be supported by
RESOLVED FURTHER THAT the Board of Directors (the ‘Board’ which
appropriate resolution or authority as applicable.
term includes a duly constituted Committee of the Board) be and is
hereby authorised to take all such steps as may be necessary, proper (e)
Corporate members intending to send their authorized
and expedient to give effect to this Resolution." representatives to attend the Meeting are requested to send
a certified copy of the Board Resolution to the Company,
Item No. 9 – Ratification of Remuneration of Cost Auditors authorising their representative to attend and vote on their
To consider and if thought fit, to pass the following Resolution as an behalf at the meeting.
Ordinary Resolution:
(f )
In case of joint holders attending the Meeting, only such
"RESOLVED THAT pursuant to Section 148 and other applicable joint holders who are higher in the order of the names will be
provisions, if any, of the Companies Act, 2013 read with the Companies entitled to vote.
(Audit and Auditors) Rules, 2014, including any amendment,
(g)
Members/proxies/authorized representatives are requested
modification or variation thereof, the Company hereby ratifies the
to bring the duly filled Attendance Slip enclosed herewith to
remuneration of `20 lakh plus applicable taxes and reimbursement
attend the Meeting.
of out-of-pocket expenses payable to Messrs Shome & Banerjee,
Cost Accountants (Firm Registration Number - 000001) who have (h)
The Register of Members of the Company will be closed
been appointed by the Board of Directors on the recommendation from Saturday, July 6, 2019 to Friday, July 19, 2019 (both days
of the Audit Committee, as the Cost Auditors of the Company, to inclusive) for the purpose of AGM and payment of dividend for
conduct the audit of the cost records maintained by the Company Financial Year 2018-19.
as prescribed under the Companies (Cost Records and Audit) Rules,
(i)
If dividend on both, fully paid Ordinary Shares and partly
2014, as amended, for the Financial Year ending March 31, 2020.
paid Ordinary Shares (collectively, ‘Ordinary Shares’), as
RESOLVED FURTHER THAT the Board of Directors (the ‘Board’ which recommended by the Board of Directors is approved at the
term includes a duly constituted Committee of the Board of Directors) Meeting, payment of such dividend will be made on and from
be and is hereby authorized to do all such acts, deeds, matters and Tuesday, July 23, 2019, as under:
things as may be considered necessary, desirable and expedient for

• In respect of Ordinary Shares held in physical form, to all those after April 1, 2019, can do so only in dematerialized form.
Members whose names appear on the Company’s Register Therefore, Members holding shares in physical form are requested
of Members as on Friday, July 5, 2019 after giving effect to to consider converting their shareholding to dematerialised form
valid requests for transmission or transposition lodged with to eliminate all risks associated with physical shares for ease of
the Company on or before the close of business hours on portfolio management as well as for ease of transfer, if required.
Friday, July 5, 2019. Shareholders can write to the Company at [email protected]
or contact the Registrars and Transfer Agent - TSR Darashaw
• In respect of Ordinary Shares held in electronic form, to all
Limited at [email protected] and +91 22 66568484 for
beneficial owners of the shares, as per details furnished by the
assistance in this regard.
Depositories for this purpose, as of the close of business hours
on Friday, July 5, 2019. (p) To support the ‘Green Initiative’ the Members who have not
registered their e-mail addresses are requested to register the
Members are requested to provide Bank details to facilitate
same with TSR Darashaw Limited/Depository Participant.
payment of dividend etc., either in electronic mode or for
printing on the payment instruments. (q)
The Company is providing facility of live webcast of the
proceedings of the AGM from 3.00 p.m. (IST) till the conclusion
(j)
Relevant documents referred to in the Notice and the
of the AGM. Members can use their remote e-Voting login and
accompanying Statement are open for inspection by the
password to view the proceedings of the AGM by accessing
Members at the Registered Office of the Company during
NSDL’s website where the EVEN number of the Company
business hours on all working days, up to the date of the AGM
will be displayed.
and will also be kept open at the venue of the AGM till the
conclusion of the AGM. Updation of Members’ Details:
(k)
Members desiring any information as regards the Accounts The format of the Register of Members prescribed by the MCA under
are requested to write to the Company at an earlier date the Companies Act, 2013 requires the Company/Registrars and
so as to enable the Management to keep the information Transfer Agents to record additional details of Members, including
ready at the AGM. their Permanent Accounts Number details (PAN), e-mail address, bank
details for payment of dividend, etc. Further, SEBI has mandated the
(l) As per the provisions of the Companies Act, 2013, the facility
submission of PAN by every participant in the securities market.
for making nomination is available to the Members in respect
of the shares held by them. Nomination forms can be obtained A form for capturing the above details is appended in the Integrated
from the Company’s Registrars and Transfer Agents by Members Report 2018-19. Members holding shares in physical form are
who hold shares in physical form. Members holding shares requested to submit the filled-in form to the Company at the
in electronic form may obtain Nomination forms from their Registered Office or its Registrars and Transfer Agent – TSR Darashaw
respective Depository Participant. Limited. Members holding shares in electronic form are requested to
submit the details to their respective Depository Participants.
(m) The attention of Members is particularly drawn to the Corporate
Governance Report forming part of the Board’s Report in Process and manner for voting through electronic means:
respect of unclaimed and unpaid dividends and transfer of
1. In compliance with Section 108 of the Companies Act, 2013, Rule 20
dividends/shares to the Investor Education and Protection Fund.
of the Companies (Management and Administration) Rules, 2014,
(n) Section 20 of the Companies Act, 2013, as amended from time to and Regulation 44 of the Securities and Exchange Board of India
time, permits service of documents on Members by a company (Listing Obligations and Disclosure Requirements) Regulations, 2015,
through electronic mode. Hence, in accordance with the each as amended from time to time and the Secretarial Standard on
Companies Act, 2013 read with the Rules framed thereunder, as General Meetings issued by The Institute of Companies Secretaries
amended, the Integrated Report 2018-19 is being sent through of India, the Company is pleased to provide to its Members the
electronic mode to those Members whose email addresses are facility to cast their votes electronically, through e-voting services
registered with the Company/Depository Participant unless provided by National Securities Depository Limited (‘NSDL’), on
any Member has requested for a physical copy of the Report. resolutions set forth in this Notice. The Members may cast their
For Members who have not registered their email addresses, votes using an electronic voting system from a place other than the
physical copies of the Integrated Report 2018-19 are being sent venue of the Annual General Meeting (‘remote e-voting’) and the
by the permitted modes. Members may note that Integrated services will be provided by NSDL. Instructions for remote e-voting
Report 2018-19 will also be available on the Company’s website (including process and manner of e-voting) are given herein below.
www.tatasteel.com The Resolutions passed by remote e-voting are deemed to have
been passed as if they have been passed at the Annual General
(o) During Financial Year 2018-19, the Securities and Exchange Board
Meeting. The Notice of the Annual General Meeting indicating
of India (‘SEBI’) and the Ministry of Corporate Affairs (‘MCA’) has
the instructions of remote e-voting process along with printed
mandated that existing Members of the Company who hold
Attendance Slip and Proxy Form can be downloaded from the
securities in physical form and intend to transfer their securities
421
NOTICE
NSDL’s website www.evoting.nsdl.com or the Company’s website Step 2: Cast your vote electronically on NSDL e-Voting system
www.tatasteel.com
Details on Step 1 is mentioned below:
2. The facility for voting through electronic voting system shall be
made available at the Annual General Meeting and the Members How to Log-in to NSDL e-Voting website?
(including proxies) attending the meeting who have not cast 1. Visit the e-Voting website of NSDL. Open web browser by typing
their vote by remote e-voting shall be able to exercise their right the following URL: https://www.evoting.nsdl.com/ either on a
to vote at the Annual General Meeting. Personal Computer or on a mobile.
3. The Members who have cast their vote by remote e-voting prior 2. Once the home page of e-Voting system is launched, click on the
to the Annual General Meeting may also attend the meeting but icon ‘Login’ which is available under ‘Shareholders’ section.
shall not be entitled to cast their vote again.
3. A new screen will open. You will have to enter your User ID, your
4. Members can opt for only one mode of voting, i.e. either by Password and a Verification Code as shown on the screen.
remote e-voting or voting at the Meeting. In case Members cast
Alternatively, if you are registered for NSDL eservices i.e.
their vote through both the modes, voting done by remote
IDEAS, you can log-in at https://eservices.nsdl.com/ with your
e-voting shall prevail and votes cast at the Meeting shall be
existing IDEAS login. Once you log-in to NSDL eservices after
treated as invalid.
using your log-in credentials, click on e-Voting and you can
The instructions for remote e-voting are as under: proceed to Step 2 i.e. Cast your vote electronically.
How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of
‘Two Steps’ which are mentioned below:
Step 1: Log-in to NSDL e-Voting system at
https://www.evoting.nsdl.com/
4. Your User ID details are given below:
Manner of holding shares i.e. Demat (NSDL or CDSL) or

Your User ID is:
Physical
8 Character DP ID followed by 8 Digit Client ID
a) For Members who hold shares in demat account with NSDL For example if your DP ID is IN300*** and Client ID is 12****** then
your user ID is IN300***12******.
16 Digit Beneficiary ID
b) For Members who hold shares in demat account with CDSL For example if your Beneficiary ID is 12************** then your user
ID is 12**************
EVEN Number followed by Folio Number registered
with the Company
c) For Members holding shares in Physical Form For example if folio number is S1******** and EVEN is 110643 (fully
paid shares) then user ID is 110643S1******** and, If, EVEN is 110644
(partly paid shares) then user ID is 110644S1********
5. Your password details are given below: open the .pdf file is your 8 digit client ID for NSDL account,
last 8 digits of client ID for CDSL account or folio number for
(a) If you are already registered for e-Voting, then you can use your
shares held in physical form. The .pdf file contains your ‘User
existing password to login and cast your vote.
ID’ and your ‘initial password’.
(b) If you are using NSDL e-Voting system for the first time, you will
(ii) If your email ID is not registered, your ‘initial password’ is
need to retrieve the ‘initial password’ which was communicated
communicated to you on your postal address.
to you. Once you retrieve your ‘initial password’, you need to
enter the ‘initial password’ and the system will force you to 6. If you are unable to retrieve or have not received the ‘Initial
change your password. password’ or have forgotten your password:
(c) How to retrieve your ‘initial password’? (a) Click on ‘Forgot User Details/Password?’ (If you are holding shares
in your demat account with NSDL or CDSL) option available on
(i) If your e-mail ID is registered in your demat account or with
www.evoting.nsdl.com
the Company, your ‘initial password’ is communicated to
you on your email ID. Open the email sent to you by NSDL (b) Click on ‘Physical User Reset Password?’ (If you are holding shares
and open the attachment i.e. a .pdf file. The password to in physical mode) option available on www.evoting.nsdl.com

(c) If you are still unable to get the password by aforesaid two iii. In case of any queries, you may refer the Frequently Asked
options, you can send a request at [email protected] mentioning Questions (‘FAQs’) for Shareholders and e-voting User Manual
your demat account number/folio number, your PAN, your name for Shareholders, available at the ‘downloads’ section of
and your registered address. www.evoting.nsdl.com or call on toll free no.: 1800-222-990 or
send a request at [email protected]
(d) Members can also use the OTP (One Time Password) based login
for casting the votes on the e-Voting system of NSDL. Other Instructions:
7.
After entering your password, tick on Agree to ‘Terms and i.
The remote e-voting period commences on Monday,
Conditions’ by selecting on the check box. July 15, 2019 (9.00 a.m. IST) and ends on Thursday, July 18, 2019
(5.00 p.m. IST). During this period, Members of the Company,
8. Now, you will have to click on ‘Login’ button.
holding shares either in physical form or in dematerialised
9.
After you click on the ‘Login’ button, Home page of form, as on the cut-off date of Friday, July 12, 2019, may cast
e-Voting will open. their vote by remote e-voting. The remote e-voting module
shall be disabled by NSDL for voting thereafter. Once the vote
Details on Step 2 is given below: on a resolution is cast by the Member, the Member shall not be
How to cast your vote electronically on NSDL e-Voting system? allowed to change the vote subsequently.
1. After successful login at Step 1, you will be able to see the ii. You can also update your mobile number and e-mail address in
Home page of e-Voting. Click on e-Voting. Then, click on Active the user profile details of the folio which may be used for sending
Evoting Cycles. future communication(s).
2. After clicking on Active Evoting Cycles, you will be able to see all iii. The voting rights of Members shall be in proportion to their
the companies ‘EVEN’ in which you are holding shares and whose share of the paid-up equity share capital of the Company as on
voting cycle is in active status. the cut-off date i.e Friday, July 12, 2019 and as per the Register of
Members of the Company.
3. Select ‘EVEN’ of company for which you wish to cast your vote.
iv.
Any person, who acquires shares of the Company and
4. Now you are ready for e-Voting as the Voting page opens.
becomes a Member of the Company after dispatch of the
5.
Cast your vote by selecting appropriate options i.e. Notice of Annual General Meeting and holding shares as of
assent or dissent, verify/modify the number of shares for the cut-off date, i.e Friday, July 12, 2019 may obtain the login
which you wish to cast your vote and click on ‘Submit’ and also ID and password by sending a request at [email protected]
‘Confirm’ when prompted. or [email protected] (RTA Email). However, if you are
already registered with NSDL for remote e-voting then you can
6.
Upon confirmation, the message ‘Vote cast successfully’
use your existing User ID and password for casting your vote.
will be displayed.
If you have forgotten your password, you can reset your password
7. You can also take the printout of the votes cast by you by clicking by using ‘Forgot User Details/Password’ or ‘Physical User Reset
on the print option on the confirmation page. Password’ option available on www.evoting.nsdl.com or contact
NSDL at the following Toll Free No.: 1800-222-990 or e-mail at
8. Once you confirm your vote on the resolution, you will not be
[email protected]
allowed to modify your vote.
v. Please note, only a person whose name is recorded in the Register
General Guidelines for Shareholders: of Members or in the Register of Beneficial Owners maintained
i. Institutional shareholders (i.e. other than individuals, HUF, NRI, by the depositories as on the cut-off date shall be entitled to avail
etc.) are required to send scanned copy (PDF/JPG Format) of the facility of voting, either through remote e-voting or voting at
the relevant Board Resolution/Authority letter etc. with attested the Annual General Meeting through e-voting.
specimen signature of the duly authorized signatory(ies)
vi. The Board of Directors has appointed Mr. P. N. Parikh (Membership
who are authorized to vote, to the Scrutinizer by e-mail
No. FCS 327 and CP No. 1228) or failing him Mr. Mitesh Dhabliwala
to [email protected] with a copy marked to
(Membership No. FCS 8331 and CP No. 9511) of M/s Parikh &
[email protected] on or before the closing of e-voting.
Associates, Practising Company Secretaries, as the Scrutinizer to
ii. It is strongly recommended not to share your password with scrutinize the remote e-voting process as well as voting at the
any other person and take utmost care to keep your password Annual General Meeting in a fair and transparent manner.
confidential. Login to the e-voting website will be disabled
vii. At the Annual General Meeting, at the end of the discussion
upon five unsuccessful attempts to key in the correct password.
of the resolutions on which voting is to be held, the Chairman
In such an event, you will need to go through the ‘Forgot User
shall, with the assistance of the Scrutinizer, allow voting for all
Details/Password?’ or ‘Physical User Reset Password?’ option
those Members who are present but have not cast their vote
available on www.evoting.nsdl.com to reset the password.
electronically using the remote e-voting facility.
423
NOTICE
viii. The Scrutinizer shall immediately after the conclusion of voting authorised by the Chairman and the same shall be communicated
at the Annual General Meeting, first count the votes cast at to BSE Limited and National Stock Exchange of India Limited,
the Annual General Meeting, thereafter unblock the votes where the shares of the Company are listed. The results shall
cast through remote e-voting in the presence of at least two also be displayed on the notice board at the Registered Office
witnesses not in the employment of the Company and make, not of the Company.
later than 48 hours of conclusion of the Meeting, a consolidated
xi.
In case of any grievances with respect to the facility for
Scrutinizer’s Report of the total votes cast in favor or against, if
voting by electronic means, Members are requested to
any, to the Chairman or a person authorized by him in writing
contact Mr. Amit Vishal, Senior Manager at [email protected]
who shall countersign the same.
(+91 22 2499 4360) or Ms. Pallavi Mhatre, Manager at
ix. The Chairman or a person authorized by him in writing shall [email protected] (+91 22 2499 4545) or at [email protected]
declare the result of voting forthwith. (1800 222 990) or write to NSDL at NSDL, Trade World, ‘A’ wing,
4th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower
x. The results declared along with the Scrutinizer’s Report shall be
Parel, Mumbai – 400 013.
placed on the website of the Company www.tatasteel.com and
on the website of NSDL www.evoting.nsdl.com immediately
after the result is declared by the Chairman or any other person
By Order of the Board of Directors

Sd/-
Parvatheesam K
Company Secretary &
Chief Legal Officer (Corporate & Compliance)
Mumbai ACS: 15921
April 25, 2019
Registered Office:
Bombay House, 24, Homi Mody Street,
Fort, Mumbai - 400 001
Tel: +91 22 6665 8282 Fax: +91 22 6665 7724
CIN: L27100MH1907PLC000260
Website: www.tatasteel.com
Email: [email protected]
Statement pursuant to Section 102(1) of the The Company has received from Mr. Sharma (i) Consent in writing to
Companies Act, 2013, as amended (‘Act’) act as Director in Form DIR-2 pursuant to Rule 8 of the Companies
The following Statement sets out all material facts relating to Item (Appointment and Qualifications of Directors) Rules, 2014;
Nos. 5 to 9 mentioned in the accompanying Notice. (ii) Intimation in Form DIR-8 in terms of the Companies (Appointment
and Qualifications of Directors) Rules, 2014, to the effect that he is
Item No. 5: not disqualified under Section 164(2) of the Act and (iii) Declaration
Based on the recommendation of the Nomination and Remuneration pursuant to BSE Circular No. LIST/COMP/14/2018-19 dated
Committee, the Board of Directors (‘Board’), appointed Mr. Vijay Kumar June 20, 2018, that he has not been debarred from holding office of
Sharma as an Additional (Non-Executive, Non-Independent) Director a Director by virtue of any Order passed by Securities and Exchange
of the Company, effective August 24, 2018. Pursuant to the provisions Board of India or any other such authority.
of Section 161 of the Act and Article 121 of the Articles of Association The profile and specific areas of expertise of Mr. Sharma are provided
of the Company, Mr. Vijay Kumar Sharma will hold office up to the date as annexure to this Notice.
of the ensuing Annual General Meeting (‘AGM’) and is eligible to be
appointed as a Director of the Company. The Company has, in terms of None of the Directors and Key Managerial Personnel of the
Section 160(1) of the Act, received a notice in writing from a Member, Company or their respective relatives, except Mr. Sharma, to whom
proposing the candidature of Mr. Sharma for the office of Director. the resolution relates, is concerned or interested in the Resolution
Mr. Sharma, once appointed will be liable to retire by rotation and will mentioned at Item No. 5 of the Notice.
be subject to the Company’s Policy on Retirement of Directors. The Board recommends the Resolution set forth in Item No. 5 for the
approval of the Members.

Item No. 6: The profile and specific areas of expertise of Ms. Srinivasan are
Ms. Mallika Srinivasan was appointed as a Non-Executive Director of provided as annexure to this Notice.
the Company effective May 21, 2012. On April 1, 2014, the Ministry None of the Directors and Key Managerial Personnel of the Company
of Corporate Affairs notified Section 149 of the Act and related Rules. or their respective relatives, except Ms. Srinivasan, to whom the
Pursuant to the said provisions, Ms. Srinivasan was appointed as an resolution relates, is concerned or interested in the Resolution
Independent Director of the Company by the Shareholders of the mentioned at Item No. 6 of the Notice.
Company at the 107th Annual General Meeting held on August 14,
2014, for a period of five years with effect from August 14, 2014 up to The Board recommends the Resolution set forth in Item No. 6 for the
August 13, 2019. approval of the Members.
The Board on April 25, 2019, based on the recommendations of Item No. 7:
the Nomination and Remuneration Committee and pursuant to Mr. O. P. Bhatt was appointed as a Non-Executive Director of the
the performance evaluation of Ms. Mallika Srinivasan as a Member Company effective June 10, 2013. On April 1, 2014, the Ministry of
of the Board and considering that the continued association of Corporate Affairs notified Section 149 of the Act and related Rules.
Ms. Srinivasan would be beneficial to the Company, proposed Pursuant to this provision, Mr. Bhatt was appointed as an Independent
to re-appoint Ms. Srinivasan as an Independent Director of the Director of the Company by the Shareholders of the Company at the
Company, not liable to retire by rotation, for a second term effective 107th Annual General Meeting held on August 14, 2014, for a period
August 14, 2019 up to May 20, 2022. Further, the Company has, in of five years with effect from August 14, 2014 up to August 13, 2019.
terms of Section 160(1) of the Act, received a notice in writing from
a Member proposing the candidature of Ms. Srinivasan for the The Board on April 25, 2019, based on the recommendations of the
office of Director. Nomination and Remuneration Committee and pursuant to the
performance evaluation of Mr. O. P. Bhatt as a Member of the Board
The Company has received from Ms. Srinivasan (i) Consent in and considering that the continued association of Mr. Bhatt would be
writing to act as Director in Form DIR-2 pursuant to Rule 8 of the beneficial to the Company, proposed to re-appoint Mr. Bhatt as an
Companies (Appointment and Qualifications of Directors) Rules, 2014 Independent Director of the Company, not liable to retire by rotation,
(ii) Intimation in Form DIR-8 in terms of the Companies (Appointment for a second term effective August 14, 2019 up to June 9, 2023.
and Qualifications of Directors) Rules, 2014, to the effect that she is Further, the Company has, in terms of Section 160(1) of the Act,
not disqualified under Section 164(2) of the Act, (iii) Declaration to received a notice in writing from a Member proposing the candidature
the effect that she meets the criteria of independence as provided of Mr. Bhatt for the office of Director.
in Section 149(6) of the Act read with Regulation 16 and Regulation
25(8) of the SEBI (Listing Obligations and Disclosure Requirements) The Company has received from Mr. Bhatt (i) Consent in writing to
Regulations, 2015 as amended (‘Listing Regulations’) and act as Director in Form DIR-2 pursuant to Rule 8 of the Companies
(iv) Declaration pursuant to BSE Circular No. LIST/COMP/14/2018-19 (Appointment and Qualifications of Directors) Rules, 2014
dated June 20, 2018, that she has not been debarred from holding (ii) Intimation in Form DIR-8 in terms of the Companies (Appointment
office of a Director by virtue of any Order passed by Securities and and Qualifications of Directors) Rules, 2014, to the effect that he is
Exchange Board of India or any other such authority. not disqualified under Section 164(2) of the Act (iii) Declaration to
the effect that he meets the criteria of independence as provided
In terms of Section 149, 152 and other applicable provisions of the in Section 149(6) of the Act read with Regulation 16 and Regulation
Act, read with Schedule IV of the Act and the Rules made thereunder, 25(8) of the SEBI (Listing Obligations and Disclosure Requirements)
and in terms of the applicable provisions of the Listing Regulations, Regulations, 2015 as amended (‘Listing Regulations’) and
each as amended, the re-appointment of Ms. Srinivasan as an (iv) Declaration pursuant to BSE Circular No. LIST/COMP/14/2018-19
Independent Director of the Company for a second term commencing dated June 20, 2018, that he has not been debarred from holding
August 14, 2019 through May 20, 2022 is being placed before the office of a Director by virtue of any Order passed by Securities and
Shareholders for their approval by way of a special resolution. Exchange Board of India or any other such authority.
Ms. Srinivasan, once appointed, will not be liable to retire by rotation.
In terms of Section 149, 152 and other applicable provisions of the
In the opinion of the Board, Ms. Srinivasan is a person of integrity, fulfils Act, read with Schedule IV of the Act and the Rules made thereunder,
the conditions specified in the Act and the Rules made thereunder and in terms of the applicable provisions of the Listing Regulations,
read with the provisions of the Listing Regulations, each as amended, each as amended, the re-appointment of Mr. O. P. Bhatt as an
and is independent of the Management of the Company. A copy of Independent Director of the Company for a second term commencing
the draft letter of appointment of Ms. Srinivasan as an Independent August 14, 2019 through June 9, 2023 is being placed before the
Director setting out the terms and conditions is available for inspection Shareholders for their approval by way of a special resolution.
without any fee payable by the Members at the Registered Office of Mr. Bhatt, once appointed, will not be liable to retire by rotation.
the Company during the normal business hours on working days up
to the date of the Annual General Meeting (‘AGM’) and will also be In the opinion of the Board, Mr. Bhatt is a person of integrity, fulfils
kept open at the venue of the AGM till the conclusion of the Meeting. the conditions specified in the Act and the Rules made thereunder
425
NOTICE
read with the provisions of the Listing Regulations, each as amended, Mr. Narendran successfully executed and commissioned one of the
and is independent of the Management of the Company. A copy largest greenfield projects in India, the Kalinganagar Steel Plant in
of the draft letter of appointment of Mr. Bhatt as an Independent Odisha, which achieved its rated capacity within a very short span of
Director setting out the terms and conditions of his appointment is time. It also enhanced the Company’s ability to deliver steel to higher
available for inspection without any fee payable by the Members at value segments such as the automotive and the oil & gas industries.
the Registered Office of the Company during the normal business
In May, 2018, Mr. Narendran oversaw the successful acquisition of
hours on working days up to the date of the Annual General Meeting
Bhushan Steel Limited (renamed Tata Steel BSL Limited).
(‘AGM’) and will also be kept open at the venue of the AGM till the
conclusion of the Meeting. Further, on the recommendations of the Nomination and
Remuneration Committee, the Board at its meeting held on
The profile and specific areas of expertise of Mr. O. P. Bhatt are
April 25, 2019 approved the revision in the terms of remuneration of
provided as annexure to this Notice.
Mr. Narendran, subject to the approval of the Shareholders.
None of the Directors and Key Managerial Personnel of the Company
The main terms and conditions relating to the re-appointment and
or their respective relatives, except Mr. Bhatt, to whom the resolution
terms of remuneration Mr. Narendran as CEO & MD are as follows:
relates, is concerned or interested in the Resolution mentioned at
Item No. 7 of the Notice. (1) Period: For a period of 5 years i.e., from September 19, 2018 to
September 18, 2023.
The Board recommends the Resolution set forth in Item No. 7 for the
approval of the Members. (2) Nature of Duties: The CEO & MD shall devote his whole time
and attention to the business of the Company and perform such
Item No. 8: duties as may be entrusted to him by the Board from time to time
Mr. T. V. Narendran was appointed as the Managing Director of the and separately communicated to him and exercise such powers as
Company for a period of five years effective September 19, 2013 may be assigned to him, subject to superintendence, control and
till September 18, 2018, not liable to retire by rotation, and the said directions of the Board in connection with and in the best interests
appointment was approved by the Shareholders at the 107th Annual of the business of the Company and the business of one or more of
General Meeting held on August 14, 2014. its associated companies and/or subsidiaries including performing
duties as assigned to CEO & MD from time to time by serving on the
The Board of Directors (‘the Board’), on October 31, 2017,
boards of such associated companies and/or subsidiaries or any other
re-designated Mr. Narendran as the Chief Executive Officer and
Executive body or any committee of such a company.
Managing Director of the Company.
(3) A. Remuneration:
Based on the recommendation of the Nomination and Remuneration
Committee, the Board on August 13, 2018, re-appointed a) Basic Salary
Mr. Narendran as the Chief Executive Officer and Managing Director
Current basic salary of `12,50,000/- per month up to a maximum
of the Company, not liable to retire by rotation, for a further period of
of `18,00,000/- per month.
five years effective September 19, 2018 through September 18, 2023,
subject to approval of the Shareholders. The annual increment which will be effective April 1, each year,
will be decided by the Board based on the recommendations
The Board, while re-appointing Mr. Narendran as the Chief Executive
of the Nomination and Remuneration Committee (‘NRC’).
Officer and Managing Director of the Company, considered his
The recommendation of NRC will be based on Company
background, experience and contributions to the Company.
performance and individual performance.
Mr. Narendran joined the Company in 1988 after completing his MBA
from IIM, Calcutta. He has more than 30 years of experience in the b) Benefits, perquisites and allowances
Mining and Metals industry. Details of benefits, perquisites and allowances are as follows:
Mr. Narendran’s career in Tata Steel spanned many areas in India and i. Rent-free residential accommodation (furnished or otherwise)
overseas, including Marketing & Sales, International Trade, Supply the Company bearing the cost of repairs, maintenance,
Chain & Planning, Operations and General Management and includes and utilities (e.g. gas, electricity and water charges) for the
stints at Jamshedpur, Kolkata, Dubai and Singapore. Before becoming said accommodation.
the Managing Director of Tata Steel, Mr. Narendran was the Vice
OR
President - Safety, Flat Products & Long Products since 2010.
House Rent, House Maintenance and Utility Allowances
Mr. Narendran was actively involved in the Company’s first overseas
aggregating 85% of the basic salary.
acquisition, NatSteel, and was seconded there as the Executive Vice
President in 2005. He took over as the President & CEO of NatSteel ii. Hospitalization, transport, telecommunication and other facilities:
from January 2008.
a. Hospitalization and major medical expenses for self,
spouse and dependent parents & children;

b. Car, with driver provided, maintained by the Company manner as may be agreed to between the Board and the
for official and personal use; CEO & MD, subject to such approvals as may be required.
c.
Telecommunication facilities including broadband, iii.
The appointment may be terminated earlier, without any
internet and fax. cause, by either Party by giving to the other Party six months’
notice of such termination or the Company paying six
iii. Other perquisites and allowances as given below, subject to
months’ remuneration which shall be limited to provision of
maximum of 55% limit of the annual basic salary.
Salary, Benefits, Perquisites, Allowances and any pro-rated
The categories of perquisites/allowances to be included Bonus/Performance Linked Incentive/Commission (paid at the
within the 55% limit would be: discretion of the Board), in lieu of such notice.
a. Monthly supplementary allowances/personal accident iv. The employment of the CEO & MD may be terminated by the
insurance/club membership fees – 38.34% Company without notice or payment in lieu of notice:
b. Leave travel concession/allowance - 8.33% a. if the CEO & MD is found guilty of any gross negligence,
default or misconduct in connection with or affecting the
c. Medical allowance – 8.33%
business of the Company or any subsidiary or associated
iv. Contribution to Provident Fund, Superannuation Fund and company to which he is required by the Agreement to
Gratuity Fund, as per the Rules of the Company. render services; or
v. Mr. Narendran shall be entitled to leave in accordance with b. in the event of any serious or repeated or continuing breach
the Rules of the Company. Privilege Leave earned but not (after prior warning) or non-observance by the CEO & MD of
availed by him would be encashable in accordance with the any of the stipulations contained in the Agreement; or
Rules of the Company.
c. in the event the Board expresses its loss of confidence
c) Bonus/Performance Linked Incentive/Commission: in the CEO & MD.
Mr. Narendran shall be entitled to Bonus/Performance Linked v. In the event the CEO & MD is not in a position to discharge his
Incentive, Long-Term Incentive and/or Commission based on official duties due to any physical or mental incapacity, the Board
certain performance criteria laid down by the Board and/or shall be entitled to terminate his contract on such terms as the
Committee thereof, subject to the overall ceilings stipulated in Board may consider appropriate in the circumstances.
Section 197 of the Companies Act, 2013 and related Rules.
vi.
Upon the termination by whatever means of CEO & MD’s
The specific amount of Bonus/Performance Linked Incentive, employment under the Agreement:
Long-Term Incentive and/or Commission payable to
a. He shall immediately cease to hold offices held by him in
Mr. Narendran would be based on performance as evaluated by
any holding company, subsidiaries or associate companies
the Board or a Committee thereof, duly authorized in this behalf.
without claim for compensation for loss of office by virtue of
B. Minimum Remuneration: Section 167(1)(h) of the Act and shall resign as trustee of any
trusts connected with the Company.
Notwithstanding anything to the contrary herein contained
where in any financial year during the tenure of Mr. Narendran, the b. He shall not, without the consent of the Board and at any
Company has no profits or its profits are inadequate, the Company time thereafter represent himself as connected with the
will pay him remuneration by way of salary, benefits and Company or any of its subsidiaries and associated companies.
perquisites and allowances, Bonus/Performance Linked
vii. All Personnel Policies of the Company and the related rules
Incentive, Long-Term Incentive as approved by the Board.
which are applicable to other employees of the Company
(4) Other Terms of Appointment: shall also be applicable to the CEO & MD unless specifically
provided otherwise.
i. The CEO & MD, so long as he functions as such, undertakes not to
become interested or otherwise concerned, directly or through viii.
If and when this Agreement expires or is terminated for
his spouse and/or children, in any selling agency of the Company. any reason whatsoever, Mr. Narendran will cease to be the
CEO & MD and also cease to be a Director of the Company. If at
ii. The terms and conditions of the re-appointment of the CEO
any time, Mr. Narendran ceases to be a Director of the Company
& MD and/or this Agreement may be altered and varied from
for any reason whatsoever, he shall cease to be the CEO & MD
time to time by the Board as it may, in its discretion deem fit,
and this Agreement shall forthwith terminate. If at any time,
irrespective of the limits stipulated under Schedule V to the
the CEO & MD ceases to be in the employment of the Company
Act or any amendments made hereafter in this regard in such
427
NOTICE
for any reason whatsoever, he shall cease to be a Director and In accordance with the provisions of Section 148(3) of the Act read
CEO & MD of the Company. with Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the
remuneration payable to the Cost Auditors as recommended by the
ix.
The terms and conditions of re-appointment of CEO & MD
Audit Committee and approved by the Board of Directors has to be
also include clauses pertaining to adherence to the Tata
ratified by the Members of the Company. Accordingly, the consent of
Code of Conduct, protection and use of intellectual property,
the Members is sought for passing an Ordinary Resolution as set out
non-competition, non-solicitation post termination of agreement
at Item No. 9 of the Notice for ratification of the remuneration payable
and maintenance of confidentiality.
to the Cost Auditor of the Company for the Financial Year ending
The profile and specific areas of expertise of Mr. Narendran are March 31, 2020.
provided as annexure to this Notice.
None of the Directors and Key Managerial Personnel of the Company
None of the Directors and Key Managerial Personnel of the Company or their respective relatives is concerned or interested in the
or their respective relatives, except Mr. Narendran, to whom the Resolution mentioned at Item No. 9 of the Notice.
resolution relates, is concerned or interested in the Resolution
The Board recommends the Resolution set forth in Item No. 9 for the
mentioned at Item No. 8 of the Notice.
approval of the Members.
In compliance with the provisions of Section 196, 197, 203 and other
By Order of the Board of Directors
applicable provisions of the Act, read with Schedule V to the Act
Sd/-
as amended, and based on the recommendation of the Board and the
Parvatheesam K
NRC, approval of the Members is sought for the re-appointment and
Company Secretary &
terms of remuneration of Mr. T. V. Narendran as Chief Executive Officer Chief Legal Officer (Corporate & Compliance)
and Managing Director as set out above. Mumbai ACS: 15921
The Board recommends the Resolution set forth in Item No. 8 for the April 25, 2019
approval of Members.
Registered Office:
Item No.9: Bombay House, 24, Homi Mody Street,
Fort, Mumbai - 400 001
The Company is required under Section 148 of the Act read with Tel: +91 22 6665 8282
the Companies (Cost Records and Audit) Rules, 2014, as amended Fax: +91 22 6665 7724
from time to time, to have the audit of its cost records for products CIN: L27100MH1907PLC000260
covered under the Companies (Cost Records and Audit) Rules, 2014 Website: www.tatasteel.com
conducted by a Cost Accountant in practice. The Board of Directors Email: [email protected]
of the Company has on the recommendation of the Audit Committee
approved the appointment and remuneration of Messrs Shome &
Banerjee, Cost Accountants (Firm Registration Number - 000001) as
the Cost Auditor of the Company for the Financial Year 2019-20.

Annexure to the Notice
Details of the Directors seeking appointment/re-appointment in the forthcoming Annual General Meeting
[Pursuant to Regulations 26(4) and 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
and Secretarial Standard on General Meeting]
Profile of Mr. Koushik Chatterjee tenure at Tata Sons and Tata Steel. Mr. Chatterjee brings to the
Mr. Koushik Chatterjee (50) is an Board extensive experience in the areas of controllership, financial
Honors Graduate in Commerce stewardship, business responsibility (including re-structuring and
from Calcutta University and a turnaround of large organisations), business development (mergers,
Fellow Member of the Institute of acquisitions and divestments), strategy and execution of large and
Chartered Accountants of India. complex financing, strategic communication, risk management, crisis
leadership, public affairs, legal, compliance and governance.
Mr. Chatterjee joined Tata Steel
Limited in 1995 in Jamshedpur. Mr. Chatterjee’s experience demonstrates his leadership capability,
He was then transferred to general business acumen and knowledge of complex financial
Tata Sons in 1999 in the Group operational and governance issues that large corporations face.
Executive Office. He re-joined By virtue of his background and experience Mr. Chatterjee has an
Tata Steel Limited on August 1, extraordinarily broad and deep knowledge of the steel and mining
2003 and was appointed as the industry. His experiences will enable him to provide the Board with
Group CFO in 2008. He was inducted on the Board of Tata Steel valuable insights on a broad range of business, social and governance
Limited effective November 9, 2012. Further he was appointed as issues that are relevant to the Company.
Group Executive Director (Finance & Corporate), Tata Steel in 2013
Board Meeting Attendance and Remuneration
and re-appointed as Whole Time Director effective November 9, 2017
designated as Executive Director and Chief Financial Officer. During the year, Mr. Chatterjee attended all seven Board Meetings that
were held. Being an Executive Director, Mr. Chatterjee was not paid
During the last 15 years in the Company, he has been part of the any sitting fees for attending the Meetings of the Board/Committees.
top leadership team in the Company and has led the Company’s Details regarding the remuneration is provided in the Corporate
finance function and provided stewardship in the areas of financial Governance Report forming part of the Board's Report.
strategy, performance management, large and complex financing in
India and overseas of over USD 70 billion across several instruments Bodies Corporate (other than Tata Steel Limited) in which
and currencies, mergers and acquisitions including divestments, Mr. Koushik Chatterjee holds Directorships and Committee
risk management, reporting and controlling, investor relations positions
and taxation. He has also been deeply involved in portfolio
Directorships
restructuring and turnaround of business situations of various
Subsidiary Companies. Tata Metaliks Limited
The Tinplate Company of India Limited
Mr. Chatterjee had been a member of the Primary Market Advisory Tata Sponge Iron Limited
Committee of the SEBI and was member of the task force set up by Tata Steel BSL Limited (formerly Bhushan Steel Limited)
SEBI that drafted the Takeover Code. He was also the member of Tata Steel Europe Limited
the Global Preparers Forum, the advisory body to the International TS Global Holdings Pte Ltd
Accounting Standards Board London. He is currently the member of TS Global Minerals Holdings Pte Ltd., Singapore
International Integrated Reporting Council UK, Working Group on TS Global Procurement Co. Pte. Ltd., Singapore
Group Insolvency set up by the Insolvency and Bankruptcy Board Dimna Steel Limited
of India, Global Task Force on Climate Related Financial Disclosures Bistupur Steel Limited
set up by the Financial Stability Board, Basel Switzerland. He is a Tata Steel Foundation (Section 8 Company)
frequent speaker in various conferences in India and abroad and has World Steel Association
been recognised as one of India’s best CFO by several organisations
Chairperson of Board Committees
like Business Today Magazine, CNBC, Asiamoney, Chartered Institute
of Management Accountants UK. Recently in March 2019, he was Tata Steel BSL Limited
honoured with the ’FE CFO Lifetime Achievement Award’ by the Stakeholders' Relationship Committee
Financial Express.
Member of Board Committees
Particulars of experience, attributes or skills that qualify
Mr. Chatterjee for Board membership:
Audit Committee
Mr. Koushik Chatterjee has valuable experience in managing the Executive Committee
issues faced by large and complex corporations by virtue of his Board Pension Committee
429
NOTICE
The Tinplate Company of India Limited Profile of Mr. Vijay Kumar Sharma
Nomination & Remuneration Committee Mr. Vijay Kumar Sharma (60) was
appointed as a Member of the
Tata Metaliks Limited
Board effective August 24, 2018.
Nomination & Remuneration Committee
Mr. Sharma is the former
Tata Steel BSL Limited Chairman of Life Insurance
Audit Committee Corporation of India (‘LIC’),
a position he held till
December 31, 2018. Prior to him
Audit Committee
taking over as Chairman of LIC on
Nomination & Remuneration Committee
December 16, 2016, he served
Committee of Board
as Chairman (In-charge) from
Disclosure of Relationship inter-se between Directors, September 16, 2016 and
Manager and other Key Managerial Personnel Managing Director, LIC from November 1, 2013. From December 2010
to November 2013, he served as Managing Director & Chief Executive
There is no inter-se relationship between Mr. Koushik Chatterjee, other
Officer, LIC Housing Finance Limited (‘LICHFL’), a premier housing
members of the Board and Key Managerial Personnel of the Company.
finance company in the country.
Shareholding in the Company Mr. Sharma joined LIC as a Direct Recruit Officer in 1981 and in an
Mr. Koushik Chatterjee holds 1,531 Fully Paid Equity Shares and 105 illustrious career spanning 37 years, served in several pivotal positions
Partly Paid Equity Shares of the Company. in LIC. Mr. Sharma has steered LIC in challenging assignments, pan
India, which has added immensely to his experience and honed his
understanding of demographics of the country, socio-economic needs
of different regions and multi-cultural challenges in implementation
of objectives of large Corporates.
As the Managing Director & Chief Executive Officer of LICHFL,
he stabilised the operations of the Company under challenging
circumstances and turned it around to be the best housing finance
company in 2011.
Mr. Sharma holds a post-graduate degree (MSc.) in Botany from
University of Patna.

Mr. Sharma for Board membership:
Mr. Sharma is an inspirational leader with strong negotiation skills
gained over 37 years of extensive experience in insurance and financial
sectors. He connects with people at different levels and believes in
bottom-up approach in executing various projects. He has an ability
to make his vision towards an organisation a reality. He is known as
Growth Leader, as he steered LIC to surge ahead and turnaround on
its growth path in all segments of performance.
Mr. Sharma’s demonstrated executive leadership as the former
Chairman of LIC indicate that he will provide valued insights and
perspectives to the Board deliberations on complex financial and
operational issues. The Board will draw on his experience and skills in
the areas of business strategy, product development and branding,
stakeholder engagement, risk mitigation, compliance, internal controls
and administrative issues. His unique insights with respect to regulatory
and policy matters will strengthen the Board's collective knowledge,
capabilities and experience.

Board Meeting Attendance and Remuneration Profile of Ms. Mallika Srinivasan
During the year, Mr. Sharma attended all three Board Meetings held Ms. Mallika Srinivasan (59) was
post his appointment as Director. Details regarding the remuneration appointed as a Member of the
is provided in the Corporate Governance Report forming part of the Board effective May 21, 2012.
Board's Report.
Ms. Srinivasan was appointed as
Bodies Corporate (other than Tata Steel Limited) in which an Independent Director of the
Mr. V. K. Sharma holds Directorships and Committee positions Company, under the Companies
Act, 2013, by the Shareholders
Directorships of the Company at the 107th
ACC Limited Annual General Meeting held
Mahindra and Mahindra Limited on August 14, 2014, for a
period of five years with effect
Member of Board Committees from August 14, 2014 up to
ACC Limited August 13, 2019.
Risk Committee Ms. Srinivasan is the Chairperson and Chief Executive Officer of
Corporate Social Responsibility Committee Tractors and Farm Equipment Limited (‘TAFE’). She has spearheaded
TAFE’s growth to its present status as the third largest tractor
Disclosure of Relationship inter-se between Directors,
manufacturer in the world.
Manager and other Key Managerial Personnel
There is no inter-se relationship between Mr. V. K. Sharma, other The accolades and awards she has received in the recent years are
members of the Board and Key Managerial Personnel of the Company. testimonial to her professionalism and thought leadership. In 2018,
Ms. Srinivasan was conferred the Outstanding Woman Entrepreneur
Shareholding in the Company Award at The Economic Times Family Business Awards and ranked
Mr. V. K. Sharma through his relative holds 250 Fully Paid Equity Shares 5th in the Fortune India List of Most Powerful Women in business.
of the Company. In September 2017, she was awarded the Honorary Doctorate of
Science (Honoris Causa) by the Tamil Nadu Agricultural University
in recognition of her contributions to global agriculture, machinery
business and academia. She was featured among ‘BBC 100 Women
2016’ - a list of inspirational and influential women from across the
world, compiled by the British Broadcasting Corporation (BBC) in
November 2016. In March 2015, she was conferred the prestigious
Sir Jehangir Ghandy Medal for Social and Industrial Peace by the Xavier
School of Management, Jamshedpur, India. In 2014, the Government of
India conferred Ms. Srinivasan with the prestigious Padma Shri award
for her contribution to Trade and Industry.
Ms. Mallika Srinivasan holds a Masters of Business Management
degree from Wharton School of Business, University of Pennsylvania,
USA and Masters of Arts in Econometrics from the University of
Madras, Chennai.

Ms. Srinivasan for Board membership:
Ms. Srinivasan has extensive experience in manufacturing
sector. Ms. Srinivasan’s leadership skills and business acumen are
demonstrated by her success in managing large enterprises.
Ms. Srinivasan occupies herself primarily with Board and leadership
Roles in a range of global manufacturing companies. Her rich and wide
experience enables her to provide valued insights and perspectives
on a broad range of business, social and governance issues that are
relevant to large corporations.
431
NOTICE
Board Meeting Attendance and Remuneration Profile of Mr. O. P. Bhatt

Ms. Srinivasan attended five Board Meetings held during the year Mr. O. P. Bhatt (68) was appointed
as Director. Details regarding the remuneration is provided in the as a Member of the Board with
Corporate Governance Report forming part of the Board's Report. effect from June 10, 2013.
Bodies Corporate (other than Tata Steel Limited) in which He was then appointed as an
Ms. Mallika Srinivasan holds Directorships and Committee Independent Director of the
positions Company, under the Companies
Act, 2013, by the Shareholders
Directorships of the Company at the 107th
TAFE Motors and Tractors Limited Annual General Meeting held on
Tractors and Farm Equipment Limited August 14, 2014, for a period of five
TAFE Access Limited years with effect from August 14,
TAFE Reach Limited 2014 up to August 13, 2019.
The United Nilgiri Tea Estate Company Limited
Prior to joining Tata Steel as a Director, Mr. Bhatt has served as the
Tata Global Beverages Limited
Chairman of State Bank Group from June 2006 to March 2011,
TAFE Properties Limited
which includes the State Bank of India (‘SBI’), five associate banks
Trust Properties Development Company Private Limited
in India, five overseas banks, SBI Life, SBI Capital Markets, SBI Fund
AGCO Corporation, USA
Management and other subsidiaries spanning diverse activities from
Chennai Willington Corporate Foundation
general insurance to custodial services.
Indian School of Business
Harita Realty Developers LLP He has served as Chairman of the Indian Banks’ Association, the
apex body of Indian banks and was the government’s nominee on
Chairperson of Board Committees the India-US CEO Forum, Indo-French CEO Forum and Indo-Russia
TAFE Motors and Tractors Limited CEO Forum. He has also served as a Governor on the Board of Centre
Corporate Social Responsibility Committee for Creative Leadership, USA and was nominated ‘Banker of the
Year’ by Business Standard and ‘Indian of the Year for Business’ in
The United Nilgiri Tea Estates Company Limited 2007 by CNN-IBN.
Corporate Social Responsibility Committee
Mr. O. P. Bhatt is a graduate in Science and a post graduate in English
Tractors and Farm Equipment Limited Literature (Gold Medalist) from University of Meerut.
Corporate Social Responsibility Committee
Member of Board Committees Mr. Bhatt for Board membership:
Mr. Bhatt is a successful international leader with a career spanning
TAFE Motors and Tractors Limited
4 decades. He has served in several pivotal positions during his tenure
in SBI. As the Chairman of SBI, he has transformed SBI in bringing
The United Nilgiri Tea Estates Company Limited efficiency and competitiveness in operations. It is under his stewardship
Nomination and Remuneration Committee that SBI adopted an aggressive strategy in marketing and operations
and rose on the global list rankings of Fortune 500 companies.
Tractors and Farm Equipment Limited
Mr. Bhatt brings with him deep knowledge in Banking, Financial and
Manufacturing sectors and has a proven track record in managing
Disclosure of Relationship inter-se between Directors, complex organisation structures. Mr. Bhatt occupies himself primarily
Manager and other Key Managerial Personnel with Board in a range of global manufacturing and technology
companies such as Tata Motors Limited and Tata Consultancy Services
There is no inter-se relationship between Ms. Mallika Srinivasan, other
Limited amongst others. His prior experience enables him to provide
the Board with valuable insights on a broad range of business, social
Shareholding in the Company and governance issues that are relevant to large corporations.
Ms. Mallika Srinivasan does not hold any Equity Shares of With the above exceptionally distinguished record of
the Company. accomplishments, Mr. Bhatt will continue to add significant value and
strength to the Board.

Board Meeting Attendance and Remuneration Profile of Mr. T. V. Narendran
During the year, Mr. O. P. Bhatt attended six Board Meetings held Mr. T. V. Narendran (54) was
during the year as Director. Details regarding the remuneration is inducted as Managing Director
provided in the Corporate Governance Report forming part of the of the Company effective
Board's Report. September 19, 2013. He was
re-designated as the Chief
Bodies Corporate (other than Tata Steel Limited) in which Executive Officer and Managing
Mr. O. P. Bhatt holds Directorships and Committee positions Director (‘CEO & MD’) on
Directorships October 31, 2017 and was
re-appointed as CEO & MD
Hindustan Unilever Limited
effective September 19, 2018.
Tata Consultancy Services Limited
Tata Motors Limited Mr. Narendran joined the
Greenco Energy Holdings Limited Company in 1988 after
completing his MBA from IIM Calcutta. As the CEO & MD,
Chairperson of Board Committees Mr. Narendran oversaw the successful acquisitions of Bhushan Steel
Hindustan Unilever Limited Limited (now known as Tata Steel BSL Limited), and the Steel business
Stakeholders’ Relationship Committee of Usha Martin Limited. As the Managing Director, he successfully
Corporate Social Responsibility Committee commissioned Tata Steel’s Kalinganagar Steel Plant in Odisha,
which achieved its rated capacity within a very short span of time.
Tata Consultancy Services Limited This project enhanced Tata Steel’s ability to deliver steel to higher
Risk Committee value segments like the automotive and the oil & gas industries.
Currently Mr. Narendran is overseeing the expansion of Phase 2 of the
Tata Motors Limited Kalinganagar Steel Plant.
Corporate Social Responsibility Committee His career in Tata Steel spanned many areas in India and overseas,
including Marketing & Sales, International Trade, Supply Chain
Member of Board Committees & Planning, Operations and General Management and includes
positions held by him at Jamshedpur, Kolkata, Dubai and Singapore.
Hindustan Unilever Limited
Prior to becoming the Managing Director of Tata Steel in 2013,
Audit Committee
Mr. Narendran was the Vice President - Safety, Flat Products & Long
Remuneration Committee
Products of the Company from 2010.
Tata Consultancy Services Limited During his tenure, Mr. Narendran led the Company’s first overseas
Audit Committee acquisitions in South East Asia – NatSteel. He served as the Executive
Nomination and Remuneration Committee Vice-President of NatSteel since 2005 and was appointed the
Corporate Social Responsibility Committee President & CEO of the Company from January 2008.
Ethics and Compliance Committee
Mr. Narendran is a member on the Board of the World Steel Association
Tata Motors Limited and is a member of its Executive Committee. He was the co-chair of
Audit Committee the Mining & Metals Governors Council of the World Economic Forum
from 2016 to 2018. He is the Vice President of the Confederation
Disclosure of Relationship inter-se between Directors, of Indian Industry ('CII'). He is also the Vice President of the Indian
Manager and other Key Managerial Personnel Institute of Metals, and is the President of the Indian Steel Association.
There is no inter-se relationship between Mr. O. P. Bhatt, other
Mr. Narendran is a Chevening scholar. He is a Mechanical Engineer
from NIT Trichy (1986) and completed his MBA from IIM Calcutta
Shareholding in the Company (1988). He has also attended the Advanced Management Programme
in CEDEP-INSEAD, Fontainebleau, France. He is a Fellow of The Indian
Mr. O. P. Bhatt does not hold any Equity Shares of the Company.
National Academy of Engineering ('INAE'), and is a recipient of
Distinguished Alumnus Awards from both NIT Trichy and IIM Calcutta.

Mr. Narendran for Board membership:
Mr. Narendran has over 30 years of experience in the Metals and
Mining industry. By virtue of his background and experience, he has
vast and deep knowledge of the steel industry.
433
NOTICE
As the Chief Executive Officer and Managing Director, Chairperson of Board Committees
Mr. Narendran is responsible for the business and corporate affairs of
Tata Steel globally. He provides broad insights to the understanding
of complex strategic, operational, and financial matters of the Corporate Social Responsibility & Sustainable Committee
Industry as well as the Company. Capex Committee
Safety, Health and Environment Committee
Also, as a Key Managerial Personnel, Mr. Narendran provides the Board
with an ‘‘insider’s view’’ of all facets of the Company. His perspective Tata Sponge Iron Limited
provides the Board with important information necessary to oversee Committee of Board
the business and affairs of the Company.
Member of Board Committees
His ability to manage different stakeholders, build consensus around
divergent issues, and lead the executive team effectively is invaluable Tata Steel Europe Limited
to the Company. Mr. Narendran exhibits high levels of loyalty, Remuneration Committee
commitment, and integrity towards the Company. The Company will Audit Committee
be best served by his re-appointment as the Chief Executive Officer
and Managing Director.
Board Meeting Attendance and Remuneration
During the year, Mr. Narendran attended all seven Board Meetings Nomination and Remuneration Committee
held. Being an Executive Director, Mr. Narendran was not paid any
sitting fees for attending the meetings of the Board/Committees. Disclosure of Relationship inter-se between Directors,
Details regarding the remuneration is provided in the Corporate Manager and other Key Managerial Personnel
Governance Report forming part of the Board's Report. There is no inter-se relationship between Mr. T. V. Narendran, other
Bodies Corporate (other than Tata Steel Limited) in which
Mr. T. V. Narendran holds Directorships and Committee Shareholding in the Company
positions
Mr. Narendran along with his relative holds 2,032 Fully Paid Equity
Directorships Shares and 139 Partly Paid Equity Shares of the Company.
Tata Steel BSL Limited (formerly Bhushan Steel Limited)
Jugsalai Steel Limited
Straight Mile Steel Limited
Sakchi Steel Limited
Noamundi Steel Limited
Tata Steel Foundation (Section 8 Company)

Route map to the AGM Venue
Landmark: Next to Bombay Hospital (H)

Distance from Churchgate Station: 1 km
Distance from Chhatrapati Shivaji Terminus: 1.2 km
Distance from Marine Lines Station: 0.8 km
435
To,
TSR Darashaw Limited/Depository Participant
______________________________________
______________________________________
______________________________________
Updation of Shareholders Information

I/We request you to record the following information against my/our Folio No./DP ID/Client ID:
General Information:
Folio No./DP ID/Client ID:

Name of the first named Shareholder:
PAN:*
CIN/Registration No.:*
(applicable to Corporate Shareholders)
Tel. No. with STD Code:
Mobile No.:
E-mail id:
*Self attested copy of the document(s) enclosed.
Bank Details:
IFSC:
(11 digit)
MICR:
(9 digit)
Bank A/c Type:
Bank A/c No.: *
Name of the Bank:
Bank Branch Address:
*A blank cancelled cheque is enclosed to enable verification of bank details.
I/We hereby declare that the particulars given above are correct and complete. If the transaction is delayed because of
incomplete or incorrect information, I/We would not hold the Company/RTA responsible. I/We undertake to inform any subsequent
changes in the above particulars as and when the changes take place. I/We understand that the above details shall be maintained till
I/We hold the securities under the above mentioned Folio No.
Place:
Date:
_________________________
Signature of Sole/First holder
Note:
Shareholders holding shares in physical mode and having Folio No(s) should provide the above information to our RTA,
TSR Darashaw Limited. Shareholders holding Demat shares are required to update their details with the Depositary Participant.
437
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Tata Steel Limited
Registered Office: Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001.
Tel.: +91 22 6665 8282 • Fax: +91 22 6665 7724 • Corporate Identity No.: (CIN) – L27100MH1907PLC000260
Website: www.tatasteel.com • Email: [email protected]
Attendance Slip
(To be presented at the entrance)
112TH ANNUAL GENERAL MEETING ON FRIDAY, JULY 19, 2019, AT 3.00 P.M. (IST)
at Birla Matushri Sabhagar,19, Sir Vithaldas Thackersey Marg, Mumbai - 400 020.
Folio No. DP ID No. Client ID No.
Name of the Member: Signature:
Name of the Proxyholder: Signature:

I hereby record my presence at the 112th Annual General Meeting of the Company held on Friday, July 19, 2019, at 3.00 p.m. IST at Birla Matushri
Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai – 400 020.
1. Only Member/Proxyholder can attend the Meeting.
2. Member/Proxyholder should bring his/her copy of the Integrated Report for reference at the Meeting.
Tata Steel Limited

Registered Office: Bombay House, 24, Homi Mody Street, Fort, Mumbai-400 001.
Tel.: +91 22 6665 8282 • Fax: +91 22 6665 7724 • Corporate Identity No.: (CIN) – L27100MH1907PLC000260
Website: www.tatasteel.com • Email: [email protected]
Proxy Form
(Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies (Management and Administration) Rules, 2014, as amended)
Name of the Member(s) :
Registered address :
E-mail Id :
Folio No./Client ID No. DP ID No.
I/We, being the Member(s) holding Equity Shares of Tata Steel Limited, hereby appoint
1. Name: E-mail Id:
Address:
Signature: or failing him
2. Name: E-mail Id:
Address:
Signature: or failing him
3. Name: E-mail Id:
Address:
Signature:
as my/our Proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 112th Annual General Meeting of the Company to be held
on Friday, July 19, 2019, at 3.00 p.m. IST at Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai-400 020 and at any adjournment
thereof in respect of such Resolutions as are indicated below:
** I wish my above Proxy to vote in the manner as indicated in the box below:
Resolution
Resolution For Against
No.
Ordinary Business
Consider and adopt the Audited Standalone Financial Statements for the
1 Financial Year ended March 31, 2019 and the Reports of the Board of Directors
and Auditors thereon.
439
NOTICE
Resolution
Resolution For Against
No.
Ordinary Business
Consider and adopt the Audited Consolidated Financial Statements for the
2
Financial Year ended March 31, 2019 and the Report of the Auditors thereon.
Declaration of Dividend on fully paid and partly paid Ordinary Shares for Financial
3
Year 2018-19.
Appointment of Director in place of Mr. Koushik Chatterjee (DIN:00004989), who
4
retires by rotation and being eligible, seeks re-appointment.
Special Business
5 Appointment of Mr. Vijay Kumar Sharma (DIN: 02449088) as a Director.
Re-Appointment of Ms. Mallika Srinivasan (DIN: 00037022) as an Independent
6
Director.
7 Re-Appointment of Mr. O. P. Bhatt (DIN: 00548091) as an Independent Director.
Re-Appointment of Mr. T. V. Narendran (DIN: 03083605) as Chief Executive Officer
8
and Managing Director and payment of remuneration.
Ratification of the remuneration of Messrs Shome & Banerjee, Cost Auditors of the
9
Company.
Affix
Signed this day of 2019 Revenue
Stamp
Signature of Shareholder Signature of Proxyholder(s)
NOTES:
1. This Form of Proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company at Bombay
House, 24, Homi Mody Street, Fort, Mumbai-400 001 not less than 48 hours before the commencement of the Meeting.
** 2. This is only optional. Please put a ‘√’ in the appropriate column against the Resolutions indicated in the Box. If you leave the ‘For’ or
‘Against’ column blank against any or all the Resolutions, your Proxy will be entitled to vote in the manner as he/she thinks appropriate.
3. Appointing Proxy does not prevent a Member from attending in person if he/she so wishes.
4. In case of joint holders, the signature of any one holder will be sufficient, but names of all the joint holders should be stated.

Celebrating 100 Years
of Jamshedpur
Jamshedpur is where it all started. The city, today, is synonymous with more than just steel
and represents a truly vibrant and cosmopolitan India.
The city, originally called Sakchi, was renamed as ‘Jamshedpur’ by Lord Chelmsford (Viceroy of India between 1916-21)
on January 2, 1919 in the honour of Jamsetji Nusserwanji Tata, founder of the Tata group.
Tata Steel Limited
Bombay House, 24 Homi Mody Street, Fort, Mumbai - 400 001
www.tatasteel.com
Scan the QR Code to /TataSteelLtd /Tatasteelltd /company/tata-steel/

read the report online
/user/Thetatasteel/ /tatasteelltd/

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Tata Steel Annual Report 2019

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Integrated Report &

Annual Accounts 2018–19

Our Leadership Our Business Our Strategy Our Capitals

ABOUT THIS REPORT

Our Approach to Reporting Scope and Boundary Forward Looking Statements

The London Eye, London Marina Bay Sands, Singapore

Bogibeel Bridge, Assam, India Kempegowda International Airport, Bengaluru, India

2 INTEGRATED REPORT & ANNUAL ACCOUNTS 2018-19 | 112TH YEAR

Achievements of today for a brighter tomorrow

₹ 70,611Cr. 29% ₹ 10,533 Cr.

₹ 3,677 Cr. 13.23 MnT 12.7 MnT

8.6 MnT ₹ 3,426 Cr. ₹ 2,801 Cr.

2.34 tCO e/tcs 0.29 Index (Steel) (Out of 100)

99% 3.5 m /tcs 3

Ownership Principal activities

Tata Steel acquires Tata Steel group acquires

Guiding the path to tomorrow

Mr. Ratan N. Tata

BOARD COMMITTEES Standing (Left to Right)

1. Audit T. V. Narendran V. K. Sharma Peter Blauwhoff

4 INTEGRATED REPORT & ANNUAL ACCOUNTS 2018-19 | 112TH YEAR

Deepak Kapoor Saurabh Agrawal Koushik Chatterjee

Mallika Srinivasan O. P. Bhatt

Well positioned to capitalise

6 INTEGRATED REPORT & ANNUAL ACCOUNTS 2018-19 | 112TH YEAR

Financial Year 2018-19 was a good year for your

Prudent steps for a

T. V. Narendran Koushik Chatterjee

8 INTEGRATED REPORT & ANNUAL ACCOUNTS 2018-19 | 112TH YEAR

At Tata Steel, we have always focussed on sustained

We will continue to focus on deleveraging as a

10 INTEGRATED REPORT & ANNUAL ACCOUNTS 2018-19 | 112TH YEAR

Panview of Kalinganagar Steel Plant

Vibrant and future-ready

Prepared for the future

Tata Steel operates with a completely integrated

Innovation Technology Sustainability:

14 INTEGRATED REPORT & ANNUAL ACCOUNTS 2018-19 | 112TH YEAR

Diversified portfolio across markets

AUTOMOTIVE INDUSTRIAL AND GENERAL ENGINEERING

Welding Wire Rods

Process Industries Tata Tiscrome (Ferro Chrome),

Individual House Tata Tiscon (Rebars), Pravesh (Steel Doors

Corporate and Nest-In (Habinest – Prefabricated Houses,

B2B B2C B2G B2ECA

16 INTEGRATED REPORT & ANNUAL ACCOUNTS 2018-19 | 112TH YEAR

Long Product 3 MnTPA 3 1

Location Nature of operations

RAW MATERIAL LOCATIONS RAW MATERIALS REVENUE STREAM

Zonal Hubs 6 [Delhi, Faridabad,

Focussed on delivering long-term value

Our value drivers

Maintain Focus on cost Drive Focus on allocating Focus on

Our imperatives for long-term value creation

Tata Steel BSL Kalinganagar Graphene Centre,

RESHAPING TATA STEEL PORTFOLIO PRIORITIES FINANCIAL HEALTH NEW INITIATIVES

18 INTEGRATED REPORT & ANNUAL ACCOUNTS 2018-19 | 112TH YEAR

Our interventions to be future ready

Leverage digital Focus on R&D Create a Focus on safety Be the industry

** V CAP-Vendor Capability Advancement