RED HERRING PROSPECTUS Please read Section 60B of the Companies Act, 1956 Book Building Issue Dated

January 11, 2011

TATA STEEL LIMITED
(Originally incorporated on August 26, 1907 under the Indian Companies Act, 1882 as ‘The Tata Iron and Steel Company Limited’, the name of the Company was changed to ‘Tata Steel Limited’ with effect from August 12, 2005). For details on change in the name of the Company, see the section “History and Certain Corporate Matters” beginning on page 96 of this Red Herring Prospectus.

Registered Office: Bombay House, 24, Homi Mody Street, Fort, Mumbai 400 001 Tel: (91 22) 66658282 Fax: (91 22) 66657724 Company Secretary and Compliance Officer: Mr. A. Anjeneyan, Company Secretary Tel: (91 22) 66657279 Fax: (91 22) 66657724 E-mail: cosec@tatasteel.com Website: www.tatasteel.com Promoter: Tata Sons Limited
FURTHER PUBLIC ISSUE OF 57,000,000 EQUITY SHARES OF FACE VALUE RS. 10 EACH (“EQUITY SHARES”) FOR CASH AT A PRICE OF RS. [•] PER EQUITY SHARE OF TATA STEEL LIMITED (“TATA STEEL” OR “THE COMPANY”) AGGREGATING TO RS. [•] MILLION (THE “ISSUE”). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF 55,500,000 EQUITY SHARES (“THE NET ISSUE”) AND A RESERVATION OF 1,500,000 EQUITY SHARES FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (THE “EMPLOYEE RESERVATION PORTION”). THE ISSUE WOULD CONSTITUTE 5.94% OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL OF THE COMPANY AND THE NET ISSUED TO THE PUBLIC WOULD CONSTITUTE 5.79% OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL OF THE COMPANY. THE PRICE BAND AND THE MINIMUM BID LOT WILL BE DECIDED BY THE COMPANY IN CONSULTATION WITH THE BOOK RUNNING LEAD MANAGERS AND WILL BE ADVERTISED IN FINANCIAL EXPRESS (ALL EDITIONS), JANASATTA (ALL EDITIONS) AND NAVSHAKTI (ALL EDITIONS) AT LEAST ONE WORKING DAY PRIOR TO THE BID OPENING DATE. In case of revision in the Price Band, the Bidding Period will be extended for at least three additional Working Days after the revision of the Price Band subject to the Bidding Period not exceeding 10 Working Days. Any revision in the Price Band and the revised Bidding Period, if applicable, will be widely disseminated by notification to Bombay Stock Exchange Limited (the “BSE”) and the National Stock Exchange of India Limited (the “NSE”), by issuing a press release, and also by indicating the change on the websites of the Book Running Lead Managers (“BRLMs”) and at the terminals of the members of the Syndicate. This Issue is being made through the Book Building Process where not more than 50% of the Net Issue will be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (“QIB Portion”) provided that the Company may allocate up to 30% of the QIB Portion to Anchor Investors on a discretionary basis (“Anchor Investor Portion”), out of which at least one-third will be available for allocation to domestic Mutual Funds only. For details, see the section “Issue Procedure” beginning on page 249 of this Red Herring Prospectus. Further, 5% of the QIB Portion, excluding the Anchor Investor Portion, will be available for allocation on a proportionate basis to Mutual Funds only. The remainder will be available for allocation on a proportionate basis to QIBs including Mutual Funds, subject to valid Bids being received from them at or above the Issue Price. In addition, not less than 15% of the Net Issue will be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Issue will be available for allocation on a proportionate basis to Retail Bidders, subject to valid Bids being received at or above the Issue Price. Any Bidder (other than Anchor Investors) may participate in this Issue through the ASBA process by providing the details of their ASBA Accounts in which the corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks (“SCSBs”). For more information, specific attention is invited to the section “Issue Procedure” beginning on page 249 of this Red Herring Prospectus. GENERAL RISKS Investments in equity and equity-related securities involve a degree of risk and Bidders should not invest any funds in this Issue unless they can afford to take the risk of losing their investment. Bidders are advised to read the section “Risk Factors” beginning on page XIV of this Red Herring Prospectus carefully before making an investment decision in this Issue. For making an investment decision, Bidders must rely on their own examination of the Company and this Issue, including the risks involved. The Equity Shares offered in this Issue have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of this Red Herring Prospectus. This being a fast track issue under Regulation 10 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended from time to time (“SEBI Regulations”), the Company filed the Red Herring Prospectus with the Registrar of Companies, Maharashtra at Mumbai (“RoC”) with a copy to SEBI and the Stock Exchanges. Specific attention of the Bidders is invited to the section “Risk Factors” beginning on page XIV of this Red Herring Prospectus. ISSUER’S ABSOLUTE RESPONSIBILITY The Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Red Herring Prospectus contains all information with regard to the Company and this Issue which is material in the context of this Issue, that the information contained in this Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect. LISTING The Equity Shares of the Company are listed on the BSE and the NSE. The Equity Shares offered pursuant to this Red Herring Prospectus are proposed to be listed on the BSE and the NSE. We have received the in-principle approvals of the BSE and the NSE for the listing of the Equity Shares pursuant to letters dated January 10, 2011 and January 11, 2011, respectively. BSE is the Designated Stock Exchange for the Issue.

BOOK RUNNING LEAD MANAGERS

REGISTRAR TO THE ISSUE

KOTAK MAHINDRA CAPITAL COMPANY LIMITED 1st Floor, Bakhtawar Nariman Point Mumbai 400 021 Tel: (91 22) 66341100 Fax: (91 22) 22840492 E-mail: tsl.fpo@kotak.com Investor Grievance Email: kmccredressal@kotak.c om Website: www.investmentbank.k otak.com Contact Person: Mr. Chandrakant Bhole SEBI Registration No.: INM000008704

CITIGROUP GLOBAL MARKETS INDIA PRIVATE LIMITED 12th Floor, Bakhtawar Nariman Point Mumbai 400 021 Tel: (91 22) 66319999 Fax: (91 22) 66466366 E-mail: TataSteel.fpo@citi.com Investor Grievance Email: investors.cgmib@citi.c om Website: www.online.citibank.co .in/rhtm/citigroupglobal screen1.htm Contact Person: Mr. Shashank Pandey SEBI Registration No.: INM000010718

DEUTSCHE EQUITIES (INDIA) PRIVATE LIMITED DB House Hazarimal Somani Marg Fort Mumbai 400 001 Tel: (91 22) 66584600 Fax: (91 22) 22006765 E-mail: tatasteel.fpo@db.com Investor Grievance Email: db.redressal@db.com Website: www.db.com/india Contact Person: Mr. Viren Jairath SEBI Registration No.: INM 000010833

HSBC SECURITIES AND CAPITAL MARKETS (INDIA) PRIVATE LIMITED HSBC Building 52/60 Mahatma Gandhi Road, Fort Mumbai 400 001 Tel: (91 22) 22685555 Fax: (91 22) 22631984 E-mail: project.trophy@hsbc.co.in Investor Grievance Email: investorgrievance@hsbc.c o.in Website: www.hsbc.co.in/1/2/corpo rate/equities-globalinvestment-banking Contact Person: Mr. Amit Chakarabarty SEBI Registration No.: INM000010353

RBS EQUITIES (INDIA) LIMITED 83/84, Sakhar Bhavan Nariman Point Mumbai 400 021 Tel: (91 22) 66325535 Fax: (91 22) 66325541 E-mail: tatasteel.fpo@rbs.com Investor Grievance Email: customercareecm@rbs .com Website: www.rbs.in Contact Person: Mr. Asim Anwar SEBI Registration No.: INM000011674

SBI CAPITAL MARKETS LIMITED 202, Maker Tower E Cuffe Parade Mumbai 400 005 Tel: (91 22) 22178300 Fax: (91 22) 22188332 E-mail: tatasteel.fpo@sbicaps. com Investor Grievance Email: investor.relations@sbi caps.com Website: www.sbicaps.com Contact Person: Ms. Kavita Tanwani/Mr. Prayag Mohanty SEBI Registration No.: INM000003531

STANDARD CHARTERED SECURITIES (INDIA) LIMITED 1st Floor, Standard Chartered Tower 201B/1,Western Express Highway, Goregaon (E) Mumbai - 400 063 Tel: (91 22) 67350745 Fax: (91 22) 22610270 E-mail: scb.trophy@sc.com Investor Grievance Email: redressal.ecm@sc.com Website: www.standardchartered capitalmarkets.com Contact Person: Mr. Rohan Saraf SEBI Registration No.: INM000011542

LINK INTIME INDIA PRIVATE LIMITED C-13, Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West), Mumbai 400 078 Tel: (91 22) 2596 0320 Toll free: 1800220320 Fax: (91 22) 2596 0329 Email: tsl.fpo@linkintime.co.i n Website: www.linkintime.co.in Contact Person: Mr. Vishwas Attavar SEBI Registration No.: INR000004058

BIDDING PROGRAMME* BID OPENS ON: JANUARY 19, 2011 BID CLOSES ON: JANUARY 21, 2011

*Anchor Investors, if any, will submit their Bid during the Anchor Investor Bidding Period, which shall be one Working Day prior to the Bid Opening Date.

TABLE OF CONTENTS SECTION I – GENERAL ........................................................................................................................................... I  DEFINITIONS AND ABBREVIATIONS ................................................................................................................ i  CERTAIN CONVENTIONS, USE OF FINANCIAL INFORMATION AND MARKET DATA AND CURRENCY OF PRESENTATION ....................................................................................................................... ix  NOTICE TO INVESTORS ..................................................................................................................................... xi  FORWARD LOOKING STATEMENTS ..............................................................................................................xii  SECTION II - RISK FACTORS ...........................................................................................................................XIV  SECTION III – INTRODUCTION ............................................................................................................................ 1  SUMMARY OF INDUSTRY .................................................................................................................................. 1  SUMMARY OF BUSINESS .................................................................................................................................... 3  SUMMARY FINANCIAL INFORMATION .......................................................................................................... 9  THE ISSUE ............................................................................................................................................................ 17  GENERAL INFORMATION ................................................................................................................................. 19  CAPITAL STRUCTURE ....................................................................................................................................... 30  OBJECTS OF THE ISSUE..................................................................................................................................... 39  BASIS FOR ISSUE PRICE .................................................................................................................................... 48  STATEMENT OF TAX BENEFITS ...................................................................................................................... 51  SECTION IV- ABOUT US ....................................................................................................................................... 58  INDUSTRY OVERVIEW ...................................................................................................................................... 58  BUSINESS ............................................................................................................................................................. 65  REGULATIONS AND POLICIES IN INDIA ....................................................................................................... 91  HISTORY AND CERTAIN CORPORATE MATTERS ....................................................................................... 96  SUBSIDIARIES ................................................................................................................................................... 100  MANAGEMENT ................................................................................................................................................. 112  THE PROMOTER AND GROUP COMPANIES ................................................................................................ 125  DIVIDEND POLICY ........................................................................................................................................... 151  SECTION V – FINANCIAL INFORMATION .................................................................................................... 152  FINANCIAL STATEMENTS .............................................................................................................................. 152  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ..................................................................................................................................................... 157  FINANCIAL INDEBTEDNESS .......................................................................................................................... 185  STOCK MARKET DATA FOR EQUITY SHARES OF THE COMPANY ....................................................... 197  SECTION VI – LEGAL AND OTHER INFORMATION .................................................................................. 200  OUTSTANDING LITIGATION AND DEFAULTS ........................................................................................... 200  GOVERNMENT AND OTHER APPROVALS .................................................................................................. 224  OTHER REGULATORY AND STATUTORY DISCLOSURES ....................................................................... 230  SECTION VII – ISSUE RELATED INFORMATION ........................................................................................ 241  ISSUE STRUCTURE ........................................................................................................................................... 241  TERMS OF THE ISSUE ...................................................................................................................................... 246  ISSUE PROCEDURE .......................................................................................................................................... 249  RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES .................................................... 277  SECTION VIII – MAIN PROVISIONS OF THE ARTICLES OF ASSOCIATION ....................................... 278  SECTION IX – OTHER INFORMATION ........................................................................................................... 295  MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION ............................................................. 295  DECLARATION .................................................................................................................................................. 297 

SECTION I – GENERAL DEFINITIONS AND ABBREVIATIONS Unless the context otherwise indicates or implies, the following terms have the following meanings in this Red Herring Prospectus and references to any statute or regulations or policies will include any amendments or reenactments thereto, from time to time. Company-Related Terms Term “Tata Steel” or the “Company” “Tata Steel India” “TSE” “TSL” Articles of Association or Articles Audit Committee Auditors Board or Board of Directors Directors Group Companies Description Tata Steel Limited and its consolidated subsidiaries, unless otherwise specified Tata Steel Limited as a stand-alone entity Tata Steel Europe and its subsidiaries Tata Steel Limited and its subsidiaries, except TSE and TSE’s subsidiaries The articles of association of the Company, as amended from time to time The audit committee of the Board of Directors described in the section “Management” beginning on page 112 of this Red Herring Prospectus The statutory auditors of the Company, being Messrs. Deloitte Haskins & Sells, Chartered Accountants The board of directors of the Company, unless otherwise specified The directors of the Company Includes those companies, firms, ventures, etc., promoted by the Promoter, irrespective of whether such entities are covered under Section 370(1B) of the Companies Act or not. For details, see the section “The Promoter and Group Companies” beginning on page 125 of this Red Herring Prospectus The memorandum of association of the Company, as amended from time to time Tata Sons Limited The registered office of the Company, at Bombay House, 24, Homi Mody Street, Fort, Mumbai 400 001

Memorandum of Association Promoter or Tata Sons Registered Office Issue Related Terms Term Allotted/Allotment/Allot

Description Unless the context otherwise requires, means the allotment of Equity Shares pursuant to this Issue to successful Bidders Allottee A successful Bidder to whom the Equity Shares are Allotted Application Supported by Blocked Application (whether physical or electronic) used by an ASBA Bidder to Amount/ASBA make a Bid authorising the SCSB to block the Bid Amount in the specified bank account maintained with the SCSB ASBA Account Account maintained with an SCSB which will be blocked by such SCSB to the extent of the Bid Amount of an ASBA Bidder ASBA Bid cum Application Form The Bid cum Application Form, whether physical or electronic, used by an ASBA Bidder to make a Bid, which will be considered as the application for Allotment for the purposes of this Red Herring Prospectus and the Prospectus ASBA Bidder Any Bidder other than an Anchor Investor who intends to apply through ASBA ASBA Revision Form The revision forms used by ASBA Bidders to modify the quantity of Equity Shares in any of their ASBA Bid cum Application Forms or any previous ASBA Revision Forms

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Description A Qualified Institutional Buyer, who applies under the Anchor Investor Portion with a minimum Bid of Rs. 100 million Anchor Investor Allocation Notice Notice or intimation of allocation of Equity Shares sent to Anchor Investors who have been allocated Equity Shares Anchor Investor Bid Bid made by the Anchor Investor Anchor Investor Bidding Period The day which is one Working Day prior to the Bid Opening Date, prior to or after which the Syndicate will not accept any Bids from the Anchor Investors Anchor Investor Issue Price The final price at which Equity Shares will be issued and Allotted in terms of the Red Herring Prospectus and the Prospectus to the Anchor Investors, which will be a price equal to or higher than the Issue Price but not higher than the Cap Price. Anchor Investor Portion Up to 30% of the QIB Portion which may be allocated to Anchor Investors by the Company in consultation with the BRLMs on a discretionary basis. One-third of the Anchor Investor Portion will be reserved for allocation to domestic Mutual Funds, subject to valid Anchor Investor Bids being received from domestic Mutual Funds at or above the price at which allocation is being made to Anchor Investors Bankers to the Issue/Escrow Collection Axis Bank Limited, HDFC Bank Limited, and ICICI Bank Limited Banks Basis of Allotment The basis on which the Equity Shares will be Allotted, described in the section “Issue Procedure” beginning on page 249 of this Red Herring Prospectus. Bid An indication to make an offer during the Bidding Period by a Bidder, or during the Anchor Investor Bidding Period by an Anchor Investor, pursuant to submission of a Bid cum Application Form to subscribe to the Equity Shares at a price within the Price Band, including all revisions and modifications thereto Bid Amount The highest value of the optional Bids indicated in the Bid cum Application Form and payable by a Bidder on submission of a Bid in the Issue and in the case of ASBA Bidders, the amount mentioned in the ASBA Bid cum Application Form Bid Closing Date Except in relation to Anchor Investors, January 21, 2011 Bid cum Application Form The form in terms of which the Bidder will make an offer to purchase Equity Shares and which will be considered as the application for the issue of Equity Shares pursuant to the terms of this Red Herring Prospectus and the Prospectus, including the ASBA Bid cum Application, as may be applicable Bidder Any prospective investor who makes a Bid pursuant to the terms of the Red Herring Prospectus and the Bid cum Application Form, including an ASBA Bidder and an Anchor Investor Bidding Period The applicable period between the Bid Opening Date and the Bid Closing Date, inclusive of both days, during which prospective Bidders (other than Anchor Investors) can submit their Bids, including any revisions thereof Bid Opening Date Except in relation to Anchor Investors, January 19, 2011 Book Building Process The method of book building as described in Schedule XI of the SEBI Regulations, in terms of which the Issue is being made Book Running Lead Managers/BRLMs The book running lead managers to the Issue, in this case being: Anchor Investor • • • • Kotak Mahindra Capital Company Limited; Citigroup Global Markets India Private Limited; Deutsche Equities (India) Private Limited; HSBC Securities and Capital Markets (India) Private Limited;

Term

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Term

Cap Price Citi Controlling Branches of the SCSBs Cut-off Price

Designated Branches Designated Date

Designated Stock Exchange Deutsche Bank DP ID Eligible Employee

Employee Reservation Portion Eligible NRI

Equity Listing Agreement Equity Shares or Ordinary Shares Escrow Account(s) Escrow Agreement

First Bidder

Description • RBS Equities (India) Limited; • SBI Capital Markets Limited; and • Standard Chartered Securities (India) Limited Higher end of the Price Band, including revisions thereof, above which the Issue Price and Anchor Investor Issue Price will not be determined and above which no Bids will be accepted Citigroup Global Markets India Private Limited Such branches of the SCSBs which coordinate Bids in the Issue by ASBA Bidders with the BRLMs, the Registrar to the Issue and the Stock Exchanges, a list of which is available on www.sebi.gov.in/pmd/scsb.pdf The Issue Price finalized by the Company in consultation with the BRLMs which will be any price within the Price Band. Only Retail Bidders and Eligible Employees are entitled to Bid at the Cut-off Price. QIBs (including Anchor Investors) and Non-Institutional Bidders are not entitled to Bid at the Cut-off Price Such branches of the SCSBs which will collect the ASBA Bid cum Application Form used by ASBA Bidders, a list of which is available on www.sebi.gov.in/pmd/scsb.pdf The date on which funds are transferred from the Escrow Accounts to the Public Issue Account and the amount blocked by the SCSBs are transferred from the ASBA Accounts to the Public Issue Account, as the case may be, after the Prospectus is filed with the RoC, following which the Equity Shares will be Allotted Bombay Stock Exchange Limited Deutsche Equities (India) Private Limited Depository Participant’s Identity A permanent and full-time employee of the Company or a Director of the Company (excluding such other persons not eligible under applicable laws, rules, regulations and guidelines), as on the date of filing of the Red Herring Prospectus with the RoC, who are Indian nationals and are based, working and present in India as on the date of submission of the Bid cum Application Form and who continue to be in the employment of the Company or Directors of the Company, as the case may be, until submission of the Bid cum Application Form. The portion of the Issue, being 1,500,000 Equity Shares, available for allocation to Eligible Employees. A NRI resident in a jurisdiction outside India where it is not unlawful to make an offer or invitation under the Issue and in relation to whom the Red Herring Prospectus constitutes an invitation to subscribe for the Equity Shares The Company’s equity listing agreements entered into with the Stock Exchanges The ordinary shares of the Company having a face value of Rs. 10, unless otherwise specified in the context thereof Accounts opened with the Escrow Collection Banks for the Issue and in whose favour the Bidders (excluding ASBA Bidders) will issue cheques or demand drafts in respect of the Bid Amount Agreement to be entered into among the Company, the Registrar, the members of the Syndicate, the Escrow Collection Banks and the Refund Banks for collection of the Bid Amounts and remitting refunds, if any, of the amounts to the Bidders (excluding ASBA Bidders) on the terms and conditions thereof The Bidder whose name appears first in the Bid cum Application Form or the Revision Form

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Term Floor Price HSBC Issue Issue Agreement Issue Price

Kotak Monitoring Agency Mutual Funds Mutual Funds Portion Net Issue Net Proceeds Non-Institutional Bidders

Non-Institutional Portion Non-Resident Indian or NRI

Pay-in Date Pay-in Period Price Band

Pricing Date Prospectus

Description Lower end of the Price Band and any revisions thereof, below which the Issue Price will not be finalized and no Bids will be accepted and which shall not be lower than the face value of the Equity Shares HSBC Securities and Capital Markets (India) Private Limited Further public issue of up to 57,000,000 Equity Shares of Rs. 10 each for cash at a price of Rs. [●] per Equity Share of the Company aggregating to Rs. [●] million The agreement dated January 11, 2011 entered into amongst the Company and the BRLMs pursuant to which certain arrangements are agreed to in relation to the Issue The final price at which the Equity Shares will be issued and Allotted to the successful Bidders in terms of the Red Herring Prospectus and the Prospectus. The Issue Price will be decided by the Company in consultation with the BRLMs Kotak Mahindra Capital Company Limited HDFC Bank Limited Mutual funds registered with SEBI under the SEBI (Mutual Funds) Regulations, 1996, as amended 5% of the QIB Portion (excluding the Anchor Investor Portion) equal to a minimum of 971,250 Equity Shares available for allocation to Mutual Funds only, out of the QIB Portion on a proportionate basis Issue less the Employees Reservation Portion, consisting of 55,500,000 Equity Shares Proceeds of the Issue that are available to the Company excluding Issue expenses All Bidders, including sub-accounts of FIIs registered with SEBI, which are foreign corporate or foreign individuals, that are not QIBs or Retail Bidders and who have Bid for the Equity Shares for an amount more than Rs. 200,000 The portion of the Issue, being not less than 15% of the Net Issue or 8,325,000 Equity Shares, available for allocation to Non-Institutional Bidders A person resident outside India, who is a citizen of India or a person of Indian origin and will have the same meaning as ascribed to such term in the Foreign Exchange Management (Deposit) Regulations, 2000, as amended Bid Closing Date, except with respect to Anchor Investors, the Anchor Investor Bidding Period or a date mentioned in the Anchor Investor Allocation Notice Except with respect to ASBA Bidders, the period commencing on the Bid Opening Date and extending until the Bid Closing Date Price band of a minimum price (Floor Price) of Rs. [●] and a maximum price (Cap Price) of Rs. [●], including revisions thereof. The Price Band and the minimum Bid lot for the Issue will be decided by the Company in consultation with the BRLMs and advertised in Financial Express (all editions), Janasatta (all editions) and Navshakti (all editions) at least one Working Day prior to the Bid Opening Date, with the relevant financial ratios calculated at the Floor Price and at the Cap Price The date on which the Company in consultation with the BRLMs will decide the Issue Price The Prospectus to be filed with the RoC in terms of Section 60 of the Companies Act, containing, among other things, the Issue Price that is determined at the end of the Book Building Process, the size of the Issue and certain other information and including any addenda or corrigenda

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Term Public Issue Account Qualified Institutional Buyers or QIBs

QIB Portion RBS Red Herring Prospectus or RHP

Refund Account(s) Refund Bank(s) Registrar to the Issue/Registrar Registrar’s Agreement Retail Bidders

Retail Portion Revision Form

SBI Caps Self Certified Syndicate Bank or SCSB

SCS Stock Exchanges Syndicate

Description thereof The account to be opened with the Bankers to the Issue to receive monies from the Escrow Account(s) and the ASBA Accounts Public financial institutions as specified in Section 4A of the Companies Act, FIIs and sub-accounts registered with SEBI, other than a subaccount which is a foreign corporate or foreign individual, scheduled commercial banks, Mutual Funds, VCFs and FVCIs registered with SEBI, multilateral and bilateral development financial institutions, state industrial development corporations, insurance companies registered with the Insurance Regulatory and Development Authority, provident funds (subject to applicable law) with minimum corpus of Rs. 250 million and pension funds with minimum corpus of Rs. 250 million, the National Investment Fund set up by resolution F. No. 2/3/2005-DD-II dated November 23, 2005 of Government of India published in the Gazette of India, insurance funds set up and managed by army, navy or air force of the Union of India and insurance funds set up and managed by the Department of Posts, India The portion of the Issue being not more than 50% of the Net Issue or 27,750,000 Equity Shares available for allocation to QIBs, including the Anchor Investor Portion RBS Equities (India) Limited This Red Herring Prospectus dated January 11, 2011 issued in accordance with Section 60B of the Companies Act, which does not have complete particulars of the Issue Price and the Price Band and which becomes the Prospectus after filing with the RoC after the Pricing Date Account(s) opened with Escrow Collection Bank(s) from which refunds of the whole or part of the Bid Amount (excluding the ASBA Bidders), if any, will be made Escrow Collection Bank(s) with which an account is opened and from which a refund of the whole or part of the Bid Amount, if any, will be made Link Intime India Private Limited The agreement entered into among the Company and the Registrar to the Issue pursuant to which certain arrangements are agreed to in relation to the Issue Bidders (including HUFs and NRIs), other than Eligible Employees submitting Bids under the Employee Reservation Portion, who have Bid for the Equity Shares for an amount less than or equal to Rs. 200,000 in any of the bidding options in the Net Issue The portion of the Issue, being not less than 35% of the Net Issue, or 19,425,000 Equity Shares at the Issue Price, available for allocation to Retail Bidders The form used by the Bidders to modify the quantity of Equity Shares or the Bid Amount, as applicable, in any of their Bid cum Application Forms, ASBA Bid cum Application Forms or any previous Revision Form(s) SBI Capital Markets Limited Banks which are registered with SEBI under the SEBI (Bankers to an Issue) Regulations, 1994, as amended, and offer services of ASBA, including blocking of ASBA Accounts, a list of which is available on www.sebi.gov.in/pmd/scsb.pdf Standard Chartered Securities (India) Limited The BSE and the NSE Collectively, the BRLMs and the Syndicate Members

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Term Syndicate Agreement Syndicate Members Transaction Registration Slip or TRS Underwriters Underwriting Agreement U.S. person U.S. QIB Working Day

Description Agreement to be entered between the Syndicate and the Company in relation to the collection of Bids (excluding Bids from the ASBA Bidders) in this Issue Kotak Securities Limited and SBICAP Securities Limited The slip or document issued by a member of the Syndicate to a Bidder as proof of registration of the Bid Kotak, Citi, Deutsche Bank, HSBC, RBS, SCS, the Syndicate Members and State Bank of India The Agreement between the Underwriters and the Company to underwrite and/or procure subscription for the Equity Shares to be issued and offered under this Issue A U.S. person as defined in Regulation S under the U.S. Securities Act of 1933 U.S. persons that are “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act of 1933 All days other than a Sunday or a public holiday (except in reference to the Anchor Investor Bidding Period, announcement of Price Band and Bidding Period, where a working day means all days other than a Saturday, Sunday or a public holiday), on which commercial banks in Mumbai are open for business

Conventional and General Terms Term Act or Companies Act BSE CAGR CDSL Crore Depositories Depositories Act Depository Participant or DP ECS EGM EPA EPF Act EPS EURIBOR FEMA FIIs Financial Year FIPB FPO FVCI GoI or Government or Central Government Description Companies Act, 1956, as amended Bombay Stock Exchange Limited Compounded Annual Growth Rate Central Depository Services (India) Limited 10 million NSDL and CDSL Depositories Act, 1996, as amended A depository participant as defined under the Depositories Act Electronic clearing service Extraordinary general meeting of the shareholders of a company Environment (Protection) Act, 1986, as amended Employees (Provident Fund and Miscellaneous Provisions) Act, 1952, as amended Earnings per share, i.e., profit after tax for a financial year divided by the weighted average number of equity shares during the financial year Euro Interbank Offered Rate Foreign Exchange Management Act, 1999, as amended, together with rules and regulations thereunder Foreign Institutional Investors (as defined under the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995) registered with SEBI Period of 12 months ended March 31 of that particular year Foreign Investment Promotion Board Further Public Offering Foreign Venture Capital Investors (as defined under the SEBI (Foreign Venture Capital Investors) Regulations, 2000) registered with SEBI Government of India

vi

1989 as amended. Maharashtra at Mumbai Indian Rupees Real Time Gross Settlement Securities Contract (Regulations) Act. as defined under the FEMA and includes a Non-Resident Indian Non-Resident External Account established in accordance with the FEMA Non-Resident Ordinary Account established in accordance with the FEMA National Securities Depository Limited National Stock Exchange of India Limited A company.T. 1947. as amended Securities Transaction Tax Supreme Court of India Generally accepted accounting principles in the United States of America Venture Capital Funds as defined and registered with SEBI under the SEBI (Venture Capital Fund) Regulations. and as superceded by the Hazardous Wastes (Management. 1989 Hindu Undivided Family International Financial Reporting Standards Industrial Disputes Act. Storage and Import of Hazardous Chemicals Rules. 1992. as amended Securities and Exchange Board of India constituted under the SEBI Act Securities and Exchange Board of India Act. Act Indian GAAP Industrial Policy Km LIBOR Minimum Wages Act MoEF MoF MoU NEFT Non-Resident or NR NRE Account NRO Account NSDL NSE OCB PAN RBI Re. 1992. 2003 and immediately before such date was eligible to undertake transactions pursuant to the general permission granted to OCBs under the FEMA. GoI Memorandum of Understanding National Electronic Fund Transfer A person resident outside India. 1923. Handling and Transboundary Movement) Rules. 2008 and the Manufacture. OCBs are not allowed to invest in this Issue Permanent Account Number allotted under the I.T. Act Reserve Bank of India One Indian Rupee Registrar of Companies. 1957. as amended SEBI (Prohibition of Insider Trading) Regulations. partnership. 1996. Government of India Ministry of Finance. as amended Income Tax Act. as amended Workmen’s Compensation Act. issued by the Government of India from time to time Kilometers London Interbank Offered Rate Minimum Wages Act. as amended vii . RoC Rs.Term Hazardous Wastes Rules HUF IFRS ID Act I. 1948. as amended Ministry of Environment and Forests. society or other corporate body owned directly or indirectly to the extent of at least 60% by NRIs including overseas trusts in which not less than 60% of the beneficial interest is irrevocably held by NRIs directly or indirectly and which was in existence on October 3. or Rupees or ` RTGS SCRA SCRR SEBI SEBI Act SEBI Insider Trading Regulations SEBI Regulations STT Supreme Court US GAAP VCF(s) Workmen’s Compensation Act Description The Hazardous Waste (Management and Handling) Rules. as amended SEBI (Issue of Capital and Disclosure Requirements) Regulations. as amended Securities Contracts (Regulation) Rules. 2009. as amended Generally Accepted Accounting Principles in India The policy and guidelines relating to industrial activity in India. 1956. 1961.

solidified steel before further treatment. terms in the sections “Main Provisions of the Articles of Association”. A process (distinct from permanent closure) whereby a facility ceases production but is maintained in readiness. will have the same meaning given to such terms in these respective sections. 51. Land that is currently undeveloped or in agricultural use. Steel ready for construction or manufacturing use. Depositories Act and the rules and regulations made thereunder. viii . “Financial Statements” and “Outstanding Litigation and Defaults” beginning on pages 278. Notwithstanding the foregoing. “Statement of Tax Benefits”. 152 and 200 respectively of this Red Herring Prospectus. Cast. “Regulations and Policies in India”. 91. million tonnes million tonnes per annum tonnes per annum Processing of raw materials and production of crude steel The words and expressions used but not defined in this Red Herring Prospectus will have the same meaning as assigned to such terms under the Companies Act.Industry Related Terms Term Brownfield Crude steel Downstream Finished product Greenfield Mothballing mt mtpa tpa Upstream Description Land occupied by defunct or under-utilised commercial or industrial facilities. so that it can be restarted relatively quickly when the need arises. SCRA. SEBI Act. Further processing of crude steel to produce finished steel products.

Industry and Market Data Unless stated otherwise. professional organisations and analysts. industry and government publications and websites. which may be material to investors’ assessments of the Company’s financial condition. description and other information in this Red Herring Prospectus regarding the Company’s activities. and the Company urges you to consult your own advisors regarding such differences and their impact on the Company’s financial data. such as US GAAP and IFRS. any discrepancies in any table between the total and the sums of the amounts listed are due to rounding off. Also. All financial information. no investment decision should be made on the basis of such information. Data from these sources may also not be comparable. The extent to which industry and market data used in this Red Herring Prospectus is meaningful depends on the readers’ familiarity with and understanding of the methodologies used in compiling such data. This data has not been prepared or independently verified by the Company or the BRLMs or any of their respective ix . Any reliance by persons not familiar with Indian accounting practices on the financial disclosures presented in this Red Herring Prospectus should accordingly be limited. 2007 and 2006. the statistical information included in this Red Herring Prospectus relating to the industry in which the Company operates has been reproduced from various trade. 2009. Unless stated otherwise. Accordingly. 2008.CERTAIN CONVENTIONS. the industry and market data used throughout this Red Herring Prospectus has been obtained from industry publications and government data. the Automotive Component Manufacturers Association of India and the Investment Committee of India. the Ministry of Heavy Industries and Public Enterprises of India. “USA”. The Company has not attempted to explain those differences or quantify their impact on the financial data included herein. There are significant differences between Indian GAAP. the degree to which the Indian GAAP financial statements included in this Red Herring Prospectus will provide meaningful information is entirely dependent on the reader’s level of familiarity with Indian GAAP. unless otherwise indicated or required by context. or the “United States” are to the United States of America. data from other external sources and knowledge of the markets in which the Company competes. Although we believe industry data used in this Red Herring Prospectus is reliable. so all references to a particular financial year are to the twelve-month period ended March 31 of that year. all references to the “U. Unless otherwise stated. US GAAP and IFRS. the Indian Ministry of Steel. Information regarding market position. the Society of Indian Automobile Manufacturers.S. it has not been independently verified. 2010 and Financial Years 2010. growth rates and other industry data pertaining to the businesses of the Company contained in this Red Herring Prospectus consists of estimates based on data reports compiled by government bodies. All references to “India” contained in this Red Herring Prospectus are to the Republic of India. Accordingly. In this Red Herring Prospectus. Please see “Risk Factors–Risks Related to Investing in an Indian Company–Significant differences exist between Indian GAAP and other accounting principles. USE OF FINANCIAL INFORMATION AND MARKET DATA AND CURRENCY OF PRESENTATION Financial Data Unless stated otherwise. These publications generally state that the information contained therein has been obtained from sources believed to be reliable but that their accuracy and completeness are not guaranteed and their reliability cannot be assured. presented on a consolidated basis. The Company’s financial year commences on April 1 and ends on March 31. failure of the Company to successfully adopt IFRS which is effective from April 2011 could have a material adverse effect on the trading price of the Equity Shares. comparative and empirical industry data in this Red Herring Prospectus have been derived from the publicly available information and industry publications published by the World Steel Association.”. financial condition and results of operations are. the financial data in this Red Herring Prospectus is derived from the financial statements of the Company prepared in accordance with Indian GAAP and the Companies Act and in accordance with the SEBI Regulations for the six month period ended September 30.” on page xxxii of this Red Herring Prospectus.

2010 44. Such data involves risks. the official currency of the United Kingdom of Great Britain and Northern Ireland. 2010 and September 30.” or “`” are to Indian Rupees.92 (Rs.14 Exchange Rate as on March 31. 2010 45. investment decisions should not be based on such information. the Company has included in the section “Basis for the Issue Price” beginning on page 48 of this Red Herring Prospectus. March 31.S. 2009 are provided below: Currency Exchange Rate as on March 31. or can be converted into Indian Rupees. 2009 48. All references to “U. The exchange rates for conversion of US$ to Rs. Currency and Units of Presentation All references to “Rupees” or “Rs. Dollar” or “USD” or “US$” are to United States Dollar.95 Exchange Rate as on September 30. 2009 50. 2009. These convenience translations should not be construed as a representation that those U.) Exchange Rate as on September 30. All references to “JPY” are to Japanese Yen. the official currency of Japan. Such information has been derived from publicly available sources and the Company has not independently verified such information. including those discussed in the section “Risk Factors” beginning on page XIV of this Red Herring Prospectus. at any particular rate or at all. Dollar or other currency amounts could have been. information relating to the Company’s peer group companies. 2010. Exchange Rates This Red Herring Prospectus contains translations of certain U. the official currency of the United States of America. Accordingly. In accordance with the SEBI Regulations. the official currency of the Republic of India. September 30. Dollar and other currency amounts into Indian Rupees that have been presented solely to comply with the requirements of item (VIII) sub-item (G) of Part A of Schedule VIII of the SEBI Regulations.04 1 US$ Source: RBI Reference Rate x . All references to “Euro” or “EUR” or “€” are to the single currency of the member states of the European Community that adopt or have adopted the Euro as their lawful currency under the legislation of the European Union or European Treaty Union. All references to “GBP” or “£” are to the Pound Sterling. as on March 31.S.affiliates or advisors.S. uncertainties and numerous assumptions and is subject to change based on various factors.

S. QIBs”.S.S. Securities Act (“Rule 144A”) and referred to in this Red Herring Prospectus as “U. nor do they authorise.S.S. or in a transaction not subject to. resell.S. and (ii) will only reoffer. Accordingly any person making or intending to make an offer in that Relevant Member State of Equity Shares which are the subject of the offering contemplated in this Red Herring Prospectus may only do so in circumstances in which no obligation arises for the Company or any of the Underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Directive. The expression Prospectus Directive means Directive 2003/71/EC (and amendments thereto. Securities Act.NOTICE TO INVESTORS United States The Equity Shares have not been recommended by any U. Securities Act and applicable state securities laws. a “Relevant Member State”) will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of Equity Shares. to the extent implemented in the Relevant Member State). European Economic Area This Red Herring Prospectus has been prepared on the basis that any offer of Equity Shares in any Member State of the European Economic Area which has implemented the Prospectus Directive (each. Any representation to the contrary is a criminal offence in the United States and may be a criminal offence in other jurisdictions. in reliance on the exemption from registration under the U.S. Each purchaser of Equity Shares outside the United States will be required to represent and agree.S. Securities Act. pledge or otherwise transfer the Equity Shares within the United States in reliance on the exemption from registration under the U. Securities Act”) and may not be offered or sold within the United States except pursuant to an exemption from. in relation to such offer. does not refer to a category of institutional investors defined under applicable Indian regulations and referred to in the Red Herring Prospectus as “QIBs”) acting for its own account or for the account of another U. for the avoidance of doubt. and includes any relevant implementing measure in the Relevant Member State and the expression 2010 PD Amending Directive means Directive 2010/73/EU. Securities Act provided by Rule 144A or other available exemption or outside the United States in an “offshore transaction” in accordance with Rule 903 or Rule 904 of Regulation S under the U. the registration requirements of the U. the Equity Shares are being offered and sold (i) in the United States only to “qualified institutional buyers” (as defined in Rule 144A under the U.S. Neither the Company nor the Underwriters have authorised.S. Securities Act of 1933.S. Each purchaser of Equity Shares within the United States will be required to represent and agree. the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Red Herring Prospectus. Furthermore. in each case. that such purchaser is purchasing the Equity Shares for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account (i) is a U. QIB and is aware that the sale to it is being made in reliance on Rule 144A under the U. among other things. federal or state securities commission or regulatory authority. Securities Act provided by Rule 144A or other available exemption and (ii) outside the United States in reliance on Regulation S under the U. the making of any offer of Equity Shares in circumstances in which an obligation arises for the Company or the Underwriters to publish a prospectus for such offer. Securities Act. The Equity Shares have not been and will not be registered under the U. which.S.S. QIB (and meets the other requirements set forth herein). as amended (the “U. Securities Act.S. including the 2010 PD Amending Directive. Accordingly. among other things. xi . that such purchaser is acquiring the Equity Shares in an “offshore transaction” in accordance with Regulation S under the U.

“will pursue” or other words or phrases of similar import. the risk of a potential fall in steel prices or of price volatility. fluctuations in operating costs and related impact on the financial results of the Company. the Company’s ability to meet its capital expenditure requirements or increases in capital expenditure requirements. civil disturbances. planned projects and other matters discussed in this Red Herring Prospectus regarding matters that are not historical fact. Similarly. including future acquisitions and financings. statements that describe the Company’s objectives. “can”. the implementation of new projects. such as coal and electricity. “estimate”. performance or achievements expressed or implied by such forward looking statements or other projections. but are not limited to. general economic and business conditions in the markets in which the Company operates and in the local. “expect”. regional and national economies. Important factors that could cause actual results to differ materially from the Company’s expectations include. without limitation. “will”.FORWARD LOOKING STATEMENTS This Red Herring Prospectus contains certain “forward looking statements”. “anticipate”. strategies. These forward looking statements include statements as to the Company’s business strategy. “project”. “will continue”. the Company’s ability to attract and retain qualified personnel. changes in technology in the future. changes in government regulation. the Company’s substantial indebtedness and ability to meet its debt service obligations. “believe”. These forward looking statements and any other projections contained in this Red Herring Prospectus involve known and unknown risks. “objective”. the Company’s ability to recover the mineral reserves to which it has access or develop new mineral reserves. “shall”. All forward looking statements are subject to risks. the integration of companies or business acquired by the Company. “intend”. uncertainties and assumptions about the Company that could cause actual results to differ materially from those contemplated by the relevant forward looking statement. plans or goals are also forward looking statements. changes in laws and regulations relating to the industries in which the Company operates. terrorist attacks. the following: • • • • • • • • • • • • • • • • the downturn in the global economy and the risk of a protracted recession. regional conflicts. uncertainties and other factors that may cause the Company’s actual financial results. “plan”. xii . “could”. any financial or operating projections or forecasts). its revenue and profitability (including. performance or achievements to be materially different from any future financial results. including the cost of transporting the Company’s products and the cost of energy. changes in expenses. accidents and natural disasters. These forward looking statements generally can be identified by words or phrases such as “aim”. increasing competition in or other factors affecting the industry segments in which the Company operates.

the monetary policies of India or of such other countries. equity prices. deflation. with respect to product liability claims. the Company and the BRLMs will ensure that investors in India are informed of material developments until such time as the grant of listing and trading permission by the Stock Exchanges for the Equity Shares. certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result. as well as the performance of financial markets globally. actual future gains or losses could materially differ from those that have been estimated. inflation. and any adverse outcome in legal proceedings in which the Company is or may become involved including.• changes in political and social conditions in India or in other countries in which the Company has operations. Neither the Company nor the BRLMs nor the Syndicate Members nor any of their respective affiliates have any obligation to update or otherwise revise any statements reflecting circumstances arising after the date hereof or to reflect the occurrence of underlying events. By their nature. “Business” and “Management Discussion and Analysis of Financial Condition and Results of Operations” beginning on pages XIV. xiii . exchange rates or other rates or prices. respectively. • • For further discussion of factors that could cause the actual results of the Company to differ. unanticipated turbulence in interest rates. even if the underlying assumptions do not come to fruition. In accordance with SEBI requirements. the performance of the financial markets in India and other countries where the Company has operations. see the sections “Risk Factors”. 65 and 157 of this Red Herring Prospectus.

including the risks and uncertainties described below. Unless specified or quantified in the relevant risk factors below. results of operations. as well as other financial information contained in this Red Herring Prospectus.SECTION II . would exacerbate the negative trend in market conditions. Starting in September 2008. with positive growth limited to certain regions. the Company or the Equity Shares. the Company’s business and results of operations in Europe. such as the automotive industry and the construction industry. xiv . Russia and India. has been particularly severely affected and has not fully come out of the recession. as a result. the trading price of the Equity Shares and the value of your investment in the Equity Shares could decline.4% of the Company’s net sales in Financial Year 2010. This has had a pronounced negative effect on. which accounted for 46. as well as emerging Asian markets. the Company’s business and results of operations. To obtain a complete understanding of the Company’s business. any of the other risks and uncertainties discussed in this Red Herring Prospectus or other risks that are not currently known or are now deemed immaterial actually occur. you should read this section in conjunction with the sections “Business” and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” beginning on pages 65 and 157 of this Red Herring Prospectus. and to some extent continues to negatively affect. with a certain degree of recovery and stabilisation of steel prices. and you may lose all or part of your investment. Protracted declines in steel consumption caused by poor economic conditions in one or more of the Company’s major markets or by the deterioration of the financial condition of its key customers would have a material adverse effect on demand for its products and hence on its business and results of operations. or the bankruptcy of any large companies in such industries. In particular. including the Company’s. The European economy and. financial conditions and prospects. or significantly slower growth or the spread of recessionary conditions to emerging economies that are substantial consumers of steel (such as China. Unless otherwise stated. Although the global economy has shown signs of recovery since the end of 2009 and in 2010. would also have an adverse effect on the Company’s business. and continues to negatively affect. Brazil. national and regional economic conditions. Additional risks not presently known to the Company or that the Company currently deems immaterial may also impair the Company’s business operations. sparked by uncertainty in credit markets and deteriorating consumer confidence. Continued financial weakness among substantial consumers of steel products. should the recovery falter. The European construction industry. If any or some combination of the following risks. the Company is not in a position to quantify the financial or other implication of any of the risks described in this section. the European steel market. a steep downturn in the global economy. The steel industry is affected by global economic conditions. the Company’s business. respectively. An unsustainable recovery and persistent weak economic conditions in any of the Company’s key markets could have a material adverse effect on the Company’s business. The risks described below are not the only ones relevant to the countries and the industries in which the Company operates. have been slower in their recovery from the global economic downturn than the economies and steel markets of other regions. which has adversely impacted. before making an investment in the Equity Shares. the financial information of the Company used in this section is derived from the Company’s restated consolidated financial statements. Risks Related to the Company 1. the Middle East and the Commonwealth of Independent States (“CIS”) regions) would have a material adverse effect on the steel industry. a key consumer of steel products. or excluding key markets such as Europe. a renewed recession or period of lower growth or lower public spending on infrastructure in Europe or in the United States. financial condition and results of operations could be materially effected. financial condition and prospects. sharply reduced global demand for steel products.RISK FACTORS An investment in the Equity Shares involves a high degree of risk. results of operations. You should carefully consider all information in this Red Herring Prospectus. An uneven recovery. the outlook of steel producers could again worsen. A slower than expected recovery of the global economy or a renewed global recession could have a material adverse effect on the steel industry and the Company. The Company’s business and results of operations are affected by international.

adverse changes or volatility in foreign currency reserve levels. Steel prices are volatile.756 million in Financial Year 2010. After rising steadily during 2007 and into the third quarter of 2008. coal and oil prices). 2009 and 2010. the Company’s sales in Europe decreased from Rs. 474. which are among the biggest consumers of steel products. substantial decreases in steel prices during periods of economic weakness have not always been balanced by commensurate price increases during periods of economic strength. In addition.0% and 46. machinery. Steel prices fluctuate based on macroeconomic factors. consumer confidence. which is expected to affect the Company’s business. The European economy remained weak in the third quarter of 2010. including the Company. results of operations. in the economies in which the steel producers sell their products and are sensitive to the trends of particular industries.2. until the second half of 2009. despite widespread production cuts. and the recurrence of another major downturn in the industry may have a material adverse impact on the Company’s business. to a certain degree. several economies within Europe are showing significant signs of weakness. dollar. GBP or Euro exchange rates). a significant majority of the Company’s operations and assets are located in Europe. length and nature of business cycles affecting the steel industry have become increasingly unpredictable. 809. and the European economy in general. A sustained price recovery will most likely require a broad economic recovery. results of operations and prospects. Europe is the Company’s largest market. As a result. such as automobile. the timing and extent of price recovery or return to prior levels remains uncertain. The depressed state of steel prices during this period adversely affected the businesses and results of operations of steel producers generally. resulting in lower revenues and margins and write downs of finished steel products and raw material inventories. sovereign defaults of certain European countries.7%. The steel industry is highly cyclical and a decrease in steel prices may have an adverse effect on the Company’s results of operations and financial condition. the Company may experience decreased demand for its products. amongst others. interest rates and inflation rates. in order to underpin an increase in real demand for steel products by end users. the volatility. reflecting the highly cyclical nature of the global steel industry.967 million in Financial Year 2009 to Rs. infrastructure and construction. Economic indicators in Europe in recent years have shown mixed signs. legal and regulatory risks that are related to Europe. such as the automotive. In addition. Sales of the Company's products in Europe are affected by the condition of major steel consuming industries. the Company is subject to economic. and its current business and future growth could be materially and adversely affected if economic conditions in Europe deteriorate. could adversely affect the Company’s business. Due in large part to the economic conditions in Europe. recovered and stabilised since their sharp fall in 2008. commodity prices (including iron ore. Any future deterioration of the European and global economy. Developments that could have an adverse impact on Europe’s economy include: • • • • continuing difficulties in the global financial markets. accounting for 62. or a prolonged period of limited growth. employment rates. Europe is the Company’s largest market. including. In addition. which may lead to a decrease in steel prices. 55. packaging. equipment and transportation industries.4% of the Company’s net sales in Financial Years 2008. xv . When downturns occur in these economies or sectors. financial condition and prospects. interest rates or stock markets. financial condition and results of operations. 3. appliance. respectively. In particular. financial condition. construction. global steel prices fell sharply as the global credit crisis led to a collapse in global demand. Prices remained depressed. exchange rates (including fluctuation of the U. Although steel prices have. a slowdown in consumer spending. and further bailouts of European governments may occur.S. political.

would lead to an increased government budget deficit. prices increase rapidly. Although the Company believes that it is a competitive steel producer. Competition from global steel producers with expanded production capacities such as ArcelorMittal and new market entrants. For example. Conversely. including mismatches between trends in prices for raw materials and steel. financial problems or lack of progress in restructuring large troubled European companies. if demand grows strongly. a decrease in tax revenues and a substantial increase in the expenditures by European governments for unemployment compensation and other social programs that. access to outside funds. Consequently. declining margins and reductions in revenue. especially from China and India. there has been a trend toward industry consolidation among the Company’s competitors. could adversely affect the Company’s profitability. and price volatility may adversely affect the Company’s business. Ukraine and Russia. it cannot assure prospective investors that it will be able to compete effectively against its current or emerging competitors with respect to each of these key competitive factors. cash operating costs. expansion of capacity requires long lead times so that. workforce skill and productivity. Developments in the competitive environment in the steel industry could have an adverse effect on the Company’s competitive position and hence its business. with a high proportion of fixed costs to total costs. While the Company has taken steps to reduce operating costs. financial condition and prospects. together. as unutilised capacity cannot be brought on line as quickly. Larger competitors may also use their resources. Any such event could have a material adverse impact on the Company’s business. including by making additional acquisitions. representing approximately 6. For example. The result can be substantial price volatility.3% of total global steel production in 2009. governmental subsidies provided to foreign competitors. The Company believes that the key competitive factors affecting its business include product quality. pricing power with large buyers. according to WSA. In recent years. the merger of Mittal and Arcelor in 2006 created a company that continues to be the largest steel producer in the world. a variety of known and unknown events could have a material adverse impact on the Company’s ability to compete. results of operations. these companies may be able to negotiate preferential prices for certain products or receive discounted prices for bulk purchases of certain raw materials that may not be available to the Company. xvi . investing more aggressively in product development and capacity and displacing demand for the Company’s export products. results of operations. increases in tariffs or the imposition of trade barriers could all affect the ability of the Company to compete effectively. as well as limitations on or disruptions in the supply of raw materials. changes in manufacturing technology. The steel industry is characterised by a high proportion of fixed costs. dramatic reductions in pricing policies. the degree of regulation and access to low-cost raw materials. against the Company in a variety of ways. 5. steel producers generally seek to maintain high capacity utilisation. there is a tendency for prices to fall sharply if supply is largely maintained. irrational market behaviour by competitors. the Company could be placed in a disadvantageous competitive position relative to other steel producers and its business. and geo-political uncertainty and risk of further attacks by terrorist groups around the world. financial condition and prospects could be materially and adversely affected. could result in significant price competition. The production of steel is capital intensive. their suppliers or the financial sector. the Company may be negatively affected by significant price volatility. In addition. • • 4. results of operations or prospects. changes in the level of marketing undertaken by competitors.• • social and labour unrest. exporters selling excess capacity from markets such as China. If capacity exceeds demand. For example. which may be greater than the Company’s. If the trend towards consolidation continues. and incur operating losses as a result. particularly in the event of excess production capacity in the global steel market. Volatility in the prices of raw materials and energy. financial condition.

scrap and power. including iron ore. which are subject to significant price volatility. The availability and prices of raw materials may be negatively affected by. In addition.Steel production requires substantial amounts of raw materials and energy. which may in turn reduce their access to reliable supplies of raw materials. Canada and the Ivory Coast. the bargaining power of raw material suppliers and the availability and cost of transportation. Because the production of direct reduced iron and the re-heating of steel involve the use of significant amounts of energy. Mozambique. steel producers are sensitive to energy prices and are dependent on having access to reliable supplies. xvii . Canada and the Ivory Coast have not reached the production phase. results of operations or prospects. financial condition. Furthermore. or failure to obtain adequate supplies of raw materials or energy at reasonable prices or at all. it would have a material adverse effect on the Company’s business. financial condition. the prices of most commodities used in the steelmaking process rose sharply before collapsing in late 2008 as a result of the global economic crisis and then experiencing a limited recovery at the end of 2009 and in 2010. The Company’s estimates of its Indian mineral reserves and the mineral reserves of its other mining investments are subject to assumptions. fluctuations in exchange rates. Actual reserves and production levels may differ significantly from reserve estimates. under supply contracts or from the spot market. could adversely affect its business. and this trend may continue due to market conditions and other factors beyond the control of steel producers. energy costs. even moderate increases in energy prices can have a significant effect on the Company's business. If raw materials and energy prices rise significantly (either as a result of supply constraints or other reasons) but prices for steel do not increase commensurately. 6. In addition. In addition. and through the first half of 2008. The raw materials industry is highly concentrated and suppliers in recent years have had significant pricing power. Mozambique. the Company’s joint ventures to gain access to coal and iron ore deposits in India. In addition. To the extent such companies use these raw materials in their own steel production. Further consolidation among suppliers would exacerbate this trend. accidents or other similar events at suppliers’ premises or along the supply chain. Historically. or increases in costs which the Company cannot pass on to its customers. many steel companies have been focused on acquiring raw materials around the world in an effort to limit their exposure to the volatility and instability of the markets for raw materials. In recent years. no independent third-party reports have been generated to ascertain the level of mineral reserves located at certain of the Company’s existing and potential mining sites. The Company’s estimates of its iron ore and coal resources. As a result. Any prolonged interruption in the supply of raw materials or energy. wars. Despite the fact that steel and raw material prices are historically highly correlated. including in India. are subject to probabilistic assumptions based on interpretations of geological data obtained from sampling techniques and projected rates of production in the future. or if the Company is unable to gain access to sufficient mineral reserves. results of operations and prospects. the Company’s results of operations and financial condition may be adversely affected. represent a substantial portion of the cost of goods sold by steel producers generally. and if the actual amounts of such reserves are less than estimated. consolidation in steel-related industries. with both having experienced significant declines during the global economic crisis. interruptions in production by suppliers. In 2006. it may take many years from the initial phase of exploration before production is possible during which time the economic feasibility of exploiting such reserves may change. these acquisitions will further limit the supply of these raw materials available for purchase in global markets. financial condition. business continuity of suppliers. including the cost of electricity and natural gas. including all materials for its operation in Europe. including the Company. results of operations and prospects. it currently obtains a significant majority of its raw materials requirements. Although the Company sources a portion of its iron ore and coal requirements from its captive mines and also has new mines under development. The Company can offer no assurance that commercial levels of raw materials will be discovered or that the mines will produce raw materials at the estimated amounts or at all. among other factors: new laws or regulations. as was the case during 2007 and the first half of 2008. when demand peaked at record levels. 2007. natural disasters and other similar events. raw materials suppliers began to move toward sales based on quarterly prices rather than annually priced contracts under which steel producers face increased exposure to production cost and price volatility. there can be no assurance that this correlation will continue. suppliers’ allocations to other purchasers. in 2010. energy prices have varied significantly. coking coal and coke.

for the first five years from the commencement of mining activities. among other requirements. xviii . the renewals are subject to the lessee not being in breach of any applicable laws. the mining company would be required to pay a specified amount in lieu of annuity. cesses and the auction of mining blocks by State Governments to promote regional mining explorations. The Company relies on leased mines and if it is unable to renew these leases. 2010 (the “MMDR Bill”). If the Company’s mining leases are not renewed. the Company may be forced to purchase such minerals in the open market or pay increased royalties. These leases are granted under the Indian Mines and Minerals (Development and Regulations) Act. 8. renewing existing mining blocks. or renegotiated on terms that are less advantageous. according to the last publically available draft. which are reflected in the above paragraph. If the Indian Government implements the Mines and Minerals (Development and Regulation) Bill.If the Company has overestimated its mineral reserves. If the mining operations are unprofitable. in some cases. and the Company may be forced to purchase such minerals in the open market. taxes. results of operations and prospects of the Company. which may negatively impact its results of operations and financial condition. the annual compensation will be set by the relevant State Government. do not represent the current position. A group of ministers approved a revised version of the MMDR Bill on September 17. to the stakeholders as annual compensation and employment and other assistance to such affected persons in accordance with the rehabilitation and resettlement policy of the concerned State Government. The Company extracts minerals pursuant to mining leases from State Governments in the areas in which such mines are located including leases for iron ore mines in the Noamundi. Prices of minerals in the open market may significantly exceed the cost at which the Company might otherwise be able to extract these minerals. no new leases are made available. obtain new leases or is required to pay more royalties under these leases. The Company may be adversely affected by the proposed implementation of the MMDR Bill which. including environmental laws. in case the holder of lease is a person. If the mining company and such affected persons are unable to agree on such annual compensation. The MMDR Bill seeks to rationalise royalties. If prices in the open market exceed the cost at which the Company might otherwise be able to extract these minerals or there is an increase in royalties payable. it would deplete its existing mineral reserves more quickly than estimated. Joda and Khondbond regions and coal mines in the West Bokaro and Jamadoba regions. The MMDR Bill proposes that the mining company shall allot free shares equal to 26% through the promoters’ quota of the mining company or an annuity equal to 26% of the profit after deduction of tax paid. the financial condition and results of operations of the Company may be adversely affected. financial condition and prospects. or the quality of such reserves. From time to time. defined as persons holding occupations. Any laws implemented as a result of the proposed MMDR Bill may adversely affect the business. 2010 and the provisions of the last publicly available version of the MMDR Bill. the Company is currently unable to predict the impact the MMDR Bill will have on its business. 1957 (the “MMDR”). the MMDR Bill would require a mining company to pay annual compensation to certain affected persons. the Company has plans to increase the scope of its mining activities pursuant to new leases with the State Governments including leases relating to the Orissa and Chhattisgarh Steel Projects and through its venture with Steel Authority of India Limited (“SAIL”). obtaining new mining licenses and determining the levels of compensation and royalties to be paid to the central and State Governments. The MMDR Bill also proposes to address the eligibility norms for obtaining new mining blocks. financial condition and prospects would be materially and adversely affected. usufruct or traditional rights related to the surface of the land over which it possess mining licenses. Among other provisions. which would cause the Company’s costs to increase and consequently adversely affect the Company’s businesses. would subject the Company to new mining regulations. or royalties charged against the Company’s leases are increased. Thus. Such renewals may take an indeterminable time to be completed and. results of operations. financial condition. the Company’s costs would increase and the Company’s business. such leases expire and may be renewed for up to 20 years with the approval of the relevant State Government and. the Indian Government. it may be forced to purchase such minerals for higher prices in the open market. results of operations. as well as the final form that the MMDR Bill will take. 7. In addition. financial condition. including paying compensation to certain affected persons. results of operations and prospects.

China is the largest steel producing country in the world by a significant margin. the Company may need to refinance or secure new debt. and also would likely have a negative effect on the Company’s ability to increase steel production in general. Any production overcapacity and oversupply in the steel industry would likely cause increased competition in steel markets around the world which would likely lead to reduced profit margins for steel producers. requiring the Company to dedicate a substantial portion of its cash flow from operations to payments on its indebtedness and other obligations and commitments. which may adversely affect its cash flow and its ability to operate its business. 2010. The Company’s high indebtedness levels. 10. 11. In recent years. 559. The increased production capacity. capital expenditures. In April 2007. but the Company’s outstanding indebtedness continues to be substantial and totalled Rs. the Company incurred a significant amount of debt. there have also been various capacity expansion plans announced in India. financial condition or prospects. driven in part by strong growth in steel consumption in emerging markets. combined with a decrease in demand could result in production overcapacity in the global steel industry. In addition. may have other important consequences for its business and results of operations. In addition. Such production overcapacity in the global steel industry would intensify if the slowdown of the global economy is prolonged or demand from developing countries that have experienced significant growth in the past several years does not meet the growth in production capacity. which would reduce the Company’s sales and earnings. xix . as this debt matures. Industry-wide inventory levels of steel products can fluctuate significantly from period to period. According to the Ministry of Steel’s Annual Report 2009-2010.9. Overcapacity and oversupply in the global steel industry may adversely affect the Company’s profitability. This reduction in demand could result in a corresponding reduction in prices and sales. No assurance can be given that the Company will be able to continue to compete in such an economic environment or that a prolonged slowdown of the global economy or production overcapacity will not have a material adverse effect on the Company’s business. approximately 220 memorandums of understanding were signed by various State Governments for total planned capacities of approximately 276 mtpa. results of operations. customers may draw from inventory rather than purchase new products. a downturn in the business will increase the possibility that the Company may be unable to generate cash sufficient to pay. and other financial obligations and contractual commitments of the Company. the global steel industry has experienced an expansion of steel production capacity. The Company has incurred a substantial amount of indebtedness. Chinese steel exports may have a significant impact on steel prices in markets outside of China. particularly in China.372 million as of September 30. government regulation or in the competitive environment. Because of the Company’s substantial level of indebtedness. including in the markets where the Company operates. including: • • making the Company more vulnerable to adverse changes in economic conditions. interest on or other amounts due in respect of its indebtedness. High industry-wide inventory levels of steel reduce the demand for production of steel because customers can draw from inventory rather than purchase new products.004 million. The Company has refinanced and repaid portions of this debt. both of which could contribute to a decrease in earnings. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital Requirements—Repayment of Borrowings” on page 178 of this Red Herring Prospectus. To finance the acquisition. If industry-wide steel inventory levels are high. the Company acquired all of the outstanding shares of Corus for GBP 6. the principal of. thereby reducing the availability of its cash flows to fund working capital. In addition. when due. acquisitions and other general corporate purposes. Above-normal industry inventory levels can cause a decrease in demand for the Company’s products and thereby adversely impact its earnings. with the balance between its domestic production and demand being an important factor in the determination of global steel prices.

requiring the Company to arrange for refinancing of debt as it matures. 2010. 2009. Such a rise in interest rates could materially and adversely affect the Company’s business. If the Company’s financial or growth plans require such consents. selling significant assets or making certain acquisitions or investments. 2009. interest payable on this debt will also rise. thus increasing the cost of new financing for the Company. In addition. the outstanding amounts due under such financing agreements could become due and payable immediately. acquisitions. On October 7. results of operations. the Company has been able to obtain required lender consents for such activities. debt service requirements. However. on April 3. thereby adversely impacting the Company’s ability to raise additional financing and the interest rates and commercial terms on which such additional financing is available. in May 2009. materially impacting the Company’s ability to pay dividends in the future.187 million as of September 30. 436. increasing the Company’s interest expense and limiting the Company’s ability to implement its growth strategies. A default under one of these financing agreements may also result in cross-defaults under other financing agreements and result in the outstanding amounts under such financing agreements becoming due and payable immediately. Fitch revised the outlook on the Company to stable. which may not be available on terms favourable to the Company or at all. which could adversely affect the Company’s results of operations and financial condition. The Company’s indebtedness included outstanding variable-rate debt in the principal amount of Rs. xx . merging. In the past. 2010. part of which was used to prepay debt. due to a decline in the Company’s EBITDA performance following the global economic downturn. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” on page 177 of this Red Herring Prospectus. undertaking certain projects. The Company is subject to certain restrictive covenants in its financing arrangements which may limit the Company’s operational and financial flexibility. results of operations. changing the business of the Company. there can be no assurance that the Company will be able to obtain such consents in the future. Standard & Poor’s lowered the Company’s rating to BB. Defaults under one or more of the Company’s financing agreements could have a material adverse effect on the Company’s business. the Company may be forced to forgo or alter its plans. consolidating. If interest rates rise. Fitch lowered the Company’s rating to BB+ with negative outlook. In the event that the Company breaches these covenants. financial condition and results of operations. For example. Standard & Poor’s revised the Company’s outlook to stable and. and other financial obligations and contractual commitments of the Company could lead to a downgrade of the Company’s credit rating by international and domestic rating agencies. Certain of the Company’s financing arrangements include covenants to maintain certain debt to equity ratios. On February 5. Tata Steel Limited was required to inject additional capital into its European operations. 2009. the Company was required to seek consent from its lenders to the suspension of certain earnings-related covenants until March 2010 in order to avoid a possible breach of covenants. 2010. financial condition and prospects. The Company cannot assure prospective investors that such covenants will not hinder the Company’s business development and growth in the future. Some of the Company’s financing agreements and debt arrangements set limits on or require it to obtain lender consents before. issuing new securities. 12. Moody’s lowered the Company’s rating to Ba3 with stable outlook. and on June 8.• • • • limiting the Company’s ability to borrow additional amounts for working capital. on November 22. among other things.with negative outlook due to weak market conditions. and exacerbating the impact of foreign currency movements on the profitability and cash flows of the Company. debt coverage ratios and certain other liquidity ratios. and the Company’s future results of operations and financial condition may be adversely affected if the Company fails to comply with these covenants. the Company’s high indebtedness levels. and such consents are not obtained. capital expenditures. As part of the agreement with the lenders to suspend testing of the covenants. execution of its business strategy or other purposes.

its members and affiliates (other than the Company and its affiliates). demand for the Company’s products and general economic conditions. Any such conflict of interest could adversely affect the Company’s business. xxi . the feasibility of the Company’s growth strategies are also dependent upon the ability of the Company to negotiate extensions of memorandums of understanding with the relevant State Governments. The Company is currently expanding its steelmaking capacity at its Jamshedpur facility and is exploring the development of greenfield steel plants in Orissa. transactions with members of the Tata Group. the Company cannot assure prospective investors that it will be able to achieve its goal of increasing the production of high-value products or that it will otherwise be able to achieve an adequate return on its investment. Tata Sons and related parties may discourage or defeat a third party from attempting to take control of the Company. 14. Chhattisgarh and Karnataka. on the one hand. obtain new iron ore mining leases from the relevant State Governments and on certain political factors including the resettlement and rehabilitation of people living on the land to be used in a project. its results of operations and financial condition could be adversely affected. owned approximately 33% of the Company’s paid-up Equity Share capital. require the approval of 75% of the voting power of the Company’s Equity Shares. Tata Sons and related parties. See the section “Financial Statements—Related Party Transactions” beginning on page F-84 of this Red Herring Prospectus. including risks associated with the timely completion of these projects. together with Tata Motors Limited and other Tata Group companies and related trusts. Consequently. financial condition and prospects. and the Tata Group. Conflicts of interest may arise between the Company and its affiliates. In addition. modify or forego some or all aspects of its expansion plans. certain major corporate actions such as mergers. Tata Sons Limited and related parties that together have a significant shareholding in the Company may take actions that are not in the Company’s best interest or which may conflict with the interests of the shareholders. resulting in the conclusion of transactions on terms not determined by market forces. These projects. For example. to the extent that they proceed. even if such a takeover would result in the purchase of the Equity Shares at a premium to their market price. The agreements governing the new facilities include a number of covenants and provisions that could restrict the Company and its subsidiaries from incurring additional debt in the future and from pledging assets to secure such additional debt. In particular. the Company has engaged in. See “Business—Expansion and Development Projects” on page 76 of this Red Herring Prospectus. Under Indian law. 13. or would otherwise be beneficial to shareholders. Failure to do so could have a material adverse effect on the Company’s business. will continue to have the ability to exert significant influence over the actions of the Company. Factors that could affect the Company’s ability to complete these projects include receiving financing on reasonable terms. to the extent that they proceed. as a significant shareholding group. Any of these factors may cause the Company to delay.In addition. on the other. and a number of other expansion projects. issuance of further Equity Shares. As of September 30. the Company cannot assure prospective investors that it will be able to execute these projects and. and will continue to engage in. that it will be able to complete them on schedule or within budget. the Company plans to expand its steelmaking capacity through a combination of brownfield growth. remuneration of Directors and the winding up of the Company. the Company’s principal shareholder. such as purchases of certain raw materials and electricity and sales of its steel products. certain financial covenants may limit the Company’s ability to borrow additional funds or to provide collateral. India. In addition. If the Company is unable to successfully implement its growth strategies. obtaining or renewing required regulatory approvals and licenses. They may also engage in activities that conflict with the interests of the Company or the interests of the Company’s shareholders and in such event the Company’s shareholders could be disadvantaged by these actions. Tata Sons and related parties could cause the Company to pursue strategic objectives that may conflict with the interests of the Company’s shareholders. As part of its future growth strategy. results of operations and prospects. would require substantial capital expenditures and would involve risks. 2010. certain subsidiaries of the Company including Tata Steel UK Holdings Limited entered into a senior facilities agreement with a syndicate of banks in September 2010 to refinance the outstanding debt obligation with respect to the senior secured facilities obtained by TSE in April 2007 to finance the acquisition of Corus. Tata Sons Limited (“Tata Sons”). financial condition. new greenfield projects and acquisition opportunities and to focus this additional capacity on the increased production of high-value products. Moreover. results of operations.

The Company’s ability to arrange external financing and the cost of such financing. the liquidity of the capital markets and the Company’s financial condition and results of operations. For example. The Company can make no guarantee that it will be able to obtain bank loans or renew existing credit facilities granted by financial institutions in the future on reasonable terms or at all or that any fluctuation in interest rates will not adversely affect its ability to fund required capital expenditures. Indian and global economies and financial markets may have a material adverse effect on the Company’s business and its ability to meet funding needs. the Company’s external financing activities and internal sources of liquidity may not be sufficient to affect current and future operational plans. legislators and financial regulators in the United States and other jurisdictions.15. The Company has historically required. These expenditures include capital expenditures for new facilities. and global financial markets. Any of these or other developments could potentially trigger another financial and economic crisis. while many governments worldwide are considering or are in the process of implementing “exit strategies. Chhattisgarh and Karnataka. with some signs of stabilisation and improvement. several major U. credit markets in the United States began experiencing difficult conditions and increased volatility. and could cause the market value of the Company’s Equity Shares to decline. Portugal and other countries in southern Europe. These developments resulted in reduced liquidity. is dependent on numerous factors. which in turn adversely affected worldwide financial markets. such strategies may. implemented a number of policy measures designed to add stability to the financial markets and stimulate the economy. Starting in mid-2007. and in the future expects to require. the Dubai government announced a moratorium on the outstanding debt of Dubai World.S. or if actual expenditures exceed planned expenditures. as well as the Company’s ability to raise additional funds through the issuance of equity. However. and European financial institutions. higher interest rates or otherwise. with respect to the economic stimulus measures adopted in response to the global financial crisis. provisions of tax and securities laws that may be applicable to the Company’s efforts to raise capital. if at all. as well as negatively affect the market prices of the Company’s Equity Shares. greater volatility. In addition. the political and economic conditions in the geographic locations in which the Company operates. the success of the Company. magnitude or other factors. The Company may not be able to obtain adequate funding required to carry out its future plans for growth.” in the form of reduced government spending. and the Company may be forced to. or may choose to. in November 2009. outside financing to fund capital expenditures needed to support the growth of its business (including the additional operational and control requirements of this growth) as well as to refinance its existing debt obligations and meet its liquidity requirements. and government assistance to. while the rate of deterioration of the global economy slowed in the second half of 2009 and into 2010. Adverse conditions and uncertainty surrounding the European. a government-affiliated investment company. In response to such developments. Greece. credit availability from banks or other lenders. In the event of adverse market conditions. including the provision of direct and indirect assistance to distressed financial institutions. such as the brownfield expansion of the Jamshedpur facility and the greenfield projects at Orissa. interest rates. including Europe and India. The Company may be unable to raise additional equity on terms or with a structure that is favourable to the Company. for reasons related to timing. the amount of capital that other entities may seek to raise in the capital markets. investor confidence in the Company. delay or terminate the expansion of the capacity of certain of its facilities or the construction of new facilities. The Company requires continuous access to large quantities of capital in order to carry out its day-to-day operations. many governments worldwide. If the Company is unable to arrange xxii . widening of credit spreads and a reduction in price transparency in the U. in particular in Ireland. Disruptions in global credit and financial markets and the resulting governmental actions around the world could have a material adverse impact on the Company’s ability to meet its funding needs. where payments will be made in advance of any additional revenue that will be generated. equity-related or debt instruments in the future.S. Adverse conditions in the global credit and financial markets were further exacerbated in 2008 by the bankruptcy or acquisition of. In addition. the overall prospects for the global economy remain uncertain. disruptions and volatility in the global financial markets have resulted in increases in credit spreads and limitations on the availability of credit. In recent years. These factors include general economic and capital market conditions. are showing increasing signs of fiscal stress and may experience difficulties in meeting their debt service requirements. have the unintended consequence of prolonging or worsening global economic and financial difficulties.

including earthquakes in India and flooding and tsunamis in Southeast Asia. or international capital markets. The unexpected loss. in particular India but also Thailand. environmental compliance and investments. on occasion. The Company operates a global business and its financial condition and results of operations are affected by the local conditions in or affecting countries where it operates. swine flu or severe acute respiratory syndrome. operations. results of operations. The occurrence of any of these risks could affect the Company’s operations by causing production at one or more facilities to shutdown or slowdown.S. Singapore. Any interruption in production capability may require the Company to make significant and unanticipated capital expenditures to affect repairs. which could have a material adverse effect on the Company’s results of operations and financial condition. social turmoil or deteriorating economic conditions. shutdown or slowdown of operations at any of the Company’s facilities could have a material adverse effect on the Company’s results of operations and financial condition. Any failure on the Company’s part to recognise or respond to these risks may materially and adversely affect the success of its operations. Any or all of these occurrences could materially adversely affect the Company’s business. results of operations. Germany. The Company’s facilities are subject to operating risks. including those affecting taxes and royalties on energy resources. the recoveries under its insurance coverage may not be sufficient to offset the lost revenues or increased costs resulting from a disruption of its operations. power supply interruptions. labour. As a result. natural disasters and industrial accidents. judicial and administrative bodies of the relevant foreign jurisdiction. and natural disasters. labour disputes. financial condition and prospects. the Netherlands. The effect of any such sanctions could vary. tax. Vietnam and Australia. financial condition and prospects may be adversely and materially affected. China. there could be a material adverse impact on the market for the Company’s securities or it could significantly impair the Company’s ability to access the U. difficulty in obtaining licenses. 16. 17. India. but if sanctions were imposed on the Company or one of its subsidiaries. financial condition and prospects. facility obsolescence or disrepair. which could have a negative effect on the Company’s profitability and cash flows. The Company operates a global business and has facilities in the United Kingdom. languages and cultural differences. No assurance can be given that one or more of the factors mentioned above will not occur. electricity grid. The Company faces a number of risks associated with its operations. including in some or all jurisdictions challenges caused by distance. which in turn could materially and adversely affect the Company’s business. In addition. the Company’s business. the Company’s financial condition and results of operations is affected by political and economic conditions in or affecting countries where it operates. Although the Company maintains business interruption insurance. Such equipment may. such as the breakdown or failure of equipment. rail and road networks. local business customs. be out of service as a result of unanticipated failures.adequate external financing on reasonable terms. the Company’s manufacturing processes depend on critical pieces of steelmaking equipment. permits or other regulatory approvals from local authorities. adverse effects from fluctuations in exchange rates. Thailand. adverse changes in laws and policies. which could require the Company to close part or all of the relevant production facility or cause the Company to reduce production on one or more of its production fines. political strife. military hostilities or acts of terrorism. Investments in certain countries could also result in adverse consequences to the Company under existing or future trade or investment sanctions. multiple and possibly overlapping and conflicting standards and practices of the regulatory. xxiii . A sustained disruption to the Company’s business could also result in a loss of customers. communication systems or any other public facility could disrupt the Company’s normal business activities. In addition. the infrastructure of certain countries where the Company operates its business. China and Vietnam is less developed than that of many developed nations and problems with its port. and epidemics or outbreaks such as avian flu.

This has contributed to a reduction in the number of employees at the Company’s Indian operations. Moreover. In addition. the Company reported a liability of Rs. higher or lower withdrawal rates. the fair value of TSE’s plan assets was GBP 16. can opt to retire early and receive compensation until such time as they would have retired in the normal course. financial condition. certain employees of the Company’s subsidiary. Pension contributions are calculated by independent actuaries using various assumptions about future events. However. 2010.055 million. the net present value of the future liability may change due to changes in interest rates. thereby adversely affecting the Company’s results of operations and financial condition. including anti-dumping laws. Protectionist measures. The Company faces numerous protective trade restrictions. and the Company is required to recognise the net present value of the entire future liability as an expenditure in the year in which the employee elects to retire under the early separation scheme. which could have a material and adverse impact on the Company’s financial results. thereby adversely impacting its sales or limiting its opportunities for growth. India and Europe are the Company’s largest markets and do not currently impose such restrictions.214 million and benefit obligations were GBP 16. the Company cannot precisely estimate the effect of these expenses on its future results of operations. the Company has introduced a number of early separation schemes to optimize the size of its workforce in India. Foreign steel manufacturers may. The actuarial assumptions used may differ from actual future results due to changing market and economic conditions. and therefore its future results of operations and financial condition may be materially and adversely affected. 9. 19. As of September 30.100 as of March 31. These differences may impact TSE’s recorded net pension expense and liability. If there is a significant adverse change in the market value of TSE’s pension assets. Pursuant to such schemes. The increase in the net present value of any future liability for such pensions is charged to the profit and loss account. The net present value of the future liability for pensions payable to employees who have opted for retirement under this early separation scheme is amortised over a number of years. countervailing duties and tariffs and government subsidisation adopted or currently contemplated by governments in some of the Company’s export markets could adversely affect the Company’s sales. which could adversely affect its results of operations and financial condition. since 1995. Further. from approximately 76. 2010. 1995 to approximately 34.168 million in respect of provisions for the employee separation compensation. xxiv . 2010. the amortisation of the net present value of future early separation scheme liability is no longer permitted. results of operations and prospects. The Company’s subsidiary. TSE may need to increase its pension contributions. as well as future funding requirements. longer or shorter life spans of participants or other unforeseen factors. TSL. provides retirement benefits for substantially all of its employees under several defined benefit and defined contribution plans. Anti-dumping duty proceedings or any resulting penalties or any other form of import restrictions may limit the Company’s access to export markets for its products. since March 31. accounting changes may impact the period over which the net present value of the future liability is amortised. its exports could decline. countervailing duties and tariffs. including anti-dumping laws. as a result of trade restrictions in other regions or other factors. 2010. In addition. TSE. In the event that such protective trade restrictions are imposed on the Company. As of September 30. Since the net present value of the Company’s expenses under the early separation scheme fluctuates with changing interest rates and may be affected by future accounting changes.400 as of March 31. attempt to increase their sales to these markets thereby causing increased competition in India and Europe. Tariffs are often driven by local political pressure in a particular country and therefore there can be no assurance that quotas or tariffs will not be imposed on the Company in the future. changes in interest rates and actuarial assumptions may also result in an increase in the value of pension obligations. Costs related to the Company’s obligations to pension and other retirement funds could escalate. A decrease in the Company’s exports from India and Europe or an increase in steel imports to India and Europe as a result of protective trade restrictions could have a negative impact on the Company’s business.18. The Company has significant pension and other retirement obligations to its employees in Europe and India. In addition. which affect the discounting rate used to calculate the net present value. and in the future additional markets could be closed to the Company as a result of similar proceedings.

increasingly strict enforcement thereof by governmental authorities. require the expenditure of significant funds to bring the Company into compliance. there remains a risk that health and safety incidents may occur. violations of such laws or regulations can result in civil and/or criminal penalties being imposed. fires or collapses in underground mining operations. in extreme cases. the suspension of permits or operations and lawsuits by third parties. The risk of substantial costs and liabilities related to compliance with these laws and regulations is an inherent part of the Company’s business. health and safety laws and regulations could be significant. An increase in the requirements of environmental laws and regulations. including the United States. regulations and contractual commitments concern air emissions. Facilities currently or formerly owned or operated by the Company. and give rise to civil and/or criminal liability. could have a negative effect on the Company's production levels. and the imposition of liabilities pursuant to. remediation or restoration liabilities and costs. In addition.20. which could result in higher costs and lower sales. vehicular accidents. the Company’s current and future operations may be located in areas where communities may regard its activities as having a detrimental effect on their natural environment and conditions of life. whether in the form of a national or international cap-andtrade emissions permit system. Such regulations. as interpreted by the relevant agencies and the courts. wastewater discharges. which includes the costs or liabilities relating to the investigation and remediation of past or present contamination or other environmental restoration. other incidents involving mobile equipment or exposure to potentially hazardous materials. Environmental matters. The European Union has already established greenhouse gas regulations and many other countries. Any actions taken by such communities in response to such concerns could compromise the Company’s profitability or. regulations and contractual commitments relating to the environment in the countries in which it operates and the Company’s operations generate large amounts of pollutants and waste. There can be no assurance that any such legislation. a customer’s employee suffered a fatal accident in April 2010 from a vehicle driven by a Company employee and. there were two further fatalities. in the first half of Financial Year 2011. and failure to comply could result in the assessment of civil and/or criminal penalties. future conditions and contamination may develop. enforcement or private claim will not have a material adverse effect on the Company’s business. impose increasingly stringent health and safety protection standards. the viability of an operation or the development of new activities in the relevant region or country. The Company’s businesses are subject to numerous laws. or other regulatory initiative. are in the process of doing so. regulation. a carbon tax. Failure to maintain adequate health and safety standards may cause the Company to incur significant costs and liabilities and may damage the Company’s reputation. income and cash flows. These laws and regulations. are all subject to risk of environmental cost and liabilities. There can be no assurance that substantial costs and liabilities will not be incurred in the future. solid and hazardous waste material handling and disposal. and the investigation and remediation of contamination or other environmental restoration. The Company is subject to a broad range of health and safety laws and regulations in each of the jurisdictions in which it operates. These laws. Despite the Company’s efforts to monitor and reduce accidents at its facilities. arise or be discovered that create substantial environmental compliance. Such regulations could also have a negative effect on the Company's suppliers and customers. Despite the Company’s efforts to comply with environmental laws and regulations. 21. requirements to curtail or suspend operations. financial condition or results of operations. the suspension of permits. For example. including compliance with laws and regulations and remediation of contamination. Such incidents could include explosions or gas leaks. lawsuits by third parties and negative reputational effects. could prevent or restrict some of the Company’s operations. or claims for damages to property or injury to persons resulting from the environmental impacts of the Company’s operations or past contamination. In the event that production at one of the Company’s facilities is partially or wholly disrupted due to this type of sanction. the xxv . In addition. could result in substantially increased capital requirements and operating costs. some of which are hazardous. The costs of complying with. involve the imposition of cleanup requirements and reporting obligations. the Company’s business could suffer significantly and its results of operations and financial condition could be materially and adversely affected. or where wastes have been disposed or materials extracted.

in 2005. fluctuations in exchange rates. Costs of the Company’s Indian operations are primarily in Rupees although its imports.S. For other exposures. 23. Mining operations are subject to substantial risk. development and production of natural resources including industrial accidents. and opposition to mining operations have also increased due to the perceived negative impact they have on the environment. dollar and Rupee and the U. has an interest in mines in Mozambique.S. transportation interruptions and inclement weather. the loss of key assets. including the purchase of raw materials. as well as substantially harm the Company’s reputation. its profit margins may be affected by changes in the exchange rates between the two currencies. dollar and other major foreign currencies. or similar events.S. Public protest could also affect the ability of the Company to obtain necessary licenses to expand existing facilities or establish new operations. including the purchase of equipments.first involving a Company employee during a crane maintenance activity and the second involving the employee of a haulage contractor. The Company books forward contracts on a rolling basis to hedge its short position versus the U. Canada and the Ivory Coast and may substantially increase the scope of its mining activities in the future. could delay production. dollars on its revenue account. These operations are subject to hazards and risks normally associated with the exploration. dollars while employee related expenses and other costs are primarily denominated in British pounds and Euros. such incidents could damage the Company’s reputation. or put at risk employees (and those of sub-contractors and suppliers) or persons living near affected sites. it maintains a policy of booking forward contracts to hedge exposures once they are crystallised. including in India and other emerging markets. The occurrence of any of these events. There has been considerable volatility in foreign exchange rates in recent years. including rates between the Euro. has grown significantly in recent years. citizens of the State of Orissa in India protested against the entry of mining operations by a bauxite-mining consortium in forested lands. dollars.S. storage and transport of dangerous chemicals and toxic substances.S. including those related to operational hazards and environmental issues. because of ongoing growth projects in India for which the Company expects to incur significant capital expenditures. in particular between the Euro and the British pound. Sales from the Company’s European operations are denominated mainly in Euro. Imports of the Company’s Indian operations that are denominated in U. and sales from its Indian operations are primarily in Rupees although its exports are mainly denominated in U. dollars and British pound. These operations are also subject to hazards and risks relating to negative environmental consequences such as those resulting from tailings and sludge disposal. environmental awareness throughout the world. In addition. the Company is expected to have imports on its capital account in Euros. The Company’s operating results are significantly affected by movements in exchange rates. dollars currently exceed its exports denominated in U. some or all of which may not be covered by insurance. In addition. dollars (against British pound and Euros) in its European business. dollars on an annual basis and therefore it has a net short position in U. damage the Company’s reputation and goodwill with the governments or public in the countries in which the Company operates.S. devaluation of the Tata brands and diversion of management time into rebuilding and restoring its reputation. The Company currently operates several iron ore and coal mines in India.S. or cause damage to its facilities. affect the Company’s profit margins and revenue from its operations. While the Company uses foreign currency forward and option contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments xxvi . leading to the rejection of products by customers. negative environmental consequences as well as public opposition of the Company’s current or planned mining operations could have a material adverse effect on the Company’s results of operations and financial condition. Public protest over the Company’s mining operations could cause operations to slow down. as well as the environment. damage to property and liability for the Company. Such incidents could lead to production stoppages. Accordingly. such as explosions.S. For example.S. In addition. Some of the Company’s industrial activities involve the use. To the extent that the Company incurs costs in one currency and generate sales in another. 22. the U.S. dollar. U. are mainly denominated in U.S. and the Company is therefore subject to the risk of industrial accidents which could have significant adverse consequences for the Company’s workers and facilities. fires. The raw material purchases for the Company’s European operations are denominated mainly in U. Euro and the U. Consequently. the Rupee. dollars. increase production costs and result in death or injury to persons. effluent management and disposal of mineralized waste water and rehabilitation of land disturbed during mining processes.

If there is a disagreement between the Company and its partners in a joint venture regarding the business and operations of the project. The products or manufacturing processes of the customers that use the Company’s steel products may change from time to time due to improved technologies or product enhancements. From 2005 to 2007. Singapore. Thailand and Australia through the acquisitions of Tata Steel Thailand and Natsteel. financial conditions and prospects could be materially adversely affected. compliance and control procedures. The Company also has entered into. joint venture agreements. research and development activities and information and software systems. financial condition and prospects. The failure to successfully integrate an acquired business or the inability to realise the anticipated benefits of such acquisitions could materially and adversely affect the Company’s business. 26. including for raw material projects. Vietnam. which may be difficult to integrate. as it had no previous experience in managing substantial foreign companies or large-scale international operations. could significantly reduce market prices and demand for steel products and thereby reduce the Company’s cash flow and profitability. the Company may make further acquisitions which may require the Company to incur or assume substantial new debt. steel competes with other materials that may be used as substitutes. financial condition and prospects. plastic and wood.and forecasted transactions. cement. results of operations. whether for environmental or other reasons. and may end up being unsuccessful. Competition from other materials. In many applications. manufacturing improvements and employee retention. These acquisitions posed significant logistical and integration issues for the Company. among other things. Integration of certain operations also requires the dedication of significant management resources. the Company acquired operations in Europe through the acquisition of Corus as well as operations in Thailand. The Company may have limited control of these projects and therefore may be unable to require that its joint ventures sell assets or return invested capital. results of operations. The Company’s ability to achieve the benefits it anticipates from future acquisitions will depend in large part upon whether it is able to integrate the acquired businesses into the rest of the Company in an efficient and effective manner. The Company faces risks relating to its joint ventures. China. results of operations. as well as the development of other new substitutes for steel products. such as aluminum (particularly in the automobile industry). The Company has undertaken. The integration and the achievement of synergies requires. coordination of business development and procurement efforts. changes in exchange rates may have a material and adverse effect on its business. and may from time to time pursue in the future. changing customer specifications and wide fluctuations in product supply and demand. and the Company cannot assure prospective investors that such acquisitions will contribute to its profitability. If the Company cannot keep pace with market changes and produce steel products that meet the Company’s customers’ specifications and quality standards in a timely and cost-effective manner. expose it to future funding obligations and expose it to integration risks. make additional capital contributions or take any other action. 24. could reduce market prices and demand for steel products and thereby reduce the Company’s cash flow and profitability. glass. Any difficulties encountered in combining operations could result in higher integration costs and lower savings than expected. sales and marketing operations. the steel market is characterised by evolving technology standards that require improved quality. hiring and training policies. The Company has in the past pursued. as well as the alignment of products. 25. These changes may require the Company to develop new products and enhancements for the Company’s existing products to keep pace with evolving industry standards and changing customer requirements. composites. and time and costs devoted to the integration process may divert management’s attention from day to day business. In addition. or changes in the products or manufacturing processes of customers that use the Company’s steel products. In addition. Government regulatory initiatives mandating or incentivising the use of such materials in lieu of steel. and may from time to time in the future enter into. acquisitions. and may undertake in the future. the Company’s business. the Company cannot assure you that it will be able to resolve such xxvii . strategic acquisitions.

which have different terms at different locations and are subject to periodic renegotiation. power interruptions. and may in the future issue. Equity Shares or securities exchangeable for. Most of the Company’s employees in India. 27. financial condition and operating results. exercisable for or convertible into Equity Shares of the Company. 29. whether directly or upon the exchange. If these warrants are not converted within 18 months of issuance they would lapse. Each warrant would enable Tata Sons Limited to subscribe to one Equity Share of the Company at a price of Rs. 2010. the perception of a significant market “overhang” could result from the existence of the Company’s obligation to honour the exchange. If strikes. Any of these and other factors may have a material adverse effect on the Company’s joint venture projects.001 Equity Shares of the Company in September 2009. Notwithstanding the insurance coverage that the Company and its subsidiaries carry. Labour problems could adversely affect the Company’s results of operations and financial condition.000. Any belief that the Company will issue Equity Shares. which may in turn materially and adversely affect the Company’s business. the occurrence of any event that causes losses in excess of limits specified under the policy. Tata Sons Limited on July 23. may require the consent of all other partners. requests. or have disputes with the Company as to their rights. 28. have a coupon of 4. equity-linked products or xxviii . Although the Company works to maintain good relations with its unions. exercise or conversion of securities exchangeable for. the Company completed the issuance of $875 million of foreign currency convertible alternative reference securities (“CARS”). potentially leaving it uninsured or under insured against some business risks. among other reasons. Certain major decisions. The Company has issued in the past. fund capital expenditures. Pursuant to this offer. the Company maintains insurance policies that may provide some insurance cover for labour unrest. exercise or conversion of these securities. the Company cannot assure prospective investors that it will not experience labour unrest in the future.5% and mature in November 2014. be unable or unwilling to fulfill their obligations. or losses arising from events not covered by insurance policies. acquisitions and working capital. policies or objectives. CARS worth approximately US$493 million were tendered for exchange into FCCBs worth approximately $547 million. exercise or conversion. The Company’s insurance policies provide limited coverage. work stoppages. such as selling a stake in the joint project. The Company has outstanding securities that are convertible into Equity Shares of the Company and it may issue additional securities of the Company. exercisable for or convertible into Equity Shares in order to. the Company’s joint venture partners may have economic or business interests or goals that are inconsistent with the Company. In November 2007.5325 per share. take actions contrary to the Company’s instructions. the Company’s business. The Company has also issued 12. mechanical failures. your shareholdings may be diluted. exercisable for or convertible into Equity Shares of the Company. Upon the issuance of additional Equity Shares of the Company or upon the exchange. other than management. financial condition and prospects could be adversely affected. the shareholdings of the Company’s shareholders may be diluted and the prevailing market price of the Company’s Equity Shares could be depressed. In addition. natural calamities or other problems at any of the Company’s steelmaking and mining facilities. are members of labour unions and are covered by collective-bargaining agreements with those labour unions. 605. In August 2007. have financial difficulties.011 cumulative compulsory convertible preference shares (“CCPS”) were also issued.211.000 warrants to its Promoter. Upon the issuance of Equity Shares by the Company. exercise or conversion of securities exchangeable for. responsibilities and obligations. the Company launched an exchange offer of new foreign currency convertible bonds (“FCCBs”) for existing CARS. As part of its risk management.disagreement in a manner that will be in the Company’s best interests. the Company conducted a rights offering for its existing equity shareholders pursuant to which 547. and a substantial portion of the Company’s employees in Europe. results of operations. financial condition and prospects. which may delay or disrupt its operations. Even prior to the time of the exchange. results of operations. In November 2009. The FCCBs are convertible into Equity Shares of the Company at Rs. work slow-downs or lockouts at its facilities occur or continue for a prolonged period of time. These limitations may adversely affect the Company’s ability to obtain the economic and other benefits it seeks from participating in these projects.266. 594 per Equity Share. These CCPS were converted into 91. could have a material adverse effect the Company’s business.

Foreign investors may be unable to purchase further Equity Shares through their entities registered as FIIs. Once the aggregate net purchases of equity shares of the company by FIIs reaches the cut-off point. its Promoter. The Company is a defendant in legal proceedings incidental to its business and operations. These management estimates for the projects may exceed or fall short of the value that would have been determined by third party appraisals. This may adversely affect the market price of the Equity Shares. There are several outstanding litigations against the Company. Directors. the Company may be required to reallocate its project expenditure. As the Company’s FII limit is currently at 24% of its paid-up equity capital. subsidiaries and Group Companies. fund requirements and estimates of completion date and the actual expenditure may vary. There is no assurance that the Company will be able to procure such additional funds required in a timely manner. In the event of a shortfall in raising the requisite capital from the Net Proceeds of the Issue towards meeting the objects of the Issue. The objects of the Issue have not been appraised by any bank or financial institution. if xxix . such estimates are subject to changes to financial condition. The Company may be required to revise its expenditure plans. includes utilization for general corporate purposes and is based on management estimates. These legal proceedings are pending at different levels of adjudication before various courts and tribunals. 30. business or strategy of the Company and on external circumstances which may not be in the control of the management including variations in the cost structure and exchange rate fluctuations. 31. due to external factors that are beyond the control of the Company. The requirement of funds in relation to the objects of the Issue has not been appraised. the Company may need to make provisions in its financial statements. The Company may have to revise its management estimates from time to time and which may affect its funding requirements. pursuant to a special resolution. the Company may have to revise its management estimates from time to time. There are also various criminal cases against the Company and its Directors. FIIs in the aggregate may not hold more than 24% of the paid-up equity capital of an Indian company unless such company. Furthermore.14% of its paid-up equity capital.securities exchangeable for. at the discretion of the management of the Company. which could adversely impact its business results. which may have an adverse impact on the business. Furthermore. For details see the section “Outstanding Litigation and Defaults” beginning on page 200 of this Red Herring Prospectus. RBI monitors the ceilings on FIIs’ investments in Indian companies on a daily basis and has prescribed cut-off points that are two percentage points lower than the actual ceilings. could depress the market price of the Company’s Equity Shares. Should any new developments arise. Furthermore. such as a change in Indian law or rulings against the Company by appellate courts or tribunals. 32. The funding requirements as stated in the section “Objects of the Issue” are dependent on a number of factors and are management estimates based on current conditions. The Company is involved in litigation proceedings and cannot assure subscribers that it will prevail in these actions. Under Indian law. Any such changes may result in rescheduling and revising the planned expenditure and funding requirements. financial condition and results of operations of the Company. authorises an increase of this amount up to the sectoral cap. including by way of incremental debt or cash available to the Company. or at all. The FII holding of the Company as on December 31. 2010 was approximately 16. RBI issue a caution prohibiting FIIs to purchase equity shares of the company without prior approval of the RBI. Based on the competitive nature of the industry. which is 100% in the case of the Company. the ability of FIIs to purchase the Equity Shares may be restricted in the event that FIIs holding in the Company increases to 22% of the paid-up equity capital of the Company. The Company intends to use the Net Proceeds of the Issue for the purposes described in the section “Objects of the Issue” beginning on page 39 of this Red Herring Prospectus. the shortfall will be satisfied by way of such means available to the Company and at the discretion of the management. exercisable for or convertible into Equity Shares.

Volatility in India’s financial markets could materially and adversely affect the Company’s financial condition and the market value of the Company’s Equity Shares. If the Company were to sell steel that does not meet specifications or the requirements of the application.160 in March 2009. India remains the Company’s largest market. The current global financial turmoil. the SENSEX. the failure to renew or maintain existing permits or approvals may result in the interruption of the Company’s operations and may have a material adverse effect on the Company’s business. Product liability claims could adversely affect the Company’s operations. There can be no assurance that the relevant authorities will issue such permits or approvals in the time frame anticipated by the Company or at all. Events of force majeure such as disruptions of transportation services because of weather-related problems. Risks Related to Investing in an Indian Company 36. a significant portion of the Company’s facilities are located in India. and the market price and liquidity of the Equity Shares. its operations may be materially and adversely affected. financial condition and results of operations. the Company itself. and a major claim for damages related to products sold could leave the Company uninsured against a portion or all of the award and. 37. financial and market conditions. as a result. materially harm its financial condition and future operating results. after reaching 20. the Bombay Stock Exchange’s benchmark index. Furthermore. There could also be significant consequential damages resulting from the use of such products. inadequacies in the road infrastructure and port facilities. Similarly. The Company has a limited amount of product liability insurance coverage. The Company’s inability to obtain.2% of the Company’s net sales in Financial Year 2010. fell to 8. In addition. has led to a loss of investor confidence in worldwide financial markets. in the past. financial condition and prospects. If the Company is unable to obtain the requisite licenses in a timely manner or at all. The Company’s customers and suppliers can suspend or cancel delivery of products in certain cases. the Company’s customers may suspend or cancel delivery of its products during a period of force majeure and any suspensions or cancellations that are not replaced by deliveries under new contracts or sales on the spot market to third parties would reduce cash flows and could adversely affect the Company’s financial condition and results of operations.005 in November 2010. and has since recovered to 21. Changes in the policies of the Indian Government could adversely affect economic conditions in India. and thereby adversely impact the Company’s results of operations and financial condition. lock-outs. the Company’s products are also sold to. or to renew or maintain existing permits or approvals. representing 26. experienced substantial fluctuations in the prices of listed securities. Consequently. Indian financial markets have also experienced the contagion effect of the global financial turmoil. an outcome of factors including the sub-prime mortgage crisis which originated in the United States. results of operations. significant disruptions to the customer’s production lines could result. certain safety-critical applications. The Company can provide no assurance that such disruptions will not occur. 33.significant claims are determined against the Company and it is required to pay all or a portion of the disputed amounts. Outside of Europe. and used in. The Company requires certain statutory and regulatory permits and approvals for its business. The Indian economy and financial markets are significantly influenced by worldwide economic. strikes. may be affected by xxx . there could be a material adverse effect on the Company’s business. government actions or other events that are beyond the control of the parties and allow the Company’s suppliers to suspend or cancel the deliveries of the raw materials could impair its ability to source raw materials and components and its ability to supply its products to customers. The market price of the Company’s Equity Shares could fluctuate significantly as a result of market volatility.873 in January 2008. The Company sells products to major manufacturers who are engaged to sell a wide range of end products. renew or maintain the statutory and regulatory permits and approvals required to operate its business could have a material adverse effect on its business. For example. In addition. 34. 35. Stock exchanges have.

as in the case of the Company. The Company cannot assure prospective investors that such events will not occur again in the future. in or affecting India could have a material adverse effect on the Company’s results of operations and financial condition. financial condition and prospects. increases in taxation or the creation of new regulations could have a detrimental effect on the Indian economy generally and the Company in particular. including India. regional conflicts and terrorism. production capabilities or distribution chains or damage its facilities located in India. As an Indian company. 39. the Company cannot assure prospective investors that it will not be the target of such attacks in the future. may disrupt the Company’s operations and/or delivery of goods. India has also from time to time experienced social and civil unrest and hostilities. The Company’s ability to raise foreign capital may be constrained by Indian law. the imposition of foreign exchange controls. has a larger overseas operations. 38. the ability of the Company to produce and distribute steel may be adversely affected. cyclones and droughts in recent years. Pakistan and China. Such regulatory restrictions limit the Company’s financing sources and hence could constrain its ability to obtain financing on competitive terms and refinance existing indebtedness. Such natural catastrophes could disrupt the Company’s operations. India has experienced floods. the Company cannot assure xxxi .changes to Indian Government policies. including its production facilities and mines. including the market price of the Equity Shares. thus adversely affecting the Company’s production capabilities. political tensions and hostilities among neighbouring countries. consumers and regulators have remained significant. result in increased costs for security and insurance and may adversely impact the Company’s business. from time to time. certain of the Company’s current and planned facilities. including political instability. Social and civil unrest and other political or other developments. or the threat of such attacks. and the current Indian Government has implemented policies and undertaken initiatives that continue the economic liberalisation policies pursued by previous Indian Governments. the Company’s results of operations and financial condition could be adversely affected. experienced instances of civil unrest. in the event of a drought. attacks by Naxalite rebels in 2009 targeted transportation infrastructure of mining operations in Chharttisgarh. results of operations. financial condition and prospects will not be adversely affected. at property belonging to the Company’s customers or at the state-owned infrastructure used by the Company to transport goods to customers. If natural disasters occur in India. Additionally. which led to an escalation of political tensions between India and Pakistan. whether or not successful. are located in geographically remote areas that may be at risk of terror attacks. For example. While the Company was not directly affected by these attacks. including terrorism. This perception could have an adverse effect on the market for the Company’s products and on the market price of the Company’s Equity Shares. The Indian Government has in recent years sought to implement economic reforms. the State Governments in which the Company’s facilities are located could cut or limit the supply of water to the Company’s facilities. including its captive mines. In addition. Any significant change in such liberalisation and deregulation policies could adversely affect business and economic conditions in India generally which may have an adverse effect on the Company’s results of operations and financial condition. Political tensions could create a perception that there is a risk of disruption of services provided by India-based companies even if such companies. results of operations. For example. and reducing the volume of products the Company can manufacture and consequently reducing its revenues. earthquakes. the Company is subject to exchange controls that regulate borrowing in foreign currencies. a significant portion of its facilities and employees are located in India where they are exposed to such natural disasters. India suffered a major terrorist attack in Mumbai on November 26. as well as place the Company’s assets and personnel at risk. However. In the event of floods. South Asia has. the roles of the Indian Government and the State Governments in the Indian economy as producers. 2008. While the Company’s facilities were not damaged in the past. or that its business. tsunamis. Such attacks. In addition. Such attacks may be directed at Company property or personnel. rising interest rates.

Pursuant to the SEBI Regulations. There can be no assurance that the adoption of IFRS by the Company will not adversely affect its reported results of operations or financial condition and any failure to successfully adopt IFRS by April 2011 could have a material adverse effect on the price of Equity Shares.prospective investors that the required approvals will be granted to it without onerous conditions. Any reliance by persons not familiar with Indian accounting practices on the financial disclosures presented in this Red Herring Prospectus should accordingly be limited. The Company has begun the process of determining the impact that such adoption will have on its financial reporting and has identified certain key areas which may be significantly impacted by the adoption of IFRS. Any downgrade of India’s sovereign debt rating by an international rating agency could have a negative impact on the Company’s results of operations and financial condition. results of operations. there is not yet a significant body of established practice on which to draw in forming judgments regarding its implementation and application. such as the International Financial Reporting Standards (“IFRS”) and U. could have a material adverse effect on its business. cash flows or changes in shareholders’ equity of the Company will not appear materially worse under IFRS than under Indian GAAP. IFRS pursuant to which the Company will be required to prepare its annual and interim financial statements under IFRS beginning with the fiscal period commencing April 1. financial condition and results of operations. if at all. except as otherwise provided therein. and for companies that had previously used Indian GAAP as their financial reporting standards. The Institute of Chartered Accountants of India has announced a road map for the adoption of. there is increasing competition for the small number of IFRS-experienced accounting personnel available as more Indian companies begin to prepare IFRS financial statements. failure of the Company to successfully adopt IFRS which is effective from April 2011 could have a material adverse effect on the trading price of the Equity Shares. The financial statements included in this Red Herring Prospectus are prepared and presented in conformity with Indian GAAP consistently applied during the periods stated in those reports. Moreover. Also. it may encounter difficulties in the ongoing process of implementing and enhancing its management information systems. Limitations on raising foreign debt may have an adverse effect on the Company’s business growth. QIBs subscribing to the Equity Shares may only sell their Equity Shares on the Stock Exchanges and may not enter into any off-market trading in respect of these Equity Shares. There can be no assurance that the financial condition. These restrictions may have an adverse impact on the price of the Equity Shares. 2011. as a result. Indian GAAP differs from accounting principles with which prospective investors may be familiar in other countries. Accordingly. As the Company adopts IFRS reporting. This could have an adverse effect on the Company’s ability to obtain financing to fund its growth on favourable terms or at all and. GAAP. Risks Related to Equity Shares 42. 40. which may be material to investors’ assessments of the Company’s financial condition. Any downgrade of India’s credit rating for Indian domestic and international debt by international rating agencies may adversely impact the Company’s ability to raise additional financing and the interest rates and commercial terms on which such additional financing is available. There is still a significant lack of clarity on the adoption of and convergence with IFRS. and no attempt has been made to reconcile any of the information given in this Red Herring Prospectus to any other principles or to base the information on any other standards. for a period of 12 months from the date of the issue of the Equity Shares in this Issue. Significant differences exist between Indian GAAP and other accounting principles. 41. such as US GAAP and IFRS. xxxii . the degree to which the financial statements included in this Red Herring Prospectus will provide meaningful information is entirely dependent on the reader’s level of familiarity with Indian accounting practices. results of operations.S. An investor will not be able to sell any of the Equity Shares subscribed in this Issue other than across a recognised Indian stock exchange for a period of 12 months from the date of issue of the Equity Shares. financial condition and prospects. and convergence with.

43. Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares. Under current Indian tax laws and regulations, capital gains arising from the sale of equity shares in an Indian company, including the Equity Shares, are generally taxable in India. Any gain realised on the sale of listed equity shares on a stock exchange held for more than 12 months will not be subject to capital gains tax in India if Securities Transaction Tax (“STT”) has been paid on the transaction. STT will be levied on and collected by the domestic stock exchange on which the equity shares are sold. Any gain realised on the sale of equity shares held for more than 12 months to an Indian resident, which are sold other than on a recognised stock exchange and on which no STT has been paid, will be subject to long term capital gains tax in India. Furthermore, any gain realised on the sale of listed equity shares held for a period of 12 months or less will be subject to short term capital gains tax in India. Capital gains arising from the sale of the equity shares will be exempt from taxation in India in cases where the exemption from taxation in India is provided under a treaty between India and the country of which the seller is resident. Generally, Indian tax treaties do not limit India‘s ability to impose tax on capital gains. As a result, residents of other countries may be liable for tax in India as well as in their own jurisdiction on a gain upon the sale of the equity shares. For further details, see the section “Statement of Tax Benefits” beginning on page 51 of this Red Herring Prospectus. 44. A third party could be prevented from acquiring control of the Company because of the anti-takeover provisions under Indian law. There are provisions in Indian law that may discourage a third party from attempting to take control of the Company, even if a change in control would result in the purchase of the Equity Shares at a premium to the market price or would otherwise be beneficial to the shareholders. Indian takeover regulations contain certain provisions that may delay, deter or prevent a future takeover or change in control. Any person acquiring either control or an interest (equity shares and/or voting rights) (either on its own or together with parties acting in concert with it) in 15% or more of the Company’s Equity Shares must make an open offer to acquire at least another 20% of the outstanding Equity Shares. A takeover offer to acquire at least another 20% of the outstanding Equity Shares also must be made if a person (either on its own or together with parties acting in concert with it) holding between 15% and 55% of the Equity Shares has entered into an agreement to acquire or decided to acquire additional Equity Shares in any financial year that exceed 5% of the Company’s outstanding Equity Shares subject to certain limited exceptions. These provisions may discourage or prevent certain types of transactions involving an actual or threatened change in control. 45. The Company and investors resident outside India are subject to foreign investment restrictions under Indian law which may adversely affect the Company’s operations and their ability to freely sell the Equity Shares. Under the foreign exchange regulations currently in force in India, transfers of equity shares from non-residents to residents are freely permitted (subject to certain exceptions) if they comply with the pricing guidelines and reporting requirements specified by the RBI. If the transfer of equity shares is not in compliance with such pricing guidelines or reporting requirements or fall under any of the specified exceptions, then the prior approval of the RBI will be required. In addition, shareholders who seek to convert the Rupee proceeds from a sale of equity shares in India into foreign currency and repatriate that foreign currency from India will require a no-objection or a tax clearance certificate from the income tax authority. The Company cannot assure investors that any required approval from the RBI or any other Government agency can be obtained on any particular terms or at all. The Company may also be subject to restrictions relating to downstream investment under the foreign direct investment policy of the Governments. Pursuant to the consolidated FDI policy issued by the Government, in the event that more than 50% of equity interest of the Company is beneficially owned by non-residents, the Company would be classified as owned by non-resident entities and the downstream investments made by the Company will be considered indirect foreign investment and will therefore be subject to the sectoral limits of foreign investment. 46. You will not receive the Equity Shares that you subscribe for in this Issue until 15 days after the date on which this Issue closes, which will subject you to market risk. The Equity Shares you purchase in this Issue will not be credited to your demat account with depository participants until approximately 15 days from the Issue Closing Date and you can start trading such Equity Shares only after receipt of listing and trading approvals in respect of these Equity Shares. You will be subject to the risk devaluation

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of the Equity Shares after your purchase and you may not be able to sell them until you receive them and approval for listing and trading is obtained. Prominent Notes: • • Further Public Issue of up to 57,000,000 Equity Shares of Rs. 10 each for cash at a price of Rs. [●] per Equity Share of the Company aggregating to Rs. [●] million. The average cost of acquisition of the Equity Shares by the Promoter is Rs. 325.03 which has been calculated on the basis of the average of amounts paid by the Promoter to acquire the Equity Shares currently held by it. Except as disclosed in the section “Financial Statements – Related Party Transactions” beginning on page F-40 of this Red Herring Prospectus, there have been no transactions between the Company and its subsidiaries/joint ventures during the last Financial Year including the nature and cumulative value of the transactions. The net worth of the Company as on March 31, 2010 and September 30, 2010 as per the Company’s audited and restated financial statements included in this Red Herring Prospectus was Rs. 230,271.10 million and Rs. 277,416 million, respectively. The net asset value per Equity Share as on March 31, 2010 and September 30, 2010 as per the Company’s audited and restated financial statements included in this Red Herring Prospectus was Rs. 259.68 and Rs. 307.64, respectively. There has been no financing arrangement whereby the Promoter, the Directors and/ or their relatives have financed the purchase by any other person of securities of the Company during the period of six months immediately preceding the date of filing of this Red Herring Prospectus with the RoC. Except as stated in the section “Financial Statements - Related Party Transactions” beginning on page F84 of this Red Herring Prospectus and to the extent of shareholding in the Company, no Group Company has any business or other interest in the Company. The investors may contact any of the BRLMs who have submitted the due diligence certificate to SEBI, for any complaint pertaining to the Issue.

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SECTION III – INTRODUCTION SUMMARY OF INDUSTRY Market data and certain industry forecasts used in “Summary of Industry” were obtained from internal surveys, market research, publicly available information and industry publications published by the World Steel Association, the Indian Ministry of Steel, the Ministry of Heavy Industries and Public Enterprises of India, the Society of Indian Automobile Manufacturers, the Automotive Component Manufacturers Association of India and the Investment Committee of India. Such information has been accurately reproduced herein and, as far as the Company is aware and is able to ascertain from information published by such third parties, no facts have been omitted which would render the reproduced information inaccurate or misleading. Industry publications generally state that the information that they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of that information is not guaranteed. Similarly, internal surveys, industry forecasts and market research, while believed to be reliable, have not been independently verified, and neither the Company nor any of the Book Running Lead Managers makes any representation as to the accuracy or completeness of this information. Overview Steel is a metal alloy consisting of iron as the key component. Steel also consists of carbon and other alloys, which vary according to the grade of steel, and is generally considered to be a cornerstone of industrial development. Steel is highly versatile, as it is hot and cold formable, weldable, hard, lustrous, a good conductor of heat and electricity, malleable, ductile, recyclable and resistant to corrosion, water and heat. The industries in which steel is used include construction, automotive and transportation and engineering. Steel is also used in the production of power lines, pipelines, electrical and electronic appliances and containers. Production Process The conventional production of steel from iron ore (which consists primarily of iron and oxygen) begins with the reduction of iron ore in a blast furnace (the “BF”) using metallurgical coke as a reducing agent. The metal produced in the BF is then processed in a basic oxygen furnace (the “BOF”), where oxygen is blown into molten iron in order to reduce its carbon content. In 2009, the BF-BOF process was used in the production of approximately 71% of the steel produced globally, according to the World Steel Association (the “WSA”) (formerly the International Iron and Steel Institute). The metallurgical coke used in the BF-BOF process is produced out of low ash-content coking coal. Due to inadequate supplies of coking coal in some parts of the world, a second steel-producing process, the electric arc furnace (“EAF”) method, was developed. In the EAF process, steel scrap or directly reduced iron (“DRI”) is charged in an EAF and is melted using graphite electrodes charged with electricity produced using natural gas. An alternative way of producing steel is by using a medium or high frequency electrical induction furnace. In the induction furnace, metal is melted through electro-magnetic induction in an electrically conductive metal coil. Mild steel, stainless steel and low and high alloy steel can be made by using induction furnaces. Alloying elements are added to the melted metal as needed. The major raw materials used in steel production depend on the production technology. The BF-BOF process mainly requires iron ore and coke that, in turn, requires coking coal, the DRI-EAF process requires scrap or sponge iron and non-coking coal and the induction furnace requires scrap and DRI. The availability of the relevant raw materials at commercial prices is essential to sustain profits for steel producers. Products Steel produced by these processes is either cast into long products such as bars, rods, rails and structural shapes or into flat products such as hot rolled (“HR”) coils and sheets. Long products are so called because they come out of the mill as long bars of steel. However, they are produced in a wide range of shapes and sizes and can have cross-sections shaped like an H or I (called joists, beams and columns), a U (channels) or a T (sections). Long products are principally used in the construction industry and also used in the production of capital goods and railways.

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Flat products, mainly in the form of HR coils and sheets, are used in structural materials, welded pipes and tubes and in the automobile and white goods (home appliances) industries. The major end-use sectors for pipes and tubes are water supply and distribution, other industrial applications, housing applications and transport of petroleum products. Welded steel pipes are manufactured from HR coils by electrical resistance welding and are used in many piping applications. Submerged arc-welded pipes are manufactured from HR coils and are mainly used in the supply and distribution of water and gases. Seamless steel pipes and tubes manufactured from HR coils are used in the oil and gas sectors. HR coils can also be further processed in cold rolling mills to produce cold rolled products by passing the HR coils or strips through rollers at room temperature to reduce their thickness. “Rolling” is the main method used to shape steel into different products. Rolling the steel by passing it between a set of rolls revolving at the same speed but in opposite directions makes the otherwise coarse grain structure of cast steel re-crystallize into a much finer grain structure, giving greater toughness, shock resistance and tensile strength. In addition to hot rolling, in which the steel is rolled at a high temperature, steel may also be rolled at ambient temperatures, resulting in a different set of physical and metallurgical properties.

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SUMMARY OF BUSINESS Overview The Company is one of the world’s largest steel companies with a steel production capacity of approximately 27.2 mtpa. According to WSA, the Company was the seventh largest steel company in the world in terms of crude steel production volume in 2009. The Company is also one of the most geographically diversified steel producers, with operations in 26 countries and a commercial presence in more than 50 countries. As of March 31, 2010, the Company had approximately 81,000 employees. The Company was established as India’s first integrated steel company in 1907 by Jamsetji N. Tata, the founder of the Tata Group, and is currently one of the flagship companies of the Tata Group. The Company has a presence across the entire value chain of steel manufacturing, including producing and distributing finished products as well as mining and processing iron ore and coal for its steel production. The Company’s operations are primarily focused in India, Europe and other countries in Asia Pacific. In Financial Year 2010, the Company’s operations in Europe and India represented 62.9% and 28.8%, respectively, of its total steel production. The Company has grown significantly in recent years with its steel production capacity increasing from approximately 5.0 mtpa in Financial Year 2006 to 27.2 mtpa currently. This growth was primarily due to the Company’s acquisition in April 2007 of Corus Group plc (“Corus”), which at the time was estimated by WSA to be the ninth largest steel producer in the world. As a result of this acquisition, the majority of the Company’s steel production capacity is currently located in the United Kingdom and the Netherlands where the Company has four facilities with a total steel production capacity of 18.4 mtpa. The Company also has significant operations in Jamshedpur, India, where the Company operates a 6.8 mtpa steel production plant and a variety of finishing plants. The Company’s Indian operations also include captive iron ore and coal mines. The remaining 2.0 mtpa of the Company’s steel production capacity is located in Singapore and Thailand. The Company plans to further increase its steel production capacity by an additional 2.9 mtpa through the brownfield expansion of the Jamshedpur facility and is also planning to expand steel production capacity through greenfield investments. The Company offers a broad range of steel products including a portfolio of high value-added downstream products such as hot rolled coils, sections, plates and wires. The Company is also a large producer of ferro chrome in India. The Company’s main markets for its products are Europe and India, which accounted for approximately 72.6% of the Company’s net sales in Financial Year 2010, with the remaining sales primarily taking place in other markets in Asia and in North America. The Company’s customers primarily comprise the construction, automotive, aerospace, consumer goods and material handling and general engineering industries. In Financial Years 2009 and 2010 and the first half of Financial Year 2011, the Company recorded net sales of Rs. 1,473,293 million, Rs. 1,023,931 million and Rs. 558,399 million, respectively. The Company recorded a profit after taxes, minority interests and share of profit of associates of Rs. 35,042 million in Financial Year 2009, a loss after taxes, minority interests and share of profit of associates of Rs. 20,147 million in Financial Year 2010 and a profit after taxes, minority interests and share of profit of associates of Rs. 37,978 million in the first half of Financial Year 2011. The Company had total assets of Rs. 1,213,678 million and total net worth of Rs. 277,416 million as of September 30, 2010.

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Key Strengths Global Scale The Company today has its principal operations in Europe, India and Asia Pacific. The Company believes that its global presence in the steel market enhances its ability to attract multi-national customers and, in particular, customers from the European and Asian automotive, packaging and construction industries. As customers of large steel companies are also globalising and consolidating and are increasingly relying on a select few global suppliers for their products, the Company believes it can attract new customers and maintain its relationships with existing customers through its international production capabilities and downstream operations, as well as its extensive distribution and production capabilities. Strong Position in the Indian Market In India, the Company produces flat products used in the automotive, roofing and general engineering industries and long products used in the construction industry, including in the industrial, commercial, infrastructure and housing sectors. Over the past decade, these industries have been growing and competition from other Indian producers is relatively limited as there are high barriers of entry to the production and commercialisation of high-grade steel. In recent years, through continued investment in flat steel technologies, the Company has established itself as a major supplier of high-grade steel products to certain key markets in India. For example, the Company has become a major supplier of steel products to the Indian automotive industry establishing a market share of approximately 40%, with imported products representing most of the remaining markets in this industry. In addition, as a member company of the Tata Group, the Company also benefits from being identified with the Tata brand, which is a widely recognised brand in India. Strong Position in Western Europe Europe, principally the EU, is the most important market for the Company’s operations, and accounted for 46.4% of its net sales in Financial Year 2010. The Company’s European operations consist of its principal production facilities in the United Kingdom and the Netherlands, and a sales and trading network, with sales offices, stockholder wholesalers, service centres and joint venture and associate arrangements for distribution and further processing of steel products. The Company believes that the Tata Steel Europe brand name and product brands will continue to generate customer loyalty after being rebranded from Corus in September 2010. Cost Competitiveness of the Company’s Indian Operations The Company has access to raw materials for steel production and a skilled workforce with a relatively low cost of labour at its operations in India. These factors have allowed the Company’s Indian operations to benefit from low production costs. In addition, with respect to its Indian operations, for Financial Year 2010, the Company obtained all of its iron ore requirements, approximately 49% of its coal requirements and a significant amount of its ferro alloy requirements from captive mines leased by the Company. Consequently, the Company believes that its exposure to the volatility of raw material prices for its Indian operations is significantly more limited than for its non-Indian operations. Diversified Product Offering Through its acquisition of Corus and capacity expansions in India, the Company has significantly enhanced its portfolio of downstream steel products. Historically, the Company’s steel products included only flat products and long products. With the acquisition of Corus, the Company added a portfolio of high value-added downstream products including advanced high strength steel, superior automotive steel, rods for tyre cord, structural sections of railways and packaging steel. With its capacity expansions in India, the Company has further strengthened its ability to provide a greater variety of and more value-added products, including steel wires, tin plates and welded tubes. A majority of the Company’s steel production is rolled into hot rolled coils, and most of the remainder is processed into structured sections, plates, engineering steels or wire rods, or sold in semi-finished form.

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The Company is also a large producer of ferro alloys in India. The Company’s ferro alloy operations include the sale of charge chrome, high carbon ferro chrome, high carbon silico manganese and ferro manganese, chrome concentrate, dolomite and pyroxenite. Efficient Project Implementation The Company believes that it has a proven track record in implementing significant projects, including cost reduction plans and the expansion of its major production facilities, on schedule and within budget. For example, by focusing on increasing production efficiencies at its Jamshedpur facility between April 2005 and March 2006, the Company was able to significantly expand its production capacity with comparatively lower costs than would have been incurred through investments in other greenfield projects. Between April 2006 and May 2008, the Company successfully implemented a 1.8 mtpa brownfield capacity expansion at its Jamshedpur production facility. In addition, the Company rapidly responded to the reduced global demand for steel products caused by the global financial crisis by undertaking a series of cost-saving initiatives beginning in the second half of Financial Year 2009, which involved a reduction in use of third-party services, flexible production to reduce energy costs and reduction in employment costs through reduced overtime and bonuses, as well as putting on hold certain capital expenditure programmes. Economies of Scale and Cost Reductions The Corus acquisition significantly enlarged the Company’s production, sales and asset base, which allowed the Company as a whole to achieve greater economies of scale and cost efficiencies. The Company has integrated Corus’ business and operations to develop a large global network of procurement and sales offices and production plants, which allow the Company to manage its supply and distribution chain costs more effectively, with lower procurement and logistics costs, increased bargaining power, improved product flow and better management of inventory. In addition, the Company’s increased scale provides it with greater resources to support its fixed costs, such as research and development expenses, and permits the use of shared services to eliminate duplicative business functions and administrative expenses. The Company has used the operational best practices and experience from its Indian operations to improve operating costs and efficiencies at its European operations as well as at its Asia Pacific operations. Experienced Management Team The Company’s senior management team comprises members with extensive experience and professional qualifications in the steel industry. Their rich experience and understanding of the Company have been instrumental in building a sustainable business and supporting the Company’s domestic and international operations. See the section “Management” beginning on page 112 of this Red Herring Prospectus. Strategy Increase Capacity in India The Company intends to increase the size of its Indian operations, where it maintains a competitive advantage as a low-cost producer, by increasing the capacity of its current production facilities and through greenfield investments. The Company completed a brownfield expansion of its Jamshedpur facility in May 2008 that increased capacity by 1.8 mtpa and is implementing an additional brownfield expansion that will increase capacity by an additional 2.9 mtpa, and that is expected to be completed by the end of Financial Year 2012. The Company is also developing a 6.0 mtpa greenfield steel plant in Orissa and a 5.0 mtpa greenfield steel plant in Chhattisgarh and is in the initial planning phase for the construction of a 3.0 mtpa greenfield steel plant in Karnataka. The Company expects to produce a mix of flat and long products through greenfield expansions. The Company believes that the increase in size of its Indian operations will enable it to compete more effectively with other steel manufacturers. The Company expects continued growth in steel demand in India, spurred by the increasing local need for steel based products (construction and infrastructure, automobiles, appliances, etc.) and estimated gross domestic product growth rates of 8.4% in 2011 and 8.0% in 2012, according to the World Economic Outlook (October 2010) published by the International Monetary Fund.

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Increase Raw Materials Security The Company seeks proprietary access to raw materials in order to achieve economic returns and to optimise its costs by securing offtake rights. The Company believes that becoming increasingly self-sufficient in raw materials procurement, particularly with respect to its European operations, will enable the Company to better respond to cyclical fluctuations in the demand for its products and reduce volatility in production costs. In addition, the Company expects to benefit from the experience in raw material procurement that it has gained from its Indian operations. In recent years, the Company has pursued a number of initiatives to gain access to coal and iron ore deposits around the world. For example: • In November 2007, the Company purchased a 35% stake in a coal project owned by Riversdale Mining Limited in the Tete province of Mozambique. In addition, the Company also has a direct interest of approximately 24% in Riversdale Mining Limited; In December 2007, the Company entered into a joint venture with Societe pour le Developpement Minier de Cote d’Ivoire (“SODEMI”) for an 85% stake in the development of an iron ore mine in Cote d’Ivoire with SODEMI earning a 15% stake; In January 2008, the Company entered into a 50-50 joint venture with Steel Authority of India Limited and established a joint venture company, S&T Mining Co., in September 2008 to acquire and develop coal mines in India; and In September 2010, the Company acquired an 80% interest in a Canadian iron ore project owned by New Millennium Capital Corporation (“NML”), which is currently in the feasibility stage, along with 100% of the offtake rights for the project. In addition, the Company has also acquired approximately 27% of the common shares of NML.

For a further discussion and current status of these and other raw materials initiatives, see “Business—Raw Materials and Other Key Inputs—Raw Material Projects” on page 85 of this Red Herring Prospectus. If all of the Company’s initiatives with respect to raw material security come on line as scheduled, the Company is targeting a move towards 50% raw material security for iron ore and coal in the next five to six years. The Company intends to continue to work with its partners to pursue its current initiatives and, if the opportunities arise and subject to market conditions, pursue new initiatives to become more self-sufficient in its raw materials procurement. Increase Sales of High Value-Added Products The Company plans to continue to expand its downstream operations with the objective of improving its product mix and generating increased and more stable margins. The Company is also developing integrated downstream operations and expand global product capabilities to enable it to shift its production and focus on the most appropriate product mix in each of the regions where it operates. The Company plans to continue to enrich its product mix from its Indian operations by increasing its production and sales of high value-added steel products such as cold rolled coil, galvanised steel and automotive-grade sheets and also increasing the production of other products such as tinplates. For example, the Company intends to leverage its position as the leading steel service organisation in India to continue to provide and, subject to market demand, increase its supply of higher value-added steel products to the Indian market from processing flat products and long products. The Company is also implementing a new greenfield project for Tata Bluescope Steel Limited (“TBS”), a 50-50 joint venture company established with Bluescope Steel Limited that is engaged in the manufacture and sale of high-end building products. The new project will provide TBS with backward integration in the form of metal coating capacity of approximately 250,000 tpa and colour coating capacity of approximately 150,000 tpa by April 2011. In addition, the Company’s affiliate, The Tinplate Company of India Limited, in which the Company currently holds an equity stake of approximately 45%, has undertaken strategic initiatives to expand its capacity to approximately 379,000 tpa. The first part of this expansion, including the tinning line, was commissioned in 2008 with the balance of facilities, including the cold-rolling mill, to be commissioned in 2011. In January 2011, the Company entered into a joint

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the Company plans to continue to promote cost-saving initiatives in its entire chain of operations to maintain its profitability and competitiveness. Product development and marketing: Through research and development initiatives. strategic cost-saving measures to improve the long-term competitiveness of its business. among others. These investments will allow the Company to develop new products. For its European production. packaging. for its European operations. efforts are underway to improve the Company’s competitive position in the sale of structural sections used in the rail industry and wire rods used in the construction market. the Company will seek to prioritise and attract customers of high value-added products. During the second half of Financial Year 2009. For example. The Company is also organising a global strategic marketing unit to target key market segments in line with its “Customer First” strategy. The Company seeks to benefit from sharing experiences and best operational practices across its business units in Europe and Asia. the Company introduced its “Fit for the Future” initiatives for its European operations that included. Strong retail management: As part of its retail management program. including advanced high strength steels. closure of certain satellite sites and streamlining of downstream facilities in distribution. rebars under the Tata Tiscon brand and wires under the Tata Wiron brand. the Company is working to capture market share in a number of potential high growth areas such as thin film products (including photovoltaic coated products) and high strength steel designed for the automotive industry. The Company is also looking to add value to its steel operations by increasing the sale of branded products.000 tpa by 2013. the sale of certain non-core operations. especially those in the construction. which typically sell at a premium above non-branded products. Enhance Competitiveness through Continuous Improvement The Company continues to improve its competitiveness through a number of initiatives and programmes aimed at enhancing operational efficiencies and optimising asset and material flows. Control Over Logistics The Company plans to increase its access to ports. and plans to continue to implement. Although the steel industry has. The Company is also transforming its supply chain in Europe and creating a platform that will allow information to be shared across the Company’s different operations. In order to enhance 7 . to a certain extent. Cost saving initiatives: The Company has implemented. the Company is optimising its supply chain and manufacturing processes to establish a common system covering sales and marketing functions across its operational hubs. Netherlands. the mothballing of certain facilities and production lines. from raw materials to works in progress to finished goods. sales and distribution teams with major industries and sectors. the Company is able to reduce its customers’ inventory stock and increase their margins. particularly from its Indian facilities. automotive and engineering markets. the Company has begun marketing its products under the Tata Steel Europe brand (which was rebranded from Corus in September 2010).venture with Nippon Steel Corporation (“Nippon Steel”) for the construction of a continuous annealing and processing line to produce automotive cold-rolled flat products with a planned capacity of 600. By minimising delivery times and lead time needed for new orders. at Scunthorpe. In addition. building systems and tubes. This new platform will also allow the Company to manage stock levels. improve supply chain processing and reduce freight and logistics costs. which would reinforce its existing market position in the automotive and construction markets. United Kingdom. The “Fit for the Future” initiatives were undertaken in response to the global downturn in steel demand that affected the Company’s business. rebounded from the downturn beginning in the last quarter of Financial Year 2010. Increasing sales of high value products is particularly important in Europe where margins are lower due to higher production costs. At IJmuiden. With respect to its existing asset base in Europe. the Company works closely with retail and wholesale customers to ensure value by scheduling deliveries on a just-in-time basis. the Company recently completed the installation of a cold rolling mill and a new galvanising line. These branded products include cold rolled steel products under the Tata Steelium brand as well as galvanized sheets under the Tata Shaktee brand. shipping lines and other logistics in order to gain control over its distribution channels. and guide product deliveries more efficiently. “One Company” operating model: The Company is in the process of transforming its operations to directly align its marketing.

Strategic Alliances with Joint Venture Partners The Company plans to expand its operations through strategic alliances with joint venture partners throughout its chain of operations. Vale. Its strategic partners include. local partners in these markets provide the Company with knowledge and insight into local customs and practices and access to local suppliers. to develop a deep sea port at Dhamra. In addition. including for raw material procurement (primarily for mining). 8 . the Company plans to use joint ventures to procure raw materials and businesses in new geographic markets. on the east coast of India. Trial operations commenced in September 2010 with the arrival of the first ship carrying coal cargo. an Indian engineering and construction company. When entering a new geographic market or business where the Company does not have substantial local experience and infrastructure. and Larsen & Toubro Limited and NYK Line with respect to port and shipping. in October 2004. JFE Steel. Riversdale Mining Limited and the Steel Authority of India Limited with respect to mining. In December 2006. BlueScope Steel Limited and Nippon Steel with respect to steel production. large quantities of which may be needed in the future for the Company’s production. These joint venture arrangements also allow the Company to create synergies with its partners reducing costs and increasing efficiencies. Vietnam Cement Industries Corporation (“Vicem”). Vietnam Steel Corporation (“VN Steel”). • • In particular. The joint venture currently operates twelve chartered and two owned vessels and is expected to assist the Company with the shipping of coal and limestone. the Company entered into a 50-50 joint venture with Larsen & Toubro Limited. among others: • New Millennium Capital Corporation.the Company’s import and export capabilities from India.000 deadweight tonnes. teaming up with a local partner enables the Company to reduce its capital investment by leveraging the pre-existing infrastructure of the local partner. The port is expected to be capable of handling 13 mtpa of coking coal and 6 mtpa of iron ore and accommodate vessels with a capacity of up to 180. POSCO. steel production and port and shipping. the Company entered into a 50-50 joint venture with Nippon Yusen Kabushiki Kaisha (“NYK Line”) and established a shipping company focused on shipping dry bulk and break bulk cargo. The Dhamra Port is located in close proximity to the Orissa steel project and is also relatively close to the Jamshedpur facility. Societe pour le Developpement Minier de Cote d’Ivoire (“SODEMI”). Nippon Steel.

..8 71.......9 354..0 64.7 144. Loans and Advances Inventories .5 83..613....271....... Reserves and Surplus...479...4 71.3 11.9 253..........168.........866..4 115.............3 – 279...........566...556..................0 144....................5 – 230.4 364....... Provision for Employee Separation Compensation .... Share Warrants ....259..058.340....155.609...0 972................782.438.. Total .740..879....649.....483..........6 69................0 579.0 7.. Less: Impairment ......6) 1....306............. 2010 2009 2007 2006 1....306.......7 29.1 1..2 64........ Current Assets..0 1...407.... Provisions ..269.2 200.3 76...................251....1 936.....006....7 440..8 65.........0 9 ....6 10.9 614...........865.......4 5............ Loans and Advances..........3 20.....657.892...3 8.. Consolidated Statement of Assets and Liabilities..... Capital Work in Progress (Net) .....0 5.027......6 – 14.5 599.004..054..334........9 182...028......3 88...276.................074.....0 1. in million) 962..........946......7 150.......733......086.6 9..3 199..232............2 18.0 1.......1 – 2....7 270......2 340.....449.........................593.....9 8..271.........643..450.........1 1.... E Liabilities and Provisions Secured Loans ...................... Minority Interest .........8 1...6 9......1 994..8 – 215.....459... The summary financial information presented below should be read in conjunction with the audited and restated financial statements of the Company....975..6 122.318..3 9.6 365.......424.....6 155...... Net Block . These financial statements have been prepared in accordance with Indian GAAP..7 10.. Less: Miscellaneous Expenditure (to the extent not written off or adjusted)....196..0 68.0 27.....1 271...............026....3 108........3 250...6 71.293.....3 61.488....767.........017............3 539.....841..327..1 107..0 174....1 12.140....166.....110...025.....881.....243.9 31....0 9......6 32.....928............151...3 16...............583.....................8 59....636...........4 526....................477........0 331........................633....................586..021.. 2010 As at March 31 2008 (Rs...2 7..............8 271...................974.937........ as Restated As at Sept 30........342........5 16..4 8...867.........8 25.....3 230.111... Investments.....636................ B C D Goodwill on Consolidation .250.................7 142..308....1 867............3 68.........6 349..........033. Sundry Debtors.5 Particulars A Fixed Assets Gross Block .. 2009...4 88....167....607..4 9..........465.... Warrants issued by a Subsidiary Company ...........1 47........149....... 2008....2 18....499....943..166........574....263.6 19.....205..979...........4 174...................................... Represented by Share Capital ..479..8 256.....6 138.716.....0 216...9 92..........029.058......9 180.. Less: Depreciation ..............5 – 2.......1 174....627.........5 62.6 1..........069..5 49...328....475......312.187.....327..890.................... Net Worth ... Current Liabilities .....843...... Cash and Bank Balances ....3 66....819........7 6..........643.097.3 2...5 – 1....789.............9 13..4 42....6 10......0 54..562..........717..201.........170.............800.....0 941........ F G Net Worth (A+B+C+D-E) .....0 34.416.................................787...1 489.......883....4 609.4 184.....684..4 457.....................5 342.............................800...............6 102............0 89....418.4 1......................183....110...5 230......................941..........530.................393.............. Total .5 1.958..881.662.9 186........3 116.7 938..717.187....6 153..........SUMMARY FINANCIAL INFORMATION The following tables set forth summary financial information derived from the Company’s consolidated audited and restated financial statements for and as of the Financial Years ended March 31.2 453.............2 62.......7 598.....566...0 11....6 33.... Total ..124. the notes thereto and the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on page 157 of this Red Herring Prospectus.4 166...7 233..............6 419..489... 2007 and 2006 and for the six month ended September 30. Interest accrued on investments .......2 54.......8 (4...1 – 277........................2 129....593.............368....0 – 97..612........0 265....2 280................097...504.....4 – 219....9 277. Deferred Tax Asset ..........768.175...2 289.9 94........ 2010.....1 100...........6 11..........2 2.470...............706.......... 2010..........754..3 340.......489....2 174.....674.......983........4 185......6 33.830........2 31..5 263.....560.......264..857.938......2 11...261.416. Add/(Less) Foreign Currency Monetary Item Translation Difference Account..3 145.8 100..1 230..0 174..837...1 367...584.535... Unsecured Loans.......6 164................6 270.. the Companies Act and the SEBI Regulations and are presented in the section “Financial Statements” beginning on page 152 of this Red Herring Prospectus........428.....3 908.. Deferred Tax Liability..6 64....7 20...........................1 108.....1 8.371...5 28......177....................................389.410.......2 8.........8 90.580.0 38..4 68......627....974...822...1 130.5 24..6 297....

............................1) 129..........................2 321...6 56...782.....0 72..449.0 203.782.....5 1........8 – – – – 55...........367..0 21........ Surplus Carried to Balance Sheet .7 – – 33.......235.....931........................... General Reserve .....140....1 1.....9) – (21.2 21....9) 76......8 (40..6 (20....0 65...9 244.....9 40..3 6....149...3 42...287.......6 19... Net Profit / (Loss) after Tax (Before Adjustment) .....6 74...........918.1 – (1......681....136..7 382.8 7...219....3 74..................7 3.............583.. — Fringe Benefits Tax..268..6 791...2) 196...........................552.298...........428..843.....740....... Selling and Other Expenses ...........5 (65...3 12..............6 (52.......0 74...739...915....4 85....8 41....7 1....475....642...3 (425.......9 123...571.........1 48.349.....603. Tax Impact of Adjustments ......3 123.......315... Add: Share of Profits of Associates ......0 173..6 363...359.. Total of Adjustments..... Profit available for Appropriation ..5) 74...............989.............. Total...3 48..092..837....................1 55..........1 41.2) 41..........3 19...5 18.0 1.860....8 92....377..7) 40.7 1.. Special Reserve ....762...735....758.......9 65... Exceptional Items Restructuring Costs .............434..982..........710.............2 8..455.845.............................858............917...077.046........5 – – – – – – – 103..............556...4 6......3) 607.........960...................9 37...369.2 15..........................525..1 41......492....2 3........ Accretion/(Reduction) in Stocks of Finished and Semi-finished products and Work-in-progress .......336........220....9 67......6 2...........1 17..................0) 5...........035.681....7 4......317... Acturial Gain ..........186........292. 2010 For the year ended March 31 2009 2008 2007 (Rs.....6 1..518..375.........286.3 11.............678......4) 37................130...............7 149.......094.....4 440..176...............2 (1.........171.......109.3 204.........8) 2.5 4.............745.........3 (17.3 1....960.613.......884.............2 35..........4 1..5) 168...........286.................4 164.......949.5 222.... Profit / (Loss) before Exceptional Items and Tax .4 – 9.647.......126..........789.0 21.....544......0 123...0 (40...2) 20.4 (470... Net Profit / (Loss) after Adjustments .. Proposed Dividends On Ordinary Shares ...............4 1......720...042...398.................739...543.......4 127..522......782...6 33............971...8 485......... Contribution for Sports Infrastructure .....8 1...7 1.........9 (16........8 42.........8 209.....123.1 1..247..147.340....629........147.........000...349.......................2) 174.5 11...2 – (97....3 127...........4 91.............473..2 (155.............0 458.........4 1.....220....1 (5....4 85.......0 567........537........376.......8) 245.....7 – (428.....4 – 515.......678.....................2 – – – – 63....552......6 1...499..8 2........1) (63...... Balance brought forward ...2 63...1 1...107.953.............405................................... Manufacturing..018..3) 144.... 2010 Particulars Income Sales and Other Operating Income .7 254...... Exchange Gain ............3 1............656.......1 33.....0 92....1 558...6) – – – 55....9 59...............3 221...5 511................ Debenture Redemption Reserve ......6 55.......982.....390...849...960....918.9 37.......057...... Provision for Taxation — Current Tax ..7 2.6 274..0 316.634. 30...4) 418.....3 5.490....3 10 ....420..4 163.737.Consolidated Statement of Profit and Losses....403.2 (284.............4) 105.8 191.............0 30......5 15.......0 39............1 – (582.3 2.187.........567....041....5 13..3) – – – 67..926..6 15.........................656....... Expenditure Cost of Materials .........9 671....7 26..600..................500.............210......4 1...........6 32.......217.367........7 56.6 1................ Prior Period Adjustments .........9 10.............5 103. Payment to and Provision for Employees ..6 – 37......6 44..........1 252...6 1......5 289..130....9 602......8 22...038.8 37.390......491....199..........269.531.186..2 – 963..........266.0 61.068..... Less: Excise Duty.......867.....3 (106......023..........625.....................9) 32......5 – – 48......4) – (117.145..4 19.....2) – – – 310...............402...... Profit/ (Loss) after Exceptional Items before tax .......208... as Restated For the period ended Sept........483...901.3 56........1 (48.4 2006 570.. Adjustments Change in Accounting Policies .. Total ....5 550......405.......8 (14.....183...1) 34.....9 11.... Appropriations Proposed Dividends On Prefernce Shares . Total.7 100..3 1....2 179. Profit / (Loss) as Restated after Minority Interest and Share of Profits of Associates .....3) 188..740......... Depreciation..854..0 (386....653......5 (16... Tax on Dividends .500.219.......2 108.8 16..9 331............... Statutory Reserve .584...........945..... in million) 1..0 (77... Net Finance Charges ......9 1.2 12..0 – 7......249......235...5 19..... Less: Minority Interest ...995...4 (16.650.....8 25...........094..6 191...9 8..320..3 (914..453...............978..........380............390.722....750...........3 6..........009...3 729..359...5 103............................402.. — Deferred Tax ..1) 36...560.......0) 17...149.........432............... Net Income from Operations ....3 105.........181...876..7) (21.033....909..........769..8 63.... Other Income ......

........631....7 1.....4 (9.0 601.....355..8) (71.373.......181.....3) 4..9 (796...5 10...447..3) 11.. Sale of Investments.882.2) 3..3 76.....4) 34..830.. Intercorporate Deposits (net) .........075...2 (1..........144.6 1....065..129.... Inventories ...495.555......357.......352..................7) (1...686.2) Cash generated from operations .8) (1.8 7.....8) 6. Pre-operative expenses...... Adjustments for: Depreciation .....2 29.917...1 34...........4) 40....... Interest charged to Profit & Loss Account ....2 (463......1 (0...842.............5 (1.8 (1...013............3) 54.....9 62.....3 (649.......... Dividend received....7) 73......5) (25....071..........372....5 (18...........6 726..........0) (184..2 3.....906.3 (699..858...669..683.6) 163..2 890..3) 37..801..201...7 169..4) 1..6 (7............2) 21...............5 (27..3 2..... (Profit)/Loss on sale of assets / discarded assets written off ...........................0) 62..2) (1..........603....539.4) (222............7 (1.....0 (941.5 (333...4) – (377.653......8 3...9) 1.7) (24...3 (908........110........7) Net Cash flow from Investing Activities.....026.005...9 (47...7 (601...... 30.... Income from Other Investments .....5 (2.....1 (24............5 (33.....0 (4..886.650....... Purchase of fixed Sale of fixed assets ........381......327..0 41..837..560....360. Interest and Income from current Investments .....0 87.4 – 16.............808..3 21............6 18...............1 – 32....568.. minority interest and share of profits of associates .........321..618........5) 18.....5 (27.....................8) – 5.850..0) (139..023.7) (6.788....047......6) 45......8 (17..............737....5) (3..3 (266...071.750.301...1 187.090........4) (607.6) 55.827..519.100.6) – (1............3) 0.......3 1.960.936... Unrealised Foreign exchange on consolidation net (gain) / loss ...2) (16.........2) 1...Consolidated Statement of Cash Flows..779...197. Contribution for sports infrastructure ...3 (43..0 (18....................7 1..2 76...8) (10...........4 (1..7 (1.0 10. Trade Payables and Other Liabilities ...692..7 – 4......9) (130....445. Operating Profit before Working Capital Changes .....998....4) (31...5) 4.500..9) 27..1) 104......402..007.........7) 2... Acquisition of subsidiaries/joint ventures (net of disposals) ... as Restated For the period ended Particulars Sept....... CASH FLOW FROM INVESTING ACTIVITIES assets .....0) 16.063.524......8) 2.. Restructuring Costs ....5 42........722.....109......1 11..........772.399. (Profit)/Loss on sale of other investments ..5 (9.778....0 (84..6) – (5......0 80.....6) – (2...959...430....8 (443.6) (7....496.........3 80..5 (26.....404.....6 – (30...3) (6...5) (449.8 – 1......410......631......166....5) 135..783....513..........1) (2...543..097....................3) – 16.......9 1.....154.....0 2....123.......1) (84.. Preliminary Expenditure written off ............561.191............... Provision for Wealth Tax..0) 458.. Provision for diminution in value of investments....7) 26..173..3) (1.4 9........7 (7...................424...........0) – (4.....9) (108.006.....624..1 (29.254.534......063.4 (858............393.....8 129....5 8..2 292...1) – (835.......6 21.611... Direct Taxes Paid ... B Net Cash Flow from operating Activities .144............219.....8) (107...1 (82....1 118..9 1...475..6) (407........448.693......455. Interest and Income from current Investments received .........553...5) (162........ Purchase of investments..943..9) 55............945...1 (205.... (46...7 (21....2)) 192...337........ Exchange (Gain)/Loss on revaluation of foreign currency loans .7) (2..5) 580..369... 2010 2010 For the year ended March 31 2009 2008 (Rs..........538........6) 0............721.....0) (6....1 111...... CASH FLOW FROM OPERATING ACTIVITIES: Profit/(Loss) before taxes...372..1) 480......665.......552....2) 34..6 – – – 273...751.............5) 511..5 (770..............0) 11 .........6 1......8 49..286..5) 10........903.....7 – – – 2..337...4) 156........940..3 190..103............1 (2..........6) 26.......... Gain/(Loss) on cancellation of forward covers / options.........980.......5 74.......071.........6 (298..9 – 1.181..372...124...........950...........0 – (4....340.......8) (421.1 6..198.462. 54.....3 (285......084....243...548...915...2 (49.....238...463.0 1...601..3) 14......0 17....7) (3..1) 37... Adjustments for: Trade and Other Receivables ...598....327....0 50.......220.............2 (19...........................3 44. 44.....002...030.5) (1.2) 153......472..5) 353.. in million) 2007 2006 A...230. Other amortisation and non-cash expenditures...3 7..530..7) 914...9) (62........589..............

..........661....8 (64.....2) (16......6 13.....8 (289...2) (366............640..........704....901...............125.......151.. Issue of cumulative convertible preference shares ....3) 2.0 (7................152......................215.. (ii) Cash and cash equivalents include loss on foreign exchange revaluation.8 (122.3 – – 8.0 1.383.250.482..... 30.1 2...291..350...4) (12..........465.6) 1...802.....6 48.......1 (17.0 24....310......1) 304...2 (84.......0 108......8 42.1 61..473..... Amount received on cancellation of forward covers/options ... 2007 includes Rs........5 – 141.....2) 205.........879.....5) (13....5 (1........1) 437...4 million ringfenced for a specific purpose..... 2010 2010 For the year ended March 31 2009 2008 2007 2006 8...... Closing Cash and Cash equivalents ....313...2) 204....2 524.4 105.......... (iv) Opening cash and cash equivalent of respective years includes cash and cash equivalents of companies which became subsidiaries/joint venture of the group and excludes the cash balances of companies which ceased to be subsidiaries.929.653....910......266.........483..1) (51............5 – 38.168........607.....2) (7..370......7 4........Particulars C CASH FLOW FROM FINANCING ACTIVITIES: Issue of Share Capital .......... Capital contributions received...212.........478.....547.....8) (7..6 7............580.8 96........622...5 Figures in brackets represent outflows...7) (127.......0 (354.......... Notes: (i) For the period ended Sept.....3) (35.209.....3 (4.. 12 .... Net Increase / (decrease) in cash / cash equivalents (A + B + C).720.....787.333......2) 164... Repayment of borrowings..2) (27...................4 249.9) (32.. (v) Closing cash balance as at March 31..061.767........595......950......7 – – 80.. Proceeds from borrowings .... 72..6) (9......0 – 79........782.344.......6 55.....940........7) (6.8 68.6 100........2 61....7) 21.451.9) (9.3) (2..116....0) 6............8 7...865.7) 945..814.932.....209..9 227.... Long term loan expenses................0 71.725...6 11..6 (589...0) (42....... opening Cash and Cash equivalents .....7) (7....085..............318.................4 40....... Net Cash flow from Financing Activities ... Dividend paid......192.470............1 (24.. Interest paid .........073.........0 68.......5 1......... Issue of Share Warrants......425..259......2) (677.....0 1........ (iii) Interest paid is exclusive of and purchase of Fixed Assets is inclusive of interest capitalised......... (vi) Previous year figures have been recast / restated wherever necessary...571......2) (101........762......7 54.9) (2.....6) 3.669..

818...906........... in million) 164..9 81.1 85.... Loans and Advances..995.....5 4.435..465.....235...4 102.6 66..8 145.................................9 9.........874...348.........4 34...................... Less: Miscellaneous Expenditure (to the extent not written off or adjusted).....315.249........2 15.031... Add/(Less) Foreign currency monetary item translation difference account....684....7 9...7 122.........025...... Less: Impairment ....4 369.795...9 9......366..........974.......6 169.813.396.181..232......0 210........060.400...9 39..................4 118.....5 126.......7 95..070.6 1.456..294..2 223.8 103.5 239...............034............6 21..329.5 230..3 32....1 7.......181..011.....2 265........ Capital Work in Progress (Net) .......0 406.....456........1 360..2 183.004.......5 2.7 92...4 2...................610..3 76............1 86...........0 12. Loans and Advances Inventories ....6 24.....3 138....326..3 5...045........................................3 449.043......6 42...4 54.7 6......8 6...... Net Worth ... Reserves and Surplus............................793..0 13...... Net Block .674.....316........2 58...........804.....4 D E F 13 .......4 371....961...1 271......593.....450....0 1......4 5...............945..........4 11....1 1.....004..7 100. Represented by Share Capital ...230....338.. Less: Depreciation ....571...............7 295..7 271....3 160..713. B C Investments.............405.......3 10.....6 61............597.1 138.......787........ 2010 2009 As at March 31 2008 (Rs..................798...400....130...........796.1 43.398...394..9 26..577.8 4....0 30...6 54..... Interest Accrued on Investments ..................9 87.6 1....071.....6 28. Deferred Tax Liability......2 229.........1 89..5 8............ Net Worth (A + B + C – D ) ........5 _ 371..999..8 35..747...................060...........1 27..806.552........6 133..........................636........................917......................380..........620.0 10.0 333.........680...1 (4...650.......676.....94.570..........6 295........8 34....2 360............0 2..687........056...0 373.........2 – 2...341.570.438.7 30.............9 2.............883........4 173.......2 9.954.466.4 425..9 375....743.0 21...848....2 62........0 19.........2 154..........822..0 60...620.536.......2 423.............0 38.... Total .......................387..............359....050...0 1.....004...7 109.777....0 238... Provisions ........... Total .... Liabilities and Provisions Secured Loans ....4 110.........171..................033.........4 35.6 29...375....589.......0 435..0 9..............876..7 82........434.......624....7 418.965...........1 1..8 23.....699.9 22..... Provision for Employee Separation Compensation .....1 6.6 41.2 24........265...........4 – 2................9 2...8 1...782....4 3.........936..5 200......7 1...... Sundry Debtors.....049.....2 2007 2006 223.7 121.................... Cash and Bank Balances ........503....454.......8 144..9 160.0 45....5 19..................3 98.....060..717..728.........2 11....935.887...7 95....3 136.713....098.....317....205........299....2 5...........7 6..910..........299..............225...530..859....................551................... Current Liabilities ..331....... Current Assets.... Total ........8 5........431................3 72....3 62...936......4 118...........8 8.................4 38.... 2010 Particulars A Fixed Assets Gross Block ..............9 23.....726..1 _ 418..... Unsecured Loans..061...857..6 941..661.........9 73...........244... Share Warrants ...995......561...............134...........................687................... as Restated of Tata Steel Limited As at Sept 30...532.3 – 1...........450..470....864......024.336.073....489.Statement of Assets and Liabilities.....5 5...........................9 37.....974.......7 66....650.1 9..........069.......8 15.6) 1.5 40.716.

................616. Selling and Other Expenses ............219.354.. 14 ....939....7 (444.734...........9) 192..........5 – – 50.....275..3) 160..8 (2..3 (266...983......0 1..0 – – 72.....346.0 10.....9 53.............3 7..4 (387..947..........000.....6 – – 52............5 – – 62.6 22...349.......... Appropriations Proposed Dividend .........582..... Balance brought forward .....790. Total. Payment to and Provision for Employees ...7) 34...911....017..................831.3 190....192......0 12............9 70.......... Tax on Dividends .346.......042.....980...0 17..........171..........5 153.........557..................3 – – – 46.2 11..6 92.............0 95........616............4 60..0 52.2 127.....2) 12.........520. — Fringe Benefits Tax..3) 18............892..8 175.................558....8 7...865..663..............730....024.......................7 30....3 28......687...........1 11..445......760..........874....000.......................428.939...810...402...0 46..2 152.......5 61. Other Income .8 145.......346.........8 2.......141.................................3 15.6 93.439.....8 4.695.....7 72.0 35....... Surplus Carried to Balance Sheet ..000..................0 – 50................. 2010 For the year ended March 31 2009 2008 2007 (Rs..784...................393.141....8 8..1 18.6 115..5 13...221....0 – – – 50....7 (1..0 772...7 – 267...730.... Debenture Redemption Reserve ....0) 5..578....................1 52.............049.069..1 1..........5 20..........437..0 173.....0 – 30........084...........870.7) 16...548...... Net Sales .2 196.358.......................156......557.....017.. in million) 2006 148.........0 – 63.......445..445. Profit available for Appropriation ....4 6.........000.................8 million of Hooghly Met Coke and Power Company Ltd...0 – 45.........................726.................................568..............279....................3 73..613....910.........526.157..8 71................................2 2.......701............0 199...726..4 – – – 52..6 243..0 7........ Adjusted Profit ....1 132......5 24...3 45...8 136.....6 (2...6 22....751....084...............9 7....7 56.287..985.638............8 92..... Rs 122....3 37....9 115...0 (751..967............8 (380.......8 268. Less: Excise Duty.. Profit before Exceptional Items and Tax ...604..4 19....2 250..983.............242......... Tax Impact of Adjustments ..2 – – – 36...................240......1 – – 73.338....293...196.....171.. Accretion/(Reduction) in Stocks of Finished and Semi-finished products and Work-in-progress ...........156.. Net Profit after Tax..5 145..........841....5 1.....620.8 (402....2 1....8 79.....8 (824..0 177.......0 19.........114.......3 62.1 171.............. Adjustments Prior Period Adjustments ...................711....797.1 (525.......082.0 8.......221.. 30..673..........0 144.810.2 15.........616...141...9 258... General Reserve ...........1 197.096..399...............970...7 23............8 35.983..8 43.468.......7 Note: i) Opening balance brought forward for financial year 2009-10 includes.....1 1...........808......1 9.............009......Statement of Profit and Losses..7 246.......115..............7) 8.8 203..............4 63.......................143..... Total of Adjustments.143.................7) 23.......7 71....614........171................0 115..7 53............. Depreciation..500...0 127.. Exchange Gain ....................0 2....0 6.......3 56.....892.....7 164......5 164......537........153.........................1) 41....159....8 186.979...505.895..... Expenditure Cost of Materials ..............757....0 1...0 1........ Total....7 3...000..2 1.............0 – 164...........9 9.......775..0 42..874.......326...8 270.618.....................431.....223..0 – 94.......614.....5 (572........ Provision for Taxation — Current Tax ....0 101......957.......870.....0) 135........... — Deferred Tax .2 15..089.6 15.......399...892........4 30....6 (1.....8 49..... 2010 Particulars Income Sales and Other Operating Income ...095........083........1) 14. Manufacturing...058.....947..3 25.....3 2.........8 50........ as Restated of Tata Steel Limited For the period ended Sept.... Net Finance Charges ....063......0 7.3 – 36..... Total...1 21.0 5.............6 66......1 70.811.......228... on amalgamation with Tata Steel Ltd.1) 160..........6 5.....1 11........556...0 221.............195...2 15.....046...468............. Exceptional Items Contribution for Sports Infrastructure .... Profit after Exceptional Items before tax.......

6    (1.104.0 884.5 1.2) 1745.156.Statement of Cash Flows.2) 1.8 69.0 327.1) (718.5 53.0 310.9) 56.061.6)   (20.30 (294.265.8 (315.3) – (33.0 10831.754.602.577. 30.118.1) 1.3) 62.3) 0.023.1 – 8.9 1500.50    4.9) 19.794.1 880.645.2) 9290.275.0 795.8) 178.548.139.0) 341.3) (44.8)   (21.4) 783.3) (884.8 718.7 651.798.4 73.373.9 84.6 62.134.382.923.719.493.973.1) (1016.617.2 55.117.3) (1.2) (2.5) 158.499.0) – – (377.6)   (15.1 – 1.6) 75.895.9) 83.8) 440.874.0    (2.9) 120.5) (6283.0 (410.171.862.095.6 (155.6 (1.589.6) (2.663.3) 5.345.720.0 314.6 103.0                                                                                        50.0) 70.5 (20.6 (2.0 – 66.5 2.2 (294.6) 2.269.8 (357.2) 9.997.1 – 92.0 53.143.141.0) 8.9 (111.951.8 (52.0) – – (1425.899.157.9) (2486.2 (24.3 (3397.7) 638.8) (1.9    (61.6   9734.043.7)   (24.1) (58.7) 146.0 79.6 (1243.1 (20.3 (1864.568.3 (7436.50 5616.9) 151.7 (17.132.298.371.658.2) 4.6) (8.70 (7.774.1) 36.723.471.0 64.845.5 8346.9) 1.289.2 90. 2010 2010 2009 For the year ended March 31 2008 2007    2006    A CASH FLOW FROM OPERATING ACTIVITIES: Net Profit before tax Adjustments for : Depreciation (Profit) / Loss on sale of Assets discarded / Assets written off (Profit)/Loss on sale of other investments Impairment of Assets (Gain)/Loss on cancellation of forward covers / options /swaps Provision for diminution in value of investments Reversal of Impairment Loss Interest and income from current investments Income from other Investments .0 – (3368.3) 1.351.2    (65.2) 46.0 – (2957.816.2) 14895.2 (95.3 (52.7) (295.0) 9.4)   (27.2 5.0 (80.9) 2512.6) (1750.6 1.9) (42.943.4 (1.074.6) (0.468.4) (880.8 (77. as Restated of Tata Steel Limited      For the period ended Particulars Sept.0 (20.1 70.0 49.0 679.692.6    1.7 72.9 (54.487.0) 427.181.4) (3.1 (419.2) (6480.3 104. Interest charged to Profit and Loss Account Exchange (Gain) / Loss on revaluation of foreign currency loans Provision for Wealth Tax Amortisation of long term loan expenses Contribution for sports infrastructure Operating Profit before Working Capital Changes Adjustments for : Trade and Other Receivables Inventories Trade Payables and Other Liabilities Cash Generated from Operations Direct Taxes Paid Net Cash from Operating Activities B CASH FLOW FROM INVESTING ACTIVITIES: Purchase of fixed assets .470.389.5 (183.2 4.817.6   (21.852.975.9) 15 .463.8) 18481.474.3) 8452.4) 2.834.118.216.452.5 (2221.8 (597.8) 1.965.2 (826.181.6) – (266.6 (27.9 111.5 579.3) (1542.2) (1171.759.793.8) (35. Sale of fixed assets Purchase of Investments Purchase of Investments in Subsidiaries Sale of Investments Intercorporate deposits/ Shareholder’s loan Interest and income from current investments received Dividend Received Net Cash used in Investing Activities (820.947.1 (282.9 (20.582.6 8192.4) 1.8 – 58.3 (406.460.374.8) 565.016.0) 63.6 7751.234.807.7 51.0) 571.966.975.0) 9.1 (11.3 10.9) 49.477. Sept.020.486.241.1 10.

..1 (2....2 2.......6) (11.....188...6 (579.....564.............470.2) 300..2) 1..883........356.........460..... Repayment of borrowings ...176........ Issue of Cumulative Convertible Preference Shares ..4) (7... Amount received/(paid) on cancellation of forward covers / options / swaps......9) 79.5 54...0 – 1....163...782.4 2.. and purchase of Fixed Assets is inclusive of.. Investment in subsidiaries represents the portion of purchase consideration discharged in cash during the year/period out of the total consideration......436..179....7 2....280... Opening cash and cash equivalents for financial year 2009-10 includes...961.. interest capitalised....573..... Sale of investment includes sale of investment in subsidiaries for which disposal consideration has been received in cash.3) 16......... on amalgamation with Tata Steel Ltd....341.........9) (16............883....... Proceeds from borrowings ..6 2....For the year ended March 31 For the period ended Sept.......108.......0 – 1..0 48... Issue of Share Warrants .7) (16.9 Figures in brackets represent outflows...813...412..2) (9...3 (8.802..1) (7. Cash and cash equivalents include gain/loss on foreign exchange revaluation....... Net Increase / (Decrease) in Cash and Cash equivalents (A+B+C).... 2010 Particulars C CASH FLOW FROM FINANCING ACTIVITIES: Issue of Equity Capital ....5 (1.....264..327.............8) (2....784....6 (70...... Long term loan expenses ....6 4...255.7) 31.....943.. Closing Cash and Cash equivalents ......................9 (6...... 72....477.........140..5 1....5 – – – 5.944.....8) (308.650....3 (1..............9 million of Hoogly Met Coke and Power Company Ltd...........312.6 (72.278.0 – – 17...928..........787.910..2) (14....6 64.341.......312...215...........814......868........... Dividend paid ..042...923....606.....134...6 55....0) 416....023..929.....9 32..873..380....731.......... Rs.5) (7..9 76.. 2007 includes Rs..0 (103..8) (7...589. 16 ........ in million) 2007 2006 8...139..932.4) (13......7) (1.650.........2) (2.........5) 158.7) (9.. 22.. Interest paid is exclusive of... Opening Cash and Cash equivalents .... Net Cash from / (used in) Financing Activities ..4 24...1) 936......344.1) (12.....259..906.9 80.725..8) (101...478....................... Notes: i) ii) iii) iv) v) vi) 2010 2009 2008 (Rs...4 (7............7) (325......6) (11... Capital contributions received .5 4...............4 – – 64......4 million ringfenced for a specific purpose.6 73.....0) 32... Interest paid .6) 437...............4 15.......7) (10.....813..... Closing cash balance as at March 31....379..5 (35..........3 11............4 15....467..0 – 32.....4 13.2 – – 176.1) 76..5 15.

000 Equity Shares Not more than 27. 5% of the QIB Portion.196 See the section “Objects of the Issue” beginning on page 39 of this Red Herring Prospectus *The Company in consultation with the BRLMs may allocate up to 30% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI Regulations. For details.THE ISSUE Issue Of which Employee Reservation Portion Therefore. subject to valid Bids being received at or above the Issue Price.750.250 Equity Shares** 18.000 Equity Shares 971.000 Equity Shares 19.000 Equity Shares 1. One-third of the Anchor Investor Portion will be reserved for domestic Mutual Funds. **In the event of over-subscription.000 Equity Shares** B) C) Pre and post-Issue Equity Shares Equity Shares outstanding prior to the Issue Equity Shares outstanding after the Issue Use of Issue proceeds 902.000 Equity Shares** Upto 8. 17 . Except with respect to the Anchor Investor Portion.000 Equity Shares 55.425. Further. subject to valid Bids being received at or above the Issue Price.425. The remainder will be available for allocation on a proportionate basis to QIBs including Mutual Funds.325. see the sections “Issue Structure” and “Issue Procedure” beginning on page 241 and 249 of this Red Herring Prospectus. Net Issue to the Public# Of which A) QIB Portion* Of which Anchor Investor Portion* Balance available for allocation to QIBs other than the Anchor Investors (assuming the Anchor Investor Portion is fully subscribed) Of which Available for allocation to Mutual Funds only (5% of the QIB Portion (excluding the Anchor Investor Portion)) Balance for all QIBs including Mutual Funds Non-Institutional Portion Retail Portion 57.214. excluding the Anchor Investor Portion.325.500.453. shall be available for allocation on a proportionate basis to Mutual Funds only.750 Equity Shares** Not less than 8. allocation will be made on a proportionate basis.214. subject to valid Bids being received at or above the price at which allocation is being made to Anchor Investors.500.196 959. allocation will be made on a proportionate basis. respectively.000.000 Equity Shares** Not less than 19.

For details. Subject to valid Bids being received at or above the Issue Price. spill over to the extent of under-subscription will be permitted from the Employee Reservation Portion. 18 . see the section “Terms of the Issue” beginning on page 246 of this Red Herring Prospectus.# Any under-subscription in the Employee Reservation Portion will be added to the Net Issue. any under-subscription in any category will be allowed to be met with spill-over from other categories or a combination of categories. In the event of undersubscription in the Net Issue. at the discretion of the Company in consultation with the BRLMs and the Designated Stock Exchange.

1907 as a public limited company.M. For details. the name of the Company was changed to “Tata Steel Limited” with effect from August 12. 24. 5. Non-Executive Director Non-Independent. Wadia Mr.in Board of Directors The following table sets out the current details regarding the Board as on the date of the filing of this Red Herring Prospectus: Sr. 4. Non-Executive Director Independent. Non-Executive Director Non-Independent. under the provisions of the Indian Companies Act. Non-Executive Director Independent. Non-Executive Director Independent. Non-Executive Chairman Non-Independent. 2005 and of the shareholders of the Company dated July 27. No.gov. 1882. Pursuant to a resolution of the Board of Directors dated May 19. 9. Suresh Krishna Mr. Tata Mr. 6. Marine Lines Mumbai 400 020 Tel: (91 22) 22812639 Fax: (91 22) 22877977 Email: roc. Managing Director Registration/Identification number 11-260 L27100MH1907PLC000260 For details. Karl-Ulrich Kohler Mr. Muthuraman Mr. Homi Mody Street Fort. 2005. 3. H. Nerurkar Designation Non-Independent. Non-Executive Director Non-Independent. Name Mr. Ratan N. A.GENERAL INFORMATION The Company was originally incorporated as “The Tata Iron and Steel Company Limited” on August 26. see the section “Management” beginning on page 112 of this Red Herring Prospectus. Non-Executive Director Non-Independent. 12. see the section “History and Certain Corporate Matters” beginning on page 96 of this Red Herring Prospectus. 10. Company Secretary and Compliance Officer Mr. Non-Executive Vice Chairman Independent. 1. Mumbai 400 001 Details Registration Number Corporate Identification Number Address of the RoC The Company is registered at the office of: The Registrar of Companies. Homi Mody Street 19 . 2. Ishaat Hussain Dr. Irani Mr. 2005. B. Maharashtra at Mumbai Everest House. Non-Executive Director Independent. Jamshed J. Andrew Robb Dr. Jacobus Schraven Mr.mumbai@mca. 24. Palia Mr. Registered Office of the Company Tata Steel Limited Bombay House. Anjeneyan Tata Steel Limited Bombay House. 7.M. 11. Executive. Nusli N. 8. S. Subodh Bhargava Mr. Non-Executive Director Independent.

com Website: www.sbicaps.citibank.hsbc.: INM000010833 Citigroup Global Markets India Private Limited 12th Floor.com Website: www. Fort Mumbai 400 001 Tel: (91 22) 22685555 Fax: (91 22) 22631984 E-mail: project. the BRLMs or the Registrar to the Issue in case of any pre-Issue or post-Issue related problems such as non-receipt of letters of Allotment and credit of Allotted Equity Shares in the respective beneficiary account or refund orders.co.online.com Investor Grievance E-mail: db. Sakhar Bhavan Nariman Point Mumbai 400 021 Tel: (91 22) 66325535 Fax: (91 22) 66325541 E-mail: tatasteel. Mumbai 400 001 Tel: (91 22) 66657279 Fax: (91 22) 66657724 E-mail: cosec@tatasteel.redressal@db. Viren Jairath SEBI Registration No. Prayag Mohanty SEBI Registration No.com Contact Person: Mr.com Bidders may contact the Company Secretary and Compliance Officer. Maker Tower E Cuffe Parade Mumbai 400 005 Tel: (91 22) 2217 8300 Fax: (91 22) 2218 8332 E-mail: tatasteel.co.: INM000010353 SBI Capital Markets Limited (solely as a Book Running Lead Manager) 202. Amit Chakarabarty SEBI Registration No.com Contact Person: Ms.in Contact Person: Mr.in/rhtm/citigroupglobalscreen1. Kavita Tanwani/Mr. Chandrakant Bhole SEBI Registration No.relations@sbicaps.co. Bakhtawar Nariman Point Mumbai 400 021 Tel: (91 22) 66319999 Fax: (91 22) 66466366 E-mail: TataSteel.com Website: www.kotak.in Website: www.fpo@rbs.fpo@kotak.com Investor Grievance E-mail: investor.: INM000011674 20 .fpo@citi.fpo@db.in Investor Grievance E-mail: investorgrievance@hsbc. Bakhtawar Nariman Point Mumbai 400 021 Tel: (91 22) 66341100 Fax: (91 22) 22840492 E-mail: tsl.rbs.: INM000008704 Deutsche Equities (India) Private Limited DB House Hazarimal Somani Marg Fort Mumbai 400 001 Tel: (91 22) 66584600 Fax: (91 22) 22006765 E-mail: tatasteel.in/1/2/corporate/equities-global-investmentbanking Contact Person: Mr.investmentbank.com Investor Grievance E-mail: customercareecm@rbs.com Investor Grievance E-mail: investors.com Website: www.: INM000010718 HSBC Securities and Capital Markets (India) Private Limited HSBC Building 52/60 Mahatma Gandhi Road.Fort. Book Running Lead Managers and Underwriters Kotak Mahindra Capital Company Limited 1st Floor.: INM000003531 RBS Equities (India) Limited 83/84.trophy@hsbc.cgmib@citi.com/india Contact Person: Mr.com Investor Grievance E-mail: kmccredressal@kotak.co. Shashank Pandey SEBI Registration No.com Website: www. Asim Anwar SEBI Registration No.db.htm Contact Person: Mr.fpo@sbicaps.

400 021 Tel: +91 22 22891011 Fax: +91 22 22891111 E-mail: avinash.trophy@sc.com Investor Grievance E-mail: redressal.: INM000011542 Syndicate Members Kotak Securities Limited 2nd Floor.co.com Contact Person: Umesh Gupta SEBI Registration Number: BSE INB01808153 NSE INB230808130 SBICAP Securities Limited 191.in Contact Person: Avinash Kulkarni SEBI Registration No.com Contact Person: Archana Dedhia SEBI Registration Number: NSE: INB 231052938 BSE: INB011053031 Domestic Legal Advisors to the Company Amarchand & Mangaldas & Suresh A.ecm@sc.com Website: www. State Bank Bhavan.400 063 Tel: (91 22) 67350745 Fax: (91 22) 22610270 E-mail: scb.standardcharteredcapitalmarkets. Peninsula Chambers Peninsula Corporate Park Ganpatrao Kadam Marg Lower Parel Mumbai 400 013 Domestic Legal Advisors to the Underwriters AZB & Partners Advocates & Solicitors Express Towers. Worli Mumbai 400 025 Tel: (91 22) 6740 9708 Fax: (91 22) 6662 7330 Email: umesh. Madame Cama Road.: INU000000027 21 . Maker Towers ‘F’ 19th Floor. Corporate Centre. Floor-15.dedhia@sbicapsec. Goregaon (E) Mumbai . 23rd Floor Nariman Point Mumbai 400 021 State Bank of India (solely as an Underwriter) Global Markets.kulkarni@sbi.Standard Chartered Securities (India) Limited 1st Floor.gupta@kotak. Cuffe Parade Mumbai 400 005 Tel: (91 22) 3047 8591 Fax: (91 22) 3046 8670 E-mail ID: archana. Standard Chartered Tower 201B/1. Shroff & Co. Mumbai .com Contact Person: Mr.sbicapsec. Rohan Saraf SEBI Registration No.Western Express Highway. Nirlon House Dr. Annie Besant Road Near Passport Office.com Website: www.

in Website: www.gov.International Legal Counsel to the Company Cleary Gottlieb Steen & Hamilton LLP 39th Floor.sebi. For more information on the Designated Branches collecting ASBA Bid cum Application Forms.co.in Contact Person: Mr. Pannalal Silk Mills Compound L. Bandra (East).Kurla Complex. Road. Marg.linkintime. J.in/pmd/scsb.fpo@linkintime.co. see the above SEBI link. D.B.: INR000004058 Self Certified Syndicate Banks The list of banks that have been notified by SEBI to act as SCSBs for the ASBA Process are provided on www. Bankers to the Company State Bank of India Corporate Accounts Group Branch Neville House 23. Mumbai 400 051 Tel: (91 22) 2653 6512 Fax: (91 22) 2653 1374 Bank of America.Kurla Complex Bandra (East). Hadley & McCloy LLP 3007 Alexandra House 18 Chater Road Central. Ballard Estate Mumbai 400 001 Tel: (91 22) 6154 2881 Fax: (91 22) 6154 2819 HSBC Limited 52/60 Mahatma Gandhi Road.A.N. Bhandup (West) Mumbai 400 078 Tel: (91 22) 2596 0320 Toll free: 1800220320 Fax: (91 22) 2596 0329 Email: tsl. Bandra . Heredia Marg. Hong Kong Registrar to the Issue Link Intime India Private Limited C-13. Fort Mumbai 400 001 Tel: (91 22) 2268 1097 Fax: (91 22) 6653 6014 Citibank N. Citigroup Center. Vishwas Attavar SEBI Registration No. NA Express Towers Nariman Point Mumbai 400 021 Tel: (91 22) 6632 3340 Fax: (91 22) 2282 3276 22 Standard Chartered Bank 270.pdf. Bank of China Tower One Garden Road Hong Kong International Legal Counsel to the Underwriters Milbank.N.S. Fort Mumbai 400 001 Tel: (91 22) 2209 2213 Fax: (91 22) 2209 6067 . Bandra . Mumbai 400 051 Tel: (91 22) 4001 5057 Fax: (91 22) 4006 5847 ICICI Bank Limited ICICI Bank Towers. Tweed.

Fort Mumbai 400 001 Tel: (91 22) 6658 4788 Fax: (91 22) 2207 5944 HDFC Bank Limited Process House. Lower Parel Mumbai 400 013 Tel: (91) 93224 09096 Fax: (91 22) 2496 3994 Canara Bank Prime Corporate Branch-II.com Contact Person: Mr. ‘G’ Block. 12th.com Website: www. Ground Floor.Fernandes@axisbank.com Contact Person: Mr.V 74. Mumbai Main Office Building Fountain. Maker Tower 'E'. Bandra East. 9619115505 Fax: (91 22) 2218 1429 ING Vysya Bank Limited Plot No. Cuffe Parade Mumbai 400 005 Tel: (91 22) 2218 6579 Fax: (91 22) 2218 0403 Axis Bank Limited Maker Tower F. Colaba Mumbai 400 005 Tel: (91 22) 6707 1539.com Website: www. Cuffe Parade. 1 Forbes Street Mumbai 400 023 Tel: (91 22) 6618 2633 Fax: (91 22) 2266 0144 Central Bank of India Corporate Finance Branch. Mumbai 4000 051 Tel: (91 22) 3309 5832 Fax: (91 22) 2658 2812 The Royal Bank Of Scotland N. Marg.B. 3rd Floor Cuffe Parade Colaba Mumbai 400 005 Tel: (91 22) 6707 1250 Fax: (91 22) 2215 5157 Email: Preashant. 4078 5838 Bankers to the Issue and Escrow Collection Banks Axis Bank Limited Central Office Maker Tower (E). Anil Gadoo SEBI Registration Number: INBI00000004 23 .Deutsche Bank AG Deutsche Bank House Hazarimal Somani Marg. C12. & 14th Floors Nariman Point Mumbai 400 021 Tel: (91 22) 6717 1071 Fax: (91 22) 6635 1816 BNP Paribas India Forbes Building. Mumbai Samachar Marg Mumbai 400 001 Tel: (91 22) 6631 0322 Fax: (91 22) 6631 0350 Email: anil. Kamala Mills Compound S.axisbank. Prashant Fernandes SEBI Registration Number: INB100000017 ICICI Bank Limited Capital Markets Division 30. Bandra Kurla Complex. Fort Mumbai 400 001 Tel: (91 22) 4078 5805. Fort Mumbai 400001 Tel: (91 22) 2264 0085 Fax: (91 22) 2262 6641 Punjab National Bank Large Corporate Branch. Sakhar Bhavan Nariman Point Mumbai 400 021 Tel: (91 22) 6637 3704 Fax: (91 22) 6637 2403 Credit Agricole CIB Hoechst House.gadoo@icicibank. 4078 5807 Fax: (91 22) 4078 5840. 11th.icicibank. Homji Street.

Mumbai 400 011 Tel: (91 22) 66568484 Fax: (91 22) 66568494 Email: csg-unit@tsrdarashaw.Annie Besant Road Opp. Haji Moosa Patrawali Industrial Estate 20. Monitoring Agency HDFC Bank Limited FIG-OPS Department . IPO Grading As this is not an initial public offer (“IPO”). Next to Kanjurmarg Railway Station Kanjurmarg (East). Shiv Sagar Estate Worli.400 042 Tel: (91 22) 3075 2928 Fax: (91 22) 2579 9801 Email: deepak.Lodha. Moses Road Mahalaxmi. Dr. the appointment of trustees is not required.com Credit Rating As the Issue is of Equity Shares.hdfcbank. credit rating is not required. Dr. Deepak Rane SEBI Registration Number: INBI00000063 24 .rane@hdfcbank.com Contact Person: Mr.hdfcbank.com Contact Person: Mr. grading of this Issue is not required.com Firm Registration Number: 117366W Registrar and transfer agent to the Company TSR Darashaw Limited 6-10. Level. Level. Deepak Rane SEBI Registration Number: INBI00000063 Statutory Auditors of the Company Deloitte Haskins & Sells 12. Mumbai 400 018 Tel: (91 22) 6667 9000 Fax: (91 22) 6667 9100 Email: pde@deloitte. Mumbai. Trustees As the Issue is of Equity Shares.com Website: www. Next to Kanjurmarg Railway Station Kanjurmarg (East).HDFC Bank Limited FIG-OPS Department .E.rane@hdfcbank.Lodha. I Think Techno Campus O-3. I Think Techno Campus O-3. Mumbai.com Website: www.400 042 Tel: (91 22) 3075 2928 Fax: (91 22) 2579 9801 Email: deepak.

1. respectively. viz. Deutsche Bank. the RoC and SEBI. SBI Caps and SCS Kotak. Deutsche Bank. Printer(s) ii. RBS.The Monitoring Agency has been appointed pursuant to Regulation 16 of the SEBI Regulations. Bankers to the Issue Non-institutional and retail marketing of the Issue. Experts Opinion Except in the sections “Auditors Report” and “Statement of Tax Benefits” on page 152 and 51 of this Red Herring Prospectus. HSBC. Citi. RBS.. RBS. Advertising agency iv. Activity Responsibility Designated Coordinating Book Running Lead Manager Kotak Capital structuring with relative components and formalities such as type of instruments. SBI Caps and SCS Kotak. preparation of publicity budget • Finalising media and public relations strategy • Finalising centers for holding conferences for brokers. HSBC. RBS. • Formulating marketing strategies. Deutsche Bank.. SBI Caps and SCS Kotak. HSBC. • Follow-up on distribution of publicity and Issue material including application form. Citi. Citi. inter alia. 6. Registrar to the Issue iii. etc. i. drafting and design of this Red Herring Prospectus including the memorandum containing salient features of the Prospectus. 3. RBS. etc. No. no expert opinion has been obtained by the Company in relation to the Issue. RBS. HSBC. Deutsche Bank. etc. including finalisation of Prospectus and the RoC filing Drafting and approving all statutory advertisements Kotak. Statement of Inter se Allocation of Responsibilities for the Issue The following table sets forth the inter se allocation of responsibilities for various activities in relation to this Issue among the BRLMs: S. Deutsche Bank. Drafting and approving non-statutory advertisements including corporate advertisements RBS 5. Appointment of intermediaries. SBI Caps and SCS Kotak. Due-diligence of the Company including operations/management/business plans/legal. Deutsche Bank. Citi. which will cover. prospectus and deciding on the quantum of the Issue material • Finalising collection centers 25 Citi Deutsche Bank . SBI Caps and SCS Kotak. HSBC. 2. SBI Caps and SCS Kotak Kotak 4. The Book Running Lead Managers shall ensure compliance with stipulated requirements and completion of prescribed formalities with the Stock Exchanges. Citi. HSBC. Citi.

Deutsche Bank. the Bid cum Application Forms and the ASBA Forms. 2. • Institutional marketing strategy • Finalising the list and division of investors for one to one meetings. the BRLMs responsible for the underwriting arrangements shall be responsible for invoking underwriting obligations and ensuring that the notice for devolvement containing the obligations of the Underwriters is issued in terms of these regulations and as agreed to in the Underwriting Agreement. Deutsche Bank. International institutional marketing International institutional marketing of the Issue. Activity Responsibility 8. SBI Caps and SCS HSBC SCS SCS SBI Caps Finalising the Underwriting Arrangement* * In case of under-subscription in the Issue. Citi. Self Certified Syndicate Banks and the bank handling refund business. Deutsche Bank. SBI Caps and SCS Kotak. Managing the book and finalisation of pricing in consultation with the Company 11. The BRLMs. HSBC. Deutsche Bank.S. HSBC. Kotak. Post bidding activities including essential follow-up steps with Bankers to the Issue and Self Certified Syndicate Bank to get quick estimates of collection and advising the Company about the closure of Issue. RBS. bidding terminals and mock trading Kotak. intimation of allocation and dispatch of certificates or demat credit and refunds to bidders. Citi. 7. Syndicate Members. The Issue Price will be determined by the Company in consultation with the BRLMs. after the Bid Closing Date. HSBC. RBS. Citi. which will cover. No. SBI Caps and SCS Designated Coordinating Book Running Lead Manager SCS 10. HSBC. RBS. Citi. co-ordination of allocation. Deutsche Bank. The designated coordinating Book Running Lead Manager shall be responsible for ensuring that the intermediaries fulfill their functions and enable him to discharge this responsibility through suitable agreements with the Company. RBS. SBI Caps and SCS Kotak. finalisation of basis of Allotment/weeding out of multiple applications. 3. HSBC. 9. The Company. SBI Caps and SCS Kotak. 26 . Bankers to the Issue. RBS. management of escrow accounts. The principal parties involved in the Book Building Process are: 1. etc. dealing with the various agencies connected with the work such as Registrars to the Issue. inter alia. and • Finalising road show schedule and investor meeting schedules Domestic institutional marketing • Domestic institutional marketing of the Issue • Finalising the list and division of investors for one to one meetings • Finalising road show schedule and investor meeting schedules Co-ordination with Stock Exchanges for Book Building Process software. Citi. Book Building Process Book building refers to the process of collection of Bids on the basis of the Red Herring Prospectus.

allocate up to 30% of the QIB Portion to Anchor Investors at the Anchor Investor Issue Price on a discretionary basis. Further. as the case may be. etc. Ensure that the Bid cum Application Form or the ASBA Form is duly completed as per the instructions given in the Red Herring Prospectus and in the respective forms. by collecting sufficient documentary evidence in support of their address. The Company will comply with the SEBI Regulations and any other ancillary directions issued by SEBI for this Issue. The exemption is subject to the Depository Participants’ verifying the veracity of the claim of the Bidders that they are residents of Sikkim. The Registrar to the Issue. would be allowed to be met with spill-over from any other category or combination of categories at the discretion of the Company in consultation with the BRLMs and the Designated Stock Exchange. Based on these three parameters.000 Equity Shares to Eligible Employees. provided that the Company may. specific attention is invited to see the section “Issue Procedure” beginning on page 249 of this Red Herring Prospectus. Except for bids on behalf of the Government of India or state governments and the officials appointed by the courts. Ensure the correctness of your PAN. Further. DPID and Client ID given in the Bid cum Application Form and the ASBA Form. In accordance with the SEBI Regulations. The Escrow Collection Banks.500. QIBs are not allowed to withdraw their Bid(s) after the Bid Closing Date.T. bank account number. The Book Building Process under the SEBI Regulations is subject to change from time to time and Bidders are advised to make their own judgment about investment through this process prior to making a Bid in the Issue. not less than 15% and 35% of the Net Issue will be available for allocation on a proportionate basis to Non-Institutional Bidders and Retail Bidders. Allocation to the Anchor Investors will be on a discretionary basis. 5. if any. Any unsubscribed portion in any reserved category will be added to the Net Issue to the public. For details. • 27 . The Issue is being made through the Book Building Process wherein not more than 50% of the Net Issue will be allocated to QIBs on a proportionate basis. respectively. For more information. In this regard. Under subscription..4. the Issue includes a reservation of 1. see the section “Issue Procedure” beginning on page 249 of this Red Herring Prospectus. Steps to be taken by the Bidders for Bidding: • • • • Check eligibility for making a Bid. the Company has appointed the BRLMs to manage the Issue and procure subscriptions to the Issue. Anchor Investors are not allowed to withdraw their Bids after the Anchor Investor Bidding Period. see the section “Issue Procedure” beginning on page 249 of this Red Herring Prospectus. the Registrar to the Issue will obtain details of the Bidders from the Depositories including Bidder’s name. For details on Bids by Anchor Investors and Mutual Funds. For details. Bidders residing in the State of Sikkim are exempted from the mandatory requirement of PAN. subject to valid Bids being received at or above the Issue Price. Act in the Bid cum Application Form and the ASBA Form. see the section “Issue Procedure” beginning on page 249 of this Red Herring Prospectus. 6. see the section “Issue Procedure” beginning on page 249 of this Red Herring Prospectus. and SCSBs. Ensure that you have a PAN and the demat account details are correctly mentioned in the Bid cum Application Form or the ASBA Form. However. subject to valid Bids being received at or above the Issue Price. Any Bidder (other than Anchor Investor) may participate in the Issue through the ASBA process by providing details of the ASBA Accounts in which the corresponding Bid Amounts will be blocked by the SCSBs. in any category. For details. for Bids of all values ensure that you have mentioned your PAN allotted under the I.

4 28 .67 50. 22.. Rs. All bids at or above this issue price and cut-off bids are valid bids and are considered for allocation in the respective categories.e. The Underwriters mentioned in the table below have agreed to underwrite for amounts specified below at a price equal to the lower end of the Price Band that will be announced by the Company: Name and Address of the Underwriter Kotak Mahindra Capital Company Limited 1st Floor. 2011 with the Underwriters for the Equity Shares proposed to be offered through the Issue. A graphical representation of the consolidated demand and price would be made available at the bidding centers during the bidding period.• • Bids by QIBs (including Anchor Investors. i.4 5.4 5. in consultation with the BRLMs. the illustrative book would be as given below. details of which are shown in the table below. at or below Rs.571.e.571.000 7. For instance.000 1. an offer size of 3.67 250. assuming a price band of Rs. The offeror.00 166.4 5.00 The price discovery is a function of demand at various prices..571. and Bids by ASBA Bidders will have to be submitted to the Designated Branches.000 equity shares and receipt of five bids from bidders. Underwriting Agreement The Company has entered into an Underwriting Agreement dated January 11. Bid Quantity 500 1.00 100.500 2.) 24 23 22 21 20 Cumulative Quantity 500 1. i.000 5. million) 5. The illustrative book shown below indicates the demand for the shares of a company at various prices and is collated from bids from various bidders. 24 per share. 20 to Rs. 22 in the above example. will finalize the issue price at or below such cut off. Bakhtawar Nariman Point Mumbai 400 021 Deutsche Equities (India) Private Limited DB House Hazarimal Somani Marg Fort Mumbai 400 001 HSBC Securities and Capital Markets (India) Private Limited HSBC Building 52/60 Mahatma Gandhi Road. Bakhtawar Nariman Point Mumbai 400 021 Citigroup Global Markets India Private Limited 12th Floor.000 2.500 3. The highest price at which the offeror is able to issue the desired number of shares is the price at which the book cuts off. but excluding ASBA Bidders) will only have to be submitted to the BRLMs and their affiliates. ASBA Bidders should ensure that their bank accounts have adequate credit balance at the time of submission to the SCSB to ensure that the ASBA Form is not rejected.500 Bid Price (Rs.500 Subscription (%) 16.571. Fort Amount Underwritten (in Rs. Illustration of Book Building Process and the Price Discovery Process (Bidders should note that the following is solely for the purpose of illustration and is not specific to the Issue and excludes information pertaining to Bidding by Anchor Investors) Bidders can bid at any price within the Price Band.

Name and Address of the Underwriter
Mumbai 400 001 RBS Equities (India) Limited 83/84, Sakhar Bhavan Nariman Point Mumbai 400 021 Standard Chartered Securities (India) Limited 1st Floor, Standard Chartered Tower 201B/1,Western Express Highway, Goregaon (E) Mumbai 400 063 State Bank of India State Bank Bhavan, Madame Cama Marg Nariman Point Mumbai 400 021

Amount Underwritten (in Rs. million)
5,571.4 5,571.4

5,571.4

In the opinion of the Board of Directors the resources of the above mentioned Underwriters are sufficient to enable them to discharge their respective obligations. The Underwriters are registered with SEBI under Section 12(1) of the SEBI Act or registered as brokers with the Stock Exchange(s). The Board of Directors, at its meeting held on January 11, 2011 has accepted and entered into the Underwriting Agreement mentioned above on behalf of the Company. Notwithstanding the table above, the BRLMs and the Syndicate Members shall be responsible for ensuring payment with respect to Equity Shares allocated to investors procured by them. In the event of any default in payment, the respective Underwriter, in addition to other obligations defined in the Underwriting Agreement, will also be required to procure subscriptions for/subscribe to Equity Shares to the extent of the defaulted amount. Notwithstanding the foregoing, the Issue is also subject to obtaining (i) final listing and trading approvals of the Stock Exchanges, which the company shall apply for after Allotment, and (ii) the final approval of the RoC after the Prospectus is filed with the RoC.

29

CAPITAL STRUCTURE
Aggregate Value at Face Value A AUTHORISED SHARE CAPITAL* 1,750,000,000 Equity Shares of Rs. 10 each 350,000,000 ‘A’ Ordinary Shares of Rs. 10 each 25,000,000 Cumulative Redeemable Preference Shares of Rs. 100 each 600,000,000 Cumulative Convertible Preference Shares of Rs. 100 each ISSUED CAPITAL BEFORE THE ISSUE** 903,126,020 Equity Shares of Rs. 10 each SUBSCRIBED CAPITAL BEFORE THE ISSUE 902,214,196 Equity Shares of Rs. 10 each PRESENT ISSUE IN TERMS OF THIS RED HERRING PROSPECTUS 57,000,000 Equity Shares of Rs. 10 each Employee Reservation of 1,500,000 Equity Shares of Rs. 10 each Net Issue to the public of 55,500,000 Equity Shares of Rs. 10 each EQUITY CAPITAL AFTER THE ISSUE 959,214,196 Equity Shares of Rs. 10 each SECURITIES PREMIUM ACCOUNT Before the Issue After the Issue 17,500,000,000 3,500,000,000 2,500,000,000 60,000,000,000 9,031,260,200 9,022,141,960 (in Rs. except share data) Aggregate Value at Issue Price

B C D

570,000,000 15,000,000 555,000,000

[●] [●] [●]

E F G H

9,592,141,960 149,181,963,319.93 [●]

*

The Board of Directors in their meeting on November 12, 2010 approved the increase of authorised share capital of the Company to Rs. 83,500,000,000 divided into 1,750,000,000 Equity Shares of Rs.10 each, 350,000,000 ‘A’ Ordinary Shares of Rs.10 each, 25,000,000 Cumulative Redeemable Preference Shares of Rs. 100 each, and 600,000,000 Cumulative Convertible Preference Shares of Rs.100 each by the creation of 350,000,000 ‘A’ Ordinary Shares of Rs.10 each, subject to approval of shareholders by means of postal ballot. The shareholders approved this increase in authorised share capital of the Company by a special resolution passed by postal ballot on December 22, 2010. For details on changes in the authorised share capital of the Company, see the section “History and Certain Corporate Matters” beginning on page 96 of this Red Herring Prospectus. The Company has issued the following instruments which are convertible into the Equity Shares of the Company: The following two series of convertible bonds are outstanding:
a.

** A.

US$ 546.94 million Convertible Alternative Reference Securities (“CARS”) due for redemption in 2012 are outstanding as on September 30, 2010 (Rs. 24,581.99 million as converted at the exchange rate prevailing on September 30, 2010). The CARS, prior to redemption can be either converted into certain qualifying securities or Equity Shares of the Company, subject to the terms and conditions of 30

the CARS; and
b.

US$ 382 million Convertible Bonds (the “Convertible Bonds”) due for redemption in 2014 are outstanding as on September 30, 2010 (Rs. 17,168.99 million as converted at the exchange rate prevailing on September 30, 2010). The Convertible Bonds, prior to redemption, can be converted into Equity Shares.

B.

12,000,000 warrants issued by the Company to its Promoter are outstanding. Each warrant would entitle the Promoter to subscribe to one Equity Share of the Company at the price of Rs. 594 per share. If the warrants are not converted before January 23, 2012, they would lapse.

The following series of Global Depository Receipts (“GDRs”) were outstanding as on September 30, 2010:
a.

3,867 GDRs issued during Financial Year 1994 with each GDR representing the right to receive one Equity Share of the Company. These GDRs are currently listed on the Luxembourg Stock Exchange. 5,753,386 GDRs (out of 65,410,589 GDRs issued during Financial Year 2010) with each GDR representing right to receive one Equity Share of the Company. These GDRs are currently listed on the London Stock Exchange.

b.

Notes to Capital Structure 1. Equity Shares issued for consideration other than cash: Except as detailed below, no Equity Shares of the Company have been issued for consideration other than cash: Date of allotment March 31, 1942 March 31, 1959 March 31, 1967 October 1, 1985 August 6, 1987 November 13, 1987 March 30, 1988 May 12, 2003 August 23, 2004 Number of Equity Shares issued 21,330 511,524 1,469,722 72,153 3,232,472 72,338 337 1,210,003 184,490,952 Face Value (Rs.) Reasons for allotment, name of allottees and the benefits accrued to the Company

75 Allotted to various allottees pursuant to contracts without payment being received in cash 75 Bonus issue in the ratio of 1:5 75 Bonus issue in the ratio of 2:5 100 Allotted to shareholders of the erstwhile Indian Tube Company Limited on amalgamation 100 Bonus issue in the ratio of 2:5 100 Bonus issue in the ratio of 2:5 100 Bonus issue in the ratio of 2:5 10 Allotted to erstwhile shareholders of Tata SSL Limited on amalgamation 10 Bonus issue in the ratio of 1:2

31

2.

Build-up of Equity Shares held by the Promoter: As on March 31, 1999, the Promoter held 49,000,273 Equity Shares. The build–up of the Promoter from April 1, 1999 till date is as follows: Date/ Period of transaction/ subscription/ credit Between April 1, 1999 to March 31, 2000 Between April 1, 2000 to March 31, 2001 Between April 1, 2001 to March 31, 2002 August 27, 2004 Between April 1, 2005 to March 31, 2006 Between April 1, 2006 to March 31, 2007 July 18, 2006 April 16, 2007 December 18, 2007 December 18, 2007 December 18, 2007 December 20, 2007 December 20, 2007 December 20, 2007 December 20, 2007 Issue/Purchase/Transfer No. of Equity Shares Nature of consideration (cash, bonus, gift, etc.) Cash Face Value (Rs.) Average Issue/ Acquisition Price (Rs.) per Equity Share 136.03

Market purchases

17,011,019

10

Market purchases

7,017,002

Cash

10

117.36

Market purchases

20,000

Cash

10

86.58

Bonus issue Market purchase

36,524,147 1,320,000

Bonus Cash

10 10

369.58

Market purchase (excludes a preferential allotment made on July 18, 2006) Preferential allotment Conversion of warrants issued on a preferential basis Renunciation in the rights issue of the Company by a Tata company Renunciation in the rights issue of the Company by a Tata trust Subscription in the rights issue Subscription in the rights issue Subscription in the rights issue Renunciation in the rights issue of the Company by a Tata company Renunciation in the rights issue of the Company by a 32

1,870,000

Cash

10

448.54

27,000,000 28,500,000 37,800 168,492 638,000 11,100,000 14,058,710 134,291 233,678

Cash Cash Cash Cash Cash Cash Cash Cash Cash

10 10 10 10 10 10 10 10 10

516.00 484.27 822.00 822.00 300.00 300.00 300.00 740.00 740.00

Date/ Period of transaction/ subscription/ credit

Issue/Purchase/Transfer

No. of Equity Shares

Nature of consideration (cash, bonus, gift, etc.)

Face Value (Rs.)

Average Issue/ Acquisition Price (Rs.) per Equity Share 300.00 300.00 300.00 486.58 486.35 417.35 417.35 600.66

December 22, 2007 January 21, 2008 January 21, 2008 September 25, 2008 September 25, 2008 June 9, 2009 June 9, 2009 September 1, 2009 September 1, 2009 September 1, 2009 September 14, 2009 July 22, 2010

Tata company Subscription in the rights issue Subscription in the rights issue Subscription in the rights issue Inter se transfer Inter se transfer Inter se transfer Inter se transfer Conversion of Compulsory Convertible Preference Shares issued on a rights basis Conversion of Compulsory Convertible Preference Shares issued on a rights basis Conversion of Compulsory Convertible Preference Shares issued on a rights basis Inter se transfer Preferential allotment

7,855,784 866,000 466,000 5,000,500 5,000,000 7,000,000 4,000,000 12,232,525

Cash Cash Cash Cash Cash Cash Cash Cash

10 10 10 10 10 10 10 10

6,835,341

Cash

10

600.66

9,532,629

Cash

10

600.66

5,000,000 15,000,000

Cash Cash

10 10

473.92 594.00

As of September 30, 2010, the Promoter held 273,422,191 Equity Shares. 3. Minimum Promoter’s Contribution and Lock-in There is no requirement for minimum Promoter’s contribution under Regulation 34 (b) of the SEBI Regulations. Further, except for the 15,000,000 Equity Shares held by the Promoter which are locked-in till July 22, 2013 and 258,422,225 Equity Shares held by Promoter which are locked in till January 27, 2011 pursuant to Regulation 78 of the SEBI Regulations, the Equity Shares held by the Promoter shall not be subject to any lock-in. 4. Lock-in of Equity Shares allotted to Anchor Investors: The Equity Shares Allotted to Anchor Investors, in the Anchor Investor Portion will be locked-in for a period of 30 days from the date of Allotment of the Equity Shares in the Issue. 5. A. Shareholding pattern of the Company The shareholding pattern of the Equity Shares of the Company as on September 30, 2010 is detailed in the table below: 33

Sr. No

Category of shareholder

Number of shareholders

Total number of Equity Shares

Number of Equity Shares held in dematerialized form

Total shareholding as a percentage of total number of Equity Shares % of % of Equity Equity Shares Shares (A+B) (A+B+C)

Equity Shares pledged or otherwise encumbered Number % of of Equity Equity Shares Shares

(A) (1) (a) (b) (c) (d) (e)

(2) (a)

(b) (c) (d)

Shareholding of Promoter and Promoter Group Indian Individuals/ Hindu Undivided Family Central Government/ state government(s) Bodies Corporate Financial Institutions/ Banks Any Other (specify) Trusts Sub-Total (A)(1) Foreign Individuals (NonResident Individuals/ Foreign Individuals) Bodies Corporate Institutions Any Other (specify) Sub-Total (A)(2) Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) Public shareholding Institutions Mutual Funds/ UTI Financial Institutions/ Banks Central Government/ state government(s) Venture Capital Funds Insurance Companies Foreign Institutional Investors Foreign Venture Capital Investors Any Other (specify) Foreign Institutional Investors Depositary Reciepts Foreign Bodies –

0 0 60 0

0 0 292,004,020* 0

0 0 292,001,409 0

0.00 0.00 32.57 0.00

0.00 0.00 32.37 0.00

0 0 0 0

0 0 0 0

2 62 0

1,031,460 293,035,480 0

1,031,460 293,032,869 0

0.12 32.69 0.00

0.11 32.48 0.00

0 0 0

0 0.00 0

0 0 0 0 62

0 0 0 0 293,035,480

0 0 0 0 293,032,869

0.00 0.00 0 0.00 32.69

0.00 0.00 0 0.00 32.48

0 0 0 0 0

0 0 0 0.00 0.00

(B) (1) (a) (b) (c) (d) (e) (f) (g) (h)

310 378 7 0 76 588 0

33,394,120 2,233,620 121,659 0 200,834,075 142,248,404 0

33,322,032 1,997,837 10,382 0 200,831,925 142,219,605 0

3.73 0.25 0.01 0.00 22.40 15.87 0.00

3.70 0.25 0.01 0.00 22.26 15.77 0.00

NA NA NA NA NA NA NA

NA NA NA NA NA NA NA

8

4,987,010

4,987,010

0.56

0.55

NA

NA

6

112,365

112,365

0.01

0.01

NA

NA

34

Sr. No

Category of shareholder

Number of shareholders

Total number of Equity Shares

Number of Equity Shares held in dematerialized form

Total shareholding as a percentage of total number of Equity Shares % of % of Equity Equity Shares Shares (A+B) (A+B+C) 42.83 3.43 18.15 42.56 3.41 18.04

Equity Shares pledged or otherwise encumbered Number % of of Equity Equity Shares Shares NA NA NA NA NA NA

(2) (a) (b) (i)

(ii)

(c)

(C)

Depositary Reciepts Sub-Total (B)(1) Non-institutions Bodies Corporate Individuals Individual shareholders holding nominal share capital up to Rs. 0.1 million Individual shareholders holding nominal share capital in excess of Rs. 0.1 million Any Other (specify) Foreign Corporate Bodies Sub-Total(B)(2) Total Public Shareholding (B)= (B)(1)+(B)(2) TOTAL(A)+(B) Shares held by Custodians and against which Depository Receipts have been issued GRAND TOTAL (A)+(B)+(C)

1,373 7,743 846,620

383,931,253 30,752,863 162,721,415

383,481,156 24,836,979 132,512,995

1,169

26,009,907

23,289,368

2.90

2.88

NA

NA

7 855,539 856,912 856,974 1

6,025 21,9490,210 603,421,463 896,456,943 5,757,253

4,900 180,644,242 564,125,398 857,158,267 5,757,253

0.00 24.48 67.31 100.00 -

0.00 24.33 66.89 99.37 0.64

NA NA NA 0 NA

NA NA NA 0.00 NA

856,975

902,214,196

862,915,520

-

100.00

0

0.00

*15,000,000 Equity Shares held by the Promoter are locked-in till July 22, 2013 and 258,422,225 Equity Shares held by the Promoter are locked in till January 27, 2011 pursuant to Regulation 78 of the SEBI Regulations. 6. Transactions in Equity Shares by the Promoter, Directors and Group Companies in the last six months are as follows: (i) Directors Name of the Director Mr. S.M Palia jointly with Mrs. Divya Thakore Palia Date of Transaction August 23, 2010 Details of Transaction Market Purchase Number of Equity Shares (each of Rs. 10) 200 Sale Price/Buy Price (in Rs.) 515.50 Aggregate Price (in Rs.) 103,100

35

(ii)

Promoter Name of the Promoter Tata Sons Limited Date of Transaction July 22, 2010 Details of Transaction Preferential Allotment Number of Equity Shares (each of Rs. 10) 15,000,000 Sale Price/Buy Price (in Rs.) 594 Aggregate Price (in Rs.) 8,910,000,000

(iii)

Group Companies Name of the Company Tata –AIG Life Insurance Limited Date of Transaction August 19, 2010 September 6, 2010 September 15, 2010 September 16, 2010 September 17, 2010 September 23, 2010 September 27, 2010 September 28, 2010 September 30, 2010 October 4, 2010 October 5, 2010 October 13, 2010 October 15, 2010 October 18, 2010 October 20, 2010 October 29, 2010 November 4, 2010 November 18, 2010 November 19, 2010 November 26, 2010 Details of Transaction Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase Market Purchase 36 Number of Equity Shares (each of Rs. 10) 5,000 5,500 12,550 5,335 20,000 1,500 50,000 3,500 10,750 55,000 1,500 9,770 25,000 25,000 2,500 5,000 104,860 250 1,265 76,500 Sale Price/Buy Price (in Rs.) 528.11 559.17 605.57 609.28 607.85 619.89 649.29 646.62 651.98 672.18 672.04 640.50 637.85 631.54 621.08 585.35 622.78 617.88 618.84 593.91 Aggregate Price (in Rs.) 2,640,547 3,075,427 7,599,853 3,250,518 12,156,966 929,828 32,464,405 2,263,176 7,008,812 36,969,904 1,008,065 6,257,733 15,946,147 15,788,588 1,552,688 2,926,727 65,304,946 154,470 782,832 45,434,032

948 8.000 Sale Price/Buy Price (in Rs. spill-over to the extent of such undersubscription will be permitted from the reserved category to the Net Issue to the public.000 25.470 Tata.231. 200. 10. A Bidder cannot make a Bid for more than the number of Equity Shares offered through the Net Issue. Under subscription. 2010 Total Details of Transaction Market Purchase Market Purchase Market Purchase Market Purchase Number of Equity Shares (each of Rs. the total number of holders of the Equity Shares is 856. The Company has not issued any Equity Shares out of its revaluation reserves.084.000.) 595. 8.229 304.547.080 14.) 32.48 - Aggregate Price (in Rs. The Promoter will not participate in this Issue.65 600. subject to the maximum limit of investment prescribed under relevant laws applicable to each category of Bidders. Any unsubscribed portion in any reserved category will be added to the Net Issue to the public. 2010 December 1. Except as disclosed in the section “Management” beginning on page 112 of this Red Herring Prospectus. neither the Promoter nor the Directors and their immediate relatives have purchased or sold any Equity Shares during the period of six months immediately preceding the date of filing of this Red Herring Prospectus with the RoC. 1. 37 .Name of the Company Date of Transaction November 29. would be allowed to be met with spill-over from any other category or combination of categories at the discretion of the Company in consultation with the BRLMs and the Designated Stock Exchange.500.004. As on September 30.089. subject to valid Bids being received at or above the Issue Price and subject to the maximum Bid Amount by each Eligible Employee not exceeding Rs.51 583. none of the Directors hold Equity Shares of the Company. 10) 55. 15. Except as disclosed. In case of under-subscription in the Net Issue to the public category. If the aggregate demand in the Employee Reservation Portion is greater than 1.794 6.841 9. Bids by Eligible Employees bidding under the Employee Reservation Portion may also be made in the Net Issue and such Bids will not be treated as multiple Bids. allocation will be made on a proportionate basis. 11.000 10.676 15.960 15. 2010 November 30. on a proportionate basis. 14.500.800.000 Equity Shares. 2010 Total September 13.100 489.000 Equity Shares at the Issue Price. 9.975. have been reserved for allocation to Eligible Employees. Only Eligible Employees are eligible to apply in this Issue under the Employee Reservation Portion. if any. 13.AIG General Insurance Company Limited 7. Except as disclosed under “Capital Structure – Notes to Capital Structure – Note 1 – Equity Shares issued for consideration other than cash” above.78 605. 12. the Company has not issued any Equity Shares for consideration other than cash. 2010.

the directors of the Promoter and the BRLMs have not entered into any buy-back. As on January 7. the Company. HSBC and its associates Nil 5. the Directors. 21. 2010. standby or similar arrangements for purchase of Equity Shares being issued through this Red Herring Prospectus. The Promoter. loans or other instruments into the Equity Shares as on the date of this Red Herring Prospectus. 17. No Equity Shares held by the Promoter are subject to any pledge. Associates of Deutsche Bank* 1. 23. Associates of RBS 488. 19.319.177 *the shareholding of the associates of Deutsche Bank is as of January 6. 20. SBI Caps and its associates Nil 7. SCS and its associates 19.386 3. and approved by the shareholders of the Company in their resolution dated December 22. 2011. the Company presently does not intend or propose to alter the capital structure for a period of six months from the Bid Opening Date by way of split or consolidation of the denomination of the Equity Shares or further issue of Equity Shares (including issue of securities convertible into or exchangeable for Equity Shares) whether on a preferential basis or issue of bonus or rights or further public issue or qualified institutions placement. Associates of Citi 6. 22. 1. Associates of Kotak 10. there are no outstanding warrants.529 6. Name of Entity Number of Equity Shares No. 24. which was passed through a postal ballot and except as disclosed in this Red Herring Prospectus. 18. the BRLMs and their associates do not hold any Equity Shares in the Company except as set forth below: S.000 2. Except as approved by the Board of Directors of the Company in their resolution dated November 12. 2010. Except as disclosed. The Company does not have any scheme of employee stock option or employee stock purchase. 2011. options or rights to convert debentures. There will be only one denomination of the Equity Shares unless otherwise permitted by law.16. The Company will ensure that transactions in the Equity Shares by the Promoter between the date of filing of this Red Herring Prospectus and the Bid Closing Date will be intimated to the Stock Exchanges within 24 hours of such transaction. There has been no financing arrangement by which the Directors of the Company and their relatives have financed the purchase by any other person of any securities of the Company other than in the normal course of business of the financing entity during the period of six months immediately preceding the date of filing of this Red Herring Prospectus with the RoC.663 4. 38 .

10. Payment of redemption amounts on maturity of certain redeemable non. and General corporate purposes. in accordance with the policies set up by the Board.OBJECTS OF THE ISSUE The objects of the Issue are to: 1.(1) [●] [●] [●] [●] [●] [●] [●] Total [●] (1) The amount to be deployed towards general corporate purposes will be decided after finalisation of the Issue Price The management of the Company. million) Project/ Activity Total Financial Year 2011 2012 2013 Part finance the Company’s share of capital expenditure for expansion of 18. General corporate purposes.750 existing works at Jamshedpur. will have flexibility in deploying the Net Proceeds. million) Amount [●] [●] [●] These details will be finalised after determination of Issue Price and will be disclosed in the Prospectus prior to filing with the RoC Utilisation of the Net Proceeds The proposed utilisation of the Net Proceeds is set forth in the table below: (in Rs.900 by the Company on a private placement basis.000 15. 2. Further.900 convertible debentures issued by the Company on a private placement basis.(1) [●] Total Net Proceeds [●] (1) The amount to be deployed towards general corporate purposes will be decided after finalisation of the Issue Price.10. the Company confirms that activities it has been carrying out till date are in accordance with the objects clause of the Company’s Memorandum of Association. million) Particulars Amount Part finance the Company’s share of capital expenditure for expansion of existing works at 18. Deployment of Net Proceeds The Net Proceeds are currently expected to be deployed in accordance with the schedule set forth below: (in Rs.750 1. General corporate purposes.000 2. The details of the proceeds of the Issue are set forth in the table below: Gross proceeds of the Issue* Issue related expenses* Net proceeds of the Issue (“Net Proceeds”)* * Particulars (in Rs. 3. Part finance the Company’s share of capital expenditure for expansion of existing works at Jamshedpur.900 . Payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued 10. The main objects clause of the Company’s Memorandum of Association and objects incidental or ancillary to the main objects enable the Company to undertake its existing activities and the activities for which funds are being raised by the Company through this Issue. Payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued by the Company on a private placement basis. This may include rescheduling the proposed 39 .750 Jamshedpur. as well as the discretion to revise its business plan from time to time and consequently the funding requirement and deployment of funds may also change.

43. 34.000 million converted at the rate of 1 Euro = Rs.178 56. 2010. Frankfurt (M) dated May 14. 2009 and November 30.960 million (this includes an amount of Rs. which is the approximate average conversion rate for the period from April 2010 to December 2010. million) Amount 163. CSCL had drawn down Rs.utilisation of Net Proceeds and increasing or decreasing expenditure for a particular object vis-à-vis the utilisation of Net Proceeds. The proposed capital expenditure as mentioned above for this expansion program is proposed to be funded partly by the Company and partly through Centennial Steel Company Limited (“CSCL”). The Company along with Centennial Steel Company Limited.480 2 3 3 dated January 10.750 77. Further.410 43. 18. 163. 2010 with a consortium of lenders led by State Bank of India for a facility amount of upto Rs. 56. tubes. Details of the Objects of the Issue 1. The products manufactured in the plant consist of hot and cold rolled coils and sheets. a wholly owned subsidiary of the Company. the Company has also entered into two agreements with a consortium of lenders led by AKA Ausfuhrkredit-Gesellschaft mbH.720 67. bearings and ferro alloys. including the funds available for general corporate purposes. 2010 was Rs. 2010 for Euro 264 million and Euro 72. The balance amount of Rs. 59. In the event of significant variations in the proposed utilisation. 2010 was Rs. If such surplus funds are unavailable. This plant has a crude steel production capacity of 6. 36.720 million. CSCL has entered into a facility agreement dated April 30.750 million towards its share of capital expenditure for the expansion program The Company has entered into a facility agreement dated April 30. 40 .400 18. The Company proposes to utilise approximately Rs. In case of variations in the actual utilisation of funds earmarked for the purposes set forth above. For further details on the Jamshedpur plant. The funding plan for the expansion program is set forth in the table below: Particulars Total estimated cost for the expansion program (Less) Expenditure incurred as of November 30.410 million. wire rods. approval of the shareholders of the Company shall be duly sought.9 mtpa to 9. In the event any surplus funds remain from the Net Proceeds after meeting all the aforesaid objectives.37. galvanised sheets. 840 million incurred by the Company in respect of facilities setup at CSCL and to be transferred to CSCL at the end of the quarter) and expenditure incurred by CSCL as of November 30. 18. Deloitte Haskins & Sells.570 58.750 million from the Net Proceeds of the Issue towards part financing its share of capital expenditure in relation to the expansion program. if any. the required financing will be met through internal accruals and debt. construction rebars. respectively.980 million Out of this amount.7 mtpa. increased fund requirements for a particular purpose may be financed by surplus funds. 2011. 20101 (Less) Expected funding from the Net Proceeds of the Issue2 Balance funds required 75% firm tie-up required in-terms of Regulation 4(g) of the SEBI Regulations Debt tied up by the Company for the expansion program3 Debt tied up by CSCL for the expansion program3 1 As certified by Messrs. 13. such surplus proceeds will be used for general corporate purposes including for meeting future growth opportunities.500 million as of November 30. CSCL is the project company that has been established to undertake the implementation of this expansion program.8 mtpa.852 million.440 million. see the section “Business” beginning on page 65 of this Red Herring Prospectus. The Company believes that such alternative arrangements would be available to fund any such shortfall. 2010 with a consortium of lenders led by State Bank of India for a facility amount of upto Rs. 20. Expenditure incurred by the Company as of November 30. available in respect of other purposes for which funds are being raised in this Issue. The aggregate amount of these two loan translates to Rs. Part finance the Company’s share of capital expenditure for expansion of existing works at Jamshedpur The Company has its main plant at Jamshedpur in the state of Jharkhand. The Company will deploy Rs. Chartered Accountants. 32. Funding Arrangement The total estimated cost in relation to the expansion of the Jamshedpur plant is Rs. its wholly owned subsidiary proposes to increase the crude steel production capacity of the Jamshedpur plant by 2.480 million sanctioned is yet to be drawn down. through their certificate (in Rs.

9 mtpa to 9. transit insurance.500 43. the upgradation mainly comprises of the expansion and modification of the dry circuit material processing plant. At Joda iron ore mines. utilities and water management systems (“Supporting Facilities”) and other costs (Includes costs and fees for setting up laboratories. 11.000 million towards procuring equipment and upgrading facilities in its Joda and Noamundi mines.750 million from the Net Proceeds of the Issue to part finance its share in the expansion program. At the Noamundi iron ore mine. The Company proposes to incur a total expenditure of Rs. Dastur & Company (Private) Limited.790 25. logistics.230 8.000 21.7 mtpa which is expected to be operational by Financial Year 2013. d. port clearance and installation charges.* Upgrading Raw Material Handling System # Power Distribution System # Upgrading existing supporting facilities including pollution control systems.Donawitz converter (“LD Converter”)# Pellet plant with a capacity of 6. The Company may utilise a portion of the Net Proceeds of the Issue towards these expenses. e.4 mtpa of liquid steel into hot rolled coils.850 20.070 163. transportation costs. Except for a coke oven battery of 0. million) 11.05 mtpa capacity and upgrading certain existing blast furnaces# Coke oven which comprises two coke oven batteries each having a capacity of 0.220 7.N.570 3. The Company expects that the facilities in its Joda and Noamundi mines will be upgraded by September 2011. g.2 mtpa by setting up a new dry circuit material processing plant. the Company expects the primary facilities for the expansion program to be operational in Financial Year 2012. The Company proposes to utilise Rs. b. h.320 18. Particulars Procuring equipment and upgrading facilities in certain existing mines# Blast furnace with a 3. the production is being increased to 8. installation of certain machinery and material handling facilities. 18. 4. i. IT services and engineering consultancy services)** Contingency** Total # * Estimated cost (in Rs.720 Expenses for setting up these facilities will be borne by the Company Expenses for setting up these facilities will be borne by CSCL ** Expenses for these facilities will be jointly borne by the Company and CSCL The cost of plant and machinery proposed to be purchased in relation to the above indicated facilities includes cost of equipments and spares.Expansion Program The Company along with CSCL proposes to increase the crude steel production capacity of the Jamshedpur plant by 2.* A New LD Converter (“New LD Converter”) and a thin slab caster to convert 2. import taxes and duties. c. 41 . a. the technical consultants for the expansion project. The technical feasibility for this expansion project has been undertaken by M. a. f. The details of the total proposed expenditure for the expansion program are set forth in the table below: Sr No.70 mtpa# Lime calcining plant and upgradation of an existing Linz.7 mtpa. Procuring equipment and upgrading facilities in certain existing mines The Company proposes to upgrade certain facilities at its existing captive iron ore mines in Joda in the state of Orissa and Noamundi in the state of Jharkhand.170 j.0 mtpa.

790 million on setting up a new blast furnace and upgrading certain existing furnaces.26 Larsen & Toubro Limited Paul Wurth Italia S. The Company may utilise a portion of the Net Proceeds of the Issue towards these expenses. 25. The key raw materials for the blast furnace are iron pellets and processed coke which would be provided by the new pellet plant and coke oven which is proposed to be set up. Contract Value (in Rs. 2008 October 27.383.570 million. The Company may utilise a portion of the Net Proceeds of the Issue towards these expenses.26 1. 2009 Job Description Design.60 2. million) 2. The Company has placed the following key orders for setting up the coke oven: Party ACRE. manufacture and supply of indigenous plant.262.The following are the key orders placed by the Company for upgrading facilities in the aforementioned mines: Party Larsen & Toubro Limited Larsen & Toubro Limited Order Date June 4. million) 43. million) 4.86 b. 2009 Job Description Design. manufacture and supply of certain indigenous plant and machinery for the blast furnace Design. Total 7. The Company proposes to incur an expenditure of approximately Rs. The Company proposes to incur an expenditure of approximately Rs. 2008 Design. manufacture and supply of indigenous designs and drawings for dry circuit material at the Joda iron ore mines Design. manufacture and supply of imported plant machinery and equipment with auxiliaries for two coke oven batteries. manufacture and supply of certain imported plant machinery and equipment with auxiliaries for the blast furnace.7 mtpa.A October 27.70 mtpa The Company proposes to install a coke oven comprising of two coke oven batteries each with a capacity of 0.36 Blast furnace with a 3.258.05 mtpa capacity and upgrading certain existing blast furnaces The Company proposes to install a new blast furnace with a 3.340. machinery and equipment with auxiliaries for new material handling system with wagon loading facilities at Noamundi Total Contract Value (in Rs.782. 2009 June 4. The following are the key orders placed by the Company for setting up the new blast furnaces: Party Order Date Job Description Contract Value (in Rs. The Company expects one coke oven battery to be operational in Financial Year 2012 and the other battery to be operational in Financial Year 2013. 21.85 42 .10 1.p.05 mtpa hot metal production capacity.044. Coke oven consisting of two coke oven batteries each having a capacity of 0. China Order Date September 15.

September 24. machinery and equipment with auxiliaries. CSCL proposes to incur an expenditure of approximately Rs. 3. million) 1. A new LD Converter and a thin slab caster to convert 2.452. 2008 Design. Accordingly. The Company expects the pellet plant to be completed by July 2011.435.49 4. The lime calcining plant will comprise of two calcining kilns each of which would have a production capacity of 600 tonnes per day. Total e.4 mtpa of liquid steel to hot roll coils is proposed to be set up. The Company has estimated that the annual requirement of iron pellets for the blast furnaces to be approximately 6 mtpa. The setting up of a new blast furnace would result in an increase in production of hot metal.4 mtpa of liquid steel into hot rolled coils A new LD Converter is proposed to be set up to meet the increase in production of hot metal from the new blast furnace once it is operational. Accordingly.724. a new thin slab caster to convert 2. The Company proposes to incur an expenditure of approximately Rs.The Company expects the LD Converter upgrade and lime cacining plant to be completed by Fiscal 2012. d.99 Larsen & Toubro Limited Outotec GmbH October 2008 27. Design. CSCL proposes to incur an expenditure of approximately Rs. The Company proposes to convert 2. the hot metal is oxidized with lime and certain other minerals to produce liquid steel. Lime calcining plant and upgradation of the existing LD Converter An LD Converter is used to convert hot metal into steel.The coke oven plant is used to process the coal before it is used in the blast furnace. million) 4. manufacture and supply of imported plant machinery and equipment with auxiliaries.230 million. 43. Design. manufacture and supply of indigenous plant. 18. the Company plans to set up a pellet plant with this capacity to meet the requirements of the blast furnaces. In an LD converter. Hence the Company also proposes to set up a lime calcining plant to meet the lime and limestone requirement of the new LD Converter and the existing LD Converter.320 million.500 million to set up the pellet plant.13 SMS India Private October 24. 43 manufacture and supply of .272. the Company intends to upgrade its existing LD Converter to process this increase in production of hot metal. The following key orders have been placed for setting up the new pellet plant: Party Order Date Job Description Contract Value (in Rs. The following orders have been placed for setting up the new LD Converter and the thin slab caster: Party Order Date Job Description Contract Value (in Rs. c. The new LD Converter and the thin slab caster are expected to be operational between October 2011 and January 2012. Accordingly. Pellet plant with a capacity of 6 mtpa Iron pellets are a key raw material for operation of the blast furnace.50 3. The Company may utilise a portion of the Net Proceeds of the Issue towards these expenses.4 mtpa of liquid steel produced by the new LD Converter into hot rolled coils.

In order to cater to this requirement. machinery and equipment with auxiliaries for the LD Converters.14 f. 8. The Company proposes to incur an expenditure of approximately Rs. i. The Company and CSCL proposes to jointly incur an expenditure of approximately Rs. 7. equipment and construction materials. the Company intends to upgrade some of the existing raw material handling systems by adding tipplers. 2007 indigenous plant. Support facilities and other costs The Company proposes to upgrade and set up logistics. The Company proposes to incur an expenditure of approximately Rs.070 million towards any contingencies that may arise during implementation and operationalisation of the expansion program including increases in cost.850 million towards setting up this sub-station. conveyor belts. Upgrading raw material handing systems The expansion project would result in an increment in the quantity of raw material being handled at the plant. storage bunkers. In addition.220 million towards upgrading the raw material handling systems. million) Limited SMS Demag Aktiengesellschaf 2007 December 14. The Company is yet to place orders for plants and machinery for an amount aggregating to Rs. manufacture and supply of imported plant. 14.01 7. 20. utilities. machinery and equipment for the thin slab caster. million) 2. 44 . Contingency The Company and CSCL has provided Rs. The Company may utilise a portion of the Net Proceeds of the Issue towards these expenses.273. Total 5. water management systems and pollution control systems such as a dust extraction system and a waste gas extraction system.870 million or 10% of the total estimated cost of this project. The Company may utilise a portion of the Net Proceeds of the Issue towards such expenses. The Company may utilise a portion of the Net Proceeds of the Issue towards these expenses. weighing facilities and screening stations. The following orders have been placed in this regard: Party Order Date March 9. 4.170 million for setting up these facilities. providing IT services and engineering consultancy services. The Company may utilise a portion of the Net Proceeds of the Issue towards these expenses.041.98 Larsen & Toubro Limited Civil work and structural work for iron ore.Party Order Date Job Description Contract Value (in Rs. Design. the Company and CSCL will also incur other costs such as setting up laboratories. Power distribution system The Company proposes to establish a 132 kilo volt sub-station to meet the increased power requirements.838. 2010 Job Description Contract Value (in Rs. h. pellet and coke handling system g.

Deloitte Haskins & Sells by their certificate dated 45 Coupon payment frequency: Redemption price at maturity: Negative Pledge / Security: . The NCDs are currently listed on the Wholesale Debt Market Segment (“WDM”) of the NSE and the trustee in relation this issue of NCDs is IDBI Trusteeship Services Limited.000 per NCD Rs. At par The Company shall not create any security over the Jamshedpur Assets (as defined below) save for Permitted Security (as defined below) without offering pari passu charge over the security created to the debenture holders.000 per NCD Series 1 NCDs: Rs.900 million Series 3 NCDs: Rs. Jamshedpur Assets: means all land (whether freehold or leasehold) of the Borrower at Jamshedpur.900 million. In the event of a shortfall in raising the requisite capital from the Net Proceeds of the Issue towards meeting the objects of the Issue.000 million. fund requirements and estimates of completion date and the actual expenditure may vary. The Company may be required to revise its expenditure plans. India (and all estate or interest therein and all rights from time to time attached or relating thereto) and all plant. including variations in the cost structure. 2011 is Rs. where NSE MIBOR is the MIBOR published by the NSE Series 3: 9. 1. changes in estimates. including by way of incremental debt or cash available with the Company. immovable property mortgaged in favour of the debenture trustee through the debenture trust deed and other security for working capital purposes in the ordinary course of business.000. the Company issued redeemable non-convertible debentures on a private placement basis (“NCDs”) aggregating to Rs. 10.000.900 million ‘AAA’ by Fitch Series 1 NCDs: 7 years Series 2 NCDs: 3 years Series 3 NCDs: 3 years Series 1: 10. The amount outstanding under Series 2 NCDs which are due from redemption on May 7. 2.80% per annum Annually and on redemption. at the discretion of the management of the Company. Payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued by the Company on a private placement basis In May 2008.20% per annum Series 2: NSE MIBOR compounded daily plus 2. 1. This has been certified by Messrs. 6. 2.50%.The funding requirements are dependent on a number of factors which may not be in the control of the management.200 million Series 2 NCDs: Rs. machinery and apparatus therein or thereon (limited to fixed assets relating to the 5 mmtpa steel plant situated thereon) Permitted Security: means security existing as of the date of allotment of NCDs. Any such changes may result in rescheduling and revising the planned expenditure and funding requirements. the shortfall will be satisfied by way of such means available to the Company and at the discretion of the management. The details of NCDs issued by the Company are set forth below: Face value: Issue price: Issue Size (at face value) Credit Rating: Maturity: Coupon: Rs. 10. exchange rate fluctuations and external factors. 20.

[●] million towards general corporate purposes. if any. for all such proceeds of the Issue that have not been utilised. On an annual basis. 2011.Others including auditors fees Total Estimated Issue Expenses * Will be included after finalisation of Issue Price Bridge Loans The Company has not entered into any bridge loan facility that will be repaid from the Net Proceeds of the Issue. prepayment and/or repayment of indebtedness. Monitoring of Utilisation of Funds The Company has appointed HDFC Bank Limited as the Monitoring Agency in relation to the Issue. joint ventures and acquisitions. the Company intends to invest the funds in high quality interest bearing liquid instruments including deposits with banks and investments in mutual funds for the necessary duration or for reducing overdrafts. investments by way of equity and or debt in consolidated subsidiaries.Listing fees . The Company will indicate investments. will have flexibility in deploying the Net Proceeds of the Issue. 10. The management in accordance with policies established by the Board from time to time.Printing and stationery . brokerage and selling commission) Registrars to the Issue Advisors Bankers to the Issue Others: . Pursuant to clause 49 of the Listing Agreement. partnerships. 3. the Company shall prepare a 46 Amounts* [●] As % of total expenses [●] (in Rs. meeting exigencies which the Company may face in the ordinary course of business or any other purposes as may be approved by the Board. The Company proposes to utilise an amount aggregating to Rs.Advertising and marketing expenses .900 million from the Net Proceeds of the Issue to redeem the Series 2 NCDs due for redemption on May 7. 2011. Issue Related Expenses The estimated Issue related expenses are as follows: Particulars Lead merchant bankers (including. Interim Use of Net Proceeds Pending utilisation for the purposes set forth above. million) As a percentage of Issue Size [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] [●] . underwriting commission. joint ventures and associated companies. the Company shall on a quarterly basis disclose to the Audit Committee the uses and applications of the proceeds of the Issue. including but not restricted to strategic initiatives. The Board and the Monitoring Agency will monitor the utilisation of the proceeds of the Issue. General Corporate Purposes The Company intends to deploy the balance Net Proceeds of the Issue aggregating Rs. The Company will disclose the utilisation of the proceeds of the Issue under a separate head along with details. of unutilised proceeds of the Issue in the balance sheet of the Company for the relevant financial years subsequent to the listing.January 10.

Group Companies. the report submitted by the Monitoring Agency will be placed before the Audit Committee of the Company. No part of the proceeds from the Issue will be paid by the Company as consideration to the Promoter. In addition.statement of funds utilised for purposes other than those stated in this Red Herring Prospectus and place it before the Audit Committee. the Directors. The statement will be certified by the statutory auditors of the Company. Such disclosure shall be made only until such time that all the proceeds of the Issue have been utilised in full. except in the normal course of business. or key managerial employees. so as to enable the Audit Committee to make appropriate recommendations to the Board of Directors of the Company. 47 . The Company shall be required to inform material deviations in the utilisation of Issue proceeds to the stock exchanges and shall also be required to simultaneously make the material deviations/ adverse comments of the Audit Committee/Monitoring Agency public through advertisement in newspapers.

8 62.4 1 48. Earning Per Share (Face Value Rs.4 106.4 62.8 38.1 for Financial Year 2008 Based on the EPS of Rs. 62. The face value of the Equity Shares is Rs.3 57.3) 3 21. 10 each and the Issue Price is [●] times of the face value at the lower end of the Price Band and [●] times the face value at the higher end of the Price Band.6 40. of times) [●] [●] P/E at the higher end of Price band (no.0 44. of times) [●] [●] 48 .) 107.0 40.8 20. 2010 Earnings Per Share (“EPS”) (Consolidated) Particulars Financial Year 2008 Financial Year 2009 Financial Year 2010 Weighted Average Six months ended September 30.) Diluted (Rs. Qualitative Factors Some of the qualitative factors which form the basis for computing the price are: • • • • • • • • Global Scale Strong Position in the Indian Market Strong Position in Western Europe Cost Competitiveness of the Company’s Indian Operations Diversified Product Offering Efficient Project Implementation Economies of Scale and Cost Reductions Experienced Management Team For details.4 60. Quantitative Factors 1. 2010 2.4 Earning Per Share (Face Value Rs. respectively.) Diluted (Rs.9 2 60. 62.BASIS FOR ISSUE PRICE The Issue Price will be determined by the Company in consultation with the BRLMs on the basis of the assessment of market demand for the Equity Shares by the Book Building Process.9 for Financial Year 2009 P/E at the lower end of Price band (no.3) (24.9 2 (24.3 3 64.1 1 69. please see the sections “Business” and “Risk Factors” on pages 65 and XIV of this Red Herring Prospectus. Earnings Per Share (“EPS”) (Standalone) Particulars Financial Year 2008 Financial Year 2009 Financial Year 2010 Weighted Average Six months ended September 30. 10 per Equity Share) Basic (Rs.) Weight 66.) Weight (Rs.7 Price/Earning (P/E) ratio in relation to the Price Band on an Standalone Basis Particulars Based on the EPS of Rs. 10 per Equity Share) Basic (Rs.6 42.

2010 – January 9. 44.0 12. (24.1 13.9 P/E at the lower end of Price band (no. XXV/22. Average Return on Net Worth (“RONW”) (a) As per restated Financial Statements (Standalone): RONW % 17. 2011 (Industry. Minimum RONW required for maintaining pre-Issue EPS is [●].3) for Financial Year 2010 Based on the weighted average EPS of Rs.Steel Large) P/E Ratios based on TTM EPS and price as of December 20. December 27. 57. of times) [●] [●] [●] [●] Source: Capital Market Vol.8 10.6 P/E ratio for the Industry is as follows: Industry P/E Highest Lowest Industry Composite 16. of times) [●] [●] [●] [●] P/E at the higher end of Price band (no. 20. 49 . 2010 3.9 (8.7 Weight 1 2 3 Particulars Financial Year 2008 Financial Year 2009 Financial Year 2010 Weighted Average Six months ended September 30.7) 3.7 1 2 3 Particulars Financial Year 2008 Financial Year 2009 Financial Year 2010 Weighted Average Six months ended September 30.3 for Financial Year 2010 Based on the weighted average EPS of Rs.4 for Financial Year 2008 Based on the EPS of Rs.Particulars Based on the EPS of Rs.9 for Financial Year 2009 Based on the EPS of Rs. 106.3 8. 2010 (b) As per restated Financial Statements (Consolidated): RONW % 22. of times) [●] [●] P/E at the higher end of Price band (no. 2010 4.3 1.6 13.0 P/E at the lower end of Price band (no. 60.4 15. of times) [●] [●] Price/Earning (P/E) ratio in relation to the Price Band on a Consolidated Basis Particulars Based on the EPS of Rs.2 17.

65 and 152.0 28. Volume XXV/22. 2. Name of the company Tata Steel Limited* Tata Steel Limited* JSW Steel Limited SAIL Consolidated/ unconsolidated Unconsolidated Year End Face Value (Rs.3) [●] 31. 50 .5 31. 5.4 (8.) P/E Ratio# NAV (Rs. 1. December 27.4 Steel Limited 31. 2010 (IndustrySteel Large) except for Tata Steel Limited The Issue Price of Rs. 4. [●] has been determined by the Company in consultation with the BRLMs on the basis of assessment of market demand from investors for the Equity Shares through the Book Building Process. 6.3 [●] 31.7 on a consolidated basis After the Issue: [●] Issue Price: Rs. 463.9 259. 3. XXV/21. 2010 as reported in Capital Markets. respectively of this Red Herring Prospectus.2 31.2 March 57.Steel Large) *Based on the restated financial statements for the year ended March 31. in particular the sections “Risk Factors”. per Share) 10 EPS (Rs. including. 2010 (Industry.7 186. 2010 Consolidated March 10 (24. 307.5. Comparison of Accounting Ratios with Industry Peers Sr. 2010 – January 9. 2010 Unconsolidated March 10 10 12. December 13 –26. # Computed based on the market price as on December 20.) 418. Net Asset Value per Equity Share (i) (ii) (iii) Net Asset Value per Equity Share as of September 30. No. 2010. 2010 Source: Capital Market Vol. Prospective investors should also review the entire Red Herring Prospectus.6 on a standalone basis and Rs. “Business” and “Financial Statements” on pages XIV. 2010 and EPS for the year ended March 31.7 662. [●] Issue Price per Equity Share will be determined on conclusion of Book Building Process. 2010 is Rs.7) 23.2 RoNW (%) 13. 2010 Bhushan Unconsolidated March 10 2 11. 2010 Unconsolidated March 10 10 13.3 22.3 80.

each investor is advised to consult his/her own tax adviser with respect to specific tax implications arising out of their participation in the issue.STATEMENT OF TAX BENEFITS The following key tax benefits are available to the Company and the prospective shareholders under the current direct tax laws in India for the financial year 2010-11. for an Assessment Year (“AY”) can be carried forward and set off against any source of income in the subsequent AYs. purchase. Several of these benefits are dependent on the Company or its shareholders fulfilling the conditions prescribed under the relevant tax laws. as the case may be. In case of any new plant and machinery (other than specified exclusions) that will be acquired by the Company. A. ownership or disposal etc. GENERAL TAX BENEFITS 1.T. SPECIAL TAX BENEFITS 1. Act. the ability of the Company or its shareholders to derive the tax benefits is dependent upon fulfilling such conditions. 2010 (“DTC 2010”) in the Parliament on August 30. if any. the previous 51 . Key benefits available to the Company under the Income Tax Act. Preliminary Expenses: As per Section 35D. it may or may not choose to fulfill. Hence. 1961 (“the I.T. B. Please note that we have not considered the provisions of DTC 2010 for the purpose of this statement. which based on business imperative it faces in the future. The Finance Minister tabled the Direct Tax Code Bill. A) 1. This Statement is only intended to provide the tax benefits to the Company and its shareholders in a general and summary manner and does not purport to be a complete analysis or listing of all the provisions or possible tax consequences of the subscription. SPECIAL TAX BENEFITS AVAILABLE TO THE SHAREHOLDERS OF THE COMPANY There are no special tax benefits available to the shareholders of the Company. SPECIAL TAX BENEFITS AVAILABLE TO THE COMPANY There are no special tax benefits available to the Company 2. Unabsorbed depreciation. Act”) BUSINESS INCOME: Depreciation: The Company is entitled to claim depreciation on specified tangible and intangible assets owned by it and used for the purpose of its business under Section 32 of the I. In view of the individual nature of tax consequences and the changing tax laws. the Company is entitled to a further sum equal to twenty per cent of the actual cost of such machinery or plant subject to conditions specified in Section 32 of the I. 2. of shares.T. Act. The tax benefits listed below are the possible benefits available under the current direct tax laws presently in force in India. the Company is eligible for deduction in respect of specified preliminary expenses incurred by the Company in connection with extension of its undertaking or in connection with setting up a new unit of an amount equal to 1/5th of of such expenditure for each of the five successive previous years beginning with the previous year in which the business commences or. 2010 which is proposed to come into force on 1 April 2012.

Act is less than 18% (plus applicable Surcharge + Education and Secondary & Higher Education cess) of its book profit computed as per the specified method As per Section 115JAA(1A). MAT Credit: MAT is payable by a company when the income-tax payable on the total income as computed under the I. Act for that AY. for any AY can be carried forward and set off against business profits for eight subsequent AYs.T. 52 . As per Section 80GGB. charitable institutions. the Company is entitled to carry forward and set off of accumulated loss and unabsorbed depreciation allowance under amalgamation or demerger subject to fulfillment of certain conditions. c) 6. 8. the Company will be eligible for deduction of an amount as specified in the Section in respect of donations to certain funds. the Company will be eligible for deduction of any sum contributed by it to any political party or an electoral trust. 5. Expenditure on Scientific Research: a) As per Section 35 (1) (iv). 3.T. the Company will be eligible for deduction of an amount equal to specified per cent of the profits and gains derived by specified industrial undertakings for ten consecutive assessment years subject to the fulfillment of the conditions specified in that section. b) As per Section 35(2AB). Such MAT credit will be available for set-off upto ten years succeeding the AY in which the MAT credit is allowed. b) As per Section 80G. weighted deduction @200% is available on Research & Development expenditure incurred by the Company engaged in the business of bio-technology or in any business of manufacture or production of any article or thing not being an article or thing specified in the list of eleventh schedule of the I.T. the Company is eligible for deduction in respect of any expenditure (not being expenditure on acquisition of land) on scientific research related to the business subject to conditions specified in that section. Carry forward of business loss: Business losses. Expenditure incurred on voluntary retirement scheme: As per section 35DDA. the Company is eligible to claim for Minimum Alternate Tax (“MAT”) paid for any AY commencing on or after April 1.T. 7. Set off of accumulated Loss on amalgamation / merger: As per the provisions of Section 72A. (except on land and building) on in house research and development facility as approved by the prescribed authority. upto March 31. 4.year in which the extension of the undertaking is completed or the new unit commences production or operation subject to conditions and limits specified in that section. Act. Act: a) As per Section 80-IA and 80-IB. 2012. etc. 2006 against normal income-tax payable in subsequent AYs. MAT credit shall be allowed for any AY to the extent of difference of the tax paid for any AY under 115JB and the amount of tax payable as per the normal provisions of the I. Deductions under Chapter VI-A of the I. the Company is eligible for deduction in respect of payments made to its employees in connection with their voluntary retirement of an amount equal to 1/5th of such expenses every year for a period of five years subject to conditions specified in that section.

income by way of long term capital gain exempt under Section 10(38) of a company shall not be excluded for computing the Book profit and income-tax payable under section 115JB. -A 2% education cess and 1% secondary and higher education cess on the total income tax is payable by all categories of taxpayers. the LTCG that are not exempt under Section 10(38) of the I. No deduction under chapter VIA shall be allowed from such income. LTCG arising on transfer of equity shares of a company or units of an equity oriented fund (as defined) which has been set up under a scheme of a mutual fund specified under Section 10 (23D). Act provided the transaction is chargeable to securities transaction tax (STT) and subject to conditions specified in that section. Act. In addition to the aforesaid tax rates discussed in 3 and 4 above. As per second proviso to Section 48.T. on a recognized stock exchange are subject to tax at the rate of 15 per cent. In respect of any other capital assets. As per Section 111A of the I. STCG arising on sale of equity shares or units of equity oriented mutual fund (as defined) under Section 10 (23D). is to be computed by deducting the indexed cost of acquisition and indexed cost of improvement from the full value of consideration.000. as per proviso to Section 112(1). provided the transaction is chargeable to STT. if any. other than bonds and debentures (excluding capital indexed bonds issued by Government). 10. Balance loss. LTCG means capital gain arising from the transfer of an asset. held by an assessee for more than 12 months. With effect from AY 2007-2008. Act. 2. . without availing benefit of indexation. 6. Act. shall be carried forward and set-off against any capital gains arising during subsequent 8 assessment years. on a recognized stock exchange on or after October 1. held by an assessee for more than 36 months. 2004 are exempt from tax under Section 10 (38) of the I. held by an assessee for 12 months or less. (a) As per Section 112. the excess tax will be ignored for computing the tax payable 4. if such tax payable on transfer of listed securities/units/Zero Coupon Bonds exceed 10% of the LTCG. LTCG arising on transfer of capital assets. As per section 71 read with section 74 of the I.000. will be subject to tax at a rate of 20% with indexation benefit plus applicable surcharge thereon and 3% Education and Secondary & Higher Education Cess on tax plus Surcharge (if any) (hereinafter referred to as applicable Surcharge + Education and Secondary & Higher Education Cess) (b) However. in the case of domestic companies where the income exceeds Rs. b) Short term Capital Gain (STCG) STCG means capital gain arising from the transfer of capital asset being share held in a company or any other security listed in a recognized stock exchange in India or unit of the Unit Trust of India or a unit of a mutual fund specified under Clause (23D) of Section 10 or Zero coupon bonds.T.5% on such tax liability is also payable. CAPITAL GAINS: a) Long Term Capital Gain (LTCG) LTCG means capital gain arising from the transfer of a capital asset being share held in a company or any other security listed in a recognized stock exchange in India or unit of the Unit Trust of India or a unit of a mutual fund specified under Clause (23D) of Section 10 or a Zero coupon bond.T. 53 5. short term capital loss arising during a year is allowed to be set-off against short term as well as long term capital gains.T.B) 1. a surcharge of 7. 3.

However.T.T. received by the resident shareholders from a Domestic Company shall be exempt from tax Section 10(34) read with Section 115O of the I. b. 1956. received by the Company on its investments in shares of another Domestic Company shall be exempt from tax under Section 10(34) read with Section 115-O of the I. Under Section 54EC of the I.7. Act. Balance loss. Act. a company formed and registered under the Companies Act. the corresponding interest expenses of the Company will be reduced and the consequential disallowance of such interest expenses under Section 14A of the I.1 Resident Members/Shareholders a.T. Others: To the extent the funds raised from the proposed further public issue of Equity Shares are utilized to reduce the debts raised for investment purposes. 1988 (68 of 1988) Rural Electrification Corporation Limited. Act. Capital gains: 54 . Dividend Income: Dividend (both interim and final) income. long term capital loss arising during a year is allowed to be setoff only against long term capital gains.T. if any. 8. The investments in the Long Term Specified Asset made by the Company on or after April 1. Act (other than income arising from transfer of units in such mutual fund) shall be exempt from tax under Section 10(35) of the I. INCOME FROM OTHER SOURCES: Dividend Income: Dividend (both interim and final) income. if the new bonds are transferred or converted into money within three years from the date of their acquisition. As per Section 71 read with Section 74.T. Act. the exemption shall be proportionately reduced. Key benefits available to the Members/Shareholders of the Company 2. if any. the amount so exempted shall be taxable as Capital Gains in the year of transfer/conversion. C) 9.T. Income received in respect of units of a mutual fund specified under Section 10(23D) of the I. Act will be reduced. if any. is allowed to be carried forward and set-off against subsequent year’s long term capital gains for subsequent eight assessment years. capital gains arising on the transfer of a long term capital asset will be exempt from capital gains tax if such capital gains are invested within a period of six months after the date of such transfer in specified bond issued by the following and subject to the conditions specified therein National Highway Authority of India constituted under Section 3 of National Highway Authority of India Act. 2007 during the financial year should not exceed Rs. 50 lacs. 10. (1 of 1956) If only part of the capital gains is so reinvested. 2.

Specified foreign exchange assets include shares of an acquired/purchased/subscribed by NRI in convertible foreign exchange. c.T. Indian company ii. Further. received by the non-resident shareholders from a Domestic Company shall be exempt from tax under Section 10 (34) read with Section 115O of the I. iii. Dividend Income: Dividend (both interim and final) income.T. Tax Treaty Benefits: As per Section 90 of the I. Deduction of STT: Benefits outlined in Paragraph 2. or for construction of residential house within three years from the date of transfer and subject to conditions and to the extent specified therein. if any.T. Special provision in respect of income/LTCG from specified foreign exchange assets available to non-resident Indians under Chapter XII-A i. under section 36(1)(xv) of the I. d. ii.T. Act. the shareholder can claim relief in respect of double taxation. As per Section 115E. Act. Capital gains: Benefits outlined in Paragraph 2. were born in undivided India. c. In addition to the same. or two years after the date of transfer. The resultant gains thereafter need to be reconverted into Indian currency. for purchase of a new residential house. expenditure in connection with such transfer and full value of the consideration received or accruing as a result of the transfer into the same foreign currency in which the shares were originally purchased.1(c) above are also applicable to the non-resident shareholders. income [other than dividend which is exempt under Section 10(34)] from investments and LTCG from assets (other than specified foreign exchange assets) shall be taxable 55 . Benefits outlined in Paragraph 1(B) above to the extent also applicable to resident shareholders. e. the following benefits are also available to resident shareholders being an individual/ HUF. The conversion needs to be at the prescribed rates prevailing on dates stipulated.T. LTCG arising from transfer of shares will be exempt from tax if net consideration from such transfer is utilized within a period of one year before. As per Section 54F of the I. Deduction of STT: With effect from Assessment Year 2009-2010. the benefit of indexation as provided in second proviso to section 48 is not available to non-resident shareholders. Act. if any. or either of his parents or any of his grand-parents. Act.i. as per the provision of the applicable double taxation avoidance agreements. the STT paid in respect of taxable securities transactions entered into in the course of business is allowable as deduction if income is computed under the head “ Profits and Gains of Business or Profession” 2. b. the capital gains arising on transfer of capital assets being shares of an Indian Company need to be computed by converting the cost of acquisition. Act. Non-Resident Indian (NRI) means a citizen of India or a person of Indian origin who is not a resident.1(b) above to the extent also available to a non-resident shareholder except that as per first proviso to Section 48 of the I.2 Key Benefits available to Non-Resident Members/Shareholders a. Person is deemed to be of Indian origin if he.

As per Section 115F. 56 . LTCG arising on transfer of securities where such transaction is not chargeable to STT. No deduction in respect of any expenditure allowance from such income will be allowed and no deductions under chapter VI-A will be allowed from such income. vi. if the income of an NRI taxable in India consists only of income/LTCG from such shares and tax has been properly deducted at source in respect of such income in accordance with the I.T. along with his return of income. LTCG on transfer of a foreign exchange asset shall be exempt under Section 115F. As per Section 115G. Act to the effect that the provisions of the chapter XII-A shall continue to apply to him in relation to such investment income derived from the specified assets for that year and subsequent years until such assets are converted into money. vii. Act. The benefit of indexation of cost of acquisition and foreign currency fluctuation protection. v. received by the shareholder from the domestic company shall be exempt from tax under Section 10(34) read with Section 115O of the I. Dividend Income: Dividend (both interim and final) income. As per Section 115E. viii.3 Key Benefits available to Foreign Institutional Investors (FIIs): a. Under Section 115AD. subject to further conditions specified under Section 115F. As per Section 115H. No deduction in respect of any expenditure/allowance shall be allowed from such income. LTCG arising from transfer or specified foreign exchange assets shall be taxable @ 10% (plus applicable surcharge plus education and secondary and higher education cess). capital gains arising from transfer of securities (other than units referred to in Section 115AB). STCG arising on transfer of securities where such transaction is not chargeable to STT. STCG arising on transfer of securities where such transaction is chargeable to STT. in which he is first assessable as a resident.@ 20% (plus applicable surcharge plus education and secondary and higher education cess). Under Section 115AD. under Section 139 of the I. iv. it is not necessary for the NRI to file return of income under Section 139 (1). ii. shall be taxable at the rate of 30%. where the NRI becomes assessable as a resident in India. shall be taxable at the rate of 10%. shall be taxable as follows: As per Section 111A. shall be taxable at the rate of 15%. if any. Capital Gains: i. as mentioned under 1st and 2nd proviso to Section 48 would not be allowed while computing the capital gains. As per Section 115I. Act. he may furnish a declaration in writing to the assessing officer.T. in the proportion of the net consideration from such transfer being invested in specified assets or savings certificates within six months from date of such transfer. the NRI can opt not be governed by the provisions of chapter XII-A for any AY by declaring the same in the return of income filed under Section 139 in which case the normal benefits as available to non-resident shareholders will be available 2. for the assessment year. b.T. income (other than income by way of dividends referred in Section 115O) received in respect of securities (other than units referred to in Section 115AB) shall be taxable at the rate of 20%.

Act. Deduction of STT: Benefits as outlined in Paragraph 2. any income of mutual funds registered under the Securities and Exchange Board of India Act.T. Tax Treaty Benefits: As per Section 90 of the I.T.000. 2. held by a shareholder are not treated as an asset within the meaning of Section 2 (ea) of the Wealth Tax Act. Act.1 (c) above are also available to FIIs. as per the provision of the applicable double taxation avoidance agreements. Exemption of capital gains from income-tax: i. 1992 or Regulations made there-under. a shareholder can claim relief in respect of double taxation. ii. Act. subject to the prescribed conditions.5% on such tax liability in case income exceeds Rs 10. LTCG arising on transfer of a long term capital asset. The Gift Tax Act. Benefit of exemption under Section 54EC shall be available as outlined in Paragraph 1(B) (vii) above. For corporate FIIs. c) 57 . each investor is advised to consult his/her own tax advisor with respect to specific tax consequences of his/her participation in the scheme. In view of the individual nature of tax consequences. A 2% education cess and 1% secondary and higher education cess on the total income tax (including surcharge wherever applicable) is payable by all categories of taxpayers.4 Key Benefits available to Mutual Funds As per the provisions of Section 10 (23D) of the I. where such transaction is chargeable to STT is exempt from tax under Section 10(38) of the I. mutual funds set up by public sector banks or public financial institutions and mutual funds authorized by the Reserve Bank of India. Wealth Tax Act. 1957 Shares in a company.000.T.iii. iv. In respect of non-residents. the tax rates and the consequent taxation mentioned above will be further subject to any benefits available under the relevant Double Tax Avoidance Agreement (DTAA). c. e. 3. 4. 1958 Gift of shares of the Company made on or after October 1. Notes: a) b) All the above benefits are as per the current tax law and will be available only to the sole/first named holder in case the shares are held by joint holders. 1998 are not liable to Gift Tax. 1957. if any. would be exempt from income-tax. wealth tax is not leviable on shares held in a company. if any. hence. between India and the country in which the non-resident has fiscal domicile. the above tax rates will be increased by a surcharge of 2. being an equity share in a company or unit of an equity oriented fund. d.

The BF-BOF process mainly requires iron ore and coke that. hard. rods. they are produced in a wide range of shapes and sizes and can have cross-sections shaped like an H or I (called joists. according to the World Steel Association (the “WSA”) (formerly the International Iron and Steel Institute). The metal produced in the BF is then processed in a basic oxygen furnace (the “BOF”). while believed to be reliable. In the EAF process. Due to inadequate supplies of coking coal in some parts of the world. was developed. Similarly. Steel also consists of carbon and other alloys. automotive and transportation and engineering. metal is melted through electro-magnetic induction in an electrically conductive metal coil. Long products are principally used in the construction industry and also used in the production of capital goods and railways. The metallurgical coke used in the BF-BOF process is produced out of low ash-content coking coal. a good conductor of heat and electricity. the Society of Indian Automobile Manufacturers. no facts have been omitted which would render the reproduced information inaccurate or misleading. requires coking coal. Overview Steel is a metal alloy consisting of iron as the key component. The industries in which steel is used include construction. ductile. in turn. the Ministry of Heavy Industries and Public Enterprises of India. Products Steel produced by these processes is either cast into long products such as bars. publicly available information and industry publications published by the World Steel Association. internal surveys. market research. stainless steel and low and high alloy steel can be made by using induction furnaces. a U (channels) or a T (sections). the Indian Ministry of Steel. a second steel-producing process. where oxygen is blown into molten iron in order to reduce its carbon content.SECTION IV. electrical and electronic appliances and containers. which vary according to the grade of steel. water and heat. recyclable and resistant to corrosion. Alloying elements are added to the melted metal as needed. lustrous. the Automotive Component Manufacturers Association of India and the Investment Committee of India. 58 . Mild steel. as it is hot and cold formable. An alternative way of producing steel is by using a medium or high frequency electrical induction furnace. the electric arc furnace (“EAF”) method.ABOUT US INDUSTRY OVERVIEW Market data and certain industry forecasts used in “Industry Overview” were obtained from internal surveys. Such information has been accurately reproduced herein and. the DRI-EAF process requires scrap or sponge iron and non-coking coal and the induction furnace requires scrap and DRI. Production Process The conventional production of steel from iron ore (which consists primarily of iron and oxygen) begins with the reduction of iron ore in a blast furnace (the “BF”) using metallurgical coke as a reducing agent. rails and structural shapes or into flat products such as hot rolled (“HR”) coils and sheets. Industry publications generally state that the information that they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of that information is not guaranteed. have not been independently verified. malleable. In 2009. beams and columns). industry forecasts and market research. weldable. and neither the Company nor any of the Book Running Lead Managers makes any representation as to the accuracy or completeness of this information. Steel is highly versatile. pipelines. the BF-BOF process was used in the production of approximately 71% of the steel produced globally. Long products are so called because they come out of the mill as long bars of steel. as far as the Company is aware and is able to ascertain from information published by such third parties. In the induction furnace. Steel is also used in the production of power lines. and is generally considered to be a cornerstone of industrial development. The availability of the relevant raw materials at commercial prices is essential to sustain profits for steel producers. However. steel scrap or directly reduced iron (“DRI”) is charged in an EAF and is melted using graphite electrodes charged with electricity produced using natural gas. The major raw materials used in steel production depend on the production technology.

housing applications and transport of petroleum products. 8. decreased by 33.7% increase in India. giving greater toughness.9% in the EU of 27 countries (“EU27”) (28. according to the WSA.224 mt. “Rolling” is the main method used to shape steel into different products. Global Steel Production Growth in steel production has been volatile.3% decrease in Japan).9% reduction in 2009.9% decrease in Ukraine). In 2009. mainly in the form of HR coils and sheets. The major end-use sectors for pipes and tubes are water supply and distribution. global steel production increased by approximately 1. diversification of customer base and focus on value-added products. Steel producers may attempt to reduce the impact of cyclicality through various measures like diversification of manufacturing operations to various geographies (preferably emerging markets with low-cost operations). crude steel production increased by 3.7% per year. 2. HR coils can also be further processed in cold rolling mills to produce cold rolled products by passing the HR coils or strips through rollers at room temperature to reduce their thickness.7% decrease in Germany. According to the WSA. a 7. In addition to hot rolling. in which the steel is rolled at a high temperature. The Global Steel Industry The global steel industry is cyclical and the growth or decline of the steel industry is linked to the economic cycle of a country and in particular. Seamless steel pipes and tubes manufactured from HR coils are used in the oil and gas sectors. to industrial production and infrastructure development. Welded steel pipes are manufactured from HR coils by electrical resistance welding and are used in many piping applications. global steel production grew on average by negative 0. overall steel production in 2009 decreased by approximately 21% compared to 2008 level. shock resistance and tensile strength. steel may also be rolled at ambient temperatures. welded pipes and tubes and in the automobile and white goods (home appliances) industries.5% per year from 1990 to 1995. Over the period from 2005 to 2009. while global apparent steel consumption was 1.4% decrease in Russia. Submerged arc-welded pipes are manufactured from HR coils and are mainly used in the supply and distribution of water and gases. and decreased by 14.0% growth in 2006 to a 7. Individual rates for these years ranged from a 9.2% decrease in Taiwan.9% decrease in production over the previous year. 59 .6% in CIS Countries (12. Excluding China.5% increase in China. Rolling the steel by passing it between a set of rolls revolving at the same speed but in opposite directions makes the otherwise coarse grain structure of cast steel re-crystallize into a much finer grain structure.6% decrease in Turkey).4% per year from 1995 to 2000 and 6.Flat products. Global production capacity.1% per year from 2000 to 2005.127 mt.6% in Asia (13. decreased by 29. 19.3% decrease in the United States). 20. trade policies of countries and the regional demand-supply scenario also strongly influence the industry.224 mt. 26.4% in Other Europe (5. global crude steel production in 2009 was approximately 1. Overall global crude steel production in 2009 was 1. According to the WSA.1% decrease in Italy). 35. other industrial applications. resulting in a different set of physical and metallurgical properties. are used in structural materials.8% in North America (36. decreased by 8.

1 43. 2010 as compared to the same period in 2009 and production in the United States and EU27 grew by approximately 44.0 118.9 1071.7 57.2 48.4 16.7 15. The following table sets forth total crude steel production by country or region for the periods indicated: Ten months ended October 31.5 45.6 176.7 69.4 14.1 2010 2009 2010 (percentage change) 10. Country/Region 2000 2001 2002 2003 2004 (in mt) China EU 27 Japan India Russia United States South Korea South America Middle East Rest of World World 128.9 969.6 67.6 47. 2010.5 102.9 6.4 112.8 55.6 39.9 47.1 5.3 44.9 202.1 39.6 1.7 1.2 195.8 138.1 182.5 91.6 1144.4 26.2 489.3 991.3 198. over the same period.0 58.8 61.2 16.7 9.6 38.7 1329.0 116.7 32.0 474.7 1346.8 66.8 13.8 87.3 15.9 1247.5 Source: WSA Crude Steel Production Data for October 2010 (1) Includes 66 countries which accounted for more than 98% of total world crude production in 2009.9 41.8 98.9 12.4 48.8 -20.8 60.8 43.2 107.1 207.0 13.1 419.1 94.7 29.5 93. respectively. the WSA estimated that total crude steel production in 66 countries (which accounted for more than 98% of total global crude steel production in 2009) was 1.6 187.0 -31.7 28.3 192.8 851.7 144.5 1224.4 98.3 209.2 49.5 146.5 62.0 46.2 -43.4 53.5 91.8 68.4 55.3 43.6 45.5 45.4 106.5 31.9 14.7% increase in production for the ten months ended October 31.5 70.7 46.5 82. China recorded a 10.0 90.8 91.9 59.9 -36.4 188.8 45.5 353.5 47.0 2005 2006 2007 2008 2009 Source: WSA Steel Statistical Yearbook 2010 For the ten months ended October 31.1 51.9 37.1 10.5 110.6 -27.5 61.7 19.7 49.7% and 29.7 -12.165.4 11.0 567.1 mt – a growth of approximately 17.6 48.7 139. for the ten months ended October 31.5 186.6 30.3 167.3 20. respectively.6 65.6 112.6% and 36%.5 112.4 40.8 59. 2009 as compared to the same period in 2008.9 151.The following table sets forth total crude steel production by country or region for the periods indicated: Year ended December 31.5 48.2 53.3 59.9 27. This was preceded by declines in the United States and Europe of 43.7 45.9 525.5 45.1 7.4 176.9 282.7 120.1 17.7 51.8 17.1 145.1%.1 500.8 10.8 139.7 47.1 101.8 176.6 -13.6 99.4 154.5 193.7 848.3 15. 60 .3 167.8 13.138.9 904. Country/Region 2008 2009 (in mt) China EU 27 Japan India Russia United States South Korea South America Middle East Total for 66 Countries(1) 427.1 102.5 72.165.1 31.2 222.5% over the same period in 2009.3 36.

The recent shift to Asia is also evident in the number of Asia based steel producers who are ranked amongst the top ten in crude steel production. from its traditional base in heavily industrialized countries to fast-growing developing markets such as China and India. In 2009. the United States and EU27 accounted for only 16. while Japan accounted for 10% and India and China accounted for 3.3%. the United States and EU27 accounted for 26.5 20. China was the largest single producer of crude steel in the world.6% and 16.2% of the total global decrease in apparent consumption. At the same time. Global Steel Consumption The United States and Europe have historically been the major consumers of steel.8 20. The recent production shift to Asia has largely been the result of proximity to the major growth markets for steel consumption and the greater availability of key raw materials.9% decrease over the previous year.3% and China and India accounted for 33.9% and 4. according to the WSA: Steel production Company (in mt) ArcelorMittal Baosteel POSCO Nippon Steel JFE Jiangsu Shagang Tata Steel Ansteel Severstal Evraz 77.5 25. respectively. which represents a 13.1 26. while production in Europe.7 15.8% of global steel production while China and India accounted for 30.Over the past decade.8 mt of crude steel. apparent steel consumption decreased in all regions except China and India. in 2009.1% while China and India contributed 46.3 mt. producing approximately 567. however.5 20.4% and Japan decreased to 9.0%. By 2005. In 2009. steel producers in those regions are facing continued challenges due to slacking demand.7% decrease over the previous year.1%. consuming 61 . this trend continued into the first quarter of 2009. By 2005. steel production has continued to shift.5% of the global steel production. in 2009. as reflected in the table below.5 31.1% and 3.7 mt.2% and 3. The EU 27 apparent consumption was 118. However.8% of global apparent steel consumption. The following table set forth the top ten steel producers in the world in 2009. Includes only Worldsteel Member Companies with crude steel production over three mt.7%. India was the third largest producer of crude steel.8% and Japan accounted for 12. a 6. Overall apparent steel consumption in 2009 was 1.8% and that of Japan was 4. of global steel production. the contribution of the United States and EU27 in aggregate was just 15. a 34. The Commonwealth of Independent States region (mainly Russia and Ukraine) are large exporters mainly due to low operating costs because of their access to cheap raw materials and weakened currencies.4%. financial crisis into a global economic crisis brought about a massive and regionally synchronized global decline in demand for steel in late 2008. contribution by the United States and EU27 decreased to 25. Japan and the United States have improved following the economic slowdown in 2008 and 2009. In 2000.8% of apparent consumption of steel globally. the United States and EU27 accounted for approximately 34. For most of the world.S. China was the largest single apparent steel consumer of finished steel products in the world.3 Source: WSA World Steel in Figures 2010. China and India accounted for 15. Moreover. the United States and EU27 accounted for 37. respectively.3 31. Japan accounted for 7.1% and India accounted for 4.1% of global steel production.5% increase in production over 2008. producing approximately 62.127. Japan accounted for 7. In 2009.4% and 5. Over this period. According to the WSA.9% of the global apparent steel consumption in 2009.2%. China accounted for 48. The progression of the U. respectively.1 16. The EU 27 decrease represented 78.8 mt of crude steel. According to the WSA. In 2000. respectively.

1 41.3 101.2 34.6 542. The following table sets forth apparent steel consumption data by country or region for the periods indicated: Year ended December 31.3 30. India was the fourth largest apparent steel consumer consuming approximately 55. which have in turn reduced the economic viability of basic steel production.3 777.7 1208.3 19.4 mt of finished steel products.6 828. developed countries have experienced increased costs associated with labour.2 51. many major iron ore and coal producers are investing in new mines to increase production capacity. Since then. Consequently.4 45. many of these materials are concentrated in a limited number of locations.7 25. reflecting stronger global demand. Country/Region 2000 2001 2002 2003 2004 2005 (in mt) China EU 27 United States India Japan South Korea Middle East Russia Rest of World World 124.5 24.6 120.1 73.5 200.9 35.8% increase over 2008.1 24.6 106.8 760.4 30.3 39. The steel industry also fluctuates in response to a combination of factors.9 76. In 2009.1 1047. freight and raw materials. CSN and Bhushan Steel. • Higher raw material costs.2 1225.0 27.3 mt of crude steel. Costs associated with transportation and logistics add to the cost of sourcing such raw materials. and protective trade measures.0 26.4 45.4 40.4 118.2 25. 62 • . global steel prices have generally increased.0 163. including iron ore and coking coal.7 158.9 240.2 31. including the availability and cost of raw materials.5 164.2 45.2 1127. including Tata Steel. Several global steel producers. transportation and labour costs.1 51.9 160.2 55.6 79. global steel prices declined sharply due to weak global economic conditions which led to a fall in global demand.7 59.3 76. such as ArcelorMittal.1 23.3 167.4 78.8 47. global steel prices have also been increasingly volatile due to increased communications across global markets and levels of steel trading as a percentage of total steel production.9 207.6 275.9 171. The cost of procuring key raw materials used in the production of steel. Globalisation of the steel industry.0 58.0 50.5 73. In the third quarter of 2008.7 189.1 34.7 120. global production capacity. In recent years. have steadily increased due to the robust growth in global crude steel production levels.3 24. many have faced difficulties with relatively under-developed transportation infrastructure to and from Africa.4 162. which represents a 24. raw material costs and general economic conditions.4 221. In addition.3 53.7 182. declining steel tariffs and import restrictions have had a significant impact on domestic steel markets.2 38. Market Trends The emergence of China as a significant producer and consumer of steel has been and will continue to be a significant factor affecting the global steel industry. After a downturn in demand beginning in 1998. Recently.7 43. Increased access to key raw materials. and changes in.3 175.1 26. steel imports.5 81.5 166.2 111.8 347. In addition.6 29.3 2006 2007 2008 2009 Source: WSA Steel Statistical Yearbook 2010 Global Steel Prices Steel prices are volatile and fluctuate in response to changes in global supply and demand.6 45.3 55. Steel production and trade have become increasingly global.7 188. several global steel producers have looked to Africa to secure their key raw materials.8 893.2 110.3 194.7 47.4 35. the existence of.7 71.8 172.6 76. POSCO.4 222.0 28. global steel prices reached a historic low in the third quarter of 2001.2 36.7 191. have sought to secure their raw materials from lowcost.1 422. notably led by China.4 107. iron ore rich countries such as Brazil and Russia.6 1143. have acquired stakes in coking coal assets in Africa and Australia in order to secure their future supplies. to secure access to iron ore.5 40. POSCO and Baosteel.7 33. exchange rates.5 122. However.8 434. Several additional trends have emerged.3 162.3 196.1 38.2 105.7 377.9 980. Steel producers.approximately 542.

7% in 2011. and International Steel Group (“ISG”) acquired the assets of Acme.4% and 50.7% in 2011 after growing 7.V.6% in 2010 and 4.7% in 2009.3% in 2010 and 8. Arbed and Aceralia merged to form Arcelor. BHP Billiton and other raw material suppliers abandoned the 40-year tradition of annual prices in favor of the quarterly.4 mt bringing it to 75% of the 2007 peak. 17.5% in 2011 after growing 24. which comprised the LNM Group. especially the automotive and machinery industries. Apparent steel consumption in EU27 is expected to increase by 18. attractive locations for steel production operations. In addition.3%. CVRD and Rio Tinto. POSCO. according to the WSA. steelmakers are adjusting to a recent shift in the pricing of iron ore and coking coal after Vale. in 2009 apparent steel consumption in the United States declined by 39. and LNM Holdings N. Nippon Steel. Emerging economies were affected by the economic crisis as well. Mittal Steel merged with ISG.5 mt of steel production in 2009. Also in 2002. Europe’s Usinor. The top three mining companies. including India.9% in 2010 and 9.1% in 2010 and 9.. Many leading steel companies are also looking to pursue investments in mines as a safeguarding measure against rising raw material costs.7%.2% following the real estate bubble burst. supply the majority of the global market for processed iron ore to steel mills and therefore have significant bargaining power. and in early 2005. Steel producers have responded to these industry trends in part through consolidation. Chinese steel producers are also consolidating to become major players. Apparent steel consumption in the NAFTA region is likely to grow by 31.9% in 2010 and 5. an increase in real usage is expected to drive the steel demand to 147. and Commonwealth of Independent States regions had shown declines of 35. In 2002. 63 .3% of total global output.Emerging markets.8% in 2009. BHP Billiton.5% of the incremental demand in 2010 and 2011. The last time that China’s apparent steel use recorded negative growth was in 1995 when apparent steel consumption fell by 17. The economies of the BRIC countries as a whole are forecasted to grow by 8. the global steel market remains highly fragmented. but to a lesser degree. merged to form Mittal Steel.8% in 2011. representing approximately 6. China is expected to witness growth of 6. According to the WSA. respectively. Apparent steel consumption for the world excluding China is expected to increase by 19. cheap skilled labour and the presence of domestic sources for raw materials make certain emerging markets. Japan has also been affected by a sharp decline in the exports of its steel-using industries.V.3% and 28. bringing it back to 80% of its 2007 level. the five largest global steel producers in 2009 accounted for approximately 16% of total worldwide steel production. Apparent steel consumption in Japan declined by 32. Global Steel Outlook According to the WSA. The EU27.4% in 2011. • Increased bargaining power of raw material suppliers. LTV and Bethlehem Steel in the United States. in their apparent steel consumption in 2009. In 2011. In late 2004.8% compared to 2008 but is expected to increase by 32. such as India. The Company’s acquisition of Corus is another example of consolidation within the industry.9% in 2010 due to inventory rebuilding and strength in the export sector. Other Europe is also expected to witness growth in apparent steel consumption by 20. have become a target for global steel producers because of their relatively low steel penetration alongside relatively strong GDP growth outlook. Leading steel producers such as ArcelorMittal. India is projected to have positive growth of 13. and Japan’s Kawasaki Steel and NKK merged to form JFE. and the fifteen largest steel producers accounted for approximately 29% of total global steel production.7% in apparent steel consumption in 2010 and 3. and Severstal are setting up or have announced plans to set up steel operations in India either through joint ventures or independently.9% in 2011 after growing 17. The merger of Arcelor and Mittal Steel in 2006 has created a steel giant that continues to be the largest steel producer in the world accounting for approximately 77. This change to quarterly pricing exposes steel producers to additional volatility and price risk. forming the world’s then largest steel company. Substantial increases in iron ore prices by these mining companies in recent years have resulted in steel producers having to raise prices to maintain margins.5% in 2011.7% in 2011. Ispat International N. Despite recent consolidation. In addition. Nucor acquired the assets of Birmingham Steel.3% in 2009 but is expected to increase by 19% in 2010.0% in 2010 and 6. index-linked contracts system. Europe had been the most affected region outside the NAFTA region. The BRIC economies are expected to contribute 37.5% in 2009. Other Europe. Apparent steel consumption in EU is expected to increase by 18.9% for apparent steel consumption in 2010 and 13.

8 6.2 23.6 42.4 3.7% in 2009.2 542.0 576. 59.6 599.3 641.9 kg.2 5.2 13.0 19.3 -36.7 9.6 28. Japan at 418. spurred by the increasing local need for steel based products including from the infrastructure and automobile industries.3 28.4 31.1 8.5 24. In addition.4 50. the expansion of India’s four-laned and six-laned highway systems and an expansion of its railway system’s freight capacity.7 -35.6 9.0 45.0 47.9 6. 20.5 kg in 2009.8 7.3 4. according to the WSA. apparent steel consumption in India is projected to grow 13.6 740.0 47.9 -6.6 578.8 1125.1 5. This growth has been supported by increases in domestic sales and exports.4 1339. For example.7 9.3 118.6 19.4 28.4 trillion (Rs.7 34.5 11.1 1272. BRIC) World (excl. according to the International Monetary Fund (“IMF”).0 833.6 30. In addition.2% from 2005 to 2009 and GDP growth rates are estimated to be 9.3 693.8 2011 Source: WSA Short Range Outlook for Apparent Steel Use October 2010 Tables a—Actual.4 2011(f) 2009 2010 (percentage change) 18.9 9. The Eleventh Five Year Plan included addition of 78. the Indian automobile sector has grown rapidly in recent years with total production growing at a CAGR of 21.2 kg.1 7. commercial vehicles and utility vehicles.6 -24. driven by growth in production of all of its major segments such as passenger vehicles.5 31.5 -26.0 5.5 trillion) for 2010.6 17.7 13. India’s economy has grown significantly in recent years with an average annual growth of 8.7 730.1 26. According to the WSA.5 43.7 45.7% in 2011 after recording growth of 7.7 63.959 billion).4% in 2011.7% from Financial Year 2004 to Financial Year 2010.561 billion (including projected investment in infrastructure during the Financial Year 2012 to total approximately Rs. Growth in steel demand in India is projected to increase.1 26.6 867.2 -23.577 megawatts of power capacity and 830 mtpa of new capacity in ports.8 82.9 35.7 -7. f—Forecast Key Growth Drivers for Indian Steel Industry The Indian economy is one of the largest economies in the world with a GDP at current prices estimated at US$ 1.0 71. India’s per capita consumption of finished steel is relatively low at 47.9 5.4 55.3 108. 64 . 5.9 139.3 582. the automobile and automobile components industries are also expected to drive the growth of steel in India.7 8.8 kg as compared to China at 405. According to the Society of Indian Automotive Manufacturers (“SIAM”). The total projected investment in infrastructure during the Eleventh Five Year Plan was Rs.1 4.7% in 2010 and 8.3 -28. China) 117. Country/Region 2009(a) 2010(f) (in mt) EU (27) Other Europe CIS NAFTA Central and South America Africa Middle East China India Asia and Oceania World BRIC World (excl.2 696.The following table sets forth the WSA’s 2009 figures and 2010 and 2011 forecasts for global steel consumption based on apparent steel use by country or region: Year ended December 31.3 762.1 609. according to the World Economic Outlook (October 2010) published by the IMF.9 20. the United States at 192.0 484.5 147.9 kg and a world average at 181.9% in 2010 and 13.1 7.7 4. the Central Government set out its Eleventh Five Year Plan establishing targets for increased total investment in domestic infrastructure from approximately 5% of GDP in Financial Year 2007 to 9% by Financial Year 2012.1 8.5 13.7 -17.

2 mtpa. aerospace.9% and 28.416 million as of September 30. including producing and distributing finished products as well as mining and processing iron ore and coal for its steel production. with the remaining sales primarily taking place in other markets in Asia and in North America. This growth was primarily due to the Company’s acquisition in April 2007 of Corus Group plc (“Corus”). The Company’s operations are primarily focused in India. minority interests and share of profit of associates of Rs. respectively. the Company was the seventh largest steel company in the world in terms of crude steel production volume in 2009. As a result of this acquisition. 35. 65 . The Company has grown significantly in recent years with its steel production capacity increasing from approximately 5. The Company has a presence across the entire value chain of steel manufacturing. where the Company operates a 6. As of March 31.000 employees.213. The Company is also a large producer of ferro chrome in India. 1. which at the time was estimated by WSA to be the ninth largest steel producer in the world. The Company offers a broad range of steel products including a portfolio of high value-added downstream products such as hot rolled coils. 1.8 mtpa steel production plant and a variety of finishing plants.8%. minority interests and share of profit of associates of Rs. The Company’s Indian operations also include captive iron ore and coal mines.399 million. Europe and other countries in Asia Pacific.473. According to WSA.978 million in the first half of Financial Year 2011. the Company recorded net sales of Rs.147 million in Financial Year 2010 and a profit after taxes.023. the founder of the Tata Group.9 mtpa through the brownfield expansion of the Jamshedpur facility and is also planning to expand steel production capacity through greenfield investments.2 mtpa currently. The Company is also one of the most geographically diversified steel producers. The Company’s customers primarily comprise the construction.0 mtpa in Financial Year 2006 to 27.042 million in Financial Year 2009. The Company plans to further increase its steel production capacity by an additional 2. The Company’s main markets for its products are Europe and India. 37. In Financial Year 2010.678 million and total net worth of Rs. The Company recorded a profit after taxes.931 million and Rs. plates and wires. The remaining 2. 20. 2010. 2010. 277.293 million. consumer goods and material handling and general engineering industries. respectively. The Company also has significant operations in Jamshedpur. automotive. Tata.6% of the Company’s net sales in Financial Year 2010.0 mtpa of the Company’s steel production capacity is located in Singapore and Thailand. India. a loss after taxes. with operations in 26 countries and a commercial presence in more than 50 countries. In Financial Years 2009 and 2010 and the first half of Financial Year 2011. of its total steel production. The Company was established as India’s first integrated steel company in 1907 by Jamsetji N. the majority of the Company’s steel production capacity is currently located in the United Kingdom and the Netherlands where the Company has four facilities with a total steel production capacity of 18.BUSINESS Overview The Company is one of the world’s largest steel companies with a steel production capacity of approximately 27. the Company’s operations in Europe and India represented 62. the Company had approximately 81. and is currently one of the flagship companies of the Tata Group.4 mtpa. minority interests and share of profit of associates of Rs. which accounted for approximately 72. Rs. 1. 558. sections. The Company had total assets of Rs.

in particular. Strong Position in the Indian Market In India. is the most important market for the Company’s operations. through continued investment in flat steel technologies. Historically. superior automotive steel. or sold in semi-finished form. which is a widely recognised brand in India. the Company obtained all of its iron ore requirements.4% of its net sales in Financial Year 2010. commercial. the Company has become a major supplier of steel products to the Indian automotive industry establishing a market share of approximately 40%. For example. service centres and joint venture and associate arrangements for distribution and further processing of steel products. the Company believes that its exposure to the volatility of raw material prices for its Indian operations is significantly more limited than for its non-Indian operations. stockholder wholesalers. as a member company of the Tata Group. as well as its extensive distribution and production capabilities. The Company’s European operations consist of its principal production facilities in the United Kingdom and the Netherlands. With its capacity expansions in India. Diversified Product Offering Through its acquisition of Corus and capacity expansions in India. The Company believes that its global presence in the steel market enhances its ability to attract multi-national customers and. the Company’s steel products included only flat products and long products. India and Asia Pacific. including steel wires. With the acquisition of Corus. packaging and construction industries. with imported products representing most of the remaining markets in this industry. Over the past decade. the Company believes it can attract new customers and maintain its relationships with existing customers through its international production capabilities and downstream operations. the Company has established itself as a major supplier of high-grade steel products to certain key markets in India. customers from the European and Asian automotive. In recent years. In addition. with sales offices. plates. A majority of the Company’s steel production is rolled into hot rolled coils. Cost Competitiveness of the Company’s Indian Operations The Company has access to raw materials for steel production and a skilled workforce with a relatively low cost of labour at its operations in India. roofing and general engineering industries and long products used in the construction industry. the Company has further strengthened its ability to provide a greater variety of and more value-added products. Strong Position in Western Europe Europe. infrastructure and housing sectors.Key Strengths Global Scale The Company today has its principal operations in Europe. including in the industrial. structural sections of railways and packaging steel. engineering steels or wire rods. In addition. As customers of large steel companies are also globalising and consolidating and are increasingly relying on a select few global suppliers for their products. tin plates and welded tubes. the Company added a portfolio of high value-added downstream products including advanced high strength steel. and a sales and trading network. and accounted for 46. 66 . Consequently. these industries have been growing and competition from other Indian producers is relatively limited as there are high barriers of entry to the production and commercialisation of high-grade steel. These factors have allowed the Company’s Indian operations to benefit from low production costs. rods for tyre cord. approximately 49% of its coal requirements and a significant amount of its ferro alloy requirements from captive mines leased by the Company. with respect to its Indian operations. the Company also benefits from being identified with the Tata brand. the Company produces flat products used in the automotive. The Company believes that the Tata Steel Europe brand name and product brands will continue to generate customer loyalty after being rebranded from Corus in September 2010. the Company has significantly enhanced its portfolio of downstream steel products. and most of the remainder is processed into structured sections. for Financial Year 2010. principally the EU.

) and estimated gross domestic product growth rates of 8. on schedule and within budget. Between April 2006 and May 2008. chrome concentrate. The Company expects to produce a mix of flat and long products through greenfield expansions. including cost reduction plans and the expansion of its major production facilities. In addition. 67 . Their rich experience and understanding of the Company have been instrumental in building a sustainable business and supporting the Company’s domestic and international operations. where it maintains a competitive advantage as a low-cost producer. spurred by the increasing local need for steel based products (construction and infrastructure. appliances. The Company is also developing a 6. Economies of Scale and Cost Reductions The Corus acquisition significantly enlarged the Company’s production. dolomite and pyroxenite. Efficient Project Implementation The Company believes that it has a proven track record in implementing significant projects. according to the World Economic Outlook (October 2010) published by the International Monetary Fund. flexible production to reduce energy costs and reduction in employment costs through reduced overtime and bonuses.0 mtpa greenfield steel plant in Chhattisgarh and is in the initial planning phase for the construction of a 3. See the section “Management” beginning on page 112 of this Red Herring Prospectus.8 mtpa and is implementing an additional brownfield expansion that will increase capacity by an additional 2.4% in 2011 and 8.0 mtpa greenfield steel plant in Orissa and a 5. the Company rapidly responded to the reduced global demand for steel products caused by the global financial crisis by undertaking a series of cost-saving initiatives beginning in the second half of Financial Year 2009.8 mtpa brownfield capacity expansion at its Jamshedpur production facility. sales and asset base. The Company believes that the increase in size of its Indian operations will enable it to compete more effectively with other steel manufacturers. the Company successfully implemented a 1. which involved a reduction in use of third-party services. For example. Strategy Increase Capacity in India The Company intends to increase the size of its Indian operations. high carbon ferro chrome. The Company completed a brownfield expansion of its Jamshedpur facility in May 2008 that increased capacity by 1. In addition. and that is expected to be completed by the end of Financial Year 2012.0% in 2012. such as research and development expenses. The Company’s ferro alloy operations include the sale of charge chrome. Experienced Management Team The Company’s senior management team comprises members with extensive experience and professional qualifications in the steel industry. which allow the Company to manage its supply and distribution chain costs more effectively.9 mtpa. the Company was able to significantly expand its production capacity with comparatively lower costs than would have been incurred through investments in other greenfield projects. as well as putting on hold certain capital expenditure programmes. automobiles.0 mtpa greenfield steel plant in Karnataka. The Company expects continued growth in steel demand in India. by focusing on increasing production efficiencies at its Jamshedpur facility between April 2005 and March 2006. The Company has used the operational best practices and experience from its Indian operations to improve operating costs and efficiencies at its European operations as well as at its Asia Pacific operations. and permits the use of shared services to eliminate duplicative business functions and administrative expenses. with lower procurement and logistics costs. high carbon silico manganese and ferro manganese. by increasing the capacity of its current production facilities and through greenfield investments. increased bargaining power. the Company’s increased scale provides it with greater resources to support its fixed costs.The Company is also a large producer of ferro alloys in India. improved product flow and better management of inventory. etc. which allowed the Company as a whole to achieve greater economies of scale and cost efficiencies. The Company has integrated Corus’ business and operations to develop a large global network of procurement and sales offices and production plants.

000 tpa. In January 2008. the Company acquired an 80% interest in a Canadian iron ore project owned by New Millennium Capital Corporation (“NML”). see “Business—Raw Materials and Other Key Inputs—Raw Material Projects” on page 85 of this Red Herring Prospectus. In addition. a 50-50 joint venture company established with Bluescope Steel Limited that is engaged in the manufacture and sale of high-end building products. The Company plans to continue to enrich its product mix from its Indian operations by increasing its production and sales of high value-added steel products such as cold rolled coil. was commissioned in 2008 with the balance of facilities. The Tinplate Company of India Limited.Increase Raw Materials Security The Company seeks proprietary access to raw materials in order to achieve economic returns and to optimise its costs by securing offtake rights.. and In September 2010. the Company entered into a joint 68 . the Company also has a direct interest of approximately 24% in Riversdale Mining Limited. including the tinning line.000 tpa by April 2011. In recent years. • • • For a further discussion and current status of these and other raw materials initiatives. The Company is also implementing a new greenfield project for Tata Bluescope Steel Limited (“TBS”). The first part of this expansion. subject to market demand. in which the Company currently holds an equity stake of approximately 45%. has undertaken strategic initiatives to expand its capacity to approximately 379. S&T Mining Co. In addition. which is currently in the feasibility stage. the Company intends to leverage its position as the leading steel service organisation in India to continue to provide and. particularly with respect to its European operations. the Company’s affiliate. increase its supply of higher value-added steel products to the Indian market from processing flat products and long products. the Company is targeting a move towards 50% raw material security for iron ore and coal in the next five to six years. in September 2008 to acquire and develop coal mines in India. In December 2007. galvanised steel and automotive-grade sheets and also increasing the production of other products such as tinplates. to be commissioned in 2011. the Company entered into a joint venture with Societe pour le Developpement Minier de Cote d’Ivoire (“SODEMI”) for an 85% stake in the development of an iron ore mine in Cote d’Ivoire with SODEMI earning a 15% stake. if the opportunities arise and subject to market conditions. The Company intends to continue to work with its partners to pursue its current initiatives and. In addition. Increase Sales of High Value-Added Products The Company plans to continue to expand its downstream operations with the objective of improving its product mix and generating increased and more stable margins. along with 100% of the offtake rights for the project. The Company is also developing integrated downstream operations and expand global product capabilities to enable it to shift its production and focus on the most appropriate product mix in each of the regions where it operates. including the cold-rolling mill. the Company expects to benefit from the experience in raw material procurement that it has gained from its Indian operations. the Company has pursued a number of initiatives to gain access to coal and iron ore deposits around the world. For example: • In November 2007. For example. the Company entered into a 50-50 joint venture with Steel Authority of India Limited and established a joint venture company. The new project will provide TBS with backward integration in the form of metal coating capacity of approximately 250. the Company has also acquired approximately 27% of the common shares of NML.000 tpa and colour coating capacity of approximately 150. In January 2011. The Company believes that becoming increasingly self-sufficient in raw materials procurement. will enable the Company to better respond to cyclical fluctuations in the demand for its products and reduce volatility in production costs. the Company purchased a 35% stake in a coal project owned by Riversdale Mining Limited in the Tete province of Mozambique. pursue new initiatives to become more self-sufficient in its raw materials procurement. If all of the Company’s initiatives with respect to raw material security come on line as scheduled. In addition.

These investments will allow the Company to develop new products. The Company seeks to benefit from sharing experiences and best operational practices across its business units in Europe and Asia. strategic cost-saving measures to improve the long-term competitiveness of its business. the Company is working to capture market share in a number of potential high growth areas such as thin film products (including photovoltaic coated products) and high strength steel designed for the automotive industry. the Company is able to reduce its customers’ inventory stock and increase their margins. shipping lines and other logistics in order to gain control over its distribution channels. the Company recently completed the installation of a cold rolling mill and a new galvanising line. “One Company” operating model: The Company is in the process of transforming its operations to directly align its marketing. efforts are underway to improve the Company’s competitive position in the sale of structural sections used in the rail industry and wire rods used in the construction market. In order to enhance 69 . The Company is also organising a global strategic marketing unit to target key market segments in line with its “Customer First” strategy. closure of certain satellite sites and streamlining of downstream facilities in distribution. the Company will seek to prioritise and attract customers of high value-added products.000 tpa by 2013. The Company is also looking to add value to its steel operations by increasing the sale of branded products. and plans to continue to implement. rebounded from the downturn beginning in the last quarter of Financial Year 2010. With respect to its existing asset base in Europe. packaging. which typically sell at a premium above non-branded products. improve supply chain processing and reduce freight and logistics costs. Cost saving initiatives: The Company has implemented. building systems and tubes.venture with Nippon Steel Corporation (“Nippon Steel”) for the construction of a continuous annealing and processing line to produce automotive cold-rolled flat products with a planned capacity of 600. especially those in the construction. which would reinforce its existing market position in the automotive and construction markets. from raw materials to works in progress to finished goods. sales and distribution teams with major industries and sectors. the Company plans to continue to promote cost-saving initiatives in its entire chain of operations to maintain its profitability and competitiveness. particularly from its Indian facilities. Netherlands. At IJmuiden. In addition. Product development and marketing: Through research and development initiatives. Control Over Logistics The Company plans to increase its access to ports. The Company is also transforming its supply chain in Europe and creating a platform that will allow information to be shared across the Company’s different operations. This new platform will also allow the Company to manage stock levels. For example. the Company works closely with retail and wholesale customers to ensure value by scheduling deliveries on a just-in-time basis. Strong retail management: As part of its retail management program. the Company is optimising its supply chain and manufacturing processes to establish a common system covering sales and marketing functions across its operational hubs. Although the steel industry has. to a certain extent. The “Fit for the Future” initiatives were undertaken in response to the global downturn in steel demand that affected the Company’s business. rebars under the Tata Tiscon brand and wires under the Tata Wiron brand. automotive and engineering markets. For its European production. the sale of certain non-core operations. Enhance Competitiveness through Continuous Improvement The Company continues to improve its competitiveness through a number of initiatives and programmes aimed at enhancing operational efficiencies and optimising asset and material flows. By minimising delivery times and lead time needed for new orders. Increasing sales of high value products is particularly important in Europe where margins are lower due to higher production costs. These branded products include cold rolled steel products under the Tata Steelium brand as well as galvanized sheets under the Tata Shaktee brand. United Kingdom. the mothballing of certain facilities and production lines. and guide product deliveries more efficiently. the Company introduced its “Fit for the Future” initiatives for its European operations that included. including advanced high strength steels. among others. During the second half of Financial Year 2009. the Company has begun marketing its products under the Tata Steel Europe brand (which was rebranded from Corus in September 2010). at Scunthorpe. for its European operations.

POSCO. in October 2004. BlueScope Steel Limited and Nippon Steel with respect to steel production. 70 . • • In particular. the Company entered into a 50-50 joint venture with Nippon Yusen Kabushiki Kaisha (“NYK Line”) and established a shipping company focused on shipping dry bulk and break bulk cargo. Nippon Steel. an Indian engineering and construction company. These joint venture arrangements also allow the Company to create synergies with its partners reducing costs and increasing efficiencies. the Company entered into a 50-50 joint venture with Larsen & Toubro Limited. Strategic Alliances with Joint Venture Partners The Company plans to expand its operations through strategic alliances with joint venture partners throughout its chain of operations. including for raw material procurement (primarily for mining).000 deadweight tonnes. The port is expected to be capable of handling 13 mtpa of coking coal and 6 mtpa of iron ore and accommodate vessels with a capacity of up to 180. the Company plans to use joint ventures to procure raw materials and businesses in new geographic markets. steel production and port and shipping. large quantities of which may be needed in the future for the Company’s production. Its strategic partners include.the Company’s import and export capabilities from India. to develop a deep sea port at Dhamra. Riversdale Mining Limited and the Steel Authority of India Limited with respect to mining. In December 2006. local partners in these markets provide the Company with knowledge and insight into local customs and practices and access to local suppliers. on the east coast of India. Vietnam Cement Industries Corporation (“Vicem”). The joint venture currently operates twelve chartered and two owned vessels and is expected to assist the Company with the shipping of coal and limestone. teaming up with a local partner enables the Company to reduce its capital investment by leveraging the pre-existing infrastructure of the local partner. Vietnam Steel Corporation (“VN Steel”). The Dhamra Port is located in close proximity to the Orissa steel project and is also relatively close to the Jamshedpur facility. Trial operations commenced in September 2010 with the arrival of the first ship carrying coal cargo. In addition. among others: • New Millennium Capital Corporation. JFE Steel. Societe pour le Developpement Minier de Cote d’Ivoire (“SODEMI”). Vale. and Larsen & Toubro Limited and NYK Line with respect to port and shipping. When entering a new geographic market or business where the Company does not have substantial local experience and infrastructure.

The Company also has significant operations in Jamshedpur. 71 . including future facilities and raw material projects: Canada Iron Ore United Kingdom Three production  facilities (10.8 mtpa) Brownfield expansion  (2. development and testing laboratories and harbours.7 mtpa) India One production facility (6. repair and maintenance workshops.8 mtpa. The Company’s steel production facilities primarily consist of furnaces. India. converters.4 mtpa.7 mtpa) Netherlands One production  facility (7. The Company’s remaining steel production capacity of 2.2mtpa) Oman Limestone Ivory Coast Iron Ore South‐East Asia One production facility  in Singapore (0.Facilities The following map illustrates the locations of the Company’s main steel production facilities and sources of raw materials. casters and rolling facilities and also include support facilities such as power stations. where the Company historically conducted the majority of its steel production and currently operates a facility with a steel production capacity of 6. where it operates four facilities with a total production capacity of 18.75 mtpa) and  finishing capacity in seven countries Mozambique Coal Raw material assets Raw material prospects Production facilities Growth projects Australia Coal The Company’s operations are primarily focused in India. Europe and other countries in Asia Pacific. The Company conducts its European operations through its wholly owned subsidiary Tata Steel Europe (“TSE”) and its Indian operations are primarily conducted directly by Tata Steel Limited. research. The majority of the Company’s steel production capacity is located in the United Kingdom and the Netherlands.0 mtpa is located in Singapore and Thailand.9mtpa)  Greenfield expansions Coal & iron ore mines Thailand Three production  facilities (1. boiler houses.

Scunthorpe steelworks.5 1. as well as a fifth plant that was mothballed in February 2010. Port Talbot Steelworks Facility The Port Talbot facility..3 2. six high tandem mill.European Facilities The Company currently has four principal operating sites in Europe. In 2009. IJmuiden Steelworks Facility The IJmuiden facility is the Company’s largest facility in terms of steel production capacity and was responsible for approximately 24. three in the United Kingdom and one in the Netherlands.. Port Talbot steelworks. Actual output from the Teesside steelworks facility for Financial Year 2010 was 2..... assuming full manning of facilities and including any plant mothballed... the capacity remains at 1. Three hot dipped galvanised lines and two paint lines.9 4... a sinter plant and raw material storage and processing facilities.. In practice. and related processing units such as coke oven batteries..3 (1) Chart does not include ironmaking and steelmaking operations at Teesside steelworks facility in Cleveland. hot dipped metallic coated and prepainted and plastic coated tinplate.0 1.. Two cold strip mills: a four high mill and a four-stand. Netherlands .4 mt of steel in Financial Year 2010... which was mothballed at the end of February 2010.7 0. These plants. including its satellite site in Llanwern.. with full manning. taking into account upstream and downstream bottlenecks. a three-stand cold rolling mill and a ladle furnace and the conversion of a seven-stand finishing mill with heavy bending and hydraulic gauge control. The IJmuiden facility comprises the following principal plants: • • • • Blast furnaces: Two operating blast furnaces. (2) Production capacity is based on the maximum possible steel production in Financial Year 2010.... 2010: Financial Year 2010 Facility(1) Steel production capacity(2) (in mtpa) Actual output (in mt) First half of Financial Year 2011 Actual output IJmuiden steelworks... which produce hot metal.. The following table sets forth the Company’s principal operating facilities in Europe as of September 30.. one 325 tonne vacuum degasser. Casters: Two continuous slab casters used to produce semi-finished steel in the form of slabs and one direct sheet plant that combines casting and rolling into one line. The facility produces a wide variety of steel products. is the Company’s third largest facility in terms of steel production capacity and was responsible for approximately 14....7 3..3 5. representing approximately 62. Wales . Rolling facilities: Hot strip mill with two walking beam furnaces and two pusher reheating furnaces (service centre includes a temper mill. produced a total of 14..9% of total steel production in Financial Year 2010.3 mt.. cold rolled strip...7 4.3 2. West Glamorgan. South Humberside. the Company completed the installation of a new continuous galvanising line.. However. two 325 tonne stirring stations and one 325 tonne ladle furnace. Rotherham steelworks... (3) Restructuring of the Rotherham facility’s operations during Financial Year 2010 resulted in manned capacity being reduced to 500. England . England (3) 7.7 0. England..3 mtpa.000 tpa. Wales. South Yorkshire.4% of total steel production in 72 . which fall into five broad categories: hot rolled strip.. band slitting line and recoiling line).4 3.. facilities may be manned only to the level required to provide semi-finished materials for downstream finishing processes and for sale.9% of the Company’s total steel production over this period.. Converters: Three 325 tonne oxygen converters.

The facility produces a wide variety of steel products. The steel output is produced through the continuous casting method. the Company completed the installation of a gas recovery equipment and energy management system. highvalue products resulting in a manned capacity of 500. and related processing units such as onsite coke oven batteries. plates. steels for oil and gas 73 . The facility has a fully manned production capacity of 1. which fall into three broad categories: hot rolled strip. blooms and billets for long products. which fall into five categories of long products: sections. Converters: Three 300 tonne oxygen converters used to convert hot metal into steel.000 tpa. which fall into three broad categories: steels for aerospace and power generation. Rolling facilities: The casters support rolling operations at the medium section mill (sections and rail). Dalzell and Clydebridge and Thrybergh is supplemented by slab and billet supplied by other TSE facilities. the caster output supports offsite rolling facilities at Skinningrove (special profiles). The facility produces a wide variety of steel products. Secondary steelmaking facilities include three ladle arc furnaces and two vacuum degassers. one cold mill link (a continuous turbulent technology pickling line linked to a 5 stand tandem mill with wide strip capability) and a continuous annealing process line for conversion of slabs into various finished steel products. The other casters produce semi-finished steel in the form of slabs. The Port Talbot facility comprises the following principal plants: • • • • Blast furnaces: Two operating blast furnaces. In 2010. There is a raw material receipt and storage area at the Immingham Bulk Terminal. a sinter plant and raw material storage and processing facilities. rods and bars. The Scunthorpe facility comprises the following principal plants: • Blast furnaces: Three operating blast furnaces which produce hot metal. one bloom caster. Rolling facilities: One hot mill. • • • Rotherham Steelworks Facility The Rotherham facility is the Company’s fifth largest facility in terms of steel production capacity and is the Company’s only electric arc furnace facility in the United Kingdom.4 mt of steel in Financial Year 2010. Casters: Three continuous slab casters used to produce semi-finished steel in the form of slabs. and related processing units such as coke oven batteries.8% of total steel production in Financial Year 2010. The facility produces specialised. Scunthorpe Steelworks Facility The Scunthorpe facility is the Company’s fourth largest facility in terms of steel production capacity and was responsible for approximately 11. cold rolled strip and hot dipped galvanised. In addition. Dalzell and Clydebridge (heavy plate) and Thrybergh (bar). a two strand sinter plant and raw material storage and processing facilities. which produce hot metal. Converters: Two 330 tonne oxygen converters and two 330 tonne degassing units to convert hot metal into steel. Hayange (rail). The semi-finished feed into the units at Teesside. The large bloom caster operates at significantly below capacity and all products from this machine are rerolled in the Scunthorpe Bloom Billet Mill (a primary mill) to billets or narrow slabs.3 mtpa but produced only 0. rails. high-value steel products. Teesside (Lackenby) (heavy sections). The operations at the facility were restructured in Financial Year 2010 to reduce production of low-margin products and increase high-margin. Casters: Five casting machines: one slab caster.Financial Year 2010. one small bloom and large billet caster and a large bloom caster. rod mill and plate mill (reversing mill plate) all of which are on the Scunthorpe site. one billet caster.

Rolling facilities: For conversion of slabs into various finished steel products. The Rotherham facility comprises the following principal plants: • • • • • • Electric Arc Furnaces: Two 160 tonne electric arc furnace units. A sale agreement would also result in the Company and SSI operating Redcar Wharf (TCP’s bulk terminal) as a joint venture. the Company entered into a memorandum of understanding with Sahaviriya Steel Industries Public Company Limited (“SSI”) for the potential sale of the steelmaking and ironmaking business at the Teesside facility including the coking and power generating facilities still in operation. The Company has continued to conduct certain coking and power generating operations at the Teesside facility. The Company plans to expand manned capacity as demand warrants. Mothballed Facilities Teesside Steelworks Facility The Company’s steelmaking and ironmaking operations at its Teesside facility were mothballed in February 2010 after an offtake agreement for approximately 78% of the facility’s slab output was purportedly terminated in April 2009. turning and heat treating bars for various end applications. Ingot casting: Ingot casting facilities for producing large section products and remelt feedstock. Bar processing facilities: For drawing. and related raw material storage and processing facilities. giving the company the flexibility to use the terminal to serve its other steelmaking operations. 80% of the steel output at the facility is produced through the continuous casting method. In August 2010. while also meeting the requirements for Teesside.exploration and steels for automotive and general engineering applications. Casters: Two bloom casters are used to produce semi-finished steel in the form of slabs for long products. which produce liquid steel. Discussions between the Company and SSI are ongoing and no definitive agreements have been executed. Ladle Furnaces: Three 160 tonne ladle furnaces for temperature and analysis control. 74 . The offtake agreement was with four customers and had a term expiring in December 2014.

.5 mtpa for flat products and 3. an improvement in the quality of hot metal due to lower silicone and sulphur content and a reduction in the usage of sponge iron and pig iron in the blast furnace. a cold rolling mill. which is a lower cost item. in the State of Jharkhand in east India.. Rolling facilities: Consist of a hot strip mill. Converters: Five 160 tonne oxygen converters to convert hot metal into steel......8% of the Company’s total production in Financial Year 2010. Jharkhand . the expansion programme contributed to improvements in the quality of finished steel and increased the efficiency of the finished steel production process through the replacement of lumpy ore with sinter produced from iron ore fines. 6. Other Steel Units The Company owns and operates five large processing units located across India. the Company’s processing capacity was approximately two mtpa.. respectively.. 2010. and related processing units such as stamp charged coke oven batteries.8 mtpa-3.. In May 2008.8 mtpa steel production facility at Jamshedpur.6 3. which became a wholly owned subsidiary in July 2009.8 6. 2010. The Company also owns a number of other production facilities in India. 75 ... which produce hot metal.Indian Facilities The Company’s main facility in India is a vertically integrated 6. As of March 31. The Jamshedpur facility comprises the following principal plants: • • • Blast furnaces: Eight blast furnaces.. assuming full manning of facilities. a reduction in coke consumption through higher injection of pulverised coal in the blast furnace. Casters: Three slab casters and three billet casters are used to produce semi-finished steel in the form of slabs and billets for flat and long products. In addition to capacity expansion. a wire rod mill and bar mills for conversion of slabs and billets into various finished steel products.4 (1) Production capacity is based on the maximum possible production in Financial Year 2010... The following table sets forth the Company’s principle facilities in India as of September 30. which fall into two broad categories: flat products and long products. The Company conducts these processing operations through Tata Steel Processing and Distribution Limited.. the Jamshedpur facility had a total steel capacity of 6. see “Business—Expansion and Development Projects” on page 76 of this Red Herring Prospectus. the Company completed a 1. taking into account upstream and downstream bottlenecks. • For a discussion of the ongoing expansion programme for the Jamshedpur facility. four sinter plants and raw material storage and processing facilities. 2010: Financial Year 2010 Facility Steel production capacity(1) (in mtpa) Actual output (in mt) First half of Financial Year 2011 Actual output Jamshedpur steelworks.. The facility manufactures a wide variety of steel products.. It is also engaged in the business of high-end plate fabrication for major equipment manufacturers including Caterpillar and JBP Group.3 mtpa for long products. Jamshedpur Facility The Jamshedpur facility is the Company’s second largest in terms of steel production capacity and was responsible for approximately 28. The steel output is produced through the continuous casting method..8 mtpa capacity expansion of the Jamshedpur facility. As of September 30.

2010. Through Tata Steel Thailand. Ampher Muang and Sriracha.000 tpa and colour coating facility with a capacity of 150.7 mtpa as of September 30.000 tpa of high carbon ferro chrome as of March 31. a wholly owned subsidiary.2 mtpa and a finishing capacity of 1. including a mini blast furnace project completed in 2009 with a production capacity of 500.0 mtpa as of September 30. 2010 and finishing plants in Singapore. Bamnipal and Joda. the Company operates three steel plants in Thailand.000 tpa as of September 30. the Company owns a steel production plant in Singapore with a capacity of approximately 750. the Company began a new brownfield expansion of the Jamshedpur facility in 2009. Vietnam. 2010. The tubes division had six mills with a combined capacity of 288. rebars and wire rods. The majority of these projects are aimed at increasing the size of its Indian operations through a combination of expansions at the Jamshedpur facility and greenfield investments. all of which have been in operation since 2009. 2010. The Company also produces wires at its steelworks facility in Tarapur. to produce ferro chrome for export to Europe and Asia. the Company produces metallic coated steel at three plants in Pune. with a production capacity of approximately 50. Non-Steel Indian Facilities The Company’s ferro alloy production facilities in India consist primarily of plants in the State of Orissa at Sukinda. South Africa.000 tpa and the Company expects the project to be commissioned by April 2011. Thailand and Australia with a combined finishing capacity of approximately 2. coated steel products and steel building materials for the Indian construction industry. 2010. and produce painted steel. These plants are operated pursuant to a 50-50 joint venture with an Australian steel producer. structural and precision tubes categories. lumpy chrome ore and chrome concentrate sourced in South Africa. Bhiwadi and Chennai with a combined total installed capacity of approximately 136. the Bamnipal plant had a capacity of 50. The Company’s tube production facility is located in Jamshedpur. in April 2008 and production commenced the same month. These plants had a total steel production capacity of 1. Maharashtra and at the wire divisions of the Company’s facilities in Indore and Bengaluru.000 tpa.500 tpa of ferro manganese. which is expected to be completed by the end of Financial Year 2012.9% interest. The plant utilises power.In addition.000 tpa.000 tpa of charge chrome and the Joda plant had a capacity of 30. The Company supplies steel to these finishing plants from its Indian operations. and produce rebars. at Ban Mor. 2010 for the production of welded tubes in the commercial. This expansion programme will increase steel production capacity at Jamshedpur by 2.9 mtpa and includes the 76 . wire rods and small sections. India Jamshedpur Expansion Following the completion of a 1. The division has commissioned hydroforming facilities from which hydroformed tubes are being produced for use in the manufacture of Tata Nano automobiles by Tata Motors. which are used in the production of ferro alloys. Development works at a coated steel plant in Jamshedpur are currently in progress to set up a metal coating facility with a capacity of 250. China. or from other locations where the cost of steel production is more competitive. are sourced from the Company’s captive mines at Sukinda and Joda. Natsteel’s products primarily consist of bars. BlueScope Steel Limited. India. Other Facilities Through Natsteel. The Company also has a ferro alloy plant near Cuttack.8 mtpa expansion project in 2008. to be converted into finished products and distributed in the various Asia Pacific markets where the Company has operations. As of March 31. Chrome and manganese ores. a subsidiary of the Company in which it owns a 67. The Company completed construction of a greenfield ferro chrome plant in Richards Bay. Expansion and Development Projects The Company is currently working on a number of expansion and development projects.000 tpa as of March 31.

The project is under construction and is proceeding on schedule. a new coke oven battery with a capacity of 700. Karnataka Steel Project Through Tata Metaliks. Any coal or iron requirements that are not met through the procurement from the captive mines will be sourced from third parties.000 tpa and two lime kilns. The coal requirements for the new plant would have to be met either through the acquisition or lease of new mines.720 million. a new pellet plant with a capacity of 6 mtpa. The total capital expenditures expected to be incurred in connection with this brownfield expansion programme are approximately Rs. 67. The Company’s application for an iron ore mine lease is still awaiting government approval. Orissa Steel Project In November 2004. coke ovens.0 mtpa which will consist solely of flat products and will be developed in two separate modules of 3. Greenfield Projects The Company is also undertaking additional expansions of its Indian operations through a number of greenfield projects. The capital expenditure incurred on this project as of November 30. The expansion programme also includes the construction of an additional coke oven battery with a capacity of 700. 163. The timing and feasibility of these greenfield projects depends on a number of factors. an increase in coal sourced from third parties or a combination of these sources. a new blast furnace with a capacity of 3.augmentation of facilities at iron ore mines. which will service the facility’s existing production. Chhattisgarh Steel Project In June 2005. The Company is awaiting final governmental approval including environmental clearances as well as final approval for forest clearance and rail transportation before taking physical possession.400 million. the Company entered into a memorandum of understanding with the State of Chhattisgarh for the construction of a steel plant in the State of Chhattisgarh. a subsidiary of the Company in which it owns an interest of approximately 50%. The project also contemplates leasing iron ore and coal mines in India to meet the new plant’s raw material requirements. a new steel melting shop for crude steel. The plant is expected to have a total capacity of 5. The facilities will consist of a blast furnace.0 mtpa which is proposed to consist solely of long products. The project also includes the leasing and the development of an iron ore mine to meet the iron ore requirements of the plant. a caster and a hot strip mill. Physical possession of the land has not been transferred due to resettlement and rehabilitation activities taking place at the site and the Company plans to commence construction after it receives possession of the land. securing land leases and obtaining leases for new captive iron ore mines to support the additional production. The second module is currently in the planning phase with commencement of operations planned for five to six years. The plant is expected to have a total steel capacity of 6. The memorandum of understanding is scheduled to expire in June 2012. the Company entered into a memorandum of understanding with the Government of Karnataka in June 2010 for the 77 . The Company has been granted the prospecting license for iron ore from the Bailadila Deposit 1 mine. The first module has an estimated total construction cost of Rs. a sinter plant. The Company has executed a land lease deed for the location of the plant. including the construction of three new steel plants and an industrial park. A portion of the land covered by the lease has already been registered in the Company’s name with the remainder still in the registration process. obtained final environmental and statutory clearances for rail transportation. and has executed contracts for the construction of the iron and steelmaking facilities and the slab caster. power and water. This memorandum of understanding expired in November 2009 and the Company has applied for an extension. including receipt of governmental approvals. 2010 was Rs. a new thin slab caster and rolling mill. the Company entered into a memorandum of understanding with the government of Orissa to develop a new steel plant at Kalinganagar.000 tpa. 167.0 mtpa each. as well as the development of townships for the employees of the plant.500 million and is expected to commence operation in three to four years. The Company has also obtained an allocation of a coal block at Jharkhand and the associated approvals for environment clearance and the mine plan. Orissa.1 mtpa.

auto ancillary. an Indian engineering and construction company. The port is expected to be capable of handling 13 mtpa of coal and 6 mtpa of iron ore and accommodates vessels with a capacity of 180. Societe Nationale des Chemins de fer Francais (SNCF). environmental performance and reliability.000 tpa.construction of a greenfield steel plant in Haveri. The Company has also approved plans to construct a new manufacturing plant in Teesside. The joint venture will source steel from the Company’s existing Jamshedpur facility. gems and jewellery. respectively. Europe The Company’s major expansion and development projects in Europe include the following: • In the third quarter of 2009. in the joint venture. to develop a deep sea port at Dhamra. 30% and 5%. the industrial park will consist primarily of office and industrial space and will plan to target companies in the ores and minerals. The project is in the initial planning phase and is also being considered for an iron ore mine allocation by the Government of Karnataka. in the joint venture. This new facility was not included as one of the assets contemplated for sale to SSI in the memorandum of understanding entered into in August 2010. The initial capacity of the plant is expected to be 4. VN Steel and Vicem will have equity stakes of 65%. India with completion scheduled for 2013 and a planned capacity of 600. The Company. In August 2010. based on the pre-feasibility study and discussions with consultants. The Karnataka State High Level Clearance Committee cleared land in Haveri in March 2010 for the steel plant. VN Steel and Vicem entered into a joint venture agreement relating to the construction of an integrated steel plant in Vietnam. the Company announced a project to enhance the rail facility at Hayange. Preliminary engineering works are underway at the Redcar site to develop a new facility to produce steel foundation structures called monopiles which are used to secure offshore wind turbines to the seabed. the Company. Orissa in order to enhance the Company’s import and export logistics capabilities from India. The project is now in the feasibility stage and. to improve its safety. in particular. the Company and Nippon Steel entered into a joint venture agreement relating to the construction of a continuous annealing and processing line to produce automotive cold-rolled flat products. Karnataka with a planned capacity of 3. The line will be located in Jamshedpur. Industrial Park at Gopalpur The Company is constructing a multi-purpose industrial park at Gopalpur in the Ganjam district of Orissa. Port and Shipping Facilities In October 2004. France in response to growing European demand for longer rolled rail lengths in support of future highspeed rail projects and.5 mtpa.0 mtpa. The Company and Nippon Steel will have equity stakes of 51% and 49%. The project will yield the additional benefit of balancing the iron and steelmaking capacities at Port Talbot and increasing the capacity of the two blast furnaces. Nippon Steel Joint Venture In January 2011. The plan involves redeploying and re-equipping redundant buildings on the Company’s Teesside site for monopile production and shipment of the structures. the Company entered into a 50-50 joint venture with Larsen & Toubro Limited. to support a six-year contract secured with France’s national stateowned railway company. • • Other Growth Projects Vietnamese Steel Plant Joint Ventures In August 2008. respectively. 4 Blast Furnace at Port Talbot steelworks. The furnace is expected to undergo a rebuild starting in July 2012.000 dead weight tonnes. chemicals and drugs. the Company announced its plans to rebuild the No. 78 . textiles and marine processing sectors as tenants. engineering. Trial operations commenced in September 2010 with the arrival of the first ship carrying coal cargo.

TSE also produces a variety of other carbon steel products including semi-finished carbon steel products in the form of billets. side cladding and decking of buildings. Principal end markets for TSE’s steel products are the construction. which are sold both in coil form and. TSE’s wide range of engineering steels products include free cutting. non-metallic coated products (e.g.In December 2006. and other specialist areas Electrical steels Plated and precision strip products Non-oriented and grain oriented electrical steel Range of nickel. painted and plastic coated steels) and tinplate. The joint venture is expected to assist the Company with the shipping of coal and limestone. zinc and alloy-coated). metal goods. generators and alternators Batteries. power generation. automotive Roofing. blooms and slabs for re-rolling and subsequent processing for TSE’s service centres and to third party service centres. Products Products from European Operations In Financial Year 2010.g. Long products comprise sections and plates. body panels in motor vehicles and the and domestic appliance casing of domestic appliances manufacturers Used for packaging in the food and beverage industries and for other domestic and industrial applications Electrical equipment including transformers. oil and gas exploration and engineering industries... Uncoated strip products comprise hot rolled. the majority of the Company’s crude steel production in Europe was rolled into hot rolled coil. forging and general steel for the automotive and related markets. The Company will also carry bulk and break-bulk cargo from and to India. TSE’s strip products are produced in the United Kingdom at Port Talbot and in the Netherlands at IJmuiden. plates. engineering steels or wire rod. improved machining. or sold in semi-finished form. Its coated strip product range comprises metallic coated products (e. zinc and other specialist plated products 79 . TSE produces long products at Scunthorpe. The joint venture currently operates twelve chartered vessels and two owned vessels. spring. The remaining production was primarily processed further into sections. cold reduced and electrical steels. domestic appliances and the manufacture of drums and radiators Principal Markets Various industrial applications Automotive industry and engineering and metal goods industries Coated strip products Hot dipped metallic coated products. in sheet form. automotive. Engineering steels are produced at Rotherham in the United Kingdom by the electric arc steelmaking method. motors. Hot rolled coils are also transferred to TSE’s tube mills for the manufacture of welded tubes. automotive components Food and beverage producers and packagers Manufacturers of electrical equipment The battery and automotive markets. the Company also entered into a 50-50 joint venture with NYK Line and established a shipping company focused on shipping dry bulk and break bulk cargo. as well as their principal uses and principal markets: Products Uncoated strip products Types Hot rolled coil Cold reduced coil Principal End Usage Various uses including manufacture of welded tubes and as feedstock for cold reduced coil Various uses including car body panels. together with specialist steels for the aerospace. cut to length. pre-painted and plastic coated products Tinplate Construction industry. TSE is one of the market leaders in the manufacture of coated strip products. packaging. large quantities of which may be needed in the future as inputs in the Company’s production. as opposed to the basic oxygen steelmaking method. which is sold as unprocessed coil or processed in cold rolling mills and coating lines. and rods. TSE is also one of the global market leaders in steel for packaging production. and oil and gas industries. mechanical and electrical engineering. The following table lists the various TSE products.

renewable energy.Sections products Products include beams. water and air transportation and structural applications Rerolling for downstream products Semi-finished steel Products from Indian and other Asian Operations Finished and Semi-finished Steel Products The Company’s finished steel products are produced at its facilities located in India. the Indian facilities also produce relatively smaller quantities of semi-finished steel. Production at the Indian facilities comprises primarily flat products and long products. alloy and stainless steel products (ingots. packaging. blooms and slabs Tubes and pipes for oil. pipes and tubes. appliances. Structural and other industrial applications. In addition. and the automotive. construction and infrastructure. shipbuilding. Wire rod Bars Wire rod Drawing into wire products Hot rolled and bright bars Numerous applications in engineering in wide range of grades and industries. The construction. railways. forging and machining and engineering industries Various. earth moving and mechanical handling equipment. automotive industry and related markets. power generation. general engineering Automotive. The remaining facilities in Asia principally produce long products. boiler and pressure vessels. Rail products Plates Rail products Plates Rails and sleepers Used in a broad range of applications Railway and related sectors Offshore oil and gas production. appliances. mining. and structural steelwork Construction and automotive industries Engineering industries. machining. The following table lists the various finished and semi-finished products produced in Asia. general engineering. and steel equipment. rings. panel Principal Markets Flat products produced by the Company’s Indian operations are sold principally to the Indian automotive. shipbuilding and mining industries. engineering and mining industries. power generation. billets and bars) Specialty steels Welded steel tubes Hot finished and coldformed steel tubular products Billets. automotive and spring applications. agricultural tools. gas. Special profiles are used as components in earth-moving equipment. forging. materials handling. dimensions Wide variety of industrial applications Specialty grade carbon. as well as the principal uses for these products and their principal markets: Products Flat Products Types Hot rolled coils and sheets Cold rolled coils and sheets Principal End Usage Automotive. cold rolling. Thailand and various Asia Pacific countries. Applications in aerospace. columns joists. channels and custom-designed special profiles. furniture. engineering and oil and gas industries Third parties and other divisions of the Company. including construction and the automotive. oil and gas exploration. packaging and furniture industries 80 .

The Company also manufactures ball bearings and taper roller bearings which it sells primarily to companies in the automotive and engineering industries. high carbon silico manganese and ferro manganese and chrome concentrate. 81 . panel. In Financial Year 2010. springs. conductors and galvanized iron wires Billets.6 mtpa. low relaxation pre-stressed Indian construction and automotive industries concrete. boiler manufacturers. Within the flat product category. The Company also sells magnesium ore. Jamshedpur Utilities Services Company Limited. Chrome concentrate is primarily used for making ferro chrome and may also be used directly for making stainless steel. used in the construction and automotive industries. Ferro Alloy At its Indian facilities. contractors and distributors. slabs and blooms that can be made into flat or long products Re-rolling steel industry Others Semi-finished steel In recent years. galvanised and tinplate products are considered to be high valueadded products. cable armour. high-strength-low-alloy steels and alloy steels. The Company produces tube products mainly in the commercial tube and precision tube categories. charge chrome and high carbon ferro chrome internationally. construction.Products Types Galvanized coils and sheets Principal End Usage Automotive. general engineering Conversion into wire Structural support in construction Principal Markets Long Products Wire rods Rebars Long products produced in the Indian facilities are sold principally to the Indian construction and automotive industries while long products produced in other Asian facilities are used principally in the domestic construction industry of the relevant country Wires Coated and uncoated wires Motor tyre bead. Wires are also considered a high value-added product. pre-stressed concrete. appliances. and logistics services through its logistics unit. Commercial tubes are used primarily for piping water.4 mtpa in Financial Year 2009. through its subsidiary. Ferro chrome. In recent years. gas and steam for irrigation and other agricultural uses as well as for industrial purposes and are marketed primarily to builders. which generally command higher prices and margins than low value-added products. including stainless steels. dolomite and pyroxenite. compared to 1. as are wire rods in the long products category. certain hot rolled products as well as cold rolled. the Company produces and sells charge chrome. Precision tubes are sold primarily to automotive and bicycle manufacturers. ferro manganese and silico manganese are used in the making of various kinds of steel. high carbon ferro chrome. finished steel production of cold rolled products from India amounted to 1. the Company’s production and sales of high value-added products in India has generally increased at the expense of low value-added products. the Company has been expanding its Indian production of high value-added products. The Company also produces refractories products in Asia and sells a variety of services. the fertiliser industry and to furniture manufacturers. The Company is a large manufacturer of ferro chrome in India and a supplier of chrome ore. bus body. Manganese alloys produced in the Company’s Indian facilities are used primarily by the Company for further production. Other Products The Company’s other products in Asia principally consist of tubes and bearings. including electricity.

...... Honda Motor......756 million.Sales The Company sells a majority of its products to customers in the European and Indian markets.............4% to Rs.224 1......... Gammon. In Financial Year 2010....464 128.............023.487 152..756 268...... the Company supplied 891.............. automotive and packaging industries...5% of the Company’s net sales in India in Financial Year 2010. lifting and excavating.. Tata Motors................. due primarily to the global financial recession and its effect on demand for steel..... The Company’s customers in Europe also include those in energy and power.. In India.... 809..... Hyundai Motor......... and oil and gas industries.................................................. Tata Projects and Simplex Infrastructures.... India ......... aerospace.. Mahindra & Mahindra..414 105...........915 176..... millions) 2010 809. The Company’s key customers in the Indian automotive industry are Maruti Suzuki India Limited.415 1.... Principal end markets for the Company’s European sales are the construction.. automotive.709 183....089 201. which accounted for approximately 85................................... Nissan....... 474......... Toyota.000 tonnes in Financial Year 2008.. Bajaj Auto and Hero Honda Motor........ Shapoorji Pallonji. 825. 72. rail.. infrastructure.....1% of the Company’s net sales in India in Financial Year 2010............ In Financial Year 2010... 82 ........ Asia (excluding India) .............336 2009 (Rs..293 474.............. The Company’s largest customers in Europe are in the construction. consumer goods and shipbuilding industries......967 262... respectively..........2% of the Company’s net sales in Financial Year 2010.. 2009 and 2010. of the Company’s total net sales.......000 tonnes of steel products to the Indian automotive industry compared to 687..996 223.. Total .........6%..3 mt in Financial Year 2009.. which accounted for 46. The Company’s remaining sales are to customers in Asia (excluding India) and other countries. DLF Ltd. Sales in India A significant portion of the Company’s sales consists of sales to customers in India...... Ford.... The principal products sold to the Indian construction and infrastructure industry are long products including rebars and wire rods. The principal products for the Indian automotive industry are hot rolled.... metal goods......473. Other ... The Company’s principal customers in the Indian construction and infrastructure industry include Larsen & Toubro Limited.... packaging... The following table sets forth the Company’s net sales by destination for the periods indicated: Financial Year 2008 Europe..7 mt of steel products to the Indian construction and infrastructure industries compared to 1...... mechanical and electrical engineering...... represent an increased percentage of the Company’s total net sales compared to Financial Year 2008 and 2009 as a result of increased production in India and decreased sales in Europe...............967 million for Financial Year 2009. automotive and general engineering industries. Net sales to customers in India during Financial Year 2010.............. the Company sells the majority of its steel products to the construction. which accounted for approximately 26........... Net sales to customers in Europe for Financial Year 2010 decreased 41.124 1. Sales of European production exported to customers in India accounted for approximately 4.. sales to customers in Europe and India accounted for approximately 78.. In Financial Years 2008....300 tonnes in Financial Year 2009 and 860...........4% of the Company’s net sales in Financial Year 2010..........1%. cold rolled and galvanized products..315...... compared to net sales of Rs.......8% and 72..931 Sales in Europe The majority of the Company’s sales are to customers in Europe... Hindustan Construction Company. Most of these sales consist of domestic sales of Indian production. the Company supplied 1.........

Products manufactured by Tata Steel Limited’s tubes unit are marketed under three brands: Tata Pipes. 14% and 14%. accounted for 34%. limestone. 2007 and through the first half of 2008. Italy.0% of the Company’s net sales in Financial Year 2010. The Company markets its products by closely monitoring its sales activities and catering to the customer’s needs. the Company held sessions to train dealers on various selling techniques. respectively. In 2006. accounted for approximately 15%. including those owned by the Company. the prices of most commodities used in the steelmaking process rose sharply before collapsing in late 2008 as a result of the global economic crisis. In addition. which is a widely recognised brand in India. of the Company’s total manufacturing costs. The Company has introduced a number of marketing initiatives in recent years. The Company markets a number of its products under the Tata brand. Typically. stockyards.Sales in Other Asian Markets The Company’s sales in markets in Asia excluding India accounted for 15. 2009 and 2010. in 2005. The Company delivers flat and long products to customers in India through direct supply channels. and price volatility may adversely affect the company’s business” on page xvi of this Red Herring Prospectus. consignment agents. wire rods and rebars. Germany. Raw Materials and Other Key Inputs Steel production requires a substantial amount of raw materials and energy. Ireland. the Tata Steelium brand for cold rolled sheets. Raw materials and energy comprise the single most significant percentage of the Company’s manufacturing costs and in Financial Years 2008. 37% and 38%. Iron ore and coal are the primary materials used in steel production and the prices of these commodities are subject to significant volatility. including iron ore. 83 . Tata Steel Limited is also using the Tata Shaktee brand for its corrugated galvanised sheets. while low volume customers purchase from stockholders and service centres. The Company’s European service centre network includes centres in the United Kingdom. the Company inaugurated its Steeljunction store. 2009 and 2010. For its European production. Distribution and Marketing The Company sells finished carbon steel products from its European facilities directly to end-users and through stockholding and service centres. Tata Structura and Tata Precision. The Company’s remaining raw material and energy costs consist of scrap. Energy costs in Financial Years 2008. which are sold to customers in Southeast Asia. the Tata Tiscon brand for rebars and the Tata Wiron brand for wires. scrap and energy. and service centres purchase steel stocks for further processing prior to selling to customers. India’s first organised steel retail store selling a range of steel products. external processing agents and a network of distributors and retailers. the large volume customers purchase directly from the Company’s main hubs. In 2006. coal and coke. See “Risk Factor—The steel industry is characterised by a high proportion of fixed costs. the Company has begun marketing its products under the Tata Steel Europe brand (which was rebranded from Corus in September 2010). As a result. the Netherlands. These products consist primarily of industrial wires. respectively. Stockholders purchase steel from high-volume producers for subsequent resale. France. the Company gathers marketing intelligence and experience from its sales offices in the respective regions where it conducts business. of the Company’s raw material and energy costs. Poland and Spain. As a global steel producer. water and costs relating to ferro alloy operations. the Company incurs additional transportation costs relative to its competitors that are in closer proximity to the bulk of the Indian market. The Company’s Indian operations are located in eastern India while much of the market for steel is on the west coast of India.

given the high-ash characteristics of Indian coal. See “Risk Factors—The Company relies on leased mines and if it is unable to renew these leases. 2009 and 2010. the Company produced a total of 10. In Financial Years 2008. of iron ore. which is approximately 200 kilometres from the mines. with all of its iron ore requirements and approximately 49% of its coal requirements coming from the Company’s captive mines in Financial Year 2010.0 mt. respectively. will continue to operate such mine.2 mt. respectively. the iron ore is transported by rail to Jamshedpur. the Company imported a total of 1. The Company typically applies to the relevant State Government for a renewal of its mining leases within 12 months prior to the lease’s expiration. 45% and 51%. 22. screens. The iron ore found in the Company’s captive iron ore mines in India contains medium-grade to high-grade iron ore. The iron ore was obtained principally from Australia. 2009 and 2010. In Financial Years 2008. the coal is converted into coke for use in the blast furnaces. South Africa.0 mt. the Company’s coal purchases are now based on quarterly contracts due to changes in industry standards. certain suppliers of iron ore and metallurgical coal have moved to quarterly fixed-price schemes from annual fixed prices. the renewal of a mining lease in India may take a number of years. 2009 and 2010.0 mt and 18. respectively. Canada. the Company produced 7. options and spot market transactions at market rates. during which time the Company. respectively.9 mt. beneficiation plants. the cost of such purchases accounted for 33%. The Company purchases iron ore and coal for its European operations at market prices under supply contracts that typically last between three and five years. respectively.2 mt. In Financial Years 2008. 2009 and 2010. Canada and the United States. Starting in 2010. 11. Indian Operations The Company obtains the majority of its iron and coal requirements for its Indian operations from its captive mines. of coal for its European operations. The Company aims to secure a majority of its iron ore and coal requirement for its European operations under supply contracts that typically last between three and five years. which is approximately 200 kilometres from the mines. The lump ore is used directly in the blast furnaces while the fines must first be converted in the sinter plants before being used in the blast furnaces. However.0 mt. Coal is also transported to the coke plant in Haldia. the Company must import clean coal to mix with its domestically sourced coal to produce a satisfactory blend of coal for coke-making. and 12. The remaining iron ore and coal is purchased through one-year contracts. 10. coal purchased from third parties was typically imported under one-year contracts. of the total raw material and energy costs of the Company’s European operations. of raw coal from the West Bokaro and Jharia coal mines. conveyors and loading facilities.0 mt.0 mt. All the iron mines are operated through opencast methods using excavator and dumper combination as well as crushers.Iron Ore and Coal European Operations The Company purchases all of its iron ore and coal requirements for its European operations from third parties and in Financial Years 2008. as matter of practice. Historically. As a result. the Company purchased approximately 27. while coal from the Company’s captive coal mines in India contains high levels of ash and other impurities and requires the blending of high grade imported coal for coke making. At the coke plants. After extraction and processing.3 mt and 7. South America and Sweden. of clean coal. 2.3 mt. the Company may from timeto-time operate some of its mines under lease agreements that are expired but are in the process of being renewed. The majority of this coal is then transported by rail to the coke plant at Jamshedpur. respectively. Beginning in 2010. The Company operates several iron ore and coal mines in India that are under long-term leases with the relevant Indian State Governments pursuant to which it pays royalties. Even with treatment.0 mt and 8. In Financial Years 2008.1 mt. obtain new leases or is required to pay more royalties under these leases. 7. Raw coal is obtained from the coal mines at West Bokaro and Jharia and is beneficiated to lower its high ash content. with prices that historically were typically negotiated annually. 29% and 39%. 84 . which may negatively impact its results of operations and financial condition” on page xviii of this Red Herring Prospectus.4 mt and 12. respectively. it may be forced to purchase such minerals for higher prices in the open market. representing approximately 30%.5 mt and 3. Iron ore is obtained from the Noamundi and Joda iron mines in the form of lumps and small particles known as fines. of iron ore from these mines. of the Company’s total coal requirements for its Indian operations. 2009 and 2010. and the coal was obtained principally from Australia.

of its total raw materials and energy costs at its Indian operations. approximately 35% of which was generated through on-site power stations. the project is expected to commence production of iron ore in 2012. the Company acquired approximately 27% of the common shares of New Millennium Capital Corporation. 11% and 12%. a publicly owned Canadian mining sponsor listed on the TSX Venture Exchange. These costs primarily consisted of electricity costs. the Company exercised its option to acquire an 80% interest in NML’s Direct Shipping Ore Project (“DSO Project”) in exchange for covering the first C$300 million of expenses and its share of any future expenses. which would enable it to better respond to cyclical fluctuations in demand and reduce volatility in production costs. As of September 30. The Company’s Jamshedpur steel plant consumed 2. The Company also has an exclusive right to negotiate a proposed investment in the LabMag and Ke-Mag Projects at the Millennium Iron Range until February 28. The Company has pursued. The IJmuiden facility also received power from three power plants at its site which are owned and operated by a third party. Canada (“NML”). each of which includes iron ore reserves. The joint venture entity will carry out detailed engineering and construction of facilities and will be responsible for the operations of the DSO Project. Tata Power. the Company’s raw material initiatives included the following projects: Iron Projects Joint Venture with New Millennium Capital Corporation From October 2008 to June 2010. Steel scrap prices are generally based on spot market prices. the Company has 100% of the offtake rights for the DSO Project. 85 .Energy During Financial Years 2008. especially for its European operations. 2009 and 2010. and climate change levy charges.521 million kilowatt hours of power in Financial Year 2010. 2010. The project feasibility has been completed and the joint venture is in pre-development stage. furnace oil. 18% and 20%. water. The power needs for the Company’s European facilities were primarily purchased from their respective national electricity grids and generated through power stations at the facilities. and plans to continue to pursue. The Company’s Indian operations consume scrap metal mainly generated as a by-product from its own operations while the Company’s operations in Singapore and Thailand consume significant amounts of scrap metal sourced externally from companies that collect scrap metal. which is primarily purchased from Europe and Russia. The Company purchased the plant’s remaining power needs at market prices from its affiliate. The Company owns 80% of the joint venture and NML the remaining 20%. and liquefied petroleum gas. a number of initiatives to gain access to coal and iron ore deposits around the world. In September 2010. NML engages in the exploration and development of iron ore properties and controls iron ore mineral resources. fuel oil. respectively. During Financial Years 2008. 2009 and 2010. the Company’s energy consumption at its Indian operations accounted for approximately 24%. respectively. These costs primarily consisted of electricity costs. the Company incorporated a joint venture entity with NML in October 2010 to acquire mining claims and related assets from the DSO Project. 2011. the Company’s energy consumption at its European operations accounted for approximately 12%. under a thirty-year purchase agreement that expires in 2027 and also obtained power from a joint venture with Tata Power and from the national power grid. awaiting regulatory approvals. Raw Material Projects The Company is focused on seeking proprietary access to raw materials in order to optimise its costs and to achieve a higher level of self-sufficiency in raw materials. Scrap The Company’s European operations utilise scrap for steel production. of its total raw materials and energy costs at its European operations. The Company also provides power to consumers in the city of Jamshedpur at market rates. Once completed. In accordance with the terms of the joint venture agreement. Under the terms of the joint venture agreement. bulk gases.

the Company entered into a joint venture with Steel Authority of India Limited (“SAIL”). Underground longwall mining at the project commenced in September 2010 and coal production commenced in 2010. a stateowned steel company. Australia. The Company’s partners include. the Company entered into a joint venture with Societe pour le Developpement Minier de Cote d’Ivoire (“SODEMI”). In order to reduce its dependence on purchased limestone. Pursuant to the joint venture agreement. the Company purchased a 35% stake in a coal venture owned by Riversdale Mining Limited that is currently under development in the Tete province of Mozambique for AUD$100 million. Rio Tinto Group and Riversdale Mining Limited entered into a Bid Implementation Agreement for a cash offer by Rio Tinto to acquire all of the issued and outstanding shares of Riversdale by way of a recommended off-market takeover offer. Other Projects Joint Venture to Develop Limestone Mines in Oman Limestone is a key raw material for producing high quality steel. S&T intends to leverage the strengths of both SAIL and the Company and acquire coal mines to fulfil the increased requirements of its promoters. as per local mining laws. JFE Steel. and the stake of the Company would be reduced to 75%. In September 2009. Coal Projects Carborough Downs Coal Project In 2005. S&T has been working towards acquiring several coal blocks in India. with completion expected in 2011. depending on the results of the exploration. the Government of Cote d’Ivoire would own a 10% stake in the joint venture. the joint venture was modified to include the development of another iron ore deposit at Mount Gao and the joint venture procured an exploration license for Mount Gao. the Company owns a direct interest of approximately 24% in Riversdale Mining Limited. The Company expects to complete exploration in the next two years at which time. Mozambique Coal Mine Joint Venture In November 2007. In addition. on 12 months’ notice and at market prices. the Company signed a shareholders’ agreement and a share sale and purchase 86 . Operations are currently in the pre-feasibility stage with exploratory activities taking place. Construction of a coal handling and processing plant has begun. in response to the Government of Cote d’Ivoire denying an application for an exploration license for Mount Nimba citing environmental concerns. Nippon Steel and Posco. Upon grant of a mining license to the joint venture.Cote d’Ivoire Iron Ore Mine Joint Venture In December 2007. SAIL and the Company formed a 50-50 joint venture company. over the life of the project. Joint Venture with SAIL to Develop Coal Mines in India In January 2008. Vale. and the Company currently sources limestone from Central India. the Company purchased a 5% interest in the Carborough Downs Coal Project located in Queensland. and it is participating in tenders for coal blocks and exploring possible joint ventures for mining and selling coal. In December 2010. in an effort to secure more coking coal for the Company’s Indian operations. it may proceed to conduct a detailed feasibility study to assess the economic viability of this project. Thailand and Middle Eastern countries for its Indian operations. to acquire and develop coal mines in India. (“S&T”). for an 85% stake in the development of an iron ore mine at Mount Nimba in Cote d’Ivoire with SODEMI owning the remaining 15%. in January 2008. The Company also entered into an agreement that entitles it to purchase up to 20% of the project’s annual coal production (with a minimum offtake of 5%). The Company has offtake rights for the output wherein the Company will purchase a minimum of 40% of the coking coal. in September 2008. a state owned company for the development of mineral resources. S&T Mining Co. It has also identified additional blocks for potential acquisition. The Company is currently evaluating this bid in context of other available alternatives. among others.

Since Europe is the Company’s biggest market. Baosteel Co. JFE Steel Corporation. 2010. under the terms of a licensing agreement. levels of global industry concentration still remain well below those of other metals and mining sectors. In India. Pennar and Uttam Galva and imports from China. Research and Development and Intellectual Property Research and development activities are important to producers in the steel industry as these activities can provide producers with competitive advantages and new business opportunities with new and existing customers. In Europe. Al Rimal LLC is expected to mine limestone in the Uyun region. however.agreement with Al Rimal LLC and its local shareholders to acquire a 70% equity stake in Al Rimal LLC. one covering TSE and a second covering its other operations. For Financial Years 2008. the fifteen largest steel producers represented approximately 29% of global steel production in 2009. In particular.. long products and distribution and building systems products markets. the Company operates in the strip products. the reduction of alumina in iron ore fines. its principal shareholder. the research on coal ash content is expected to help the Company reduce the need for high-quality coal imports by improving the efficiency of its blast furnaces and by reducing the impurities and ash content of the coal from the Company’s captive mines. Shagang Group and ThyssenKrupp AG. Competition The market for steel is very competitive with high levels of international trade. as well as rerollers including.6 million. According to the WSA.. the Company operates in the flat product and the long product markets and faces competition from integrated and partially integrated steel producers such as SAIL.000 employees in connection with its research and development activities in its European and Indian operations. aviation products liability.0 million. Salzgitter AG. TSE maintains insurance cover through a combination of policies purchased from external insurers and self-funding. the Company reorganised its departments to run a global research and development programme in order to enhance its research and development capabilities. Insurance The Company currently maintains two insurance schemes. Based on the results of exploratory drilling in part of the Uyun region. Vishakhapatnam Steel Plant (Rashtriya Ispat Nigam Limited). 438. such as the consolidation of Mittal and Arcelor in 2006. As of March 31. the lowering of phosphorus in steelmaking vessels and developing high strength and high formability steels for automotive applications. TSE. As a global producer.. application has been made for grant of a mining license. The Company’s research and development department also collaborates with a number of leading research institutes on a variety of projects. Voestalpine and Rautaruukki. In September 2009. 415. catastrophe risks are insured with the external insurance market. is insured against a range of risks. its main competitors are steel producers with significant European operation such as ArcelorMittal. 422. public and products liability. POSCO. marine cargo liability and directors’ and officers’ liability. the Company employed over 1. The Company licenses the use of the Tata brand name from Tata Sons. the Company faces significant competition from other steel producers worldwide. which lies in the Salalah province of Oman and where large deposits of limestone have been identified. the Company incurred total research and development expenditures of Rs. and Jindal Steel and Power Limited. TSE arranges some of its insurance through a wholly owned subsidiary. The Company’s competitors in the global steel market include ArcelorMittal.9 million and Rs. respectively. UK employers’ liability. including its plants and facilities. the development of higher yield blast furnaces. JSW Steel Ltd. including material damage and consequential loss. The Company conducts its business using the Tata brand. ESSAR Steel Ltd. Rs. Despite the consolidation that has taken place in the steel industry in recent years. 2009 and 2010. business interruption. professional indemnity. among others. 87 . Nippon Steel. The main areas of research currently being conducted by the Company include the reduction of coal ash content without reducing yield. Ltd. ThyssenKrupp.

machinery breakdown.500 of the TSE employees are members of trade unions.000 employees of TSE in Europe. the Company undertakes rehabilitation of areas that had already been mined. agreed that Company contributions to meet the cost of future service benefits should remain at 12%. The Company’s operations in the United Kingdom and the Netherlands are also subject to the UK National Allocation Plan (“NAP”) and the Dutch NAP. Each EU member state has its own nationally negotiated emission rights allowance. respectively. Under the terms of the agreement. The insurance cover is based on a “mega policy” through a consortium of insurers. which have been prepared in order to implement the EU ETS. the Company had approximately 35.000 employees of Tata Steel India in India and 35. including approximately 70% of employees in the United Kingdom. so that views of employees can be taken into account in making decisions that are likely to affect their interests. which came into force in January 2005 and focuses on carbon dioxide emissions. are insured against a range of risks.000 as of March 30. transforming them into forests.000 employees worldwide including approximately 34. 2010. approximately 19. business interruption insurance. 2009 and 2010. The Company believes that it has been in compliance with the EU ETS. The Company also maintains directors’ and officers’ liability insurance. based on its gross profit. 45% of employees in the Netherlands and over 50% of employees in Germany. terrorism and acts of nature such as storms. As part of its expansion programme at Jamshedpur. TSE has set up policies and procedures to provide information and to consult and negotiate with trade unions. The Company (other than TSE) also maintains insurance against third-party liability for injuries and losses caused by its business operations or arising out of the use of the Company’s products. respectively. 2010. the trustee and the Company. including fire. including compliance with laws and regulations and remediation of contamination. The Company executed an agreement in April 2009 to facilitate the merger of the Corus Engineering Steels Pension Scheme (“CESPS”) into the BSPS. See “Risk Factors—Environmental matters. the Company will contribute GBP 10 million per 88 . which is allocated back to carbon dioxide emitting sites. Members contribute to the scheme at the rate of 6% of pensionable earnings. including steelmaking. Employees As of March 31. including its plants and facilities. could result in substantially increased capital requirements and operating costs” on page xxv of this Red Herring Prospectus. The triennial valuation of the BSPS as at March 31. 2009. The British Steel Pension Scheme (“BSPS”) is the principal defined benefit pension scheme of the Company in the United Kingdom. The merger was completed in April 2009 and the assets and liabilities of CESPS were transferred to BSPS. subject to review at future actuarial valuations. 2008 was completed on January 30. Sites have permission to emit carbon dioxide up to the value of their rights allocation. works council and employee representatives on a regular basis.000 employees in Europe compared to approximately 41. parks and recreational facilities.The Company’s operating assets (other than those owned by TSE). earthquakes and floods. In addition. The Company’s Jamshedpur steelworks facility and certain of its mining operations in India and its manufacturing operations in Europe are certified to ISO-14001 standards. 2010. in Europe are subject to the EU Emissions Trading Scheme (“EU ETS”). The Company’s operations. after obtaining the advice of the BSPS actuary. the Company had approximately 81. As of March 31. 2011. the Company is also designing new air pollution control equipment to keep emission level below statutory standards. explosion.000 and 35. Following the triennial valuation. Europe As of September 30. The next formal valuation of the scheme is scheduled to be undertaken as at March 31. Environmental Standards The Company is committed to minimising the environmental impact of its operations and its products through the adoption of sustainable practices and continuous improvement in environmental performance. Any surplus can be sold and any deficit can be purchased on the emission rights market. The Company believes that it adheres to the statutory norms enforced by the relevant governmental bodies in the countries in which the Company’s production facilities are located. covering its various units (other than TSE).

Each of the Company’s production facilities in India enters into collective bargaining agreements with its trade unions which are renegotiated every four to seven years.9% from members relative to gross pensionable earnings. As a result of global market conditions. Regular safety tours are taken by TSE’s board of directors and executive committee members to monitor TSE’s performance in the category of health and safety. the Company’s remaining employees of approximately 12. The Company believes its relations with its Indian trade unions are strong. Natsteel and other subsidiaries of the Company. TSE received a national training award in October 2009 for the “Felt Leadership” programme implemented in its steelmaking and ironmaking operations. achieve world-class safety and health performance and the involvement of the line function in safety and health. There have been no strikes or other cases of industrial action at any of the Company’s production facilities in India in over 80 years. while Indian steel production increased by almost 90%. TSL had approximately 34. the number of Indian employees decreased by over 30% from approximately 52.100. Health and Safety Health and safety is a priority at all of the Company’s facilities. Health and Safety Initiatives in Europe The Company is committed to discharging its corporate responsibility to create a safer work place and supports the integrated and systemic Health and Safety Management System introduced in TSE in 2008. Discussions regarding alternative pension arrangements for new recruits are ongoing. 2010. Contributions to the SPH in Financial Year 2010. As part of its commitment to create a safer work place.100 to approximately 34. Health and safety is reviewed regularly by the Company’s board of directors and the Company has established a Health. and no indexation will be applied to pensions in payment and pensionable earnings. Safety and Environment Committee to carry out more detailed reviews of the Company’s overall performance in this category. During 2010. including plant closures. stood at 13. the nominal funding level of the SPH fell to 100% on February 2. 2010. 2010.annum over a seven-year period in order to clear the funding deficit in CESPS and bring both schemes to comparable funding levels.000 employees in India. which can vary according to the funding ratio of the scheme. India As of September 30. the Company has also begun a Process Safety and Risk Management Programme through which it plans to identify process-related hazards and develop risk mitigation engineering solutions for existing facilities. the level of contributions has been set at the maximum level allowed.000 were located outside Europe and India and comprised of employees working for Tata Steel Thailand. In addition. but has subsequently recovered to 118% as of March 31. Health and Safety Initiatives in India The Company has adopted a behaviour-based safety management system focusing on inculcating safe behaviour among people. In January 2009. TSE announced proposals to close the BSPS to new recruits following consultation with employees and their representatives. 2009. Between Financial Year 2000 and Financial Year 2010. Other As of March 31. The Stichting Pensioenfonds Hoogovens (“SPH”) scheme is the principal defined benefit pension scheme of the Company in the Netherlands. 89 . the Company has implemented a number of campaigns and initiatives including the 2010 Company-wide “Zero Harm” campaign to raise hazard awareness. TSL has undertaken a number of initiatives in recent years to increase the productivity of its Indian operations.3% from the contributing company and 5. retirement and early retirement schemes and outsourcing of non-core activities.

donations have been made across a range of local organisations. civil construction and maintenance. including the building and maintenance of the JRD Tata Sports Complex and Keenan Stadium. Through its subsidiary. JUSCO.” 90 . the Company held an event to introduce school children in the United Kingdom to the sport of triathlon. In Financial Year 2010. In August 2009. local branches of national charities. HIV and AIDS awareness initiatives. electrical power distribution and other related activities.In 2009 and 2010. including amateur sporting groups. rural development initiatives. The Company also has a significant social outreach programme in Eastern India. In addition. including schooling. sport and recreation. hospitals. the Company has continually supported community and social programmes in the city of Jamshedpur and neighbouring villages. covering the city of Jamshedpur (with a population of approximately one million people).000. mobile medical centres and agricultural improvement programmes to ensure that the broader local population benefits from the Company’s operations in the area. the Company provides utilities and services to the city of Jamshedpur and is responsible for town planning and engineering. Examples of such programmes include dedicated agencies for community welfare work. In the Netherlands. in September 2009. water and wastewater management. culture. the Company received the Safety and Health Excellence Recognition Award from the WSA for its operations in India. educational and sporting activities. education. For example. family planning and free reproductive health services for women. the Indian Government awarded the Company the Rashtriya Khel Protsahan Puraskar award for “Financial Support for Excellence in Sport. social. the Company has provided sponsorships in the areas of art. voluntary organisations and schools. the Company’s charitable donations in the United Kingdom amounted to approximately GBP 170. In addition. Corporate and Social Responsibility The Company recognises its responsibilities to the communities in the regions where it operates. Support is given for cultural. youth clubs. Many of its businesses have strong links to their neighbouring towns and surrounding regions. both in the immediate vicinity of plants and elsewhere. and a number of sport initiatives. public health. as well as over 800 villages in and around its manufacturing and mining operations.

one person cannot acquire one or more mining leases covering a total area of more than 10 square kilometers. The Central Government has also framed the Mineral Conservation and Development Rules. prior approval of the Central Government is required for the relevant state government to enter into a mining lease. Further. On receiving the clearance of the Central Government. may by notification specify. the lease will be deemed to be 91 .REGULATIONS AND POLICIES IN INDIA Mines The Mines and Minerals (Development and Regulations) Act. If the state government deems that the compensatory amount is fair and reasonable. the terms and conditions of such licenses and the model form in which they are to be issued. In the event that the state government does not pass any orders in relation to an application for renewal prior to the expiry of the lease. as amended (“MMDR Act”) was enacted to provide for the development and regulation of mines and minerals under the control of the union of India and it lays down the substantive law pertaining to the grant. however. 1960. including payment for the acquired land. 1988 (“MCD Rules”) that lay down guidelines for ensuring mining is carried out in a scientific and environmentally friendly manner. including environmental laws. the surface right to operate in the lease area is granted by the state government through the mining lease. owned by those displaced persons. the state government grants the final mining lease. the mining project may operate only after obtaining the consent of such affected persons. which was modified in 2008. in terms of section 6 of the MMDR Act. For determining compensation to be paid to a private party. 1894. In case of government land. Furthermore the Central Government announced the National Mineral Policy in 1993. If the private party refuses to grant such surface rights. only the approval of the applicable state government is required. renewal and termination of reconnaissance. If the land on which a mine is located belongs to a private party. The maximum term for which a mining lease may be granted varies. A mining lease may be renewed for further periods of 20 years or for a lesser period at the request of the lessee. can be granted a lease for mining of coal. while in the case of iron ore mine leases. which provides that for a private entity. provided that for any renewal after the first renewal the state government must consult the Controller General of the Indian Bureau of Mines prior to granting the approval. The mining of coal is governed by the Coal Mines (Nationalisation) Act. In respect of iron ore. the state governments are guided by the principles of the Land Acquisition Act. If the mining operation in respect of any mining lease leads to a displacement of people. the lessee is to inform the relevant state government of the refusal and deposit an amount in compensation for the acquisition of the surface rights with such state government. coal and other minerals listed in the First Schedule of the MMDR Act. Applications for a mining lease must be made with the relevant state government along with the proposed mining plan and must contain certain details in accordance with the MC Rules. the lessee would have to acquire the surface rights from such private party. the Central Government has the discretion to disregard such recommendation. The resettlement and rehabilitation of the persons displaced by the mining operations and payment of other benefits is required to be carried out in accordance with the guidelines of the relevant state governments. 1973. or (4) such other end uses as the Central Government. environment and ecology through appropriate protective measures. Renewals are subject to the lessee not being in breach of any applicable laws. (3) washing of coal obtained from a mine. The Mineral Concession Rules. The lessee must apply to the relevant state government for renewal of the mining lease at least one year prior to the expiry of the lease. The approval of the Central Government is accorded on the basis of the recommendations of the relevant state government. mining and prospecting licenses and mining leases. A mining lease must be executed with the relevant state government. 1957. no person other than a company engaged in (1) the production of iron and steel. then such state government will order the private party to permit the lessee to enter the land and carry out such operations as may be necessary for the purpose of the mining lease. For coal mine leases. (2) generation of power. to sustain and develop mineral resources so as to ensure their adequate supply for the present needs and future requirements of India in a manner which will minimize the adverse effects of mineral development on the forest. The approval of the Central Government is also based on the approval of the plan for the mine by the Indian Bureau of Mines. the prior approval of the Central Government is also required for any renewal. but for iron ore mines it is currently 30 years. (“MC Rules”) outline the procedures for obtaining a prospecting license or the mining lease. The mining lease agreement governs the terms on which the lessee can use the land for the purposes of mining operations. in a state (province).

which varies depending on whether the land is agricultural or non-agricultural. located through exploration. Further. The lessee is required to submit a final mine closure plan to the Regional Controller of Mines or an officer authorized by the state government for approval one year prior to the proposed closure of the mine. ground water pH. The royalty is payable in respect of an operating mine that has started extracting minerals and is computed in accordance with a stipulated formula. 2008 The Central Government approved the National Mineral Policy. and has given its approval for the setting up of the Mining Administrative Appellate Tribunal as an independent dispute resolution authority. 1961. It proposes to freely allow the import of mining machinery and equipments and also strengthen indigenous industry for their manufacturing. 1988. Mining Lease (Modification of Terms) Rules. chemicals and suspended particulate matter in respect of air pollution. The NMP proposes to facilitate financing and funding of mining activities and development of mining infrastructure based on the principle of user charges and public private partnerships. 1955. 1952 and Mines Rules. 2008. The Mines Act. the state government will notify the person who already holds that mining lease. 1956. Royalty Payable Royalties on minerals extracted and a dead rent component are payable to the relevant state government by the lessee in accordance with the MMDR Act. The Central Government has broad powers to change the royalty scheme. 1956. National Mineral Policy. and the lessee has the responsibility of carrying out such work. The NMP highlights the importance of ensuring that regional and detailed exploration is carried out systematically in the entire geologically conducive mineral-bearing area of the country. the lessee will be liable to forfeit the financial assurance that has to be furnished by the lessee. The MMDR Act also deals with the measures required to be taken by the lessee for the protection of the environment from any adverse effects of mining. 2008. revisiting the previous National Mineral Policy. using state-of-the-art techniques in a time-efficient manner. If the same are not carried out to the satisfaction of the Regional Controller of Mines or the authorized state government officer. In addition. (the “NMP”) on March 13. then the existing lessee shall have preference in respect of such grant. slope stability and impact on flora and fauna and local habitation. using scientific methods of mining. The mining closure plan must contain protective measures. It aims to develop manpower through education and specialized training. and Metalliferous Mine Regulations.extended until the state government passes an order on the application for renewal. the lessee will be liable to pay the occupier of the surface of the land over which it holds the mining lease an annual compensation determined by the relevant state government. If the existing lessee applies for a prospecting license or mining lease in respect of the newly discovered minerals within six months of the date of communication of such information by the state government. including prevention of water pollution. including reclamation and rehabilitation work. where any person has made an application for a mining lease in respect of minerals not specified in an existing mining lease held by another party. The Payment of Wages (Mines) Rules. The environmental protection measures touch upon a variety of matters. The Regional Controller of Mines or the authorized state government officer conveys approval or refusal to such final mine closure plan. but may not do so more than once every three years. The rules framed under the MMDR Act provide that every holder of a mining lease shall take all possible precautions for the protection of the environment and control of pollution while conducting mining operations in the area. making the regulatory environment conducive to investment and technology 92 . total suspended solids. The MCR Rules also provides the framework for the closure of mines by a lessee. Other mining laws and regulations that may be applicable to the Company include the following: Mineral Conservation and Development Rules. 1993. The NMP calls for the maximisation of extraction of mineral resources. noise levels. measures in respect of surface water. beneficiation and economic utilisation. The NMP also promotes zero waste mining and calls for an upgrade in existing mining technology. such financial assurance being computed in accordance with a formula provided in the MCR Rules.

and the Manufacture. the Company must comply with various other statutes. Water (Prevention and Control of Pollution) Act. taxes and cesses). protection of environment and proper relief and rehabilitation of people displaced and affected by the mining process. Handling and Transboundary Movement) Rules. which is a key factor for investment decisions. 1989 (collectively the “Hazardous Wastes Rules”). Under the NMP. fair play.flow. that mining companies be required to pay 26% of their profit after tax of the previous year. 1980. transparency and simple procedures (including through offer of mining blocks on auction basis. 1981. contract or understanding whereby the lessee may directly or indirectly be financed or controlled by a person other than the lessee would require the prior consent of the state government. It may also provide for assurances on exports. 1980. 1948 and labour laws. 1974. 93 . 1989. the pollution load as well as any mitigating measures for the particular mine. 2010. Final clearance in respect of both forest and environment is given by the Central Government. which according to its last publically available version. 2010. A group of ministers approved a revised version of the MMDR Bill on September 17. Cooperation with countries with complementary resource bases will be developed. seeks to decentralize powers to the states. Mines and Minerals (Development and Regulation) Bill. which is yet to be introduced in the Indian Parliament. Efforts will be made to export minerals in a value-added form. 2010 The Ministry of Mines has prepared the Mines and Minerals (Development and Regulation) Bill. 1980. a no-objection certificate from the concerned state pollution control board must first be obtained. restoration of ecological balance. the Water (Prevention and Control of Pollution) Cess Act. among other things. the Forest (Conservation) Act. 2008. A long-term export policy would provide stability and prove to be an incentive for investing in large-scale mining activities. 1923. The NMP aims to provide a framework of sustainable development designed to take care of bio diversity issues. and other environmental laws such as the Water (Prevention and Control of Pollution) Act. The provisions of the last publically available version of the MMDR Bill which are mentioned above do not represent the current position. if any forest land is involved. The Company also frequently obtains approvals under various other legislations including the Boilers Act. before commencing mining operations. such as the Factories Act. including. all applications must be made through the relevant state government who then recommends the application to the Central Government. The EIA report spells out all the operating parameters. 1977 and the Air (Prevention and Control of Pollution) Act. 1986 and the Forest Conservation Act. increase revenues to the government by bringing in concepts of price discovery and true value (including through rationalisation of royalties. water or other services and monetary penalties payable by and imprisonment of the persons in charge of the conduct of the business of the company in accordance with the terms of the Environment (Protection) Act. The draft bill further proposes that the transfer of the mining lease or any rights under the mining lease or any arrangement. and scientific mining and sustainable development. However. The Company must also comply at all times with the provisions of The Hazardous Waste (Management and Handling) Rules. efforts will be made to attune indigenous industry to the international economic situation in order to derive maximum advantage from foreign trade by anticipating technology and demand changes in international markets. Mining activity within a forest area is not permitted in contravention of the provisions of the Forest (Conservation) Act. 1974. any change in control of the lessee would also require the prior consent of the state government. pursuant to promotional regional exploration by the state government). ensure equity. through a district level mechanism. The draft bill proposes. In addition. 1974 The lessee is required to comply with the provisions of the Water (Prevention and Control of Pollution) Act. To obtain an environmental clearance. and as superceded by the Hazardous Wastes (Management. Compliance with Other Applicable Laws The Company is also required to obtain clearances under the Environment (Protection) Act. for example. Further. submission and approval of an environmental impact assessment (“EIA”) report and an environment management plan (“EMP”). which is granted after a notified public hearing. The penalties for non-compliance include closure or prohibition of mining activity as well as the power to stop the supply of energy. Storage and Import of Hazardous Chemicals Rules. as amended. to persons affected in the mining area and for other developmental activities in the area. particularly for foreign direct investment in the sector. 1986. through the Ministry of Environment and Forest.

the Central Government is empowered to 94 . Shops and Commercial Establishments Act. cess under the Water Cess Act is to be paid by a company to the state government of the state in which the mine is located. Payment of Gratuity Act. 1986. 1970. Water (Prevention and Control of Pollution) Cess Act. Industries (Development and Regulation) Act. Apart from the above. The rate is also based on the purpose for which the water is used. Factories Act. 1948. 1884.(“Water Act”) which aims at prevention and control of water pollution as well as restoration of water quality through the establishment of state pollution control boards. Air (Prevention and Control of Pollution) Act. the amount of cess is evaluated by the assessing authorities. industry or institution responsible for emitting smoke or gases by way of the use of fuel or chemical reactions must apply for and obtain consent from the state pollution control board prior to commencing any mining activity. as discussed above. any individual. 1951. Employees’ Provident Funds and Miscellaneous Provisions Act. 1972. Payment of Wages Act. 1923 and the Indian Boiler Regulations. The consent may contain conditions relating to specifications of pollution control equipment to be installed. Even before the expiry of the consent period. The Indian Boilers Act. 1952. the state pollution control board may close the mine or withdraw water supply to the mine or cause magistrates to pass injunctions to restrain such polluters. a yearly consent certification from the state pollution control board is required both under the Air Act and the Water Act. The terms of the Air Act provide that any individual. and after serving notice to the concerned person. 1977 (“Water Cess Act”) and the lessee is required to pay the cess as per the terms of the Water Cess Act. 1992. 1986. 1986. 1981 The lessee is also required to comply with the provisions of the Air (Prevention and Control of Pollution) Act. the state pollution control board is authorized to carry out random checks on any industry to verify if the standards prescribed are being complied with by the industry. 1947 and Industrial Disputes (Central) Rules. 1965. The lessee can draw water from bore wells or from water harvested in open pits within the lease area. In the event of non-compliance. Employees’ State Insurance Act. 1957. 1936. Under the provisions of the Water Act. Payment of Bonus Act. Industrial Disputes Act. industry or institution discharging industrial or domestic wastewater is required to apply to obtain the consent of the state pollution control board. Explosives Act. and Environment (Protection) Rules. 1974 or the Environment (Protection) Act. For ensuring the continuation of the mining operations. other laws and regulations that may be applicable to the Company include the following: • • • • • • • • • • • • • Contract Labour (Regulation and Abolition) Act. The consent to operate is granted for a specific period after which the conditions stipulated at the time of granting consent are reviewed by the state pollution control board. However. The state-level assessing authority levies and collects cess based on the amount of water consumed by such industries. The board is required to grant consent within four months of receipt of the application. 1950. A rebate of up to 25% on the cess payable is available to those companies who consume water within the quantity prescribed for that category of industry in which such company operates and also comply with the effluents standards prescribed under the Water (Prevention and Control of Pollution) Act. 1981 (“Air Act”). 1948. and Environment (Protection) Act. 1977 Mining is a specified industry under the Water (Prevention and Control of Pollution) Cess Act. Based on the cess returns to be furnished by the industry every month. Foreign Trade Policy Under the Foreign Trade (Development and Regulation) Act.

1985. However. The major schemes available are the Duty Exemption and Remission Scheme and the Export Promotion of Capital Goods (“EPCG”) Scheme. the Central Government has the power to exempt certain specified goods from excise duty by notification. The Duty Remission Scheme enables post export replenishment/remission of duty on inputs used in the export product. The EPCG Scheme permits the import of capital goods at a concession rate of duty. Customs Regulations All imports into India are subject to duties under the Customs Act. Excise Regulations The Central Excise Act. Under the DEPB Scheme. without duty. The customs duty on iron and steel items falling under Chapter 72 of the Custom Tariff Act. exporters on the basis of notified entitled rates are granted duty credit.periodically formulate the Export Import Policy (the “EXIM Policy”) and amend it thereafter whenever it deems fit. the Duty Drawback Scheme (“DBK”) and the Duty Entitlement Pass Book (the “DEPB”). 1944 seeks to impose an excise duty on excisable goods which are produced or manufactured in India. 1975. All exports and imports must be in compliance with the EXIM Policy. The iron and steel industry has been extended various schemes for the promotion of exports of finished goods and imports of inputs. which would entitle them to import goods. DFIA enables duty free replenishment of inputs used in manufacture of exports. The rate at which such a duty is imposed is contained in the Central Excise Tariff Act. 2005. The current DEPB rates for saleable products manufactured by the Company range from 3% to 7%. Steel products are classified under Chapter 72 of the Central Excise Tariff Act and presently attract an ad-valorem excise duty at the rate of 16% and also an education cess of 2% and a secondary and higher education cess of 1% over the duty element. and further down to 10% by the Finance Act. This scheme consists of a Duty Free Import Authorisation Scheme (“DFIA”). 95 . the Central Government has the power to exempt certain specified goods from excise duty by notification. The peak rate of custom duty on iron and steel items falling under Chapter 72 items was brought down from 40% to 20% on January 1. The Duty Exemption Scheme enables duty free imports of inputs required for the production of exports by obtaining an advance license. However. subject to additional export obligation. 1975 has been reduced sharply during the last five years. The current basic custom duties on imports of raw materials range up to 10%. 1962 at the rates specified under the Customs Tariff Act. 2007. which as presently applicable to the Company is 0%. which is linked to the amount of duty saved at the time of import of such capital goods as per the provisions of the EXIM Policy. except capital goods.

through its Indian operations. 2005. The Company’s bearing division is located at Kharagpur (West Bengal).386 Global Depository Receipts issued by the Company are listed on the London Stock Exchange. There has been no change in the Registered Office of the Company. Hoogly Metcoke & Power Company Limited. the Company acquired the steel-related businesses of NatSteel Asia. and in April 2006 a further 42. with key production facilities located in the United Kingdom and the Netherlands. 2005. The Company is not operating under any injunction or restraining order.1% interest. automotive and general engineering industries. The Company was established by Jamsetji N. the founder of the Tata companies and today is one of the flagship Tata companies. Pursuant to a resolution of the Board of Directors dated May 19.0% interest in Millennium Steel. and Indore (Madhya Pradesh). charge chrome plant is located in Bamnipal (Orissa). as well as some non-steel products such as ferro alloys and minerals. which was earlier a subsidiary of the Company was merged with the Company. Introduction of electric process for making steel which was employed for production of high grade iron 96 . the largest steel producer in Thailand. Fort. Thailand and Australia. b) Bar mills commence operations.753. The Company’s main facilities have been historically concentrated around the Indian city of Jamshedpur (Jharkhand). c) Introduction of 8 hour working day. The Company manufactures a diversified portfolio of steel products. with facilities located in Singapore. for a total interest of 67. the name of the Company was changed to “Tata Steel Limited” with effect from August 12. The Company’s Equity Shares were delisted from the Calcutta Stock Exchange Association Limited (“CSE”) with effect from May 30. collieries and quarries in the states of Jharkhand. 3. In February 2005.7 mtpa. formerly known as Tulip UK Holdings (No. 2005 and of the shareholders of the Company dated July 27. (now known as Tata Steel (Thailand) Public Company Limited). cold rolling complex is located in Tarapur (Maharashtra) and wire division is located at Tarapur (Maharashtra). where the Company operates a 6. Orissa and Karnataka. a) First ingot rolls out. 2007 the Company acquired Corus Group Limited. Mumbai 400 001. The Convertible Bonds issued by the Company are listed on the Singapore Exchange Securities Trading Limited. tubes and bearings. 2008. Bangalore (Karnataka). The Company also has iron ore and coal mines. The Company’s main markets include the Indian construction. under the provisions of the Indian Companies Act. Convertible Alternative Reference Securities (“CARS”) issued by the Company are listed on the Singapore Stock Exchange. is a large manufacturer of ferro chrome and steel wires in India and a supplier of chrome ore internationally.8 mtpa crude steel production plant and a variety of finishing plants close to the iron ore and coal reserves.1% in Millenium Steel. On April 2. Milestones achieved by the Company since incorporation are mentioned below: Year 1910 1912 1938 Event Tata Steel obtains its first colliery. China.867 Global Depository Receipts issued by the Company are listed on the Luxembourg Stock Exchange and 5. The Company’s Equity Shares were listed on the NSE on November 18. Tata. 1) Limited. 1998. Vietnam. 1998 for the use of the “Tata” name. In March 2006 the Company also acquired a 25. The Registered Office of the Company is situated at Bombay House. The Company has entered into a Brand Equity and Business Promotion Agreement with the Promoter dated December 18. 24 Homi Mody Street. The Company proposes to increase the crude steel production of the Jamshedpur plant by 2. 1882. The Equity Shares of the Company were first listed on the BSE in 1937 as per records available with the Company and previously were also listed with the Native Share and Stock Brokers’ Association Limited (the predecessor of the BSE).9 mtpa to 9. In April 2009. ferro manganese plant is located in Joda (Orissa). Malaysia. 1907 as a public limited company. The acquisition was implemented by Tata Steel UK Holdings Limited which is a wholly owned subsidiary of Tata Steel Europe Limited. the Philippines. with a product range that includes flat products and long products. The Company.HISTORY AND CERTAIN CORPORATE MATTERS The Company was originally incorporated as “The Tata Iron and Steel Company Limited” on August 26.

which makes the Company the sixth largest steel maker in terms of actual crude steel production. The mill was completed in a record time of 26 months. c) The Company was awarded the FE-EVI Green Business Leadership Award in the iron and steel category. World Steel Dynamics ranks Tata Steel as “India’s only World-class steel maker”. a) 1. d) The Company was awarded “Asia’s Best Employer Brand Awards. a) The Company’s biggest blast furnace completes production of 14 million tones of hot metal which is the highest production achieved by a blast furnace in India in its first campaign. 97 . c) The Company acquires Corus. a) The Company acquires NatSteel Asia in Singapore.8 mtpa capacity expansion at Jamshedpur becomes operational. a) The Company issued Global Depository Receipts worth US$ 500 million. Coal fine washeries were set up for the first time in Jamadoba and West Bokaro. a) Cold rolling mill set up at Jamshedpur.com in collaboration with SAIL and Kalyani Steel. In 2010. e) The Company was awarded the Rashtriya Khel Protsahan Puruskar award for outstanding contribution in the field of sports in the category of ‘Financial Support for Sports Excellence’. c) The Company is ranked as the “World’s Best Steel Maker” by World Steel Dynamics. b) Creation of B2B portal called metaljunction. b) The Company is ranked again as the “World’s Best Steel Maker” by World Steel Dynamics. Modernisation programme of the Jamshedpur steel works was initiated in four phases during this period. The Company was awarded the ‘Economic Times Company of the Year Award’. b) The Company files a corporate sustainability report where the Company was rated as India’s “Top Reporter” by United Nations Environment Program and Standard and Poor’s. 2010” for talent management. 2.Year 19721973 19801996 2000 2001 2003 2004 Event and steel casting. 3. b) Prime Minister Dr. b) The Company launches “Steel Junction” which is India’s first organized retail store for steel products. Manmohan Singh unveiled the centenary postage stamp to commemorate the Company’s centenary year. CEO with human resource orientation and human resource leadership. a) The Company’s steel works at Jamshedpur crosses 5 million tonne mark in crude steel production. one of the Company’s employee was awarded the Prime Minister’s Shram awards for years 2005 to 2007. e) The Company was awarded the TERI Corporate Award for its HIV/ AIDS initiative. d) The Company was awarded the Demining Application Prize. excellence in training. b) The Company was awarded the CSR Excellence Award 2010 by the Associated Chambers of Commerce and Industry. 2005 20062007 20082009 20092010 Achievements Some of the key achievements/awards received in Financial Year 2010 are as follows: 1.8 mtpa. The Company was conferred the “Indian Most Admired Knowledge Enterprise” award for sustained excellence in field of knowledge management. bringing total crude steel production capacity to 6. best human resource strategy in line with business. a) The Company launches its first branded cold rolled steel product called “Tata Steelium” d) The Company celebrates 75 years of industrial harmony. d) The Company was conferred the Prime Minister of India’s Trophy for the “Best Integrated Steel Plant”. c) The Company was conferred the Best Establishment Award by the President of India.

cooperation. clay. Generally to acquire by purchase. debentures. or persons. patent rights. To search for. or possessed of property suitable for the purposes of the Company. sell. work. bonds. or otherwise assist any such authority. wharfingers. debenture stock. company. raise. and sugar merchants. firm or person. maintain. farmers. calcine. or any other motive power. or concessionaires and to search for. and to employ the same in the conveyance of passengers. and in particular any land. reciprocal concession or otherwise. lease or otherwise. easements. concessions and privileges. To construct. take on lease. 3. cash or otherwise. smelters. and to lease or sell and dispose of the same or any part thereof. To carry on business as manufacturers of chemicals and manures. or calculated directly or indirectly to enhance the value of or render profitable any of the Company’s property or rights. transaction or operation commonly undertaken or carried on by explorers. dye makers. or privileges. dress. ship owners and charterers and carriers by land and sea. Tubes Division of the Company won the 16th JRD QV Award. planters. miners. and other metals. and to authorize the Government of India or any Local Government or any municipal or local authority. coke. and to subsidize or otherwise assist. manufacture and deal in minerals and mineral products. and to carry on any other business whether manufacturing or otherwise. make merchantable. machinery. barge-owners. patents. and to manufacture and sell briquettes and other fuel and generally to undertake and carry on any business. ferro manganese. or into any arrangement for sharing profits. To carry on in India and elsewhere the trades or businesses of iron masters. manufacturers of ferro-manganese. brick earth. reissue with or without guarantee or 98 2. purchase. partnership. win. steel makers. 5. accessories and stock in trade.4. coal. or any Native State in India or elsewhere. prospectors. and to take or otherwise acquire and hold shares or stock in or securities of. work and develop the same by electricity. any railways. hold. get. limestone. oil. warehousemen. and so far as may be deemed expedient the business of general merchants. mettalurgists and mechanical engineers. 4. 7. fire clay. get. work. firm or company carrying on or engaged in. 5. rights. Corporate Social Responsibility Excellence Award to the Company by Associated Chambers of Commerce & Industry of India. magnesite. reduce. any business or transaction which the Company is authorised to carry on or engage in or any business or transaction capable of being conducted so as directly or indirectly to benefit this Company. rolling stock. and to equip. and to pay for the same by shares. manufacturers. joint adventure. which may seem to the Company capable of being conveniently carried on in connection with the above. or any foreign State or any Local Government or any municipal or local authority. To purchase or otherwise acquire or undertake all or any part of the business. person. guarantee the contracts of. plant. merchandise and goods of every description. and to lend money to. with the Government of India. partnership. minerals and substances. steam. plant and machinery and other things capable of being used in connection with mining or metallurgical operations or required by the workmen and others employed by the Company. authority. bricks. horses. or other ways. property and liabilities of any persons or company carrying on any business which this Company is authorised to carry on. rights of way. distillers. To enter into partnership. engineers. or about to carry on or engage in. to use and work the same or any part thereof. tramways. any such company. steel converters. 6. . refine and prepare for the market any quartz and ore and mineral substances. for the purposes of the Company any real or personal property. gas makers. managenese. ironstone. licenses. colliery proprietors. tin plate makers and iron founders in all their respective branches. or otherwise acquire. gas. person or company. petroleum. and to sell. amalgamate. Main Objects of the Company The objects inter alia as contained in the Company’s Memorandum of Association include: 1. sell and deal in iron. buildings. and to buy. union of interests.

30 each.000. 100 each.150.000 million to Rs.000 CCPS of Rs. Consequentially.750 Deferred Shares of Rs. Consequentially. 83. 2010 Holding Company The Company does not have a holding company. Consequentially.000 million by creation of 1.900 million by creation of 25. Preference Shares and Deferred Shares. Clauses 5 and 6 of the Memorandum of Association were altered. 75 each. the following changes have been made to the Company’s Memorandum of Association: Date of Shareholders approval July 29. Clause 6 divided the capital into 350. 6.900 million to Rs.otherwise deal with such shares. Changes in the Memorandum of Association During the last ten years.000 Cumulative Redeemable Preference Shares of Rs. 20. Name changed from ‘The Tata Iron and Steel Company Limited’ to ‘Tata Steel Limited’ and wherever the name occurred in the Memorandum of Association. 1999 Changes Increase in the authorized capital of the Company from Rs. 6. 10 each. 2007 December 22.10 each.500 million to Rs. 10 each. stock or securities. 4. the same name was replaced with the new name of the Company.000.000 million by creation of 600. 50. Increase in the authorised capital of the Company from Rs. Increase in the authorized capital of the Company from Rs. 8. Increase in the authorised capital of the Company from Rs. 20.000 Equity Shares of Rs.000 Preference Shares of Rs. 10 each. Clause 5 of the Memorandum of Association was altered.000 million to Rs.400 million to Rs. Clauses 5 and 6 of the Memorandum of Association were altered.000 Equity Shares of Rs.000 ‘A’ Ordinary Shares of Rs.000 Equity Shares of Rs. Deletion of Clause 6.000.000. Clause 7 provided the rights to be attached to Equity Shares. 80. Increase in the authorized capital of the Company from Rs. Clause 5 of the Memorandum of Association was altered. 150 each and 48. 2006 August 29.000. Deletion of Clause 7.500 million by creation of 160. 99 .500 million by the creation of 350. July 22. 2004 July 27. 80. 8. Clause 5 of the Memorandum of Association was altered. 2005 July 5.

000 Percentage of total equity holding (%) 73. 4. 10. 4. of equity shares 15.000 20. 11. 20. 14. 210 million divided into 21. 5. 6.000 181. 15. The shareholding pattern of Adityapur Toll Bridge is as follows: S. 3. 8. Name of the shareholder Tata Steel Limited Adityapur Industrial Area Development Authority Tata Motors Limited Usha Martin Industries Limited Ashiana Housing Private Limited 100 No. Adityapur Toll Bridge Company Limited Centennial Steel Company Limited Corus India Private Limited Gopalpur Special Economic Zone Limited Haldia Water Management Limited Indian Steel and Wire Products Limited Jamshedpur Utilities and Services Company Limited Kalimati Investment Company Limited Naba Diganta Water Management Limited SEZ Adityapur Limited T S Alloys Limited Tata Korf Engineering Services Limited Tata Metaliks Kubota Pipes Limited Tata Metaliks Limited Tata Refractories Limited Tata Steel International (India) Limited Tata Steel Processing and Distribution Limited Tayo Rolls Limited The Tata Pigments Limited TKM Global Logistics Limited TM Harbour Services Private Limited TM International Logistics Limited Details of Indian Subsidiaries: 1. 1. 16.49 0.800 100. 17.SUBSIDIARIES A. 5. Adityapur Toll Bridge is engaged in the business of designing and constructing toll bridges.055. 10 each. No.62 24. 9. 1996 in Jamshedpur. 2. Capital Structure and Shareholding Pattern: The authorised share capital of Adityapur Toll Bridge is Rs. 19.000. Adityapur Toll Bridge Company Limited Corporate Information: Adityapur Toll Bridge Company Limited (“Adityapur Toll Bridge”) was incorporated under the Companies Act on March 19. 12. 18. Indian Subsidiaries: The Company has the following subsidiaries which are incorporated in India as of the date of this Red Herring Prospectus: 1.10 . 22. 7. 3.000 equity shares of face value Rs.000 5.81 0. 2.89 0. 21. 13.000.

Centennial Steel is a wholly owned direct subsidiary of the Company. 101 . 8. No.000 million divided into 2. Its name was changed to Corus India Limited in 2000 and it was converted from Corus India Limited to Corus India Private Limited in 2009. aluminium and steel goods and all necessary accessories. 9. No. 250 million divided into 250. Centennial Steel is engaged in the setting up of the Company’s 2.02 Nil 100 2.03 0. 1960 in India with the name Tata-Johnson Private Limited.500.000 5. 1. 7.S.000 equity shares of face value of Rs.000 5.02 0.617 Percentage of total equity holding (%) 0. Capital Structure and Shareholding Pattern: The authorised share capital of Centennial Steel is Rs. Orissa. 10. 25.9 mtpa project at Jamshedpur.000. 10 each. 2. 2009 in Mumbai. Corus India Private Limited Corporate Information: Corus India Private Limited was incorporated on June 7.9981 Sankar Ghosh 1 0.000 equity shares of face value Rs.000 each. 2006 in Bhubaneshwar. Capital Structure and Shareholding Pattern: The authorised share capital of Corus India Private Limited is Rs. of Equity Percentage of total equity Shares holding (%) British Steel Nederland International BV* 54. Gopalpur Special Economic Zone Limited Corporate Information: Gopalpur Special Economic Zone Limited (“Gopalpur SEZ”) was incorporated under the Companies Act on October 11.378.0018 Total 54. Name of the shareholder Sanderson Industries Limited Tayo Rolls Limited Adityapur Small Industries Association Singhbhum Chamber of Commerce & Industries Others (individuals) Total No.02 0. S. Centennial Steel Company Limited Corporate Information: Centennial Steel Company Limited (“Centennial Steel”) was incorporated under the Companies Act on August 19. Orissa. No. The main business activities includes providing total solutions for the external envelope of the building encompassing roofs.000 7 20. façades. 1. 6. of equity shares 6.600 100 * British Steel Nederland International BV is an overseas subsidiary of the Company. Name of the Shareholder 4.810 5. 3. metal roofing cladding systems.599 99. Gopalpur SEZ is engaged in the business of developing a multi product Special Economic Zone at Gopalpur.

5.040 40 Total 17. 10 each.05 0.37 .Capital Structure and Shareholding Pattern: The authorised share capital of Gopalpur SEZ is Rs.035 Percentage of total equity holding (%) 91. 1935 in Kolkata. The shareholding pattern of Indian Steel is as follows: S. Indian Steel and Wire Products Limited Corporate Information: Indian Steel and Wire Products Limited (“Indian Steel”) was incorporated under the Indian Companies Act.255. 1913 on December 2.000.709 28. Capital Structure and Shareholding Pattern: The authorised share capital of Haldia Water is Rs.36 1.000. Name of the shareholder No.353.000 equity shares of face value Rs. 2.65 0.000. 10 each. 2008 in Kolkata.971 27. 1. of equity shares 5.060 60 Company Limited* 2.000 equity shares of face value Rs.46 0.000 equity shares of face value Rs. 6. No.124 22. Haldia Water Management Limited Corporate Information: Haldia Water Management Limited (“Haldia Water”) was incorporated under the Companies Act on June 12. Ranhill Utilities SDN Berhad 6. Gopalpur SEZ is a wholly owned direct subsidiary of the Company. 70 million divided into 7. of equity shares Percentage of total equity holding (%) Jamshedpur Utilities and Services 10. 250 million divided into 25.030 98. Name of the shareholder Tata Steel Limited Financial Institutions LIC of India UTI New India Assurance Company Limited Oriental Insurance Company Limited Others 102 No. Indian Steel is engaged in the business of manufacture of steel rolls and wire drawing.200 3. 1.100 100 *Jamshedpur Utilities and Services Company Limited is a wholly owned direct subsidiary of the Company. The shareholding pattern of Haldia Water is as follows: S.902. 300 million divided into 30. 10 each. Capital Structure and Shareholding Pattern: The authorised share capital of Indian Steel is Rs. Haldia Water is engaged in the business of water distribution at Haldia.474. No.47 0.

5. Kalimati Investment Company Limited Corporate Information: Kalimati Investment Company Limited (“Kalimati Investment”) was incorporated under the Companies Act on September 15.847 110.09 100. Kalimati Investment is a wholly owned direct subsidiary of the Company.991. 10 each.85 0. 185 million divided into 18. Name of the shareholder No. 3. 8. 2008 in Kolkata.982 equity shares of face value Rs. 9.48 0. 10 each and 20.896 7. 210 million divided into 21. Bangladesh Others Other Bodies Corporate Indra Singh & Sons Private Limited Others Directors General Public TOTAL 10. Capital Structure and Shareholding Pattern: The authorised share capital of Naba Diganta is Rs. Kalimati Investment is engaged in the business of an investment company. Naba Diganta is engaged in the business of water distribution. Jamshedpur Utilities and Services Company Limited Corporate Information: Jamshedpur Utilities and Services Company Limited (“JUSCO”) was incorporated under the Companies Act on January 25. Capital Structure and Shareholding Pattern: The authorised share capital of Kalimati Investment is Rs. of equity shares Percentage of total equity holding (%) 0. 1983 in Mumbai. 10 each. Kalimati Investment is registered as a non-banking financial company with the RBI and is categorised as a systemically important non-deposit taking non-banking financial company. JUSCO is engaged in the business of water and waste water management. 6.000 equity shares of 103 .S. Naba Diganta Water Management Limited Corporate Information: Naba Diganta Water Management Limited (“Naba Diganta”) was incorporated under the Companies Act on January 9.000.999. 2003 in Jamshedpur.000 equity shares of face value Rs. 18 non-cumulative redeemable preference shares of Rs. No. engineering and construction. 10 each.000.00 Foreign Financial Institutions Habib Bank.870 28.236 5.01 3. planning. 4.485 1. municipal waste management. Capital Structure and Shareholding Pattern: The authorised share capital of JUSCO is Rs.000 12% cumulative redeemable preference shares of Rs. JUSCO is a wholly owned direct subsidiary of the Company. power distribution.03 1.500. 370 million divided into 16.18 0.589 800 185.

450.500 11 Authority Total 50. administration and operating the special economic zone for automobile. 2004 in Bhubaneshwar and was converted into a public limited company. T S Alloys is engaged in the business of manufacturing ferrous alloys. Adityapur Industrial Area Development 5. on January 7.face value Rs. marketing. operate and transfer basis at Adityapur.000 26 Total 18. 500.000 equity shares of face value Rs. Voltas Limited and nominees 4. 1. Rawmet Ferrous Industries Limited.000 100 *Jamshedpur Utilities and Services Company Limited is a wholly owned direct subsidiary of the Company. 10 each. auto components and ancillary industries.500 Percentage of total equity holding (%) 51 Jamshedpur Utilities and Services Company Limited* and nominees 2. of equity shares 13. Name of the shareholder No. 650 million divided into 65.000 divided into 50.000 Percentage of total equity holding (%) 74 Jamshedpur Utilities and Services Company Limited and nominees* 2. financing.653. 2008. Name of the shareholder No.000 100 *Jamshedpur Utilities and Services Company Limited is a wholly owned direct subsidiary of the Company. Capital Structure and Shareholding Pattern: The authorised share capital of SEZ Adityapur is Rs.000 38 nominees 3. Capital Structure and Shareholding Pattern: The authorised share capital of T S Alloys is Rs. site development. T S Alloys Limited Corporate Information: Rawmet Ferrous Industries Private Limited was incorporated under the Companies Act on March 29.797. The main business activities of SEZ Adityapur include carrying on the business of planning. Gammon Infrastructure Projects Limited and 19. The shareholding pattern of Naba Diganta is as follows: S. engineering. 10. on build. 2006 in Jamshedpur.000. No. 1. of equity shares 25. construction. its name was changed to T S Alloys Limited (“T S Alloys”) pursuant to a fresh certificate of incorporation dated August 16. SEZ Adityapur Limited Corporate Information: SEZ Adityapur Limited (“SEZ Adityapur”) was incorporated under the Companies Act on October 30.000 equity shares of face value Rs. 104 . designing. 10 each. No. The shareholding pattern of SEZ Adityapur is as follows: S. 11. Subsequently. 2010. 10 each.

10 each. Mr.0005 0.100. Mr. No.000 5. Capital Structure and Shareholding Pattern: The authorised share capital of Tata Korf is Rs. Subhasis Dey No.0005 0. Mr.000 million divided into 200. No. 2.0005 0.000 equity shares of face value Rs.9000 0. Tata Kubota was jointly set up as a joint venture between Tata Metaliks Limited. 6. Japan.390 159. Tata Metaliks Kubota Pipes Limited Corporate Information: Tata Metaliks Kubota Pipes Limited (“Tata Kubota”) was incorporated under the Companies Act on October 16. Mr. Krishnendu Nandy 2 6.001 1 1 1 105 Percentage of total equity holding (%) 51 44 5 0 0 0 .0005 0. Name of the shareholder Tata Metaliks Limited* Kubota Corporation Metal One Mr. 12. 2. 5 million divided into 500.0975 39. 1. Amresh Chandra Sen 2 4. 13. Japan and Metal One Corporation.000 48.000 equity shares of face value Rs. 1.500.0005 100 Tata Steel Limited Kalimati Investment Company Limited* 3.000. Shamit Sengupta Mr. 10 each. Sudhin Mitter Mr. The shareholding pattern of Tata Korf is as follows: S. Capital Structure and Shareholding Pattern: The authorised share capital of Tata Kubota is Rs. Kubota Corporation.000 *Kalimati Investment Company Limited is a wholly owned direct subsidiary of the Company. Name of the shareholder No. 3. 2. Kamlesh Chandra Mehra 2 7. 2007 in Kolkata. 4.600 Percentage of total equity holding (%) 60. Valadi Krishnaswami 2 Lakshmanana Total 400. Tata Korf is engaged in the business of providing engineering services. Tata Kubota is engaged in manufacture and sale of ductile iron pipes. 1985 in Kolkata. Abhijit Kumar Sen 2 5. The shareholding pattern of Tata Kubota is as follows: S.T S Alloys is a wholly owned direct subsidiary of the Company. 5.400. Tata Korf Engineering Services Limited Corporate Information: Tata Korf Engineering Services Limited (“Tata Korf”) was incorporated under the Companies Act on October 30. of equity shares 56. of equity shares 240. Mr.

The Oriental Insurance Company 265. Tata Refractories is engaged in the business of manufacturing.29 2.247 0.685 7. 7.989 46. of equity shares Percentage of total equity holding (%) 46. Tata Metaliks is engaged in the business of manufacturing and selling of pig iron.000 million divided into 100.339 8.000 9. Its name was changed to Tata Metaliks Limited pursuant to a fresh certificate of incorporation dated January 16.05 0. FII 62. 106 . UTI/Mutual Funds/Banks 72.451 4. 10 each. No. General Insurance Corporation of 326. 1.071 100 Promoters Tata Steel Limited 11.29 1.961 3. 8.000.000. 9.000 equity shares of face value Rs.150 10. of equity shares Percentage of total equity holding (%) 0 0 0 100 Mr.992 Kalimati Investment Company 854. 1990 in Kolkata as Tata Korf Metals West Bengal Limited. 1. Tata Refractories Limited Corporate Information: Belpahar Refractories Limited was incorporated under the Companies Act on September 5. Others 11. Tata Metaliks Limited Corporate Information: Tata Metaliks Limited (“Tata Metaliks”) was incorporated under the Companies Act on October 10.799.288.000 Limited 6. Naoya Tanaka 1 Mr.000 *Kalimati Investment Company Limited is a wholly owned direct subsidiary of the Company. 14. 1958 in Belpahar. selling and exporting refractories products.38 0. 1986.023 0. The shareholding pattern of Tata Metaliks is as follows: S. FIs 5. Name of the shareholder No.34 1. Vishwanath G Malagi 1 Mr. State Government (WBIDC) 250. Total 25. No. 15. Insurance Companies 591.724.451 India 5. 1992. Capital Structure and Shareholding Pattern: The authorised share capital of Tata Metaliks is Rs.66 3. Name of the shareholder No. Orissa and its name was changed to Tata Refractories Limited (“Tata Refractories”) pursuant to a fresh certificate of incorporation dated March 6. Kokichi Uji 1 Total 110.383 Limited* 2.007 *Tata Metaliks Limited is a subsidiary of the Company.S.

500 Limited 5. Life Insurance Corporation of India 962. 1997 in Kolkata as Tata Ryerson Limited and its name was changed to Tata Steel Processing and Distribution Limited (“Tata Steel Processing”) pursuant to a fresh certificate of incorporation dated December 29. Tata Steel Processing is engaged in the business of steel service centres and processes the Company’s steel products. Name of the shareholder No.000 equity shares of face value Rs.18 4. 2009. 10 each. Others (106 shareholders) 1.360 2. 330 million divided into 33.000.697 Percentage of total equity holding (%) 100.290.890 Percentage of total equity holding (%) 71.150 1.28 10. 1.545. 3. Tata Steel International (India) Limited Corporate Information: Tata Steel International (India) Limited (“Tata Steel International”) was incorporated under the Companies Act on March 2. No.000 *Kalimati Investment Company Limited is a wholly owned direct subsidiary of the Company.100 Total 20. 250 million divided into 25. 16. 1.61 7. 2010. 2.203. 17. Name of the shareholder No.39 100 Tata Steel Limited Steel Authority of India Limited Kalimati Investment Company Limited* 4. 10 each. of equity shares 14.900.390. of equity shares 6.54 6.898. 2005 in Mumbai as Corus International (India) Private Limited and its name was changed to Tata Steel International (India) Limited pursuant to a fresh certificate of incorporation dated December 8. Capital Structure and Shareholding Pattern: The authorised share capital of Tata Steel International is Rs.00 100 Tata Steel UK Limited* and its nominees Total 6. The shareholding pattern of Tata Steel International is as follows: S.000 equity shares of face value Rs. No.390. Tata Steel Processing and Distribution Limited Corporate Information: Tata Steel Processing and Distribution Limited was incorporated under the Companies Act on April 17. Capital Structure and Shareholding Pattern: 107 .Capital Structure and Shareholding Pattern: The authorised share capital of Tata Refractories is Rs. Tata Steel International is engaged in the business of procuring orders for mills and has set up a dedicated operation for decking lines and stock trading activities. The shareholding pattern of Tata Refractories is as follows: S.000.697 Tata Steel UK Limited is an overseas subsidiary of the Company.

00 0.000. The Tata Pigments Limited Corporate Information: The Tata Pigments Limited (“Tata Pigments”) was incorporated under the Companies Act on April 2.25 0.00 0. 10 million divided into 100. 7. The shareholding pattern of Tayo Rolls is as follows: S. 100 each. Tata Pigments is engaged in manufacturing of synthetic iron oxide pigments and flooring oxides. 11.372 3. Capital Structure and Shareholding Pattern: The authorised share capital of Tayo Rolls is Rs. 14.00 0.The authorised share capital of Tata Steel Processing is Rs.050 2. 9.430. 12. 10.000. 2. 4. Japan Non-resident Indians Life Insurance Corporation of India Limited Nationalised Banks National Insurance Company Limited Other banks Reliance Growth Fund Other bodies corporate Trusts Tata Steel Limited Tata Industries Limited Ewart Investments Limited Rujuvalika Investments Limited Others (Public individuals) Total No. of equity shares 307. 3. 15. Tayo Rolls is engaged in the business of manufacturing and supplying cast iron and steel rolls.00 2. 13. 6.45 0. Tayo Rolls Limited Corporate Information: Tayo Rolls Limited (“Tayo Rolls”) was incorporated under the Companies Act on February 2.00 0. Japan Yodogawa Steel Works Limited.509 200 5.341 1.536.29 0. No. 8. 1968 in Jamshedpur. Name of the shareholder Sojitz Corporation. Capital Structure and Shareholding Pattern: The authorised share capital of Tata Pigments is Rs.00 54. 1959 in Jamshedpur. 18. forged steel rolls.00 14. Tata Steel Processing is a wholly owned direct subsidiary of the Company. 108 . 150 million divided into 15.04 0.750 30.587.417 10. ingots and engineering forgings. 1.000 equity shares of face value Rs.68 100 19.842 400 850 50 100 150 290. pig iron.98 0.83 0.200 47. 10 each.000 equity shares of face value Rs.46 23.704 25.260.000 equity shares of Rs. 10 each. 5. 750 million divided into 75.935 Percentage of total equity holding (%) 3.

679.000 1 Percentage of total equity holding (%) 74. which is a direct subsidiary of the Company. TKM Global Logistics Limited Corporate Information: TKM Global Logistics Limited (“TKM Global”) was incorporated under the Companies Act on June 5. The shareholding pattern of TM Harbour is as follows: S.293 equity shares of face value Rs. No. TM International Logistics Limited Corporate Information: TM International Logistics Limited (“TM International”) was incorporated under the Companies Act on January 18.000. 10 each.18 25.000. Name of the shareholder No. cargo handling and other related services. 1. of equity shares 1. The shareholding pattern of TKM Global is as follows: S.615. of equity shares 25.930 divided into 34. 20. mooring of vessels at berth and mid-stream. 3.000 equity shares of face value Rs.615. TM International is engaged in the business of port operations.936.000 *TM International Logistics Limited is a direct subsidiary of the Company.000. 10 each. TM Harbour Services Private Limited Corporate Information: TM Harbour Services Private Limited (“TM Harbour”) was incorporated under the Companies Act on September 2. Capital Structure and Shareholding Pattern: The authorised share capital of TKM Global is Rs. No. 2002 in Kolkata. 346.152. 2009 in Kolkata. 1. laying and maintaining buoys.Tata Pigments is a wholly owned direct subsidiary of the Company.292 8. TKM Global is engaged in the business of freight forwarding activities. Capital Structure and Shareholding Pattern: The authorised share capital of TM Harbour is Rs.000 Percentage of total equity holding (%) 100 100 TM International Logistics Limited* Total 1. Name of the shareholder No. 10 million divided into 1. 2.293 100 *TKM Global GmbH and International Shipping & Logistics FZE are subsidiaries of TM International Logistics Limited. 109 . 1991 in Kolkata.82 0 TKM Global GmbH* International Shipping & Logistics FZE* International Shipping & Logistics FZE jointly with TKM Global GmbH Total 34. 22. TM Harbour is engaged in owning and operating harbor tugs and providing marine services like pilotage. 21.

2006 as Tulip UK Holdings (No.860.Capital Structure and Shareholding Pattern: The authorised share capital of TM International is Rs. the Company acquired Corus Group plc.000 4. 1999 through the merger of British Steel and Koninklijke Hoogovens. a public limited company registered in England and Wales. with effect from July 16. Overseas Subsidiaries: The Company has 338 overseas subsidiaries. However. Corus Group Limited. Its name was changed to Tata Steel Europe Limited on November 21. which was formed on October 6. No 1. 1) Limited and commenced trading on October 19. of equity shares 9.000. Tata Steel UK Holdings Limited was incorporated on July 26. Corus Group plc re-registered as a private limited company. Name of the shareholder Tata Steel Limited IQ Martrade Holding Management Gmbh NYK Holding (Europe) B. 10 each. 190 million divided into 19. 3.V. Tata Steel Europe Limited and its subsidiaries constitute approximately 64% of the annual turnover of the Company on a consolidated basis. 2007.999 3. No.514.000 4.000 equity shares of face value Rs.999 Percentage of total equity holding (%) 100 100 Tata Steel Europe Limited has 280 subsidiaries. Total No. 1. The company name was changed to Tata Steel UK Holdings Limited on November 27. The acquisition was implemented by Tata Steel UK Holdings Limited. Shareholding Pattern The shareholding pattern of Tata Steel Europe Limited is as follows: S. Tata Steel Europe Limited is the wholly owned subsidiary of the Company. 2008. 2010. 2006 as Tata Steel UK Limited and commenced trading on 19 October 2006. On April 2. Tata Steel Europe Limited and its subsidiaries: Tata Steel Europe Limited was incorporated on October 5.000 Percentage of total equity holding (%) 51 23 26 100 and B. 2006.000 18.860. a wholly owned subsidiary of Tata Steel Europe Limited. 1.514.180. Tata Steel Europe Limited is engaged in the production of steel with manufacturing facilities in the United Kingdom and the Netherlands. Name of the Shareholder Tata Steel Global Holdings Pte Total No. The shareholding pattern of TM International is as follows: S.680. the subsidiaries that contribute to 5% of the annual turnover of Tata Steel Europe Limited are as follows: 110 . 2007.000. of Equity Shares 3.140. 2.

Interest of the Subsidiaries in the Company None of the subsidiaries of the Company hold any Equity Shares in the Company. Tata Steel UK Limited is engaged in steel production. Capital Structure and Shareholding Pattern: The authorised share capital of Tata Steel IJmuiden BV is Euro 226. 1972. 111 .890.612 4. 2003 pursuant to an order of the Bombay High Court dated April 3.000.000 equity shares of face value Euro 453. the subsidiaries of the Company do not have any other interest in the Company’s business.000 equity shares of face value 50 pence each. Tata Steel IJmuiden BV is engaged in steel production. of Equity Shares 250. Tata Steel IJmuiden BV Tata Steel IJmuiden BV was incorporated on June 28. Except as stated in the section “Financial Statements. of Equity Shares 4.600.455 Equity Shares held by Kalimati Investment Company Limited as on September 30.000 Percentage of total equity holding (%) 100 100 Common Pursuits Except as disclosed in this Red Herring Prospectus. 1988.482.000 250.482. No 1 Name of the Shareholder Tata Steel Nederland Investment BV Total No. Capital Structure and Shareholding Pattern: The authorised share capital of Tata Steel UK Limited is GBP 2.000 divided into 500. Tata Steel UK Limited Tata Steel UK Limited was incorporated on July 26.778 each. No 1 Name of the Shareholder Corus Group Limited Total No.600. 2003 pursuant to a scheme of amalgamation of Tata SSL Limited with the Company.Related Party Transactions” beginning on page F-40 of this Red Herring Prospectus.500 million divided into 5. except for 671. The shareholding pattern of Tata Steel IJmuiden BV is as follows: S.612 Percentage of total equity holding (%) 100 100 b. further processing and related activities.a.000. the subsidiaries of the Company do not have any interest in any venture that is involved in any activities similar to those conducted by the Company. The shareholding pattern of Tata Steel UK Limited is as follows: S. further processing and related activities. 2010 which were allotted on May 12.

NCPA Apartments Dorabji Tata Road. Mr. 20. Switzerland Tata AG Zug. 3. Tata Non-Independent. USA Tata Motors European Technical Centre. 17. Occupation.A. 4. Nariman Point Mumbai 400 021 Occupation: Professional 9. 2010: Sr. 1944 Residential 66 1. Tata Sons Limited Tata Industries Limited Tata Motors Limited Tata Chemicals Limited The Indian Hotels Company Limited The Tata Power Company Limited Tata Global Beverages Limited The Bombay Dyeing & Manufacturing Company Limited Tata Consultancy Services Limited Tata Teleservices Limited Antrix Corporation Limited RNT Associates Private Limited Tata Technologies (Pte) Ltd. Non-Executive Vice Chairman Address: Flat No. Turin. 10.2 Ltd. 6. 23. Name. Nationality: Indian Term: Retires by rotation Date of Birth: September 26.3 Ltd. Tata International Limited Tata Industries Limited Bosch Limited Tata Incorporated. Tata Steel Global Minerals Holdings Pte Ltd.p. .. Lower Colaba Road Mumbai 400 005 Occupation: Business Nationality: Indian Term: Retires by rotation Date of Birth: December 28. 111A. 21. 15. Date of Birth and DIN Mr. 4. Nationality. Switzerland Tata Limited. 6. 112 . Designation. Tulip UK Holdings No. 22. 8. 11. 2. Fiat S. 7.163.Singapore Tata Africa Holdings (SA) (Pty) Ltd. 2. 5.MANAGEMENT Board of Directors The following table sets forth details regarding the Company’s Board of Directors as on December 15. 3. Tata America International Corporation Ltd. UK RNT Associates International Pte Ltd. 12.. 7. 13. 14. 16. Alcoa Inc. 19.. USA JaguarLandRover Limited. 8. Address. UK Tata Incorporated. 1. New York Tata Steel Europe Limited Tulip UK Holdings No. 1937 DIN: 00000001 Age (in years) 73 Other Directorships 1. Ratan N. Muthuraman Non-Independent. 2. No. 5. Non-Executive Chairman Address: ‘Bakhtavar’. B. New York. 9. Italy. Term. London. 18. Plc. Singapore Tata International AG Zug.

1938 DIN: 00031145 72 1.V. Suresh Krishna Independent. Occupation. Mr. Non-Executive Director Address: “Beach House” Savarkar Marg Prabhadevi Mumbai 400 025 Occupation: Business Nationality: Indian Term: Retires by rotation Date of Birth: February 15. Dubai UAE Strategic Brand Holdings Co. 6. UAE GRUH Finance Limited Saline Area Vitalisation Enterprises Limited ACC Limited Tata Motors Limited. Bhd. Ruchir Bungalows. S.M. 1944 DIN: 00015731 Age (in years) 66 1. Oman Britannia & Associates(Dubai) Private Limited Al Fayafi General Tradmg Co. No. SAOG. 3.I. Name. Tata Motors Limited Britannia Industries Limited (Britannia Industries Limited has made an application for voluntary delisting from the Calcutta Stock Exchange and the same is pending. 10. 3. Non-Executive Director Address: 16. The Bombay Dyeing & Manufacturing Company Limited Gherzi Eastern Limited The Bombay Burmah Trading Corpn. Al Champdany Industries Limited The Bombay Dyeing & Manufacturing Company Limited 4. LLC. 8. Ltd. Nusli N. (Malaysia) Naira Holdings Limitwd (B. 13.LLC. 5. Vastrapur Beyond Sarathi Hotel Ahmedabad 380 054 Occupation: Professional Nationality: Indian Term: Retires by rotation Date of Birth: April 25. 5. 3. Nationality. Ltd. 2. 5. 14. Address. 2.) Tata Chemicals Limited Go Airlines (India) Private Limited Britannia Dairy Private Limited Leila Lands Sdn. Date of Birth and DIN DIN: 00004757 Mr. UAE Al Sallan Food Industries Co. Designation. 7. 5. 4. Term. Sundram Fasteners Limited Sundram Clayton Limited Sundram Non-Conventional Energy Systems Limited Lucas TVS Limited T V Sundram Iyengar & Sons Limited . Mr. 4. 2. 9.. Other Directorships 6. Poes Garden Chennai 600 086 Occupation: Business 113 74 1.Sr. 12. 15. 3. 11. Wadia Independent. Palia Independent. 4.) Strategic Food International Co. Non-Executive Director Address: 79.

5. Tata Sons Limited Voltas Limited Tata Teleservices Limited Tata Industries Limited Tata AIG General Insurance Co Limited Titan Industries Limited Tata AIG Life Insurance Co Limited Tata Sky Limited Tata Refractories Limited The Bombay Dyeing & Manufacturing Company Limited Tata Capital Limited The Bombay Burmah Trading Corporation Limited Tata Consultancy Services Limited Tata Trustee Company Limited Speech & Software Technologies (I) Private Limited Tata Inc. 11. 7. 6. Occupation. Tata Refractories Limited TRF Limited Tata Motors Limited Tata Sons Limited Repro India Limited BOC India Limited Electrosteel Castings Limited Kansai Nerolac Paints Limited Housing Development Finance Corporation Limited 10. Date of Birth and DIN Nationality: Indian Term: Retires by rotation Date of Birth: December 24. 9. USA Tata Steel Europe Limited Tata International AG. Dorabji Tata Road Nariman Point Mumbai 400 021 Occupation: Professional Nationality: Indian Term: Retires by rotation Date of Birth: September 2. 9. Mr. Ishaat Hussain Non-Independent. Tata Incorporated. Other Directorships TVS Sewing Needles Limited TVS Logistics Services Ltd. 7. 222 “B” Wing. 10. Upasana Engineering Limited Sundram International Inc. Switzerland Tata Enterprises (Overseas) AG – Switzerland Tata Limited. 7. 19. 16. Switzerland Tata AG. Name. 2. Dr. Term. 3. 221. Address. 3. 1936 DIN: 00311104 114 74 1. No. “A” Wing. 6. Non-Executive Director Address: Flat No. Jamshed J. 13. 1936 DIN: 00046919 Age (in years) 6. 8. UK 7. 18. 4. 8. 8. Occupation: Professional Nationality: Indian Term: Retires by rotation Date of Birth: June 2. New York 11. Dorabji Tata Road. 9. Everronn Education Limited . Nariman Point Mumbai 400 021. 20. 21. 2. 17. Irani Non-Independent. 12. NCPA Residential Apartments. 14. 6. Non-Executive Director Address: Flat No. Nationality.Sr. 5. Designation. 15. 1947 DIN: 00027891 63 1. 4. NCPA Residential Apartments.

3. 2. Larsen & Toubro Limited 9. Ltd. BNP Paribas Obam NV NV Nuon Energy Stork BV 9. Date of Birth and DIN Mr. Mr. The Netherlands Occupation: Professional Nationality: Dutch Term: Retires by rotation Date of Birth: February 8. Andrew Robb Independent. Viom Networks Limited 11. 4. Dr. DLF. Tata Steel Europe Limited. Tata Motors Limited 10. Term. 3. U K Kesa Electricals Plc Paypoint plc Pilkington Brothers Superannuation Trustee Limited JaguarLandRover Limited Laird Plc 11. Non-Executive Director Address: Nassaulaan 16. Nationality. Non-Executive Director Address: A-15/1. Non . Sun Barne Energy Holdings LLC 12. Batliboi Limited 7. 5.Executive Director Address: Adlerhorst 10 115 54 1. Address. No. 10. 6. Mr. Name. SRF Limited 8. Designation. 5. Occupation. 2. 8.Sr. Hillgate Palace London UK W87SJ Occupation: Professional Nationality: British Term: Retires by rotation Date of Birth: September 2. 3.Karl-Ulrich Kohler Non Independent.Executive Director Address: 16. Phase-I Gurgaon 122 001 Occupation: Professional Nationality: Indian Term: Retires by rotation Date of Birth: March 30. 1942 DIN: 0035672 Age (in years) 68 1. Subodh Bhargava Independent. Other Directorships Tata Communications Limited Samtel Colour Limited TRF Limited Carborundum Universal Limited GlaxoSmithKline Consumer Healthcare Limited 6. 4. 2. 4. Non . 1942 DIN: 01911023 68 1. U K Tata Steel Nederland B. Tata Communication International Pte. 4. 5.V. 3. Tata Steel Europe Limited Tata Steel UK Consulting Limited Tata Steel Netherland BV Friedhelm Loh Group . 1942 DIN: 01462126 68 1. 2. Tata Steel Europe Limited. 2514 JT Den Haag. Jacobus Schraven Independent.

Mr. NatSteel Asia Pte Ltd. and an honorary fellowship by the London School of Economics. Singapore 6. 10. Earlier. Bangkok. He specialised with structural engineering from Cornell University in 1962 and he completed the Advanced Management Programme at Harvard Business School in 1975. Corus Consulting Ltd. Northern Town Jamshedpur 831 001 Occupation: Professional Nationality: Indian Term: October 1. Tata joined the Company as a director in 1977 and was appointed Chairman of the Board in April 1993. Muthuraman 116 . Name. Term. Singapore. Mr B. the Promoter of the Company and also the chairman of other major Tata companies including Tata Motors Limited.. Designation. Mr. Brief Biographies Mr. Singapore None of the Directors are related to each other. Bangkok 5. Proco Issuer Pte Ltd. Tata Power Limited and Tata Chemicals Limited. the Padma Vibhushan.. Gmbh 12. Tata BlueScope Steel Limited Centennial Steel Company Limited 3. Singapore 4. Tata Steel (Thailand) Public Co. Managing Director Address: 5. Tata Steel Global Holdings Pte Ltd. Address. an honorary doctorate in science by the University of Warwick. The Government of India honoured Mr. Nerurkar Non-Independent. Singapore. Tata Steel Global Minerals Holdings Pte Ltd. 2.. in 2000. Mr. he worked in the areas of iron-making and engineering development for ten years and then moved to the marketing and sales division and spent nearly twenty years there. Ratan Tata is associated with various organisations in India and abroad. He is presently Chairman of Tata Sons Limited.M. On completion of training. Mr. Other Directorships Frachtcontar Junge & Co. Ltd.. No. Tata Steel Holdings Pte Limited. UK 7. Nationality. 1948 DIN: 00265887 62 1. Ratan Tata is on the Board of a number of prestigious companies and Government bodies. an honorary doctorate in technology by the Asian Institute of Technology. 2013 Date of Birth: October 20. Date of Birth and DIN Mulheim. Muthuraman joined the Company in 1966 as a graduate trainee. in 2008. ultimately rising to the position of vice president. Ratan Tata has a Bachelor’s degree in Science in the field of architecture. Executive. C Road. Occupation. Ratan N. He has also been conferred an honorary doctorate in business administration by the Ohio State University. It is under his leadership that the Company has scaled new heights and established a presence as one of the leading steel conglomerates in the world. Tata Steel Global Procurement Co..Sr. Ratan Tata with its second highest civilian award. B. Singapore. he had been awarded the Padma Bhushan. NatSteel Holdings Pte Ltd. 9. 2009 to October 31. H. 1956 DIN: 03319129 Age (in years) 5. Germany Occupation: Professional Nationality: German Term: Retires by rotation Date of Birth: April 1. Singapore. 8. Pte Ltd. 11. Mr.

Hussain is also on the board of Tata Sons Limited and is the chairman of Voltas Limited and Tata Sky Limited.D. Hussain is the finance director of Tata Sons Limited and has been with the Tata Group for 30 years. He was also the managing director of Kerala Industrial and Technical Consultancy Organisation Limited which was set up to provide consultancy services to micro enterprises and small and medium enterprises. the JRD Tata Corporate Leadership Award 2000 from the All India Management Association. He has also attended the advanced management programme at the Harvard Business School. Mr. CEO of the Year Award from the Institute of Materials Management in 2002. Dr. Mr. Muthuraman also completed his Masters in Business Administration from XLRI Jamshedpur in 1975 and Advanced Management Programme from Institut Européen d'Administration des Affaires (European Institute for Business Administration. Business Standard Award. Mr. Mr. He served as director of Tata Communications Limited (Formerly Videsh Sanchar Nigam Ltd. Mr. Khartoum (Sudan) under World Bank Assistance Programmes. He is a member of the Institute of Chartered Accountants in England and Wales. and Ernst & Young's Entrepreneur of the Year award for manufacturing for 2001. He is also a Certified Associate of the Indian Institute of Bankers and is a Development Banker by profession. the Qimpro Platinum Standard 1997 for being a role model for quality leadership. He holds a Bachelors degree in Commerce from Mumbai University. Mr. Wadia was the chairman of organisations such as the Millowners' Association and the Associated Chambers of Commerce and Industry. from the University of Sheffield. He is the chairman and managing director of Sundram Fasteners Limited. Mr. Krishna holds a Bachelor’s Degree in Science from Madras Christian College and a Master of Arts (Literature) from the University of Wisconsin. Mr. the Juran Quality Medal from the Indian Merchants Chamber. Dr. Nagpur and a Masters of Science (Geology) from the Nagpur University. 2007. CEO of the year 2005 and CEO with HR Orientation Award in 2005. Wadia is a famous Indian industrialists and is also the chairman of various Indian companies. France. Palia is on the boards of various companies in the industrial and financial service sectors and is also actively involved as a trustee in various NGOs and Trusts. Suresh Krishna joined the Company as a Director in 1994. Palia has also acted as an advisor to Industrial Bank of Yemen. Jamshed J. Mr. Mr. He also holds a Masters degree in Metallurgy and Ph. He is also a trustee of the India Foundation of the Arts. in Metallurgical Engineering from Indian Institute of Technology Madras. Wadia was appointed to the Prime Minister's Council on Trade and Industry for the years 1998 to 1999 and from 2000 to 2004. Mr. He is also on the Managing Committee of the Nehru Centre. the national award for 2000 (for India) from the Asian Productivity Organisation. Krishna also served as a director on the central board of the Reserve Bank of India from 2000 to 2006. Irani holds degrees in Bachelor of Science (Geology) from Science College. S M Palia joined the Company in 1988 as a nominee director of IDBI and was appointed as a Director in 1994. Mr. He was the president of the Confederation of Engineering Industry from 1987 to 1988 and the president of the Automotive Component Manufacturers Association of India from 1982 to 1984. Saana (North Yemen) and Industrial Bank of Sudan. Nusli Neville Wadia joined the Company on August 29. He was appointed Managing Director of the Company on July 22. Prior to joining the Tata Sons Limited’s board in 1999. Business India Magazine's Businessman of the Year award. Mumbai. Mr.Tech. He was with IDBI Bank from 1964 to 1989 during which period he held various responsible positions including that of an executive director of IDBI Bank. Hussain has been a member of the Board of Trade of India and is currently a member of SEBI’s committees on capital markets. Mr. at the World HRD Congress at Mumbai. Ishaat Hussain joined the Company as a Director on July 15. He was appointed Executive Director (Special Projects) in August 2000 and played a key role the major diversification projects of the Company during that period. Japan. Mr. Hussain graduated in economics from the University of Delhi. and is also a qualified lawyer. Mr. Mr. Mr. Dr. 1999. Krishna has won numerous awards and honours.holds a B. Wadia has a distinct presence in public affairs and has been actively associated with leading charitable institutions. National HRD Network Pathfinders Award 2004 in the CEO Category. including the Sir Jehangir Ghandy Medal for Industrial Peace from XLRI in 1991. Krishna has been conferred with the "Padma Shri" award by the Government of India in 2006.) from May 2002 to March 2006 and has been involved in several other public bodies set up by the central and state governments. Irani was 117 . he held various positions in the Company and was a finance director of the Company for 10 years from 1989. He was awarded the Tata gold medal from the Indian Institute of Metals in 2002. B. 1995. Muthuraman was conferred the Honorary Fellowship by All India Management Association on September 6. Mumbai. Mr. 1979 as a Director. 2001 and is currently the Company’s Vice Chairman. Mr. Irani joined the Company in 1968 and was made Director in 1988.

Dr. He is chairman of the supervisory board of Stork B. including as a member of the Insurance Tariff Advisory Committee and the Economic Development Board of the State of Rajasthan. Following the takeover of Corus by Tata Steel in March 2007. Pune University. the president of the Association of Indian Automobile Manufacturers from 1993 to 1994. He has knowledge and experience of steelmaking in Europe. Institute for Steel Development and Growth and All India Management Association. the Netherlands Normalisation Institute and the Carnegie Foundation (Peace Palace in The Hague). He was appointed chief operating officer of Tata Steel Europe Limited in February 2010. Dr. Robb remained on the Board and. 2007. Deputy General Manager (Steel and Primary Mills). He joined the board of Corus Group plc. He is also the recipient of the first Distinguished Alumnus Award in 2005 by Indian Institute of Technology. in 2005 he was appointed a member and chairman of the supervisory board of Corus Nederland BV. Senior General Manager (Supply Chain) and Chief Operating Officer. Kohler.Schraven was appointed as an Additional Director of the Company with effect from May 17. where he gained his doctorate in 1988. Mr. He is also a director of several Tata companies. in December 2004. He is associated with several professional organisations. 2010. Schraven was appointed a non-executive director and deputy chairman of Corus Plc. he was awarded an honorary professorship in flat steel product technology by Freiberg University. where he was chairman of the executive board and a member of the executive board of the parent company. Mr. Robb remained a director of Pilkington until January 28. the European steelmaking federation. Dr. He was appointed chairman of the Expert Committee set up by the Ministry of Company Affairs. Bhargava holds a Bachelor’s degree in Mechanical Engineering from the University of Roorkee. which represents the interests of companies listed on the European stock exchanges. He is currently the chairman of the board and the audit committee of Tata Steel Europe Limited. Mr. In 2005. Robb has been a Non-Executive Independent Director of the Company since November 22. Mr. Senior Divisional Manager (LD-1). Nerurkar joined the Company on February 1.V. Mr. amongst others. India in December 2004 to advise the Government of India on drafting the new Companies Act. Andrew Robb is a Fellow of the Chartered Institute of Management Accountants and holds a Joint Diploma in Management Accounting. Mr. General Manager (Marketing). ThyssenKrupp AG. He has worked during his 30-year steel industry career at the companies that today comprise ThyssenKrupp Steel. Until October 2009. he was president of Eurofer. H. the German Iron and Steel Institute. Mr. Kohler is a former member of the executive committee of the World Steel Association and vice chairman of VDEh. He was also the chairman of the board of Shell Nederland BV. Karl-Ulrich Kohler was appointed as a Director of the Company with effect from November 12. Bhargava is currently the chairman of Tata Communications Limited and on the board of a number of companies. Nerurkar holds degree in Bachelor of Technology in metallurgical engineering from the College of Engineering. He was conferred an honourary Knighthood by Queen Elizabeth II in 1997 and was awarded the Padma Bhushan in 2007. Robb was finance director of the Peninsular and Oriental Steam Navigation Co. Mr. 2007. He is also member of the board of trustees of the Netherlands Blood Institute. has been chief executive officer and managing director of Tata Steel Europe Limited since October 1. and the vice president of the Tractor Manufacturers Association from 1991 to 1992. Mr. Mr. Mr. He became the Vice President 118 . Mr. 1982 and has held various positions including Chief Metallurgist. Bhargava was the group chairman and chief executive officer of the Eicher Group of companies and is now the chairman emeritus of the group. Roorkee. Until June 2005 he was President of the Confederation of The Netherlands Industry and Employers. Subodh Bhargava joined the Company as a Director in 2006. Kohler is based at IJmuiden in the Netherlands.V. 2010. including Tata Sons Limited and Tata Motors Limited. and member of the supervisory board of NUON Energy B. such as Indian Institute of Metals. between 1983 and 1989 and then became finance director of Pilkington Group PLC from 1989 to 2001. His experience ranges from project execution. as well as of the European steel supply chain and customer base. Mr. Jacobus Schraven: Mr. He is also the chairman of European Issuers.M. Mr. He has held positions with various state governments. and BNP OBAM NV. He studied metallurgy at Clausthal University of Technology. 2003.the Managing Director of the Company from 1992 to 2001. Schraven is an Officer of the l’Legion d’Honneur (France). manufacturing and quality control to supply chain and marketing. He was the president of the Confederation of Indian Industry for the years 1994 and 1995. Additionally. He has been chairman of the board of Tata Steel Europe Limited since March 2009 and its independent director since August 1. he became a Non-Executive Independent Director of the Company. 2003. Mr. and became chairman of the audit committee in August 2003. in November 2007.

medical allowance. ‘Steel 80's Award – 1990’. Where in any Financial Year comprised by the period of appointment.0 million for Financial Year 2010. car. H. the Company has no profits or its profits are inadequate. H. The aggregate of the salary. superannuation fund and gratuity as per the rules of the Company. 2013.M. Nerurkar received a commission of Rs. Nerurkar is entitled to certain perquisites including residential accommodation. the shareholders of the Company approved the appointment and terms of remuneration of Mr. 2010. H. 3.M. 2010 between Mr. Nerurkar as the Managing Director of the Company for a period commencing from October 1. Nerurkar was appointed as the Whole-time Director of the Company with effect from April 9. 2008 passed at the AGM. No sitting fees are paid to the Managing Director. 2009. H. At the AGM held on August 13.M. leave travel concession.M. During his career.M. Mr. The terms and conditions of his appointment were determined through a contract dated March 29. The Managing Director of the Company is not subject to retirement by rotation.M. perquisites and allowances payable. 2009 and as Managing Director with effect from October 1. H. ‘SAIL Gold Medal – 1989’. 2. Commission: Mr. 2009. Nerurkar is entitled to remuneration by way of commission. 2009 to September 30. 20. Borrowing Powers of the Board The Company has resolved by way of a resolution dated August 28. H. Managing Director Mr. This includes his salary as Executive Director with effect from April 9. Nerurkar received perquisites of Rs. in addition to salary. or otherwise as may be permissible at law. ‘Visveswaraya Award – 1988’ and ‘NMD Award 1987’. 2009. be in force. Nerurkar. ‘SMS Demag Excellence Award 2002’.02 million for Financial Year 2010 in his capacity as Executive Director with effect from April 9. the foregoing amount of remuneration and benefits shall be paid or given to the Whole time Director in accordance with the applicable provisions of Schedule XIII of the Companies Act and subject to the approval of the central government. H. Mr. 2009 to September 30. 2009 and Managing Director with effect from October 1. Mr. that pursuant to the 119 . 309 and other applicable provisions of the Companies Act read with Schedule XIII to the Companies Act as may for the time being. Perquisites: In addition to the salary. contribution to provident fund.10 million for Financial Year 2010. 7. B. Mr. special pay. Nerurkar received a salary of Rs. Nerurkar and the Company. H. allowances and perquisites in any financial year shall be subject to the limits prescribed from time to time under sections 198. C. H. Mr. Salary: Mr. 2009 to October 31. Nerurkar has been conferred with several prestigious awards such as the ‘Tata Gold Medal 2004’. The brief details of which are as follows: A.M.(Flat Products) in November 2002 and in September 2007 was appointed Chief Operating Officer. Notes: 1. 3. Terms of appointment of the Managing Director are as follows: 1.M.M. wherever required.

32 2 Mr. financial institutions. 2010. J. The commission is distributed on the basis of the attendance and contribution at the Board and certain committee meetings as well as time spent on operational matters other than at the meetings. for the purpose of Company’s business in excess of the aggregate of the paid-up capital of the Company and its free reserves (not being reserves set apart for any specific purpose) provided that the total amount of such borrowings together with the amounts already borrowed and outstanding shall not exceed Rs. Safety.40 Dr. Nusli N. 2010. James Leng 1 0. from time to time. Muthuraman 21 0. million) Meetings Attended Mr. In terms of the shareholders’ approval obtained at the AGM held on July 5.42 Mr. S. Muthuraman 2 Excluding retirement benefits of Rs. B.34 Mr. NBFCs etc. 20. Subodh Bhargava 17 0.. The Company pays sitting fees of Rs. Jacobus Schraven 11 0.02 Mr. Palia 31 0.000 per meeting to the NEDs for attending the meetings of the Board. 3 Mr. Nomination Committee.55 Dr. Remuneration Committee.181 Mr. 3. Ishaat Hussain 29 0. Philippe Varin resigned from the Board on May 27.34 Mr. Sitting Fees Board/Committee Amount (Rs. 400. Irani 16 0. Health and Environment Committee and other committees constituted by the Board from time to time.26 Mr. Karl-Ulrich Kohler5 1 Excluding retirement benefits of Rs. Further.000 per meeting. The following tables set forth all compensation paid by the Company to the NEDs for Financial Year 2010. B. 2010.22 Mr. Name of Director 120 .62 Mr.63 million paid to Dr. Audit Committee. J.M. the Board decided that no commission be paid to the Non-Executive Directors of the Company for Financial Year 2010.15 Mr.34 Mr. Executive Committee of the Board. Andrew Robb 21 0. Ratan N. Philippe Varin4 2 0. Tata 17 0.provisions of Section 293(1)(d) of the Companies Act the Board is authorised to borrow moneys (apart from temporary loans obtained from the bankers of the Company in ordinary course of business) from banks. Kirby Adams resigned from the Board on September 30. 5 Dr. based on the recommendation of the Remuneration Committee. A. Suresh Krishna 9 0.000 million.90 million paid to Mr. 4 Mr. Karl-Ulrich Kohler was appointed as a Director with effect from November 12. 31. 5. the Company pays to the NEDs sitting fees of Rs. Compensation of the Directors The following tables set forth all compensation paid by the Company to the Directors for Financial Year 2010. Jamshed J. it was decided that commission shall be paid at a rate not exceeding 1% per annum of the profits of the Company computed in accordance with Section 309(5) of the Companies Act. For meetings of Investor’s Grievance Committee and Ethics and Compliance Committee. Non-Executive Directors The Non-Executive Directors (“NEDs”) are paid remuneration by way of commission and sitting fees. Kirby Adams3 17 0. Wadia 13 0. 2009. Irani.

H. B. Tata Mr. perquisites and allowances (fixed component) and commission (variable component) to Managing Director.34 30. subject to overall ceilings in accordance with Sections 198 and 309 of the Companies Act. B.09 Mr.02 Commission (Rs. H. as at the date of this Red Herring Prospectus: Name of Directors Mr. The specific amount payable to such Directors is based on the performance criteria laid down by the Board which broadly takes into account the profits earned by the Company for the year. S. as recommended by the Remuneration Committee are approved by the Board. 2009 April 9. Anthony Hayward Mr.M.208 2.M. 2007 May 17. Andrew Robb Mr.070 1. Palia Mr. The ceiling on perquisites and allowances as a percentage of salary is fixed by the Board. 2009 ** Executive Director with effect from April 9. Annual increments effective from April 1. The following tables set forth all compensation paid by the Company to the Managing Director and Wholetime Directors for Financial Year 2010: Name of Director Salary (Rs. million) Mr. 2009 Shareholding of the Directors in the Company The following table details the shareholding of the Directors in their personal capacity and either as sole or first or joint holder.216 8. Philippe Varin Dr. Salary is paid within the range approved by the shareholders.10 20. 2009 to September 30. Muthuraman * 6.B. 2009 May 27. 2009 September 18. 2009 November 12. million) Perquisites and Allowances (Rs.012 121 . Nerurkar Mr. Ishaat Hussain Dr. H. the perquisites package is approved by the Remuneration Committee. 2009 September 30. 2007 May 17.0 40. 2009 and Managing Director with effect from October 1.M. Ratan N. 2007 May 17. million) Total (Rs.821 5. 2010 Reason Appointed Resigned Resigned Resigned Resigned Appointed Appointed Number of Equity Shares 24. 2007 April 9. Kirby Adams Mr. Muthuraman Mr.0 30. Karl-Ulrich Kohler Date of Appointment November 22.75 3. million) 3. Within the prescribed ceiling. The commission is calculated with reference to the net profits of the Company in a particular Financial Year and is determined by the Board of Directors at the end of the Financial Year based on the recommendations of the Remuneration Committee. Nerurkar ** 7. 2010 Date of Cessation July 07. Irani Mr. Subodh Bhargava Changes in the Board of Directors during the last three years Name Mr.M. Nerurkar Dr. Jamshed J. James Leng Mr. each year.490 592 3. Executive Director The Company pays remuneration by way of salary.12 * Managing Director till September 30.

These are (i) Audit Committee. (Independent. iii. The number of Non-Executive Directors (“NEDs”) is more than 50% of the total number of Directors. The Company has a non-executive Chairman and the number of Independent Directors is 50% of the total number of Directors. (ii) Nomination Committee. Subodh Bhargava. Non-Executive Director) The Company established the Audit Committee in 1986. held by them or their dependants and relatives or that may be subscribed by or allotted to the companies. Except as stated otherwise in this Red Herring Prospectus. Andrew Robb. Except as stated otherwise in this Red Herring Prospectus.M. All of the Directors may also be deemed to be interested to the extent of any dividend payable to them and other distributions in respect of the said Equity Shares. holding periodic discussions with the statutory auditors and the internal auditors 122 . Health and Environment Committee and (v) Ethics and Compliance Committee. namely. The Company has also constituted five other Board level committees. Non-Executive Director) Mr. the Directors do not have any other interest in the business of the Company. iv. agreements or arrangements or are proposed to be made to them. its scope and its composition is given below: The Audit Committee The Audit Committee consists of: i. pursuant to this Issue. in which they are interested as directors. The Directors may also be regarded as interested in the Equity Shares. None of the Directors on the Board is a member on more than 10 committees and chairman of more than five committees across all the companies in which he is a director. Non-Executive Director) Mr. Chairman (Independent. Non-Executive Director) Mr. A brief on each Committee. partners. as specified in Clause 49 of the Listing Agreement. and to the extent of remuneration paid to them for services rendered as an officer or employee of the Company. if any. if any. (ii) Investors’ Grievance Committee and (iii) Remuneration Committee. ii. members. the Company’s Directors have not taken any loan from the Company. of which 6 Directors are independent. The Company has 12 Directors on its Board. The Company is in compliance with the Clause 49 of the Listing Agreement pertaining to compositions of directors. firms and trusts. Except as stated in the section “Financial Statements . The Directors have no interest in any property acquired by the Company within two years from the date of this Red Herring Prospectus. reviewing the findings of the internal auditor relating to various functions of the Company. Palia. The Audit Committee is responsible for reviewing the Company’s compliance with internal control systems. Mr. (i) Executive Committee of the Board. (iv) Safety.Related Party Transactions” beginning on page F-84 of this Red Herring Prospectus and described herein and to the extent of shareholding in the Company. (iii) Committee of Directors. agreement or arrangement during the preceding two years from the date of this Red Herring Prospectus in which the Directors are interested directly or indirectly and no payments have been made to them in respect of these contracts. trustees and promoters. (Independent. Ishaat Hussain (Non-Independent. which have been constituted and function in accordance with the relevant provisions of the Companies Act and the Listing Agreement. S. There are three Board level committees in the Company.Interest of Directors All of the Directors may be deemed to be interested to the extent of fees payable to them for attending meetings of the Board of Directors or a Committee thereof as well as to the extent of other remuneration. commission and reimbursement of expenses payable to them under the Articles. the Company has not entered into any contract. Corporate Governance The Company has complied with SEBI Regulations and the Listing Agreement in respect of corporate governance including with respect to constituting the various committees of the Board.

Ishaat Hussain. The Remuneration Committee The Remuneration Committee consists of: i. ii. non-receipt of balance sheet. Non-Executive Director) Mr. to be paid to them.of the Company concerning the accounts of the Company. 2009 to March 31. The Committee met once in Financial Year 2010. recommending to the Board of Directors the remuneration. internal control systems. the appointment of auditors and the remuneration of the auditors. Managing Director and Dr. Ratan Tata (Non-Independent. iii. perquisites and commission. six complaints were pending. Palia (Independent.M. Suresh Krishna. the Company’s key managerial personnel are as follows: Group Corporate Functions • • Koushik Chatterjee. non-receipt of dividend warrants etc. half-yearly and annual financial results of the Company before submission to the Board of Directors. Mr. and recommending to the Board of Directors retirement benefits to be paid to the Managing Director and the full-time Directors under the Retirement Benefit Guidelines adopted by the Board of Directors. Suresh Krishna (Independent. Karl-Ulrich Kohler.492 complaints from shareholders and regulatory authorities etc. The Committee met thrice in Financial Year 2010. including audit reports. The Audit Committee met eight times in Financial Year 2010. Chairman (Independent. 2010. Mr. Managing Director and Chief Executive Officer of Tata Steel Europe Limited (“TSE”). the scope of audit and observations of the independent auditors and internal auditors. Nerurkar. During the period from April 1. Employee Stock Options Scheme The Company has not issued any Equity Shares or granted any options under any scheme of employees stock option or employees stock purchase. Group Chief Financial Officer Jean-Sébastien Jacques. S. Non-Executive Director) The Company established a Remuneration Committee in 1993. The Remuneration Committee also functions as the Compensation Committee as per the SEBI guidelines on employees’ stock option schemes.M. Chairman (Non-Independent. reviewing the quarterly. As of March 31. the Company received 1. Non-Executive Chairman) Mr. Non-Executive Director) Mr. 2010. including salary. H. after considering the Company’s performance. ii. Non-Executive Director) The Committee was constituted to look into the redressal of grievances of investors like non receipt of share certificates. Group Director(Strategy) 123 . The Remuneration Committee is responsible for reviewing the performance of the Managing Director and the full-time Directors. and making recommendations to the Board of Directors on any matter relating to the financial management of the Company. Management Organisation Structure The Company’s management organisation structure is as follows: In addition to Mr. The Shareholders’ Committee The Shareholders’ Committee or the Investors’ Grievance Committee consists of: i.

Director Strip Products UK Hub.• • • • • • • Manzer Hussain. TSE Partha Sengupta. Group Director (Communications) Kees Gerretse. (Corus Consulting) TSE Bimlendra Jha. NatSteel Holdings Sandip Biswas. TSE Anand Sen. TSE Dr. Anjeneyan. and IR) Theo Henrar. President. Debashish Bhattacharjee. Principal Executive Officer Jon Ferriman. (Corporate) Laptawee Senavonge. Director (Research. Director. Director (Environment) Shreekant Mokashi. Director Sales and Marketing Mainland Europe. TSE Abanindra M. Vice President. Director Legal. Misra. Executive Officer to the Managing Director and Chief Executive Officer. TSE None of the key management personnel are related to each other. TSE Arun Misra. Vice President. (Safety and Flat Products) Rod Jones. TSE N. Tata Steel Thailand Vivek Kamra. (Total Quality Management and Shared Services) Frank Royle. Group Head (Corporate Finance. 124 .N. Chief Technology Officer. Sinter and Iron. TSE Sanjeev Paul. Director (Finance). Director Strip Products Mainland Europe Hub. TSE Varun Jha. Chief (Group Information Services) Senior Management: • • • • • • • • • • • • • • • • • • • • • • • • • • • • Uday Chaturvedi. Group Head. (Corporate Services) Jon Bolton.V. Group Director(Total Quality Management) Dr. Group Head (Corporate Assurance and Risk Management) A. Company Secretary and Chief of Compliance Helen Matheson. Director. Director Long Products EU Hub. Vice President. (Mergers and Acquisitions) Dook van den Boer. Vice President (Coke.S. (Orissa Project) Alastair Aitken. President and Chief Executive Officer. Vice President. Vice President (Engineering and Chhattisgarh Project) Tor Farquhar. (Long Products) V. Director Supply Chain. Development and Technology) Andrew Page. Narendran. Treasury and Investor Relations) Lim Say Yan. Vice President. Misra. TSE T. Group Director(Procurement and Transport) Avneesh Gupta. (Raw Materials) Hridayeshwar Jha. Shaun Doherty. (Human Resource) TSE Adriaan Vollebergh. Paul Brooks. Vice President. Murty. Director Sales and Marketing UK & Ireland and International. Director(Health and Safety) Dr.K. Chief Financial Controller.

24 Homi Mody Street. 8. 1. Tata Sons became a deemed public company with effect from May 1. both created by the sons of the founder. Mistry Designation Chairman Director Director Executive Director Finance Director Director Executive Director Director 125 . bank account numbers and company registration number of Tata Sons and the address of the Registrar of Companies where Tata Sons is registered have been submitted to the BSE and NSE. Tata Mr. Tata Investment Corporation Limited (TICL) and Tata Teleservices (Maharashtra) Limited are listed on the stock exchanges. Tata Sons is the owner of the Tata brand name and the Tata trademarks. R. The framework encompasses four approaches—Assurance. 1913 on November 8. Cyrus P. Gopalakrishnan Mr. Board of Directors The board of directors of Tata Sons as of November 30. J. Name Mr. J. Ratan N. the two largest shareholder trusts being the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. This is done to assist Tata companies to achieve well-defined levels of business excellence using the TBEM framework. The Company confirms that the permanent account number. Tata Sons is the principal investment and holding company of various Tata companies and has a significant shareholding in the share capital of major operating companies which it has promoted. Fort. 2010 consists of: Sr. Tata Sons CIN: U99999MH1917PLC000478 Tata Sons was incorporated as a private limited company under the Indian Companies Act. project finance and treasury and portfolio management of operating and investment companies. 3. In addition to its significant holdings in major operating companies. 2. Tata Sons also has two operating divisions: Tata Financial Services (“TFS”): This division provides financial advisory services related to corporate finance and restructuring. which are registered in India and several other countries and are used by most of the Tata companies in relation to their corporate names. 7. Tata Consultancy Services Limited (“TCS”). R. Tata Quality Management Services (“TQMS”): This division is involved in creating awareness of and imparting training in the Tata Business Excellence Model (“TBEM”) amongst Tata companies. Assistance and Award (the JRD QV Award). Irani Mr. Its registered office is located at Bombay House.THE PROMOTER AND GROUP COMPANIES The promoter of the Company is Tata Sons Limited (“Tata Sons”). Presently about 66% of the ordinary capital of Tata Sons is now held by public philanthropic trusts endowed by members of the Tata family. Kavarana Dr. products and services. 1975. K. K. R. Krishna Kumar Mr. Gandhi Mr. 4. Ishaat Hussain Mr. 6. A. Tata Sons is the successor to trading firms promoted by the founder Jamsetjee Tata and was in existence long before the creation of Tata Trusts. 5. Assessment. No. 1917. Mumbai 400 001. F. Amongst its subsidiaries.

A. Financial Performance The summary audited financial statements for the last three years are as follows: (in Rs.319.124.83 2.00 91.00 385.3 Earnings per share (EPS) (Rs.766.155.Changes in management of Tata Sons in the last three years Name of Director Mr.251.40 0.210. Tata Sons does not have any other interest in the Company’s business.432.) 32.385.535. There have been no overdue/defaults to any banks/financial institutions by Tata Sons. million. Tata Sons confirms that they have no interest in any property acquired by the Company during the last two years from the date of filing of this Red Herring Prospectus.7 37.240.1 404.0 Equity capital (par value Rs.798. 1.056.1 44.428.00 69.443.1 404. 2010 is as follows: Name Charitable Trusts Tata Companies Other Companies Directors Individuals Total The equity shares of Tata Sons are not listed on any stock exchange.2009 Shareholding Pattern of Tata Sons The shareholding pattern of Tata Sons as on November 30.9 30.00 Net asset value per equity share (Rs.324. 2010) Number of Shares as a percentage of Equity Shares total number of shares 4.497 0. Syamal Gupta Mr.8 41.86 18.38 Shareholding (%) 65.49 4.250. Name of the shareholder Tata Motors Limited Tata Chemicals Limited Tata Investments Corporation Limited 126 Total Equity Shares held (September 30.00 .000 per share) 404. No 1. N. and to the extent of shareholding and warrants held in the Company.00 Interests of Tata Sons in the Company and Common Pursuits Except as stated in the section “Financial Statements .885 0. none of the Group Companies of Tata Sons holds any Equity Shares.0 180.977 0.89 12. Except as disclosed below.02 100.7 Profit after tax (PAT) 16.47 3.00 447.Related Party Transactions” on page F-84 of this Red Herring Prospectus. 2009 March 31. except per share data) As of and for the Financial Year ended March 31 2010 2009 2008 Total Income 28.2 155. warrants or other convertible instruments in the Company: Sr. Soonawala Mr.) 469.243. 2010 April 15.271. Alan Rosling Change (Appointment/Cessation) Cessation Cessation Cessation Date of change June 27. 3.1 Reserves and Surplus 189. 2.

1997 was disclosed as a promoter of Rallis India Limited. 7. 3. 10. and to the extent of shareholding in the Company.675 0. Payment of Benefits to Tata Sons Except as stated in the section “Financial Statements .021 0. prosecution or other regulatory action. Tata Sons as a direct promoter has not disassociated itself with any company during the last 3 Financial Year. 2. Companies with which Tata Sons has disassociated in the last three years: Tata Sons under Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation.117 0. 9.Related Party Transactions” on page F-84 of this Red Herring Prospectus.00 2. In August 2009. inside and outside India. Tata Sons transferred its entire holding in Rallis India Limited to Tata Chemicals Limited and hence ceased to be a promoter.17 791.795. 2010: Sr. adjudication. Name Advinus Therapeutics Private Limited Niskalp Energy Limited Tata Advanced Systems Limited 127 .00 12.00 There are no significant explanatory notes in the auditors’ report in relation to the financial statements of Tata Sons.09 15. subjected to any penalties or disciplinary action or investigation by the SEBI or the stock exchanges. or found to be non-compliant with securities law. No. 6. No 4.000 0. Tata Sons and its directors have not been: • prohibited from accessing the capital markets under any order or direction passed by the SEBI and no penalty has been imposed at any time by any of the capital market regulators (including the SEBI) or other regulatory authorities or courts/tribunals.00 1 0. Companies promoted by Tata Sons Direct Subsidiaries of Tata Sons The following is a list of the direct subsidiaries of Tata Sons as on December 15.20 1. there has been no payment of benefits to Tata Sons during the two years prior to the filing of this Red Herring Prospectus. Name of the shareholder Ewart Investments Limited Tata AIG Life Insurance Company Limited Tata Industries Limited Tata AIG General Insurance Company Limited Tata Capital Limited Tata Global Beverages Limited Titan Industries Limited Niskalp Energy Limited Total Equity Shares held (September 30. 5.00 13.025 0. 11. refused listing of their equity shares or failed to meet the listing requirements of any stock exchange. 2010) Number of Shares as a percentage of Equity Shares total number of shares 1. 1. in India or abroad.550.500 0.Sr. nor has any regulatory authority or court/tribunal (inside and outside India) found any probable cause for enquiry. • • • None of the companies promoted by Tata Sons have been prohibited from accessing capital markets under any order or direction passed by the SEBI. 8.142 0.

26. 5. 2. 10. 8.R. Good Health TPA Services Limited Graziella Shoes Limited Gurgaon Construct Well Private Limited Gurgaon Infratech Private Limited Gurgaon Realtech Limited India Emerging Companies Investment Limited Indian Rotorcraft Limited Infiniti Retail Limited Inshaallah Investments Limited 128 . 6. Ltd. 4. 16. 12. 23.A. Zug Tata International Limited Tata Realty and Infrastructure Limited Tata Sky Limited Tata Teleservices Limited Indirect Subsidiaries of Tata Sons The following is a list of the indirect subsidiaries of Tata Sons as on December 15. Name Tata Asset Management Limited Tata Autocomp Systems Limited Tata Business Support Services Limited Tata Capital Limited Tata Consultancy Services Limited Tata Consulting Engineers Limited Tata Housing Development Company Limited Tata Industries Limited Tata International AG. 15. Financial Network Services (Beijing) Co. 19. 12. 17. 21. 1. 29. 14. 30. 14. 13. No. 33. 31.L. 15. 2010: Sr. 7. 34. 11. 11. 16. 6. 24. 9. No. 18. 5.Sr. 25. 27. 9. Ahinsa Realtors Private Limited Apex Investments (Mauritius) Holdings Private Limited APONLINE Limited Ardent Properties Private Limited Arrow Infraestate Private Limited AVANA Integrated Systems Limited Blackwood Hodge Zimbabwe (Private) Limited C-Edge Technologies Limited CMC Americas Inc CMC Limited Cometal. 8. 7. Computational Research Laboratories Limited Concept Marketing and Advertising Limited Diligenta 2 Limited Diligenta Limited e-Nxt Financials Limited ERI Holdings Corp Ewart Investment Private Limited Ewart Investments Limited Exegenix Research Inc. S. 20. 22. 13. 3. 32. 4. 28. 10. Name 21st Century Infra Tele Limited Acme Living Solutions Private Limited ACTVE Digital Services Private Limited Advinus Therapeutics Inc.

62. Tata Consultancy Services (South Africa) (PTY) Ltd. 80. 61. 40. 54. 52. 82. 45. 47.A. 83. Limited Tata Consultancy Services (Africa) (PTY) Ltd.R.. 64. 74. 44. 59. Tata Consultancy Services (China) Co. 77. 58. 49. Tata Consultancy Services (Philippines) Inc. 63. 50. 56. Zug Tata AIG General Insurance Company Limited Tata AIG Life Insurance Company Limited Tata America International Corporation Tata Asset Management (Mauritius) Private Limited Tata Automobile Corporation (SA) (Proprietary) Limited Tata Capital Advisors Pte.A. No. 48. 85. 51. 69.L. Name Landscape Structures Private Limited Light Source Manufacturers Limited MahaOnline Limited MGDC S. 68. 86. 75. 41. Tata Consultancy Services Asia Pacific Pte Ltd. 60. Tata Consultancy Services (Thailand) Limited Tata Consultancy Services Argentina S.C. 57. 42. 78. 73. 53. 36. 38. 37. 72. Tata Africa Holdings (Ghana) Limited TATA Africa Holdings (Kenya) Limited Tata Africa Holdings (SA) (Proprietary) Limited Tata Africa Holdings (Tanzania) Limited Tata Africa Services (Nigeria) Limited Tata Africa Steel Processors (Proprietary) Limited Tata AG. Ltd. 76. 39. 46. Limited Tata Capital Plc Tata Capital Pte. 43. MMP Mobi Wallet Payment Systems Limited MP Online Limited Nanjing Tata Autocomp Systems Limited Nova Integrated Systems Limited Pamodzi Hotels Plc Panatone Finvest Limited Pioneer Infratech Private Limited PT Financial Network Services PT Tata Consultancy Services Indonesia Smart Value Homes Private Limited SUPERVALU Services India Private Limited T Sec Commodities Broking Limited Taco Composites Limited TACO Grundstuckverwaltungs GmbH TACO Holdings (Mauritius) Limited TACO Kunststoffechnik GmbH TACO Mobility Telematics Limited TACO Sasken Automotive Electronics Limited Tara Aerospace Systems Limited TASL Aerostructures Private Limited Tata Advanced Materials Limited TATA Aerostructures Limited Tata Africa (Senegal) S. 66. 65. 79. 129 . 35.Sr. 55. Limited Tata Capital Housing Finance Limited Tata Capital Markets Limited Tata Capital Markets Pte. 67. 71. 81. 84. 70.

129. 96. Inc TCS e-Serve International Limited TCS e-Serve Limited TCS Financial Solutions Australia Holdings Pty Limited TCS Financial Solutions Australia Pty Limited TCS FNS Pty. 107. 124. 136. Tata Consultancy Services De Espana S.Sr. 125. 135. Tata Consultancy Services Deutschland GmbH Tata Consultancy Services Do Brasil Ltda Tata Consultancy Services France SAS Tata Consultancy Services Japan Ltd. 127.A Tata Consultancy Services Malaysia Sdn Bhd Tata Consultancy Services Morocco SARL AU Tata Consultancy Services Netherlands BV Tata Consultancy Services Portugal Unipessoal Limitada Tata Consultancy Services Sverige AB Tata Consultancy Services Switzerland Ltd Tata De Mocambique.A TC Travel and Services Limited TCE QSTP-LLC TCS e-Serve America. 95. 137. Name Tata Consultancy Services Belgium SA Tata Consultancy Services BPO Chile SA Tata Consultancy Services Canada Inc. De C. 93. 121.V. 117. 120. 102. 114. 103. 116. Limitada Tata Industrial Services Limited Tata Information Technology (Shanghai) Company Limited Tata Infrastructure Capital Limited Tata Interactive Systems AG. 130. Limitada Tata Holdings Mocambique. Switzerland Tata Interactive Systems GmbH. No. 88. Tata Consultancy Services Luxembourg S. 113. 119. 108. 92. Limited TCS Iberoamerica SA TCS Inversiones Chile Limitada TCS Italia SRL TCS Management Pty Ltd. 100. 111. 133. 87. Tata Consultancy Services De Mexico S. 109.A. 110. 115. 99. 128. 97. 98. 126. 90. 138. 112. 122.. 91.A. 130 . 118. 131. 89. 123. 106. 105. 104. 94. 134. 101. Germany Tata International (Australia) Proprietary Limited Tata Internet Services Limited Tata Investment Corporation Limited Tata Limited Tata Namibia (Pty) Limited Tata Pension Management Limited Tata Petrodyne Limited Tata Securities Limited Tata South-East Asia Limited Tata Teleservices (Maharashtra) Limited TATA Toyo Radiator Limited Tata Trustee Company Limited Tata Uganda Limited Tata West Asia FZE Tata Zambia Limited Tata Zimbabwe (Private) Limited TATASOLUTION CENTER S. Zug. 132.

Name TCS Solution Center S. 14. TCS Uruguay S. 8. 6. 25. 2010: Sr.A. 15. 158. 153. 154. 140.Sr. Zug Tata International Limited Tata Investment Corporation Limited 131 . 7. 24. TRIF Gandhinagar Projects Private Limited TRIF Gurgaon Housing Projects Private Limited TRIF Hyderabad Projects Private Limited TRIF Infrastructure Private Limited TRIF Investment Management Limited TRIF Kolkata Projects Private Limited TRIF Mega Projects Private Limited TRIF Property Development Private Limited TRIF Real Estate and Development Private Limited TRIF Realty Projects Private Limited TRIF Structures and Builders Private Limited TRIF Trivandrum Projects Private Limited TRIL Constructions Limited TRIL Developers Limited TRIL Highway Projects Limited TRIL Logistics Private Limited TS Investments Limited TT Holdings & Services Private Limited VIOM Networks Limited WTI Advanced Technology Ltd. 17. 4. 11. No. 142. 144. 143.A. 13. 16. 12. 151. 157. 156. Name Advinus Therapeutics Private Limited Computational Research Laboratories Limited e-NXT Financials Private Limited Ewart Investments Limited Ewart Investments Private Limited Infiniti Retail Limited Panatone Finvest Limited Strategic Equipment Supplies Limited Tata Advanced Systems Limited Tata AIG General Insurance Company Limited Tata AIG Life Insurance Company Limited Tata Asset Management Limited Tata Business Support Services Limited Tata Capital Limited Tata Chemicals Limited Tata Communications Limited Tata Consultancy Services Limited Tata Consulting Engineers Limited Tata Elxsi Limited Tata Global Beverages Limited Tata Housing Development Company Limited Tata Industries Limited Tata International AG. 9. 145. 3. 149. Group Companies of Tata Sons The following are the Group Companies of Tata Sons as on December 15. 146. 150. 159. 2. 147. 10. 19. 1. 23. 22. 139. No. 21. 152. 18. 20. 5. 155. 160. 141. 148.

TCS is principally engaged in providing information technology (“IT”) and IT enabled services. 29.000. 2010. 31. the name of RR Donnelley (India) Private Limited was changed to Orchid Print India Limited on March 19. 27. Interest of the Promoter Tata Sons Limited holds 1. subsequently renamed as Tata Infomedia Limited. 1995 in Mumbai. Nirmal Building. 35. TCS sold its entire holding in Tata Infomedia Limited. Further.000 million. 33. These preference shares carry a fixed cumulative dividend of one percent per annum and a variable non cumulative dividend of one percent of the difference between the rate of dividend declared during the year on the equity shares of the company and the average rate of dividend declared on the equity shares of the company for three years preceding the year of issue of the redeemable preference shares. 2002. At that time. The transfer was effective from April 1. in terms of market capitalisation are: 1. Mumbai 400 021. London Tata Motors Limited Tata Petrodyne Limited Tata Realty and Infrastructure Limited Tata Services Limited Tata Sky Limited Tata Teleservices (Maharashtra) Limited Tata Teleservices Limited Tata Trustee Company Limited The Indian Hotels Company Limited The Tata Power Company Limited Titan Industries Limited Trent Limited TS Investments Limited Voltas Limited Tata Autocomp Systems Limited Details of the top five Group Companies The details of the Company’s top five listed Group Companies. 26. Tata Sons has subscribed to 1. whereby it became a wholly owned subsidiary of Tata Sons. 2003 and April 7.000 redeemable preference shares of Re. the Tata Consultancy Services division of Tata Sons Limited was transferred to TCS pursuant to the orders of the Bombay High Court dated May 9. 39. On December 30. 38. On August 9. 2004 and in terms of a scheme of arrangement under sections 391-394 of the Companies Act. Thereafter. 40. 132 . 30. 1 each aggregating to Rs. 2004. No.443. 41. 2001. Nariman Point. 37. between Tata Sons. 2003. aggregating to 73. The main object of RR Donnelley (India) Private Limited was to invest and hold the paid up capital of Tata Donnelley Limited. 32. Name Tata Limited. 1 each. 2004. 34. the primary business of Orchid Print India Limited was to hold the equity shares of Tata Infomedia Limited.398 equity shares of Re.404.000. The name of Orchid Print India Limited was changed to Tata Consultancy Services Limited on December 17. Tata Consultancy Services Limited (“TCS”) TCS was incorporated as RR Donnelley (India) Private Limited on January 19. 28. Tata Sons acquired the entire shareholding of RRDM in RR Donnelley (India) Private Limited. 36. The registered office of TCS is at 9th Floor. 1.Sr. TCS and their respective shareholders and creditors. In June 2000. RR Donnelley and Sons Company (“RRD”) had through its wholly owned subsidiary RR Donnelley (Mauritius) Holdings Limited (“RRDM”) invested in 100% of the shares of RR Donnelley (India) Private Limited.75% of the issued and paid-up equity share capital of TCS as on September 30.

00 1069.95 960. The details of the highest and lowest price on the NSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Source: www.00 1072.564.81** 51.20 978. *** The total number of shares of TCS was 1.775.com Monthly High (Rs.610.90 273.00 835.600 equity shares of Re.)*** Net asset value per equity share (Rs.00 885.050.) 1.90 Monthly Low (Rs.220.180.000 equity shares and an offer for sale of 32.10 70. redeemable preference shares of Re.Financial Performance The summary audited financial statements for the last three years are as follows: As of and for the Financial Year ended March 31 2010 2009 2008 303.60 1006. 2009 and March 31. 1 each aggregating Rs.40 125.00 1108.20 1.134.70 Sales and other income Profit after tax (PAT) Equity capital (par value Re.95 869. There was 133 .60 978.90 233.710 155.009.00 922.10 828.00 1002.996 as on March 31.00 829.600 equity shares by certain selling shareholders (including Tata Sons Limited).048.40 998.20 50.000 million have been allotted on March 28. 1 per share) Reserves and Surplus Earnings per share (EPS) (Rs.80 Monthly Low (Rs.957.478.)*** * Apart from equity capital.260.006.com Monthly High (Rs. 1 each for cash at a price of Rs.7 million in August 2004.023 35.36 94.677.00 1107.022 121.) 1.nse-india. **Adjusted for bonus issue of 978.bseindia.40 160.55 835. consisting of a fresh issue of 22. 2008.452. 2010 and 978. Share price information The equity shares of TCS are listed on the NSE and the BSE.) 1. The said shares are fully paid-up.498.00 859.498 as on March 31.40 52. 2008. 47.957.55 725. 850 per share aggregating Rs.40 858.179.858.75 The details of the highest and lowest price on the BSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Source: www. Promise vis-a-vis Objects TCS completed a public issue of 55.60* 181.50 Details of public / rights issue made in the last three years TCS has not made any public or rights issue in the last three years other than as provided below and there has been no change in the capital structure in the last six months.00 883. 1.) 1.67 26.70 725.610.

000 million to Tata Sons Limited pursuant to the scheme of arrangement. 850 per equity share aggregating Rs. No financial projections were made in the prospectus for the issue. and large buses and coaches to passenger cars. 134 . 2004. Mr. 1913 as Tata Locomotive and Engineering Company Limited. etc. TML is principally engaged in the business of manufacturing automotive vehicles and activities ancillary thereto.2 million. including the world’s most affordable car — the Tata Nano. TML produced only commercial vehicles until 1991. non receipt of dividend/ interest/ annual reports. premium luxury cars and sport utility vehicles. Mumbai 400 001. Mr. Thyagarajan. 10 each aggregating to 27. The issue closed on August 5. analysts.980. Mechanism for redressal of investor grievance The board of directors of TCS has constituted a shareholders/investors grievance committee comprising of Mrs. S. The IRD focuses on servicing the needs of investors. Chairperson. medium. The object of the issue was to create a public trading market for the equity shares of TCS by listing them on the stock exchanges. ranging from sub 1 ton to 49 ton gross vehicle weight. Laura M. 2003. TCS did not receive any proceeds of the offer for sale of equity shares by the selling shareholders and from the sale of equity shares pursuant to the exercise of green shoe option.880 equity shares offered by Tata Sons Limited for cash at a price of Rs.317.939 ordinary shares of Rs. TML has a substantial presence in India and also owns Jaguar and Land Rover premium passenger vehicles brands. Its name was changed to Tata Engineering and Locomotive Company Limited on September 24. in accordance with clause 49 of the listing agreement with the Stock Exchanges to specifically look into the redressal of complaints of investors such as transfers or credit of shares to demat accounts. 1960 and to Tata Motors Limited on July 29. Ramadorai. This business was discontinued in 1971. Cha.22% of the total issued and paid-up ordinary share capital of TML and 21. 24 Homi Mody Street. The automotive vehicle business commenced with the manufacture of commercial vehicles under financial and technical collaboration with Daimler-Benz AG (now Daimler AG) of Germany. 2010. It offers a broad portfolio of automotive products. Fort. Suprakash Mukhopadhyay (company secretary) is the compliance officer.also a green shoe option of 8. V. By volume. there was one investor grievance pending against TCS. The registered office of TML is at Bombay House. Interest of the Promoter Tata Sons holds 137. 2.070. it has been manufacturing automotive vehicles. 1945 in Mumbai as a public limited liability company under the Indian Companies Act. 23. brokers and the general public. when it started producing passenger vehicles as well. 7. 2004 prior to the company's initial public offering of its equity shares. the largest commercial vehicle manufacturer in terms of revenue in India and among the top three passenger vehicle manufacturers in terms of units sold in India during Financial Year 2010. 10 each aggregating to 34. TML commenced operations as a steam locomotive manufacturer. director and Mr.858. As at September 30. An Investor Relations Department (“IRD”) was set up in June. 2010. The net proceeds of the fresh issue of equity shares have been fully utilized in paying in part the transfer consideration of Rs. it is the world’s fourth largest truck manufacturer and the second largest bus manufacturer in above eight ton category. This agreement ended in 1969. Since 1954. Tata Motors Limited (“TML”) TML was incorporated on September 1.25% of the total issued and paid-up ‘A’ ordinary share capital of TML as on September 30.511 ‘A’ ordinary shares of Rs. trucks (including pickup trucks) to small. It is the largest automobile manufacturer by revenue in India. director.

0 76.9 (56.70 1.50 805.092.00 1.com Monthly High (Rs.358. Share price information The equity shares of TML are listed on the NSE and the BSE.20 600.052.35 The details of the highest and lowest price of ordinary shares on the BSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 Monthly High (Rs. Surplus” in respect of a group of subsidiary The details of the highest and lowest price of ordinary shares on the NSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Source: www.) 1.25 Monthly Low (Rs.381.85 1.00 1.138.00 135 Monthly Low (Rs.43 Sales and other income Profit after tax (PAT) Equity capital (par value Rs.706.799.4 83.5) 5.15 835.119.855.347.348.6 5.) 1.nse-india.00 1.nse-india.00 632.) The actuarial losses (net) have been accounted “Reserves and companies.) 1.50 740.093.00 940.382.31 225.83 (25.718.40 1.710.8 48.058.00 1.60 1.05 Monthly Low (Rs.002. million except per share data) As of and for the Financial Year ended March 31 2010 2009 2008 943.00 1.003.5 54.com Monthly High (Rs.) 868.210.140.25 407.115.265.50 869.24 51.7 716.) for ordinary shares (basic) Earnings per share (EPS) (Rs.) 1.00 796.00 748.212.) 743.88) (56.65 143.350.137.Financial Performance The summary audited financial statements for the last three years are as follows: (in Rs.8 56.212.40 The details of the highest and lowest price of ‘A’ ordinary shares on the NSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Source: www.90 22.0 25.00 716.123.5 3.206.00 1.00 889.10 per share) Reserves and Surplus Earnings per share (EPS) (Rs.00 1.111.00 1.1 358.00 .88) 113.64 44.15 744.) for ordinary shares (diluted) Net asset value per equity share (Rs.00 1.

248. 305 Rs.00 745.90* 787. where object of the issue was financing the project Dividend per share For ordinary shares October 20.) 744.70 482.com Monthly High (Rs. JaguarLandRover Limited utilised the funds to prepay part of a short term bridge loan availed by it to partially fund the purchase consideration for the acquisition of Jaguar Land Rover from Ford. 2010) Number of shares Date of completion of the project. 41.895. 19.85 940.340 Rs.276.bseindia.) 820. 2008 Rights issue (ordinary shares) Rs.230.) 1. TML Holdings Pte Limited in turn used the funds to make an investment in its wholly owned subsidiary. .com Monthly High (Rs.00 717.00 869. * as quoted on the BSE ** as quoted on the NSE TML had raised Rs.25 748. 15.10* 1. a limited liability company incorporated in Singapore.70 Monthly Low (Rs.70** 64.055. 2008 Rights issue (‘A’ ordinary shares) Rs.247. Details of the public/rights issue made in the last three years Following are the details of any public or rights issue in the last three years: Rights issue in 2008: Particulars Date of closure Date of completion of delivery of share/debenture certificates Type of issue Issue Price Amount of issue Current Market Price (as on December 10.458. The proceeds of this Issue were used to fund TMLs investment in its wholly owned subsidiary.90 The company has made rights issue of its equity shares in 2008 and there has been an increase in capital due to qualified institutions placement made in October 2010. 15.164 The amount raised had been utilised 2008-2009 – Rs. JaguarLandRover Limited (a limited liability company incorporated in England).604.020 787. 136 For ‘A’ ordinary shares October 20.00 For ‘A’ Ordinary Shares dividend paid is 5% additional as compared to ordinary shares.bseindia.1 million through a rights issue of ordinary shares and ‘A’ ordinary shares.15 740.164 2008-2009 – Rs. 21.00 795.00 2009 – 2010 – Rs.276. 6.55 The details of the highest and lowest price of ‘A’ ordinary shares on the BSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Source: www. 2008 October 31.00 2009 – 2010 – Rs.Month August 2010 July 2010 Source: www.853. 6.00 617.760 1.90 804. 2008 October 31.) 867. TML Holdings Pte Limited.00 For ‘A’ Ordinary Shares dividend paid is 5% additional as compared to ordinary shares.60** 62.00 Monthly Low (Rs.25 889.00 602.

Mechanism for redressal of investor grievance The board of directors of TML has constituted a shareholders/investors grievance committee comprising of three directors.1 538. namely. Mr. 2. 1. Palia.K.5 Global depository shares and foreign currency convertible notes issued in 2009: Particulars Year Amount Date of closure of the issue Date of completion of delivery of share/debenture certificates Date of completion of the project.US$ 375 million October 15. debt incurred in connection with the acquisition of the business of Jaguar Land Rover. 2010. The Tata Power Company Limited (“Tata Power”) Tata Power was incorporated as a public limited company under the Indian Companies Act of 1913 on September 18. 2009 This amount has been utilised 2008-2009 – Rs. there were two investor grievances pending against TML. Ravi Kant. 15. 21. No. Performance The details of proceeds of the Issue are summarized in the following table: S. The High Court of Judicature at Bombay vide its order dated October 18.K. 3.853. It is inter alia engaged in generation. As at September 30.2 million) Estimated Issue Expenses Net Proceeds of the Issue Amount (Rs. or towards the financing or refinancing of. S.919.M.00 For ‘A’ Ordinary Shares dividend paid is 5% additional as compared to ordinary shares. Tata Sons is the promoter of Tata Power. 2009. etc. transmission and distribution of electrical energy and manufacture of electronic equipment.6 40. Mr. sanctioned the arrangement embodied in the scheme of amalgamation of The Tata Hydro-Electric Power Supply Company Limited and The Andhra Valley Power Supply 137 .Promise v. Description Gross Proceeds of the Issue (including rights issue of ordinary shares for Rs. Jairath and Mr.9 million and Rights Issue of ‘A’ ordinary shares for Rs. Tata Power along with The Tata Hydro–Electric Power Supply Company Limited and The Andhra Valley Power Supply Company Limited were jointly referred to as the Tata Electric Companies. Sethna (company secretary) is the compliance officer. non receipt of dividend/ interest/ annual reports. 1919 in Mumbai.604. The net proceeds received from GDSs issues in 2009 was intended to be used for investment in wholly owned subsidiaries by way of equity investments or inter-company loans to be applied to. H. 6. where object of the issue was financing the project Dividend per share For Global depository shares and foreign currency convertible notes 2009 GDSs .458. Mr. 2000.US$ 375 million FCCNs 2014 . The funds had already been fully utilised as per the objects of the issue mentioned in the letter of offer dated October 9. V. 19. in accordance with clause 49 of the listing agreement with the Stock Exchanges to specifically look into the redressal of complaints of investors such as transfers or credit of shares to demat accounts. 2009 October 15. million) 41. 3.00 2009 – 2010 – Rs.

00 1.770 2.354.631 83.45 1.301.bseindia.47 442 346 293 Sales and other income Profit after tax (PAT) Equity capital (par value Re.nse-india.90 1. The details of the highest and lowest price on the NSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Source: www.399.00 1. 2000. 138 .40 1.224.374.379.95 The details of the highest and lowest price on the BSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Source: www.) Net asset value per equity share (Rs.01 57.80 Details of public / rights issue made in the last three years Tata Power has not made any public or rights issue in the last three years other than as provided below and there has been no change in the capital structure in the last six months. 2010.260. 10 each.157 equity shares of Rs.713 85.70 Monthly Low (Rs.404.253 114.382.987 11.) 1. Financial Performance The summary audited financial statements for the last three years are as follows: (in Rs.) 1.00 Monthly Low (Rs.Company Limited (“Transferor Companies”) and the Transferor Companies ceased to exist with effect from November 27.342.40 1.262.com Monthly High (Rs.304.30 1.276. aggregating to 29.10 per share) Reserves and Surplus Earnings per share (EPS) (Rs.40 1.751.975 73.85 1.) 1.) 1.20 1.65 1.214 2.238.334.433.355. Interest of the Promoter Tata Sons holds 70.com Monthly High (Rs.90 1.373 2.45 1.222.272.374.207 111.00 1.09 47.334.138 21.438.40 1.747 186.65 1.25 1. million except per share data) As of and for the Financial Year ended March 31 2010 2009 2008 195.65 1.386 12.338.81% of the issued and paid-up equity share capital of Tata Power as on September 30.) Share price information The equity shares of Tata Power are listed on the NSE and the BSE.45 1.80 1.239.

Shroff.842. All investor complaints which cannot be settled at the level of Mr. Investor complaints are normally attended to and resolved within 5 days of receipt.J.95 3. The equity shares of Titan are listed on the NSE and BSE. the board of directors of Tata Power has also authorised Mr B.Mechanism for redressal of investor grievance In accordance with clause 49 of the listing agreement entered into with the Stock Exchange.) 3.S.379 30. to severally approve share transfer/ transmissions. Financial Performance The summary audited financial statements for the last three years are as follows: (in Rs. 2010. Ramakrishnan and Mr.476 444 444 444 6.22 Sales and other income Profit after Tax (PAT) Equity capital (par value Rs. there were no investor grievance(s) pending. The details of the highest and lowest price on the NSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Monthly High (Rs.587. jewellery. Padmanabhan. the board of directors of Tata Power has constituted a shareholders/ investors’ grievance committee comprising of Dr. Titan was promoted jointly by the Tata companies and Tamilnadu Industrial Development Corporation Limited (“TIDCO”).J. Bapat. In addition to the powers given to the members of the said committee.772.322. (chairman). Titan Industries Limited (“Titan”) Titan was originally incorporated as Titan Watches Limited on July 26.951.80 139 Monthly Low (Rs. 4. eye wear and precision engineering business.146. 1993. Hosur. Tamilnadu. As at September 30.552. The registered office of Titan is at 3.003 2.S.171.15 3.70 . 2010.24 164.75 3. million except per share data) As of and for the Financial Year ended March 31 2010 2009 2008 46.899 38.93 33. which were also listed on the Madras Stock Exchange Limited.218 equity shares of Rs.85 2. Vachha.10 per share) Reserves and Surplus Earnings per share (EPS) Net Asset Value per equity share The equity shares of Titan are listed on the NSE and BSE.014 56.396. Chief (corporate legal) of Tata Power.542 1. were voluntarily de-listed with effect from February 8.135 4.95 2. B. Titan Industries Limited is principally engaged in the manufacture.875 5. 2009.748. Shroff are placed before the shareholders’/investors’ grievance committee for final settlement.75 2.210.87 125.80 3. aggregating to 10. S.866. trading and sale of watches.05 2. 1984 at Hosur.61 36. 10 each. Titan’s securities.748 1.035. Titan changed its name to Titan Industries Limited with effect from September 21. A. H. Tamilnadu. vice-president and company secretary and compliance officer and Mr.) 3. Interest of the Promoter Tata Sons holds 4. Mr S.68 100. SIPCOT Industrial Complex.15 4.70% of the issued and paid-up equity share capital of Titan as on September 30.00 3.

The details of the highest and lowest price on the BSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Monthly High (Rs.20 3.05 2. (Head – legal & company secretary) is the compliance officer.034. A. Mumbai 400 001.149.60 2.394.45 Details of public / rights issue made in the last three years Titan has not made any public / rights issue in the last three years and there has been no change in the capital structure in the last six months.033. refurbishing and expansion of the watch manufacturing facilities Expansion of jewellery making facilities Expansion of precision engineering manufacturing facilities Redemption of preference shares General corporate purposes The entire proceeds of Rs 1.35 3. aggregating to 17.) 3. 140 .167.50 2. Mechanism for redressal of investor grievance The board of directors of Titan has constituted a shareholders/investors grievance committee comprising of four directors. in accordance with clause 49 of the listing agreement with the Stock Exchanges to specifically look into the redressal of complaints of investors such as transfer or credit of shares to demat accounts. 2010.) 3.85 3. It is India’s leading crop nutrients player with its own manufacturing of urea and phosphatic fertilisers and a leading player in crop protection business through its subsidiary Rallis India Limited.323. 24 Homi Mody Street.8 million were used towards fulfilling the objects in the years in the Financial Years 2007 and 2008. Interest of the Promoter Tata Sons held 45. UK. Fort.R. Mr.68% of the issued and paid-up equity share capital of Tata Chemicals as on September 30. non receipt of dividends/interest/annual reports etc. 10 each. Tata Chemicals is currently the second largest producer of soda ash in the world with manufacturing facilities in India. Kenya and USA.209.668.770.00 4. The registered office of Tata Chemicals is at Bombay House.50 2.839.267.323 equity shares of Rs.75 Monthly Low (Rs. 1939 in Mumbai. Tata Chemicals Limited Tata Chemicals was incorporated on January 23. Promise vis-a-vis Objects The last public / rights issue by Titan Industries in the preceding 10 years was the Rights Issue in 2006 and the objects of the issue were to: • • • • • • Setting up new showrooms and upgradations and expansion of existing showrooms Replacement. 5. Rajaram. Tata Chemicals is the pioneer and India’s market leader in the branded. 2010 there were three investor grievances pending against Titan.952.579. iodised salt segment and Tata Salt has been recognised as India’s No.1 food brand for more than five years.860.10 3.15 3. As at September 30.

10 342.45 395.10 6.90 Earnings per share (Basic) (EPS) (Rs. million except per share data) As of and for the Financial Year ended March 31 2010 2009 2008 Sales and other Income 97.20 2.30 433.) 25.80 Monthly Low (Rs.com Monthly High (Rs.82 158.10 341. The details of the highest and lowest price on the NSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Source: www.00 440.) 330.nse-india.30 2.91 *formula used to calculate net assets value per equity shares = (Equity share capital And Reserves & Surplus)/ (Number of equity shares) Share price information The equity shares of Tata Chemicals are listed on the NSE and the BSE.00 338.60 Reserves and Surplus.433.326.Financial Performance The summary audited financial statements for the last three years are as follows: (in Rs.00 390.50 34.05 The details of the highest and lowest price on the BSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Source: www. 10 per share) 2.00 392.89 202.481.10 Profit after tax (PAT) (after minority interest 6.com Monthly High (Rs.126.)* 193.) 399.85 419.61 27.00 9.00 386.345.45 Monthly Low (Rs.00 45.10 66.59 43.644.00 and share of profit in Associate) Equity capital (par value Re.340.352.00 429.00 128.00 340. Mechanism for redressal of investor grievance The board of directors of Tata Chemicals has constituted a shareholders/investors grievance committee comprising of two directors and the chairman of the said committee is an independent director.) 399.00 446. The terms of reference of this 141 .65 418.bseindia.55 320.80 412.51 Net asset value per equity share (Rs. Details of the public/rights issue made in the last three years No public or rights issue was made in the last three years.30 336.059. 44.) 330.95 322.070.00 Tata Chemicals has not made any public or rights issue in the last three years other than as provided below.731.60 405.90 339.843.

2010 there was one investor grievance pending against Tata Chemicals.committee include.27 (22. million except per share data) Financial Year 2009 Financial Year 2008 (0. The operations are organized into two separate businesses.20) (4.53) 0.) (Basic) Net asset value per equity share (Rs.3 1 (1. one focusing of drug discovery research and intellectual property creation located at Pune and the other located at Bangalore focusing on drug development services required for the pharmaceutical industry. Summary of Consolidated Financial Information The summary audited financial statements for the last three years are as follows: Financial Year 2010 Sales and other income Profit after tax (PAT) Equity capital Reserves and Surplus Earnings per share (EPS) (Rs. annual report etc.63 (1.86 52.65) Ewart is an investment company based in Mauritius.89 (37.4) (12.9) (4.legal is the compliance officer of Tata Chemicals.1) 1. looking into redressal of investors’ complaints and requests such as transfer of shares/debentures. 2010.) Net asset value per equity share (Rs.11 3. Summary of Consolidated Financial Information The summary audited financial statements for the last three years are as follows: Financial Year 2010 (0.10 114.10 86.3) (0. Mr. Rajiv Chandan.53% of the share capital of Advinus Therapeutics Private Limited as on December 15. Ewart Investments Private Limited (“Ewart”) (in Rs. inter-alia. million except per share data) Financial Year 2009 Financial Year 2008 68. Group Companies with negative net worth The details of the Group Companies which have negative networth are as follows: 1.00 Sales and other income Profit after tax (PAT) Equity capital Reserves and Surplus Earnings per share (EPS) (Rs.4) (0. 2010. Advinus Therapeutics Private Limited Advinus Therapeutics Private Limited is engaged in the business of research and development.79) 116.92) (1. Interest of the Promoter Tata Sons holds 100% of the share capital of Ewart as on December 15.07) 1.1 (1. non-receipt of dividend. Interest of the Promoter Tata Sons holds 48. As at September 30.73 (3.00) 4.41) 117.00) (in Rs.08) (30.) 2. company secretary and head.) 142 .

com (India) Limited on April 26.071.01) *Includes application money pending allotment of Rs.68) (5.72% of the issued and paid-up share capital of Tata Teleservices Maharashtra as on December 15. 4.0 6.971.635.8 17. Tata Sky Limited (“Tata Sky”) Tata Sky is engaged in the business of providing satellite television services in India and offers a range of media and entertainment options to its customers.1) 18.107.3.6 Reserves and Surplus (26.0 (25.) (Basic) Net asset value per equity share (Rs. namely.58) (16.9 (1. Summary of Consolidated Financial Information The summary audited financial statements for the last three years are as follows: (in Rs. 143 .3) (21.74) Sales and other income Profit after tax (PAT) Equity capital Reserves and Surplus Earnings per share (EPS) (Rs. 2010.618.0 (2.0 million.4) 18.596.0) Equity capital 9.4 Profit after tax (PAT) (6.188.9 18.83) (in Rs.177.74) (16.1) (12.1) (11. Intangible assets of Tata Sky comprise licence fees and softwares.8 8. Tata Teleservices (Maharashtra) Limited (“Tata Teleservices Maharashtra”) Tata Teleservices Maharashtra was incorporated on March 13. Summary of Consolidated Financial Information The summary audited financial statements for the last three years are as follows: Financial Year 2010 20.266.758.) (19.416.904.519.941.84) (0. million except per share data) Financial Year 2010 Financial Year 2009 Financial Year 2008 Sales and other income 11. 1995 under the Companies Act with the name Hughes Ispat Limited and was changed to Hughes Tele.53) (4.020.5) (0.63) (11.9* 7. Tata Sky does not have goodwill or miscellaneous expenditure not written off in its intangible assets.6) (20.980.3) (1.57) (6.124. the Maharashtra Circle (which includes the State of Goa) and Mumbai Circle.5) (8.972. 2000 and to Tata Teleservices (Maharashtra) Limited with effect from February 13. 2003. 1. 2010.9 5.047.47) (15.6 (22.691.259.257. Interest of the Promoter Tata Sons holds 50% of the share capital of Tata Sky as on December 15.19) Net asset value per equity share (Rs.4) Earnings per share (EPS) (Rs.637. million except per share data) Financial Year 2009 Financial Year 2008 19. Interest of the Promoter Tata Sons holds 20.) Share price information The equity shares of Tata Teleservices Maharashtra are listed on the NSE and the BSE.) (7.980. The same has not been reduced for arriving at net asset value. Tata Teleservices Maharashtra is licensed to provide telecommunication services and internet services in two Circles.935.0) (1.

) 18.5 5. non-receipt of declared dividends. Summary of Consolidated Financial Information The summary audited financial statements for the last three years are as follows: Financial Year 2010 1.05 22.com Monthly High (Rs.40 23.00 23.) 18.15 The details of the highest and lowest price on the BSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Source: www. non-receipt of annual report. 5.95 23.25 21. N.bseindia. As September 30.95 22.) 20. e-NXT Financials Limited (“e-NXT”) e-NXT is an enterprise solution provider with the objective of delivering value added services to its customers.00 25.5) Sales and other income Profit after tax (PAT) .The details of the highest and lowest price on the NSE during the preceding six months are as follows: Month December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 Source: www. The investors’ grievance committee of the board of Tata Teleservices Maharashtra looks into redressal of the shareholders’ complaints in respect of any matter including transfer of shares.95 22.S. Interest of the Promoter Tata Sons holds 50% of the share capital of e-NXT as on December 15. issue of duplicates and renewed share certificates.30 24. 2010 there are no investor complaints pending against the company.95 25. Mechanism for redressal of investor grievance Tata Teleservices Maharashtra has constituted a shareholders/investors’ grievance committee consisting of Mr.35 Monthly Low (Rs. Madhav Joshi (chief legal officer & company secretary) is the compliance officer.3 (229) (86.65 24.027.00 25. 2010.10 18.00 21.00 25.00 22.10 Details of the public/rights issue made in the last three years Tata Teleservices Maharashtra has not made any public or rights issue in the last three years and there has been no change in the capital structure in the last six months. dematerialisation of shares.nse-india.) 20. The committee is authorized to delegate its powers to officers and employees of the Tata Teleservices Maharashtra and/or to its registrar and share transfer agent. Mr. Ramachandran and Mr. million except per share data) Financial Year 2009 Financial Year 2008 855.35 Monthly Low (Rs.7 144 (in Rs.05 18.20 21.15 21.65 24.com Monthly High (Rs. Anil Sardana.4 488.

) Details of other Group Companies 1.00% of the share capital of Computational Research Laboratories Limited as on December 15.20) Strategic Equipment Supplies Limited (“Strategic Equipment Supplies”) Strategic Equipment Supplies is a joint venture between the Tatas and Sasol (a South African company) to engage in the business of exploration.) Net asset value per equity share (Rs. Tata Sons holds 100. development and business of providing high performance computing services and solutions. aerospace.4) (76. automotive. Financial Year 2010 30 (308.3) (12.35) (96.3) 51 (52.25) (in Rs.) 6. Interest of the Promoter Tata Sons holds 25% of the issued and paid-up share capital of Strategic Equipment Supplies as on December 15.) Net asset value per equity share (Rs. 3.75) (93. Summary of Consolidated Financial Information The summary audited financial statements for the last three years are as follows: Financial Year 2010 (52. 145 .Equity capital Reserves and Surplus Earnings per share (EPS) (Rs. 2. see the section “The Promoter and Group Companies – Group Companies with negative net worth” on page 142 of this Red Herring Prospectus. media and entertainment and power generation.4) (79. pharmaceuticals. mining.6) (2. Advinus Therapeutics Private Limited For details in relation to Advinus Therapeutics Private Limited. million except per share data) Financial Year 2009 Financial Year 2008 1 10. It provides these services to various industries including oil & gas. Computational Research Laboratories Limited Computational Research Laboratories Limited is engaged in research.73) Financial Year 2009 30 (314.14) (0. supply and processing of coal on a captive basis for the its proposed coal-toliquids project in India. see the section “The Promoter and Group Companies – Group Companies with negative net worth” beginning on page 144 of this Red Herring Prospectus. 2010. Ewart Investments Limited Ewart Investments Limited is an investment company and a wholly owned subsidiary of Tata Sons Limited. e-NXT Financials Limited For details in relation to e-Nxt Financials Limited.17) Financial Year 2008 30 (85.00 - Sales and other income Profit after tax (PAT) Equity capital Reserves and Surplus Earnings per share (EPS) (Rs. 4. 2010.00) (19.

Ewart Investments Private Limited For details in relation to Ewart Investments Private Limited.01% of the share capital of Panatone Finvest Limited as on December 15. incorporated in 2001. Tata Advanced Systems Limited Tata Advanced Systems Limited is primarily engaged in the business of defense and security. Tata AIG Life Insurance Company Limited Tata AIG Life Insurance Company Limited is a joint venture company. 5. 146 . Hyderabad for assembly of S. 9.Tata Sons holds 100. Infiniti Retail Limited Infiniti Retail Limited is engaged in the operation of a national chain of multi-brand electronics stores under the brand name Croma. aero structures and 3Vs. 12. formed by Tata Sons Limited and AIA Group Limited (“AIA”) and is engaged in the business of providing life insurance services. Tata Sons Limited holds 74 percent in the company and AIA holds 26 percent through an AIA group company. functioning mainly as the investment management arm of Tata Mutual Fund. Tata Sons holds 60. Tata Sons holds 74. Strategic Equipment Supplies Limited For details in relation to Strategic Equipment Supplies Limited. Tata Sons holds a 74 percent stake in the company with American International Group Inc. see the section “The Promoter and Group Companies – Group Companies with negative net worth” beginning on page 145 of this Red Herring Prospectus.92 cabins for supplying to Sikorsky for its global business. Tata Asset Management Limited Tata Asset Management Limited is a subsidiary of Tata Sons Limited. 8. groups and corporate houses in India. Tata AIG General Insurance Company Limited Tata AIG General Insurance Company Limited. is engaged in the business of providing nonlife insurance solutions to individuals. Tata Advanced Systems Limited has established a cabin assembly facility in a SEZ at Adhibatla. Tata Sons holds 100.00% of the share capital of Tata AIG General Insurance Company Limited as on December 15. 2010. 7. 2010. Tata Sons holds 100% of the share capital of Tata Advanced Systems Limited as on December 15. Tata Sons holds 74.00% of the share capital of Ewart Investments Limited as on December 15. see the section “The Promoter and Group Companies – Group Companies with negative net worth” beginning on page 142 of this Red Herring Prospectus. 6. 2010. 2010. holding the balance 26 percent. 11. 10. 2010.00% of the share capital of Tata AIG Life Insurance Company Limited as on December 15. Panatone Finvest Limited Panatone Finvest Limited was incorporated as a special purpose vehicle for acquiring the stake in Tata Communications Limited at the time of divestment by the Government of India. 2010.00% of the share capital of Infiniti Retail Limited as on December 15.

Tata Sons holds 100. 17. see the section “The Promoter and Group Companies – Details of the top five Group Companies” beginning on page 140 of this Red Herring Prospectus. Tata Sons holds 22.91% of the share capital of Tata Asset Management Limited as on December 15. Tata Consultancy Services Limited For details in relation to Tata Consultancy Limited. is a leading global provider of telecommunications solutions serving the voice. 2010.74% of the share capital of Tata Capital Limited as on December 15. 18. established as the Tata-Ebasco Consulting Engineering Services in 1962. see the section “The Promoter and Group Companies – Details of the top five Group Companies” beginning on page 132 of this Red Herring Prospectus. Tata Elxsi Limited Tata Elxsi Limited is a product design company engaged in the business of delivering outsourced product design.00% of the share capital of Tata Business Support Services Limited as on December 15. Tata Business Support Services Limited Tata Business Support Services Limited is an outsourced customer service provider serving domestic as well as international customers with delivery centres located in North America and India. 1986. 2010. 2010.78% of the share capital of Tata Global Beverages Limited as on December 15. 19. Tata Sons holds 100. 2010.00% of the share capital of Tata Consulting Engineers Limited as on December 15. Tata Sons holds 42. 16. Tata Global Beverages Limited Tata Global Beverages Limited operates an integrated beverage business with a portfolio of strong brands. offers a range of services covering project engineering. 2010. 15. Tata Communications Limited Tata Communications Limited.22% of the share capital of Tata Elxsi Limited as on December 15. 147 . Tata Chemicals Limited For details in relation to Tata Chemicals Limited. 13. research and development services and technology development solutions to customers across the world. Tata Sons holds 14. Tata Consulting Engineers Limited Tata Consulting Engineers Limited. enterprises and consumers across the world. Tata Capital Limited Tata Capital Limited is a finance company providing financial services to retail and institutional customers in India. 20.Tata Sons holds 67. Tata Sons holds 93. from inception to commissioning. It was established in 2007 as a wholly owned subsidiary of Tata Sons and is registered with the Reserve Bank of India as a systemically important non-deposit taking non-banking financial company. 2010.22% of the share capital of Tata Communications Limited as on December 15. 2010. incorporated as Tata Telecommunications Limited on March 19. data and next generation service needs of carriers. 14.

Tata Investment Corporation Limited Tata Investment Corporation Limited is a non-banking financial company and is engaged in the business of investing in long-term investments such as equity shares and equity-related securities. Tata Sons holds 99. 2010. 23. 148 . including control systems. is engaged in the business of providing promotional and project services. 24.00% of the share capital of Tata International Limited as on December 15. 2010. 2010. including project identification. and its associate Tata Enterprises (Overseas) AG. incorporated in 1993.58% of the share capital of Tata Industries Limited as on December 15. 25. 2010. Tata Petrodyne Limited Tata Petrodyne Limited. Tata International AG ZUG Tata International AG ZUG.21. 28. Tata Housing Development Company Limited Tata Housing Development Company Limited is engaged in the business of real estate development in India. Tata Sons holds 65. 26. 2010. financial services. Tata Motors Limited For details in relation to Tata Motors Limited. technical and operational expertise and personnel to a wide range of industries. 2010. telecom hardware and telecommunication services. information technology. 22. Tata Limited. 2010. is engaged in the exploration and production of crude oil and natural gas. planning and establishment of industrial ventures overseas. advanced materials. design. It also offers managerial. Tata Sons holds 38. auto components. Tata International Limited Tata International Limited is an international marketing company engaged in the business of exports including leather and engineering.74% of the share capital of Tata Housing Development Company Limited as on December 15. Tata Sons holds 49. London Tata Limited was established in London in 1907 and acts as an agent for the overseas procurement of goods and services for the Tata companies.21% of the share capital of Tata Investment Corporation Limited as on December 15. along with its subsidiary Tata AG. Tata Industries Limited Tata Industries Limited is engaged in the business of promotion of ventures in several sectors. Tata Sons holds 100.00% of the share capital of Tata International AG ZUG as on December 15. see the section “The Promoter and Group Companies – Details of the top five Group Companies” beginning on page 134 of this Red Herring Prospectus. Tata Sons holds 100% of the share capital of Tata Petrodyne Limited as on December 15. Tata Sons holds 100% of the share capital of Tata Limited as on December 15. 27.

36. is engaged in providing centralized services on a no profit no loss basis to the Tata companies. 30. 31. 2010. 2010. Tata Services Limited Tata Services Limited. incorporated in 1957. 2010. The Tata Power Company Limited For details in relation to Tata Power Company Limited. is engaged in the real estate and infrastructure sectors. Tata Sons holds 50. Tata Trustee Company Limited Tata Trustee Company Limited is engaged in the business of providing trusteeship services for investment management businesses. Tata Sons holds 10. 34. incorporated in 2007.68% of the share capital of Tata Teleservices Limited as on December 15.21% of the share capital of The Indian Hotels Company Limited as on December 15.00% of the share capital of Tata Trustee Company Limited as on December 15. Tata Sky Limited For details in relation to Tata Sky Limited. 33. Titan Industries Limited For details in relation to Titan Industries Limited. 2010. 2010. Tata Sons holds 15. Tata Realty and Infrastructure Limited Tata Realty and Infrastructure Limited. 149 . see the section “The Promoter and Group Companies – Group Companies with negative net worth” beginning on page 143 of this Red Herring Prospectus. 35. Tata Sons holds 33. Tata Sons holds 100% of the share capital of Tata Realty and Infrastructure Limited as on December 15.29. 37. It currently oversees investor interest for investors of Tata Mutual Fund. see the section “The Promoter and Group Companies – Details of the top five Group Companies” beginning on page 137 of this Red Herring Prospectus. see the section “The Promoter and Group Companies – Group Companies with negative net worth” beginning on page 143 of this Red Herring Prospectus. incorporated in 1996 is a telecom services provider and is the pioneer of the CDMA Ix technology platform in India. as well as for Tata Capital Limited. The Indian Hotels Company Limited The Indian Hotels Company Limited and its subsidiaries are collectively known as the Taj Hotels Resorts and Palaces and are engaged in the business of operating a group of hotels. Tata Teleservices (Maharashtra) Limited For details in relation to Tata Teleservices (Maharashtra) Limited. see the section “The Promoter and Group Companies – Details of the top five Group Companies” beginning on page 139 of this Red Herring Prospectus. 32.14% of the share capital of Tata Services Limited as on December 15. Tata Teleservices Limited Tata Teleservices Limited.

Tata Sons holds 26. 2010. assemblies and aggregates to automotive original equipment manufacturers and other customers primarily based in India. Subsidiaries and Associate Companies Nil Business Interest of Group Companies in the Company None of the Group Companies has any business interest in the Company. Tata Autocomp Systems Limited Tata Autocomp Systems Limited is engaged in the business of manufacture and supply of a variety of components.25% of the share capital of Tata Autocomp Systems Limited as on December 15. Voltas Limited Voltas Limited is engaged in the business of air-conditioning.64% of the share capital of Voltas Limited as on December 15. 39. 2010. 41. refrigeration and engineering services. Unless otherwise stated none of the companies forming part of the Group Companies is a sick company under the meaning of SICA and none of them are under winding up. Defunct Group Companies None of the Group Companies remain defunct and no application has been made to the registrar of companies for striking off the name of any of the Group Companies. Trent Limited Trent Limited is a retail operations company that owns and manages a number of retail chains in India. TS Investments Limited TS Investments Limited is an investment company. 2010. Related Business Transactions within the Group Companies and Significance on the Financial Performance of the Company For details. Common Pursuits amongst the Group Companies and the Company There are no common pursuits amongst any of the Group Companies and the Company. 2010. see the section “Financial Statements . 40. 150 .Related Party Transactions” beginning on page F-84 of this Red Herring Prospectus. Tata Sons holds 14. Tata Sons holds 25.00% of the share capital of TS Investments Limited as on December 15.38. during the five years preceding the date of filing this Red Herring Prospectus.26% of the share capital of Trent Limited as on December 15. Tata Sons holds 51. Sale/Purchase between Group Companies.

million)(1) 221. 2008) 2009 2010 (pro rata from April 1. * This includes a special dividend of Rs. 2. Dividend amounts are determined from year to year in accordance with the Board’s assessment of the Company’s earnings.1 2008 16. 2009. 151 .84 Amount (in Rs.00 7.00 11689.50 per Equity Share on account of the centenary year of the Company. in the future. the CCPS were allotted in January 2008 and have been compulsory converted into Equity Shares on September 1. 2008 to March 31. cash flow. The amounts paid as dividends in the past are not necessarily indicative of the Company’s dividend policy or dividend amounts. if any.00 0. Investors are cautioned not to rely on past dividends as an indication of the future performance of the Company or for an investment in the Equity Shares.195.90 1094.00 11689. 100 each (Amount in Rs. None of the CCPS are outstanding as on date.41 2. The Company does not have a formal dividend policy.5 2010 8. million)(1) 2006 13. 10 each (Amount in Rs.50* 9. 2009 to August 31.439.DIVIDEND POLICY The Company has paid dividends in relation to the Equity Shares and 2% Cumulative Convertible Preference Shares (“CCPS”).7 (1) Excluding dividend tax where applicable.1 2007 15. financial conditions and other factors prevailing at the time. 2009) (1) Excluding dividend tax where applicable As per the terms of the issue of CCPS. Equity Shares The following are the dividend pay outs in relation to the Equity Shares in the last five years by the Company: Financial Year Dividend per Equity Share of Rs.) 0.) Amount (in Rs.00 7097.53 458.3 2009 16. CCPS The following are the dividend pay outs in relation to CCPS in the last three years by the Company: Financial Year Dividend per CCPS of Rs.80 2008 (pro rata from January 18.

as Restated’ (Annexure II) for the period ended September 30. The audit for the financial year ended March 31. the “Erstwhile Auditors”) and our opinion in so far as they relate to the amounts included in respect of that year is based solely on the report submitted by them. as Restated’ of Tata Steel Limited as at September 30. 2010. These Restated Summary Statements have been extracted by the management from the non-consolidated financial statements of Tata Steel Limited as at and for the years ended March 31. 2010. 2007 and 2006 together referred to as ‘Restated Summary Statements’. The condensed non-consolidated financial statements as at and for the period ended September 30. 2010. 2010 have been extracted from the condensed non-consolidated financial statements as at and for the period then ended which have been approved by the Board of Directors and other accounting records of the Company. 2010. India Dear Sirs. 2007 and 2006 (Annexure I) and the attached ‘Summary Statement of Profit and Losses. issued by the Securities and Exchange Board of India in pursuance of Section 11 of the Securities and Exchange Board of India Act. 2009 as amended (“SEBI Regulations”) notified on 26th August 2009. We have examined the financial information of Tata Steel Limited annexed to this report and initialled by us for identification. The said financial information has been prepared by the Company in accordance with the requirements of paragraph B(1) of Part II of Schedule II to the Companies Act. 2007 and 2006 and have been approved/ adopted by the Board of Directors/ Members for those respective years. (“AFF”) and Messrs S. 1. 2009.Ferguson & Co. 2008 and 2007 have been audited by us.Billimoria & Co. 1992 and in terms of our engagement agreed with you in accordance with our engagement letter dated December 6. 1956 as amended (“the Companies Act”) and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations. in which are incorporated the returns from the Singapore branch audited by another auditor. 2008. as stated in the notes forming part of the Restated Summary Statements vide Annexure IV to this report. Tata Steel Limited Bombay House 24 Homi Mody Street Mumbai-400001.. The restated profits have been arrived at after charging all expenses including depreciation and after making such adjustments and regroupings as in our opinion are appropriate in the year/period to which they are related as described in Note E (1) appearing in Annexure IV. 2006 was conducted by Messrs A.SECTION V – FINANCIAL INFORMATION FINANCIAL STATEMENTS AUDITORS’ REPORT The Board of Directors. 2009. 2010. 2008. 2010. together with AFF. The financial information has been prepared by the Company and approved by the Board of Directors. 2010 and the non-consolidated financial statements of the Company as at and for the years ended March 31. we state that: i ii The ‘Restated Summary Statements’ have to be read in conjunction with the notes given in Annexure IV to this report. 2010 in connection with its Proposed Issue of Equity Shares. iii 152 . The ‘Restated Summary Statements’ of the Company have not been restated with retrospective effect to reflect the significant accounting policies being adopted by the Company as at September 30. 2008. Financial Information as per Audited Financial Statements We have examined the attached ‘Summary Statement of Assets and Liabilities.B. The Restated Summary Statements for the period ended September 30.F. 2010 and each of the years ended March 31. Based on our examination of these summary statements. 2009. March 31. 2009. (“SBB” and.

2007 and 2006 (Annexure VII) Age-wise analysis of Sundry Debtors as at September 30. 2007. 2010 and for the years ended March 31. 2009. 2010. 2009. 2007 and 2006 (Annexure VIII) Details of Loans and Advances as at September 30. 2010 and for the years ended March 31. March 31. 2008. 2010. 2009. 2008. and 2006 (Annexure III) Significant Accounting Policies and Notes on Restated Summary Statements (Annexure IV) Details of Share capital as at September 30. 2010. 2009. proposed to be included in the Letter of Offer. 2010. 2010 (Annexure XVII) 153 . 2009. 2009. vii. 2010. 2009. 2007 and 2006 (Annexure V) Details of Secured and Unsecured Loans as at September 30. 2010. 2008. 2010. ii. 2008. vi. 2007 and 2006 (Annexure VI) Statement of Investments as at September 30. xv. 2008. xiii. 2010. iv. v. 2008. xi. 2010. 2010. 2008. 2010. 2007 and 2006 (Annexure XIII) Statement of Dividends Paid for the years ended March 31. Statement of Cash Flows as Restated of Tata Steel Limited for the period ended September 30. 2010. Other Financial Information We have examined the following information relating to Tata Steel Limited as at and for the period ended September 30. 2007 and 2006 of the Company. 2007 and 2006 (Annexure X) Details of Provisions as Restated as at September 30. 2007 and 2006 (Annexure XI) Statement of Other Income for the period ended September 30. March 31. 2008. ix. 2010. There are no extra ordinary items that need to be disclosed separately in the Restated Summary Statements. 2007 and 2006 (Annexure IX) Details of Current Liabilities as Restated as at September 30. March 31. 2008. 2010. xii. 2008. 2008. 2010. 2009. 2010. 2010. 2009. x. 2008. March 31. March 31. net asset value and return on net worth (Annexure XVI) Capitalisation Statement as at September 30. xiv. 2007 and 2006 (Annexure XV) Summary of Accounting Ratios based on adjusted profits related to earnings per share. 2010. There are no qualifications in the auditors’ report on the non-consolidated financial statements that require adjustments to the Restated Summary Statements. March 31. as approved by the Board of Directors and annexed to this report: i. iii.iv v 2. 2008. 2010. 2009. 2010. 2010 and for the years ended March 31. 2009. 2007 and 2006 (Annexure XII) Details of Deferred Tax Liability as at September 30. 2007 and 2006 (Annexure XIV) Statement of Tax Shelter for the period ended September 30. 2010. 2010 and as at and for the years ended March 31. 2009. March 31. 2009. 2010 and March 31. March 31. viii.

2009. xxix. 2008. 2010. 2010. 2008. 2010 and for the years ended March 31. 2009. xxxii. 3. 2010. 2010. 2007 and 2006 (Annexure XXVIII) Consolidated Statement of Current Liabilities as Restated as at September 30. 2008. 2008. 2009. March 31. 2007 and 2006 (Annexure XXV) Consolidated Summary of Investments as at September 30. 2009. xxii. xviii. 2009. net asset value and return on net worth (Annexure XXXII) Consolidated Capitalisation Statement as at September 30. 2010. 2007 and 2006 (Annexure XX ) Consolidated Statement of Profit and Losses. 2010. 2009. 2008. as Restated for the period ended September 30. xxi. 2010. 2010. March 31. xvii. as Restated as at September 30. 2007 and 2006 (Annexure XXIX ) Consolidated Statement of Provisions as Restated as at September 30. xxvi. 2007 and 2006 (Annexure XXXV) The Consolidated Summary Statements referred in para 2 (xviii) to (xxxiii) above have been extracted from the Consolidated Financial Statements of the Company as at and for the years ended March 31. xix. 2008. 2010. 2007 and 2006 (Annexure XXI) Consolidated Statement of Cash Flows. 2009. 2008. 2010 and for the years ended March 31. 2010. 2008. xxviii. 2008. 2009. 2010. 2010. as Restated for the period ended September 30. xxxiii. 2008. March 31. 2008. March 31. 2009. 2009. 2010. March 31. 2010 and for the years ended March 31. 2010 and March 31. 2010 and for the years ended on March 31. 2010. 2010. 2007 and 2006 (Annexure XXIV) Consolidated Statement of Secured and Unsecured Loans as at September 30. 2007 and 2006 (Annexure XXVII) Consolidated Statement of Loans and Advances as at September 30. 2007 and 2006 (Annexure XXII) Significant Accounting Policies and the Notes on Consolidated Restated Financial Information (Annexure XXIII) Consolidated statement of Share Capital as at September 30. 2007 and 2006 (Annexure XXXI) Consolidated Statement of Accounting Ratios based on adjusted profits related to earnings per share. 2010. 2008. 2008.xvi. xxiii. 154 . Related Party Information as at and for the period ended September 30. 2010 and as at and for the years ended March 31. xxx. 2009. 2008. xxxi. 2007 and 2006 (Annexure XXX) Consolidated Statement of Other Income for the period ended September 30. March 31. 2007 and 2006 (Annexure XIX) Consolidated Statement of Assets and Liabilities. 2010 and as at and for the years ended March 31. 2010. 2009. 2010. xxv. 2009. 2009. 2008. March 31. March 31. 2009. xxiv. 2010 (Annexure XXXIII) Consolidated Related Party Information. 2007 and 2006 (Annexure XVIII ) Segment Information as at and for the period ended September 30. xxvii. xx. 2010. 2010. 2007 and 2006 (Annexure XXXIV) Consolidated Segment Information as Restated as at and for the period ended September 30. as Restated as at and for the period ended September 30. 2010. 2008. 2010. 2007 and 2006 (Annexure XXVI) Consolidated age-wise analysis of Sundry Debtors as at September 30. 2009. 2010. 2010. 2010 and for the years ended March 31.

in so far as they relate to the amounts included in respect of these years are based solely on reports submitted by them.5 million.9) million.(17. The consolidated financial statements of the Company as at and for the year ended March 31.420. 1. 31.03.03. 2006 for the reasons stated therein ii. 2010 and as at and for the years ended March 31. 31. In the case of certain other subsidiaries and joint ventures of the Company. 31.(61463.03. in the case of certain associates. 31.359.2009: Rs.2010: Rs.2010: Rs.03.7 million.2 million for the period then ended (Year ended 31. we state that in our opinion.4 Million for the period then ended (Year ended 31.2010: Rs. iv.6 million.868.03. 2008. 653.2008: Rs.2008: Rs.340 million. 2010 have been extracted from the Condensed Consolidated Financial Statements as at and for the period then ended which have been approved by the Board of Directors and other accounting records of the Company.03. the financial statements as at September 30.884.5 million. vi. 31.839. being consolidated as an “Associate” as at March 31. 173.663. 816. 42.03. 40259.2010: Rs.03. 2010.2010: Rs.03. 2010 (31. The investments in these associates have not been adjusted in the Condensed Consolidated Financial Statements in the absence of their financial statements as at September 30. 31. 14.6 million.1) million) total revenue of Rs. 2010 (31.2009: Rs.2010: Rs.3 million.750 million). 31.088.956.2009: Rs. 31.2008: Rs. 2010 are not available.1 million) and net cash flows amounting to Rs.8 million.03.453.03. whose financial statements reflect total assets (net) of Rs.2007: Rs.2009: Rs.8 million as at September 30.3 million.03. 2007 for the reasons stated therein.2008: Rs.085.2007: Rs.229. and our opinion. 115.009.1.03. The financial statements of certain subsidiaries and joint ventures of the Company.554. 155 . 4.844.3) million) and in the case of associate companies having a carrying value of Rs. 17. 5. 2006 has been audited by the Erstwhile Auditors whose reports have been furnished to us. 1.5 million.03.7 million in Corus Group plc (“Corus”) and the financial statements of Corus not being considered for consolidation as at March 31.2008: Rs. 2861.1 million. 31. (8852.3 million) and net cash flows amounting to Rs. As stated in Note 1 of Annexure XXIII. 31. 31.2007: Rs.223. 2009. 1273.6 million (31. 6. whose reports were furnished to us.03.(v) and (vi) and read with our comments in paragraph 4 (1) to (iv) above.3 million. 6.03. having total assets (net) of Rs.9 million for the period then ended (Year ended 31. 31. This report should not in any way be construed as a reissuance or redating of any of the previous audit reports issued by us or by other firms of Chartered Accountants nor should this be construed as a new opinion on any of the financial statements referred to herein. Attention is invited to Note 18 of Annexure XXIII regarding investment in Millennium Steel Public Company Limited (“Millennium”).2007. Attention is invited to Note 19 of Annexure XXIII regarding investment of Rs.03. 2007 and 2006 have been prepared in accordance with Part IIB of Schedule II of the Companies Act and the SEBI Regulations.782. 188.2009: Rs. 31. v. Based on our examination of these Summary Statements and subject to the matters referred to in paragraph 4. the ‘Financial Information as per Audited Financial Statements’ and ‘Other Financial Information’ mentioned above as at and for the period ended September 30.326.2 million for the period then ended (Year ended 31.7) million.667.246.157. 31.2010: Rs. 68. i.7 million) total revenue of Rs. 13.887.140. 1.5 million. (147. 565.03.03. 31. and our opinion was based solely on the report of these other auditors. 5.03.2009: Rs.2007: Rs.03. 127.332.03.2 million) were audited/reviewed by other auditors.2007: Rs.03. 90. 2010.239.3 million. 16. and 2006 and have been approved by the Board of Directors for those respective years.4 million as at September 30. The Consolidated Summary Statements referred in para 2 (xviii) to (xxxiii) above as at and for the period ended September 30. iii. 550. 31. the figures used for the consolidation are based on the management’s estimates and are therefore un-audited. 22.

8. For DELOITTE HASKINS & SELLS Chartered Accountants (Registration No. We did not perform audit tests for the purpose of expressing an opinion on individual balances of account or summaries of selected transactions. we express no opinion thereon. referred to or distributed for any other purpose without our prior written consent.R. 2011 156 . 117366W) P. We have no responsibility to update our report for events and circumstances occurring after the date of the report. 9. This report is intended solely for your information and for inclusion in the Letter of Offer in connection with the Proposed Issue of Equity Shares and is not to be used.Ramesh Partner Membership No. and accordingly.7.: 70928 Mumbai January 10.

............935...004.....848.6 21....359.........0 1.....1 6..3 72..049...........134....... Less: Depreciation ...793.....438...650..............818......5 40.1 43..............4 5..0 435..7 271..................205..6 941.....181..9 2..........060.....0 60.Statement of Assets and Liabilities.965....7 66.......6 295.................435.299.......1 27....728....232...777......073..... Current Assets..0 30...............0 _ 210..961.2 360....684.......004....315...............3 76.....336.....571...061...7 6.....954....1 1...............2 265. Add/(Less) Foreign currency monetary item translation difference account....... E F Net Worth (A + B + C – D ) .687.713.............945............680.....5 _ 371..489..........8 145.............699.6 41....936..........999...2 2006 154............ Total .....687..........8 35.....8 103....1 271..244..650.....713........995....7 100...........043.......7 95............ Deferred Tax Liability .806........011..045....796........6 1.... Total ...265..7 82.....024.... Share Warrants ...9 375.341........551.. Less: Impairment .387...4 3............3 2008 (Rs......2 183. 2010 223..338..532......031....7 9.7 6..876.329. Loans and Advances Inventories ...............366.....9 87.........466..570..........450.....795..6 54. Provisions ...3 32......069.......2 423......4 _ 54........8 1.7 418..171......552..5 230.822.0 333.883.7 95........3 5..887............034.......8 15............4 102.....859...8 6.............2 – 2....0 406..0 373............6 133....5 126........1 _ 360....4 371................6 24.4 _ 118...0 2.5 8..396..........6 61.004....405......... as Restated of Tata Steel Limited As at Sept 30......716.1 (4...294.........743.............726.9 9..... Capital Work in Progress (Net).0 21.798....3 – 1....181...... in million) 164.676.... Total ...1 89.......717........4 369... Loans and Advances ........747..3 10...0 10..1 9..2 62...0 1...2 24.........6 169..589............................4 34.....3 449......9 22.906...995........661...536.624...9 81.....230..2 229....070.......4 173..530.9 26.. Interest Accrued on Investments............3 136...0 9..8 4...456..........4 Particulars A Fixed Assets Gross Block ..299..........8 144......1 7..... D Liabilities and Provisions Secured Loans.7 109..597...225..674.....2 58....610...........4 118..4 11...3 138.....060.....380........400..............431....... Represented by Share Capital..4 38.......................0 12.235.9 2..7 122..9 39.249..................503...398........7 _ 92...2 11...........025.....4 110.............8 34........0 38....................9 23...2 9....6 29........2 Annexure I As at March 31 2010 223...4 2........ The accompanying Significant Accounting Policies and Notes are an integral part of this statement...0 _ 45.......9 73...........098.465...5 2009 200.577..........857..........5 _ 239............454..782..7 30.1 1....331.........2 15.7 1...0 238......636.........6 66.......1 86.400...316..........1 138....8 8.....8 5....974........050..6) 1....561.317.... Net Block ...620.....................787. F-1 ..... Provision for Employee Separation Compensation ...4 – 2.......3 98.5 4....3 62......4 425....6 42...5 19................060. Unsecured Loans ...............7 121......1 85...620...2 2007 160.804... Cash and Bank Balances...........130.033..056....917...... Net Worth ........974..936...... Current Liabilities ...5 2....470.8 23............450......9 160.. B C Investments.........9 9...874...................570........864...................6 1..9 37.........................910.......0 13........................................................375..4 35...........593.......2 5......813...............348..6 28..........0 19.....................94...326...434.........394...................071.......1 _ 418....456.. Reserves and Surplus ........7 295.......5 5...... Sundry Debtors ..................................... Less: Miscellaneous Expenditure (to the extent not written off or adjusted) ............

. 30..811. Adjustments Prior Period Adjustments .......3 15.....2 2.....0 7..0 95..................0 52...0 1. Other Income ..3 (266..4 30........114.....0 177...578................3) 160.......7) 8.4 6......219..................7 164...0 7.....2) 12............8 7..9 258...638...7 – _ _ – 164....810...223.279.0 10............2 15.. Balance brought forward .8 203.0 – – 72.......... General Reserve ....346.9 70.....5 164.... Depreciation ....939....0 12.614.... Adjusted Profit ...195.........084..0 127... Manufacturing...734...........153............. Tax Impact of Adjustments .870......... — Fringe Benefits Tax ..................069...042........7 56.0 – 50....445........393....520. The accompanying Significant Accounting Policies and Notes are an integral part of this statement..................8 92...7 (444...............1 1....8 (824.5 145....0 46.8 270......558.....2 – – – 36... Accretion/(Reduction) in Stocks of Finished and Semi-finished products and Work-in-progress ..810.402...........115. Tax on Dividends .0 (751........874........437....192.........7 71......0 35....7 53.....0 19..985..... Total .354..141...6 22.......6 22...171.8 (2.....287...537..0 – 30..017......1 70...........0 115......947......983....0 772...1 171......6 (1..892.6 5.....3 7......468..000........4 (387......979........3 2...095......4 60.568..........557....7) 34.2 1...701.......8 2............895....................................358.....046...582..3 25. Less: Excise Duty . in million) 148..8 175..................2 11....5 1......143.....751...171...3 – 36.730.000... Selling and Other Expenses .......171..0 2007 2006 Annexure II Particulars Income Sales and Other Operating Income .......505...........240.......7 3..........346...........5 (572.....7) 23....... Rs 122.141.349.7 267..3 28.......8 136...790.....500....0 8....3 62.439.......8 79........910....3) 18.......... F-2 ..7 72.....275...6 243...............0) 5........7 30.........3 45.....983.2 250..........2 196.9) 192.........156...616....0 – 94..6 (2..7 246...........................5 13....620... Net Sales . Note: i) Opening balance brought forward for financial year 2009-10 includes....556...2 15.................1 1..0 5....5 24............... Total ................0 101.........0 6........ Net Profit after Tax .......6 92.......618................Statement of Profit and Losses....8 145.....1) 160.........221... Profit before Exceptional Items and Tax.....143.......089......................797...604..980..865...024....8 49.8 8.8 50...613.293..326... Debenture Redemption Reserve ..... 2010 For the year ended March 31 2010 2009 2008 (Rs.8 186.........7 23... Exchange Gain ...000...........526.346....557.................141......3 56.760...........................1 197..........6 66..0) 135.......5 – – 62..................1) 41.1 11........775......687...695....1 11....9 115..9 7..468.....1 132.............1 (525.7) 16..........947..445...................9 9......428.5 – – 50.......0 199........ Profit available for Appropriation ..967.431.8 35.063...711...................892..726...6 93.................784........ Payment to and Provision for Employees .....3 37....000.......7 (1....159........3 – – – 46......2 15..911.096.......939.... on amalgamation with Tata Steel Ltd..............0 – 63......614.......726.673................0 – 45....957....8 71.......0 1...........157.. Expenditure Cost of Materials ............616......4 63.........8 (402........................2 127....2 1..616. Surplus Carried to Balance Sheet ....1 52.....009..017.........1) 14..3 190......8 million of Hooghly Met Coke and Power Company Ltd..5 153.........156.. Total of Adjustments ........8 268......083........831.................548...........5 20.....196..0 17..058...338.......221. — Deferred Tax ....... Appropriations Proposed Dividend ....730...1 21.663...0 221.....9 53..............841.808..049.....2 152..870.....8 43.............. Exceptional Items Contribution for Sports Infrastructure ..0 173. Profit after Exceptional Items before tax ....6 – – 52.399...........000.....8 4.....3 73......5 61.........082.......4 19....................................1 – – 73..0 – – – 50.... Net Finance Charges ..399.......970...... as Restated of Tata Steel Limited For the period ended Sept.........1 9.0 144........................6 15......242.............. Provision for Taxation — Current Tax ............ Total .....0 2..................228......................................0 1......757...4 – – – 52........6 115....445..............892...874..............................8 (380.....0 42.084...983.....1 18................

118..4) 2...9 1.8) 1.0) – – (377...298.... as Restated of Tata Steel Limited For the period ended Sept....2) (6....1 – 92. Net Cash from Operating Activities ..3) 5.. B CASH FLOW FROM INVESTING ACTIVITIES: Purchase of fixed assets ..0 679.474.......2) 1.........9 (54.....3) (315.... Adjustments for : Trade and Other Receivables ........8) 178..345.......... Provision for diminution in value of investments ....0) 70......... Direct Taxes Paid .. Sale of Investments .7) (294.1 880.9) 120..........0 10...2) (1..........0 79........3 10.6 103..8 718......134.....117.......016. in million) A CASH FLOW FROM OPERATING ACTIVITIES: Net Profit before tax .6 (15.....6 (155.........1) (1. Operating Profit before Working Capital Changes ..834...1 – 8... Income from other Investments ..6 (20...4) 427.4) (27.951....6 (419.....2 5...8) 1.374.......6) 75......6 8.....751....436..... Sale of fixed assets .........2) 4.2) 9.020.......351......486..0) – – (1....734....997.......241.....9 111.5 1...895.221.794.645...5) (6....0) (58....4 (406...862... 2007 2006 Annexure III Particulars 50.6) F-3 ...481..0 53. Cash Generated from Operations .1) (35.368........512.852.....2 – 90.5 53..9 62...0 (410..1) (718.....8 638..157..........720..874.7 (7...........0) 9...548...617.......692........2) 9...1 (11....0) 9...............9) 83...0 70..........0 884....966.9) (24..5 (65. 2010 For the year ended March 31 2010 2009 2008 (Rs.......................9) 2...1 – 1..9) (21... Purchase of Investments in Subsidiaries..798.265...965.....452.......................6 (1...192........975..0 – 66.......0 310......0 49...... Interest charged to Profit and Loss Account .8) 440.5 (2..4) (880....899.143.3 1....5 (183..283...........463...3) (1...........480.8 (357.373........ Trade Payables and Other Liabilities ....171.. Interest and income from current investments ..3) 62....2 4.........8) (1....7) 151....8 – 58....943.................5 2...1 10.....6 (20........016........5 (20....0) 63....... . Contribution for sports infrastructure ....371................. Provision for Wealth Tax ...............346..947..0 (80.3 – – (3...............425..061.043.....1) 36.9) 1... Inventories .8 (597..118..774............2 (95.7 (17.......468........0 314......095.......234. (Gain)/Loss on cancellation of forward covers / options /swaps..... Adjustments for : Depreciation ...957.0 327..0) 8........389...568... (Profit) / Loss on sale of Assets discarded / Assets written off (Profit)/Loss on sale of other investments .2) 1.........616..... Net Cash used in Investing Activities .........719.5 5........831.2) 14.....5 72. Reversal of Impairment Loss ...1) (2...............397........7 651...... Intercorporate deposits/ Shareholder’s loan ......9) (42........141.663.5 579..............486..................754...895....452........0 795..3 104......023....6) (8..9 (111.8) (1...7) (44........4) (21.6 (2...382...156..793..5) 158.8) 565.................181.6) – – (1..1 (282......289.0) 571.....3) – (33....104..1 341....181...0 1.6 8....9 84...... Dividend Received...499.....6) 2...582...542.3) (1.750..132.........Statement of Cash Flows..1 9........2 1......8 69......................9) 19.460....923... Interest and income from current investments received ..275.....2 73..589....171..807........3 (7..290.845....8) 18.577.... Amortisation of long term loan expenses .......493..3) (1...........7 (61.... Purchase of Investments ................2 – 55........816.....6) – (266...2 (24.........2) (2.....658............3) 0.243...........216..........6 1..6 (1..............723.........4) (3...9) (2.... Exchange (Gain) / Loss on revaluation of foreign currency loans ...3 (1.......8 (77.........1 (20. ....4 4.........602....0 (820.973.....9 (20.......074...487. Impairment of Assets .....500....2 (826.477......0 64. 30..864..2) 46........470..........139....7 (294.817.................6 7.....3 783.......0) (295...9) 56....3) (884.269.3) 8.9) 49.....975..6) 51...3 (52....7) 146..........759.8 (52.0 – (3..6 (27.............6) (2...745.471...0 – (2.........6) (0................

.. Opening cash and cash equivalents for financial year 2009-10 includes. Issue of Share Warrants ..0 (8... on amalgamation with Tata Steel Ltd.3) 16.......5 48.... Net Cash from / (used in) Financing Activities.....2 – – – – 64.........868..5 (35..731.......... For the period ended Sept.......478......139. Closing cash balance as at March 31.6 (72...873. Interest paid ...341.......9 million of Hoogly Met Coke and Power Company Ltd....910....814..2) (9......906..188.. Rs...344..163.928..312.6 73........2) (101...7 2.......... Issue of Cumulative Convertible Preference Shares ...6) (11..9 (6...9 Cash and cash equivalents include gain/loss on foreign exchange revaluation.....Particulars C CASH FLOW FROM FINANCING ACTIVITIES: Issue of Equity Capital .327.........929. 2007 includes Rs..6 64....460..........4 15...........6) (11.......278...............264...436... Capital contributions received .....782...2) (2.4) (7.......312.108...961. Investment in subsidiaries represents the portion of purchase consideration discharged in cash during the year/period out of the total consideration............606.2) (14.....0) 32.470....3 176..........6 2..8) (308. Opening Cash and Cash equivalents .......380..932..280.... in million) 2007 2006 8..1) 76...4 15....4 (7...176.9 80.. Long term loan expenses ....134.923. Amount received/(paid) on cancellation of forward covers / options / swaps ..944.......023........... 22..787......... 2010 For the year ended March 31 2010 2009 2008 (Rs.883.................4 54......3 (1......2) 300..341.......0) 416..0 1.2 2...7) (10..813.... 72......179......0 – 32.....5) (7.379.7) (1..3 11. Dividend paid ..9 76......8) (103...4 million ringfenced for a specific purpose....0 – – 17.....356..8) (2........883...... Repayment of borrowings ..5 15...........477.6 (70......4) (13...215............. Notes: i) ii) iii) iv) v) vi) vii) Figures in brackets represent outflows.813. F-4 ....650..7) (325.......6) 437.....725.6 4.6 55....467...9) (16.........1) (7...589.412.... Interest paid is exclusive of..........255..8) (7.... Closing Cash and Cash equivalents ...7) 31... and purchase of Fixed Assets is inclusive of........943.... Proceeds from borrowings ..6 (579..4 13........5 4..0 – 1...........7) (16... Net Increase / (Decrease) in Cash and Cash equivalents (A+B+C) ................650..0 – 1.........573.... interest capitalised...4 24......5 1......5 – – – 5........9 32.........1) (12.........9) 79........042..259...1 (2...784........5 (1...4 2....... Sale of investment includes sale of investment in subsidiaries for which disposal consideration has been received in cash.802..564.........5) 158.1) 936.........140....7) (9....

The details of estimated life for each category of asset is as under : (i) Buildings — 30 to 62 years. 1956 or rates based on estimated useful life whichever is higher. Pre-operation expenses including trial run expenses (net of revenue) are capitalised. whichever is less. whichever was earlier. Fixtures and Office Equipment — 5 years. The expense is recognised at the present value of the amount payable towards contributions. Accordingly the effect of exchange differences on foreign currency loans of the company is accounted by addition or deduction to the cost of the assets so far it relates to depreciable capital assets and in other cases by transfer to “Foreign Currency Monetary Items Translation Difference Account” to be amortised over the balance period of the long-term monetary items or period upto March 31. However. net of trade discounts. Blast Furnace relining is capitalised. (iii) Other long-term employee benefits are recognised as an expense in the Profit and Loss Account for the period in which the employee has rendered services.000 is fully depreciated in the year of acquisition. (ii) Plant and Machinery — 6 to 21 years. (v) Furniture. as on the date of balance sheet. The company has opted for accounting the exchange differences arising on reporting of long term foreign currency monetary items in line with Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard 11 (AS-11) notified by Government of India on March 31. The increase in the net present value of the future liability for pension payable to employees who have opted for retirement under the Employee Separation Scheme of the Company is charged to the Profit and Loss Account. (vi) Intangibles (Computer Software) — 5 to 10 years. (vii) Development of property for development of mines and collieries are depreciated over the useful life of the mine or lease period whichever is less. (x) Leasehold land is amortised over the life of the lease. using the market yield on government bonds.Significant Accounting Policies and Notes on Restated Summary Statements of Tata Steel Limited A. depreciation is provided on a straight line basis applying the rates specified in Schedule XIV to the Companies Act. (ii) Post employment benefits are recognised as an expense in the Profit and Loss Account for the year in which the employee has rendered services. as the discounting rate. (ix) Freehold land is not depreciated. (iii) Railway Sidings — 21 years. (b) Revenue Recognition (i) Sales comprises sale of goods and services. (c) Employee Benefits (i) Short-term employee benefits are recognised as an expense at the undiscounted amount in the Profit and Loss Account of the year in which the related service is rendered. The present value is determined using the market yields of government bonds. (viii) Blast Furnace relining is depreciated over a period of 10 years (average expected life). (v) Miscellaneous Expenditure In respect of the Employee Separation Scheme (ESS). net present value of the future liability for pension payable is amortised equally over five years or upto financial year ended March 31. at the balance sheet date. Estimated liability on account of long-term benefits is discounted to the current value. (II) In respect of other assets. (e) Depreciation (I) Capital assets whose ownership does not vest in the Company is depreciated over their estimated useful life or five years. 2010: (a) Basis for Accounting The financial statements are prepared under the historical cost convention on an accrual basis of accounting in accordance with the generally accepted accounting principles. 1956 and the relevant provisions thereof. Borrowing costs during the period of construction is added to the cost of eligible fixed assets. (xi) Roads — 30 to 62 years. Significant Accounting Policies as at September 30. (iv) Vehicles and Aircraft — 5 to 18 years. The written down value of the asset consisting of lining/relining expenditure embedded in the cost of the furnace is written off in the year of fresh relining. (iv) Actuarial gains and losses in respect of post employment and other long-term benefits are charged to the Profit and Loss Account. subject to maximum of 10 years. 2009. asset value upto Rs. Monetary assets and liabilities relating to foreign currency transactions and forward exchange contracts remaining unsettled at the end of the year are translated at year end rates. 25. 2010. Accounting Standards notified under Section 211(3C) of the Companies Act. (ii) Export incentive under the Duty Entitlement Pass Book Scheme has been recognised on the basis of credits afforded in the pass book. 2011 whichever is earlier. (d) Fixed Assets All fixed assets are valued at cost less depreciation. (f) Foreign Currency Transactions Foreign Currency Transactions (FCT) and forward exchange contracts used to hedge FCT are initially recognised at the spot rate on the date of the transaction/contract. Annexure IV F-5 .

0 million).3 million (net of deferred tax Rs. are recognised in the Profit and Loss Account.5 million) remains to be amortised in the “Foreign Currency Monetary Items Translation Difference Account” after taking a credit of Rs.2010 : Credit of Rs.4 million (2009-10 : Rs. whichever is earlier. The Depreciation for the period ended September 30. (h) Inventories Finished and semi-finished products produced and purchased by the Company are carried at lower of cost and net realisable value.616. or (ii) consequent to the introduction of new accounting standards or amendment to any existing standards and for which the information relevant to prior periods could not be determined with reasonable accuracy as the accounting systems were not designed to comply with the Accounting Standards applicable in those years. 837. iron ore and other raw materials produced and purchased by the Company are carried at lower of cost and net realisable value.5 million (2009-10 : Lower by Rs. 856. Exchange difference relating to monetary items that are in substance forming part of the Company’s net investment in non integral foreign operations are accumulated in Foreign Exchange Fluctuation Reserve Account. if any. if any. The changes in accounting policies are as detailed below: 1. Coal.450. 243.069. 2010 as the accounting policy changes were: (i) technical corrections where the impact for previous periods were insignificant. B. Work-in-progress is carried at lower of cost and net realisable value. Employee Benefits The Company adopted AS 15 (revised 2005) on Employee Benefits effective April 1. (g) Investments Long term investments are carried at cost less provision for diminution other than temporary. 656. in value of such investments.1 million (31. 2. 10. Cost of inventories is generally ascertained on the ‘weighted average’ basis.1 million) and the Profit before taxes for the period ended September 30.The differences in translation of FCT and forward exchange contracts used to hedge FCT (excluding the long term foreign currency monetary items accounted in line with Companies (Accounting Standards) Amendment Rules 2009 on Accounting Standard 11 notified by Government of India on March 31. 2010 is higher by Rs. 2. Stores and spare parts are carried at lower of cost and net realisable value.7 million) in the Profit & Loss Account and Rs. Necessary provision is made and charged to revenue in case of identified obsolete and non-moving items.1 million) [2009-10 : Rs. F-6 . 473. As on September 30. Significant Changes in Accounting Policies: The restated financial statements have not been adjusted for the effect of changes in accounting policies during the years 2005-06 to 2009-10 and the period ended September 30. 20. other than those relating to fixed assets are recognised in the Profit and Loss Account. 2009) and realised gains and losses. a credit of Rs. 4. 2009 which allows foreign exchange difference on long-term monetary items to be capitalised to the extent they relate to acquisition of depreciable assets and in other cases to amortise over the period of the monetary asset/liability or the period up to March 31. The outstanding derivative contracts at the balance sheet date other than forward exchange contracts used to hedge FCT are valued by marking them to market and losses. 1.5 million (net of deferred tax Rs.3 million (2009-10 : Debit of Rs. 2010.03. 2006. 5. (k) Deferred Tax Deferred Tax is accounted for by computing the tax effect of timing differences which arise during the year and reverse in subsequent periods. Current investments are carried at lower of cost and fair value. (j) Research and Development Research and Development costs (other than cost of fixed assets acquired) are charged as an expense in the year in which they are incurred. Work-in-progress and finished and semi-finished products are valued on full absorption cost basis. 2011. 2010 is higher by Rs. 2010 on account of amortisation.8 million)] adjusted against Securities Premium Account during the period ended September 30. 2. The company has opted for accounting the exchange differences arising on reporting of long term foreign currency monetary items in line with Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard 11 (AS-11) notified by Government of India on March 31. (i) Relining Expenses Relining expenses other than expenses on Blast Furnace relining are charged as an expense in the year in which they are incurred.

........ the rate used to discount provision for employee separation compensation (ESS) was determined with reference to market yields on government bonds as at March 31............9) (402...... Significant Notes to Accounts: 1........... The effect of the merger has been given in the accounts of financial year 2009-10 as per the scheme sanctioned....... and the investment of the Company in the shares of HMPCL has been adjusted to the Amalgamation Reserve of the Company............................2) (16................0) (12.....4 million.... depreciation for the year ended March 31......................... 1.............9 32.... 950 million for the year then ended........0) (974............Consequent to the adoption...... the assets and liabilities of the erstwhile Hooghly Met Coke & Power Company Ltd.... As a result of this change.......................... an amount of Rs......8 million have been added to the reserves of the Company.8 26................................. These prior-period items mainly represent liabilities no longer required...............2) (80.......... 1..............190 million and Rs.................... 122...... Year ended March 31................. liabilities and other reserves of the erstwhile HMPCL as at 1st April. Adjusted to opening reserves as at April 1........................3) (42........ Termination Benefits: Employees Separation Compensation ..............663............. (HMPCL) 1.................. 240 million respectively as at March 31............................ 2006..7) (13.........9) (24...................................3 40....................................3 (1....................... The cumulative year wise adjustments and the details thereof are given below: Particulars Rs...................... Consequently....9 million between the value of net assets taken over................... Post Employment Benefits—Unfunded Defined Benefit Plans: Post Retirement Medical Benefits........... The difference of Rs...................7) 39.6 (18.......... Benefit Post Employment Benefits—Funded Defined Benefit Plans: Retiring Gratuity .... (572............................................... 582.................... The liabilities included provisions which were made based on estimates available at that point of time......................... Significant Changes in Accounting Estimates: 1.................049........ Reserves Debit/(Credit) Deferred Tax Debit/(Credit) (Rs........... (HMPCL) whose principal business was manufacture of metallurgical coke......... Pursuant to the sanction of the Honourable High Court of Calcutta to the Scheme of Amalgamation................065............................................... Pensions to Directors ........... Amalgamation of Hooghly Met Coke & Power Company Ltd......7) 36..............................3 (1.........6 12......................... In accordance with the guidelines of Accounting Standard on Employee Benefits AS-15 (revised 2005)... certain items of income/expenses have been identified as prior period items..... in million) (77..............................5) 3........... 2006 is being depreciated over the revised remaining useful life of the assets... Furniture and Fixtures and Light Vehicles has been revised effective April 1.......... 2009 have been taken over at their book values............1) 532......................................................................... 525 million) has been adjusted against General Reserves as at April 1...569................................................. Pursuant to the Scheme......... Long Term Benefits: Leave (other than furlough leave)... Prior Period Adjustments: In the financial statements for the years ended March 31...0) C..................... 1....... Loyalty Bonus .. 4. 2006...... 2009 in accordance with the Scheme so sanctioned......0 (525..........9 82.................. For the purpose of this statement...... 2.... Long Service Awards .................. such prior period items have been appropriately adjusted in the respective prior years.. The net written down value of these assets as at March 31.......... in million Year ended March 31............................ 6.............................. have been merged with the Company with effect from 1st April............ Rs.................. 2007 is higher by Rs..9) F-7 .............. the provision for employee separation compensation and miscellaneous expenditure were lower by Rs.... 2006 ....7 23.. 3.... 198............................. referred to in (1) above............. 2007 .....092. 2006 and the profit before taxes was higher by Rs.......................... The amalgamation has been accounted for under the “Pooling of Interests method” as prescribed by Accounting Standard 14 (AS-14) as notified by the Government of India........9 Total .......................... E..065 million (net of deferred tax......... in accordance with the transitional provision in the Standard................... Packing and Transportation Costs on Retirement .............. D........... 2............. Farewell Gifts on Retirement...............618 shares held by the Company in the erstwhile HMPCL have been cancelled.................................... 2006.....4 (997... As a result reserves of the erstwhile HMPCL aggregating to Rs............ The useful life of Office Equipments...4) 521............ Employees Family Benefit Scheme ........................... 2005 in the Restated Balance Sheet ... 2007 and 2006...... Accordingly the assets. Furlough (Long service) Leave ......

..... rebate and discounts. 2010 (Rs.........5 million (31....6) (11....................................................... Others .... challenging the validity of the Act...969...... in million) 2...........2 million)............077... (TSL) and NTT DoCoMo.. Subsequently.... The State Government of Orissa moved to the Supreme Court against the order of Orissa High Court and the case is pending with Supreme Court..............................736...................The details of the above prior year adjustments are as follows: Details of Prior Period Adjustments Raw materials consumed .......... 2354. However..............396.....................................5 As at March 31.................................... Repairs to machinery ......03......9) 2...............171.. (vi) Labour Related .......... (c) Claim by a party arising out of conversion arrangement ...03.......................... (TTSL)...........7 million......................................................... The Company had filed a Writ Petition in the High Court of Orissa.................965.......................................6 million (31.......... Excise duty................................ (f) The State Government of Orissa introduced “Orissa Rural Infrastructure and Socio Economic Development Act 2004” with effect from February 2005 levying tax on mineral bearing land computed on the basis of value of minerals produced from the mineral bearing land............... holding the activity as manufacture and ignoring the payment of duty made by Tata Steel.... the company has already paid duty amounting to Rs....................... Figure in bracket represents credits Contingent Liabilities as at September 30....... Tata Sons Ltd.....4 million)............9) (61......................... which is still pending for hearing......... The department has filed an appeal in Supreme Court where the matter is pending........354......................... Purchase of finished and semi-finished products ...................... An appeal against the order of the Commissioner of Central Excise..........................0 720... 2.2010 : Rs.....958.............396.....3 million (31..4) (9. 1..................... Commission............................ Profit on sale of capital asset............... Excise department demanded duty from the EPA..............................2010 : Rs..................0) (1..................2010 : Rs...................03.........0 136............... 30................................... 7...... Inc...........2 376...........5) (411.....................................03........................ 1............... (iv) State Levies ................................................................. Stores and spares consumed ..348. (b) Claims not acknowledged by the Company As at Sept.... (a) Guaran The Company has given guarantees aggregating Rs.....2010 : Rs... 609...2010 : Rs............4 1............958............03..........9 136........... In 2008-09.......879..........Rs..............................................895..........................2) (48........4) 3................... Total ................................................. 1........1 (59............ Freight and handling charges ........ 14...2 million (31............................. 2010 would be Rs..........................801 shares by TTSL to the SP...... 13/2000 which provides for exemption to the integrated steel plant from payment of excise duty on the freight amount incurred for transporting material from plant to stock yard and consignment agents............................... (g) In terms of the agreements entered into between Tata Teleservices Ltd.................8 5... (iii) Sales Tax and VAT......03. Sale of products ............ 497........................... Miscellaneous income...246...................... 2..........3 1.8) (3....... Rates and taxes........... Kolkata and the order of the department was set aside......... (e) TMT bars and rods in coil form are sent to external processing agents (EPA) for decoiling and cutting into specified lengths before the products are despatched for sale...................................................3) (14.............2 1........ as part of a secondary sale of 253........8) (150........................3) (100............8 million (31..........766...... 12....................... Conversion charges ......879.........1 million on sale of these shares resulting in a profit of Rs...........................................0 2...................... the Company was given by Tata Sons an option to sell 5.............................................2 25...... Repairs to building ............................. (d) The Excise Department has raised a demand of Rs.. the department challenged the same in Jharkhand High Court..... (ii) Customs ...1) 5. Kolkata and was allowed in favour of the EPA................. The liability till 30th September 2010............... in million (138....2 million)....... The Company has not acknowledged this claim and has instead filed a claim of Rs............................ 1................................................................ F-8 ....................5 million) on the party.........2 million (31.................941 equity shares effected along with a primary issue of 843..... 2010 (Rs........................552................8 million) denying the benefit of Notification No....... the company realised Rs......................................... in million) 2... of Japan (Strategic Partner-SP).................988.....2010 : Rs...... as at September 30................................. Jamshedpur was filed in CESTAT.......................590 equity shares in TTSL to the SP.................................. Subsequent demands in this regard have not been adjudicated..................... (vii) Income Tax ........434............... The Company filed an appeal with CESTAT.............163..............4 Particulars (i) Excise ..7 1............................777........................................552..... 3........................................................................................2 million) till date based on the final sale price of the material...... The matter is pending before the Calcutta High Court.................... 2010: Rs.....2 710.......................... (v) Suppliers and Service Contract .......................... 1...... Ranchi. The liability................964....... 1........ will be to the tune of Rs.1 (974..... Orissa High Court held in November 2005 that State does not have authority to levy tax on minerals......................................................912..................2 369............................ 2....... if it materializes........8 million) to banks and financial institutions on behalf of others......... if materializes.................. Royalty .............. Purchase of power.......8 million (2009-10: Rs..8 6.............

2010 to Tata Steel Europe Limited. it has started paying. 37. and should TSL be unable to find a buyer for such shares. L & T Infrastructure Development Projects Ltd.2009 : Rs. the Company is liable to reimburse TSL. 3.03.03.If certain performance parameters and other conditions are not met. if any.34% of the principal amount. 2010. if not converted into equity.987. F-9 . in proportion of the number of shares sold by the company to the aggregate of the secondary shares sold to the SP.676. under protest. (minimal stake required to be able to provide a corporate guarantee towards long term debt).9 million). The element of the lease rental applicable to the cost of the assets has been charged to the Profit and Loss Account over the estimated life of the asset and financing cost has been allocated over the life of the lease on an appropriate basis. acquired under the primary issue and the secondary sale. 0.2009: Rs. The ISRM is under liquidation. 2. the Company – (a) took management control of ISWP. at maturity will be redeemable at a premium of 23. Future obligations by way of minimum lease rentals in respect of these lease agreements amount to Rs.985. in the event of breach of the representations and warranties (other than title and tax) and covenants not capable of specific performance.1 million (31. (c) IDBI not to dispose of its investment in Wellman Incandescent India Ltd.4 million (31. royalty on processed coal from November 2008. (IEL). 2010. (DPCL). Limited. The Tata Power Company Limited.2010 (31. 0.8 million (31. The scheme is yet to be formed and no contribution has been made till September 30. is remote and indeterminable. The CARS will be convertible at a conversion price of Rs. Payments made under protest from November 2008 till date has been charged off to Profit and Loss Account. The Board of Industrial and Financial Reconstruction (BIFR) sanctioned a scheme for rehabilitation of The Indian Steel and Wire Products Limited (ISWP). not to dispose of its investment in Standard Chrome Ltd. 10 each and Rs. 35. having an aggregate cost of Rs. The outstanding CARS. if payable for the period till October 2008 works out to Rs. should the SP decide to divest its entire shareholding in TTSL. 2010 : Rs. the Company is obligated to acquire the shareholding of the SP. 3.5 million. The CARS will be convertible into either qualifying securities (which may be in the form of depository receipts with restricted rights of withdrawal representing underlying ordinary shares with differential rights as to voting) or ordinary shares only between September 4. a wholly owned indirect subsidiary. Estimated amount of contracts remaining to be executed on Capital Account and not provided for as at March 31. The company has agreed to provide contingent support up to a maximum of £ 500 million as at March 31. Further. The Company has given undertakings to (a) IDBI Bank Ltd. 2011 to August 6. 2005.7 million) with ISWP towards one time settlement with financial institutions for capital expenditure and margin for working capital.1 million). (ISRM). without the prior consent of the respective financial institutions/banks so long as any part of the loans/facilities sanctioned by the institutions/banks to these eight companies remains outstanding.0 million of dues into 5. or if the SP divests the shares at a lower price pay a compensation representing the difference between such lower sale price and the price referred to above.2010 : Rs.000.5 million (31. 2.000 fully paid Equity Shares at Rs.6 million (present value Rs.787. 2. The Company had. (h) The Company has been paying royalty on coal extracted from its quarries pursuant to the judgement and order dated July 23.. The exercise of the option by SP being contingent on several variables the liability. upto a maximum sum of Rs.) combined investments in The Dhamra Port Company Ltd. The state government would develop a suitable scheme and the Company has agreed to contribute to such scheme. 101. 194. and Tata Steel Ltd. In terms of the scheme.9 million) and has been considered as a contingent liability. on a pro rata basis. The CARS carry a coupon rate of 1% p. 8. not to dispose of its investments in Tata NYK Shipping Pte.. below 51% of CSCL's paid up equity share capital. when operational. signed an agreement with the Government of Jharkhand to participate in a special health insurance scheme to be formulated by the Government of Jharkhand for the purpose of providing medical facilities to the families of the people below poverty line.529.441. on August 20. The incremental amount. if any. the State Government demanded royalty on processed coal at rates applicable to processed coal.03.) combined investments in Industrial Energy Limited. a sick Company in FY 2003-04.15%. IFCI and IIBI not to dispose of its investment in the Indian Steel Rolling Mills Ltd. The Company has furnished a Security Bond in respect of its immovable property to the extent of Rs. 149.per share. (c) converted Rs. (e) State Bank of India not to dispose of its investment in Tata BlueScope Ltd. 5. However. with an effective YTM of 5.745. 200.2010 : Rs. only in the event Tata Steel Europe Limited is unable to generate the required liquidity internally or externally.130 Equity Shares from the existing promoters at Re. (g) Mizuho Corporate Bank Limited. 1. a sum of Rs.e. 1/. Though the Company has contested the above demand. (b) ICICI Bank Ltd.0 million in favour of the Registrar of the Delhi High Court and has given an undertaking not to sell or otherwise dispose of the said property. (CSCL).5 million).13 per share. (j) Bills discounted Rs. 108.8 million into unsecured loan to be repaid by ISWP in 8 annual installments starting from FY 2004-05. 106. The Company has taken on lease Plant and Machinery. The Promoters’ (i. (i) Uncalled liability on partly paid shares and debentures Rs. 3. The Company raised Rs. (d) has an advance of Rs. 2002 passed by the Jharkhand High Court.. 50. (d) IDBI and ICICI Bank Ltd.03. 4. (h) State Bank and others not to dispose of its investment in Centennial Steel Company Ltd.2010 : Rs. 2010. 2012 and are redeemable in foreign currency only in September 2012. 733. 250 million annually for a period of 30 years or upto the year of operation of the scheme whichever is less.03.5 million (US $ 875 million) through the issue of Foreign Currency Convertible Alternative Reference Securities (“CARS”) during FY 2007-08. not to dispose of its investment in The Tinplate Company of India Limited. 6.1 million as at 31. Hong Kong and Shanghai Banking Corporation and Nedbank not to dispose of majority stake in Tata Steel (KZN) (Pty) Ltd.a.. representing 51% of IEL’s paid-up equity share capital are pledged with Infrastructure Development Corporation Limited (IDFC). (b) acquired 474. and Tata Steel Ltd.9 million as at March 31. (f) Standard Chartered Bank. at the higher of fair value or 50 percent of the subscription purchase price. 7. 787.e. The Promoters’ (i.03.5 million) as at March 31. representing 51% of DPCL’s paid-up equity share capital are pledged with IDBI Trusteeship Services Ltd.

Accordingly. 2010 only in cases where such information is presented in the aforesaid Condensed Financial Statements. 2010 are prepared in accordance with Accounting Standard (AS)-25 on Interim Financial Reporting issued by The Institute of Chartered Accountants of India. 2009 and CARS having face value of US$ 493 million were exchanged into Convertible Bonds worth US$ 546.94 million. 9. F-10 . 2010. 10. an amount of Rs.5 million (net of deferred tax Rs. 605.35 at any time on or after December 31. The offer closed on November 16. 2011.5% Convertible Bonds are convertible at Rs. the Company invited holders of the CARS to exchange their holdings for 4. 2009 and up to the close of business on November 11.3 million (net of deferred tax Rs. The aggregate principal amount of CARS remaining outstanding after this exchange is US$ 382 million.431. 20. 2010.8 million)] has been amortised and adjusted against Securities Premium Account during the period ended September 30.During 2009-10.53 at an exchange rate of 1 US$ = Rs. The net exchange difference of Rs. 2009. 1.5% Convertible Bonds due in 2014.5 million has been recognised as an expense in the Profit and Loss Account during the year ended March 31.1 million) [2009-10: Rs. the notes above and other Financial Information include figures as on September 30. 243. Premium payable on redemption and the expenses related to the issue of CARS are adjusted against the Securities Premium Account. 473. Changes to premium payable on account of exchange fluctuation is transferred to “Foreign Currency Monetary Items Translation Difference Account” in line with Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard 11 (AS-11) notified by Government of India on March 31. The Condensed Financial Statements as at and for the period ended September 30. 2014. by adjusting the same to Securities Premium Account. Such exchange fluctuation on the premium payable is amortised over the balance period of CARS but not beyond March 31. Accordingly. 46. The 4.

....020 Shares of Rs....000.000.000..750.....03..0 2....0 2.....000 Shares of Rs.03.. 10 each) – 2% Cumulative Convertible Preference Shares of Rs.000..........03.......500.03. 100 each) (31..500..03....000 Shares of Rs...000.03..03...03...000 Shares of Rs. 10 each) (31.126..000 Shares of Rs..000.024...7 5.932 Shares of Rs...2008: 547.7 80..126.2010: 887.. 10 each) Add — Amount paid up on 3....000.....2007: 580..214..516 Shares of Rs..534.2007: Nil) (31. 10 each) (31.....03.03.. 10 each) (31... 100 each) (31..1 – 8........2008: 1.313..000.....024.500..........033...305. 100 each)..03.......... 10 each (31..03.2007: 25....0 9.1 7.... 600..881..536.500.......000. (31...000.1 – 7..8 54.7 8.726.472.806.03.2009: 389.. 10 each .000 Shares of Rs..503 Shares of Rs.500..305.7 20....03.6 – – 9.2009: 730.0 5.03.. 100 each) (31.9 7.....1 8.075.7 – 5.... 10 each) – 2% Cumulative Convertible Preference Shares of Rs......03...000 Shares of Rs.034... (31.0 8.0 2.031. 10 each) (31.2010: 600....807.....516 Shares of Rs..9 54.. 10 each) (31..03...000 Ordinary Shares of Rs.3 80..2008: 730..........0 60..516 Shares of Rs.500....0 2.1 62..000...516 Shares of Rs..2007: Nil) (31...000...000....000 Shares of Rs...2009: 600..872.000 Shares of Rs....0 – – 80...571 Shares of Rs...000 Cumulative Redeemable Preference Shares of Rs.....020 Ordinary Shares of Rs..320 Shares of Rs......369..03. 100 each ....2008: 600...266.... 10 each) (31......03......0 2.Share Capital of Tata Steel Limited Particulars Authorised : 1.....000.....0 60....000..369.2006: 554.2007: Nil) (31.03.810.856 Shares of Rs.03..000..03.03... (31.313. 100 each) (31..... (31..000..0 2..500.2006: 600..592.....000 Shares of Rs..03..804.500...... 10 each) (31.500.. 10 each) (31.. 10 each) (31... 100 each ... 100 each) (31.075..000.750...2009: 547...307.......503 Shares of Rs.03.2006: Nil) Issued : 903....7 5....2006: Nil) Subscribed : 902.2010: Nil) (31...2006: 25.... 100 each ..... 100 each) (31.....750.......0 60.....0 17..196 Ordinary Shares of Rs.0 60.....472..000.2009: 548.307... 2010 2010 As at March 31 2009 2008 2007 (Rs..03.03..011 Shares of Rs.........2007: 581.03....2006: Nil) 17.. 10 each . 10 each) (31..03..2009: 25.. 10 each .500.000...03.571 Shares of Rs..0 7..6 54.540.0 2.....0 2..03....516 Ordinary Shares forfeited ...000 Shares of Rs... 10 each) (31. (31..89.03...500.0 17.000 Shares of Rs.536.0 2...251.2 5...03..584....807..0 9..000 Shares of Rs..196 Shares of Rs.500.214.5 62.000 Cumulative Convertible Preference Shares of Rs...2008: 389.2010: 888.. 10 each) (31.874. 10 each) (31.6 7.. 10 each) 25.03.2010: 389..000..000.03........ (31.....932 Shares of Rs.7 F-11 ..0 17..2007: 389.2008: 548.516 Shares of Rs...2008: 25...471 Shares of Rs...... 10 each) (31.......0 2006 Annexure V 6.750..8 5...2006: 389....2009: 731.....03.022. (31.03.0 2.750.725.074. 100 each) (31..0 2. 100 each) (31.074..000..000....7 – 9...2010: 1.2010: 25....2007: 1.03.3 80.2008: 731.03.000.000 Shares of Rs.605 Shares of Rs.......... (31.1 8.806...0 5...2006: 553....7 – – 54... in million) 17....000.... 100 each) (31.0 7.. 10 each) (31.03.874...... 100 each .7 2.0 As at Sept. 100 each) (31......2010: Nil) (31.....0 5..2009: 1..856 Shares of Rs. 100 each) (31..

.1 229....9 _ 43......326.....6 0....168...... Housing Development Finance Corporation Ltd....011...6 145..........917..... Total .....6 0....5 4..006.....572.......1 2007 2006 Particulars F-12 ....2 _ 39.......... Non-Convertible Debentures (Privately Placed) .9 9....9 32...244...0 138......205.........092..1 54..4 2007 2006 Annexure VI Particulars @ Includes repayments and interest on earlier loans for which applications for funding are awaiting sanction.........9 0.....0 As at March 31 2010 4.. International Finance Corporation. Banks and Financial Institutions ............625...1 334...2 _ 35..........0 0.5 230............ Privately Placed Non-Convertible Debentures ...........4 55...317........ Unsecured Loans of Tata Steel Limited As at Sept..1 6.....4 1......7 3.7 _ – – 5..... in million) Banks and Financial Institutions ....367.427.798.... Joint Plant Committee-Steel Development Fund (including funded interest) @ ...4 38.....582....3 900...2 – 4..........3 834.500...780.....331.1 238. 30..7 – 16......1 21...593..0 16...6 54........739.........0 101.....2 634.................2 2009 – 20....414.. Total ..............0 564......6 2.1 0....0 129. .4 30........3 127.562......589...........864.... Cash Credits/Packing Credits from Banks.....2 _ 37.............3 143..9 58.048...2 _ – – 5..524.0 1........... Government of India .........502........176...2 _ 22........922.............0 17..5 2008 (Rs....055...4 12..6 24.014.8 86....... Assets Under Lease ..........0 54.1 123..750..2 _ 958..............4 _ _ 0.......288..0 418...009.3 24..... 11. 2010 _ – 18.......0 17.1 209...0 38.... Foreign Currency Convertible Bonds .........0 21.......537..249..Secured Loans of Tata Steel Limited As at Sept.. Interest Free Loan under Sales Tax Deferral Scheme ...009........6 – 18.989..... Convertible Alternate Reference Securities .....2 58........2 0..524.2 – 4.8 42.......0 21.....130. 2010 As at March 31 2010 2009 2008 (Rs............299.. in million) Fixed Deposits (including interest accrued and due) ..... 30...8 – 17....2 _ 19. – 16.... Washington ...2 1.

subject to the prior floating charge in favour of State Bank of India and other banks with respect to cash credits.Details of Loans Taken and Assets charged as securities of Tata Steel Limited as at Sept.055. 2006 – 2.928. The term loan is also secured by a first charge on receivables from sale of Hot Flue gases. (Rs. pari passu with other term lenders and second charge on the current assets comprising of stocks. land and buildings. pari passu with other term lenders and second charge on the current assets comprising of stocks. in million) 18. This loan is not secured by charge on moveable assets of the Company Facility Agreement with State Bank of India & Others January 01. 2008 Repayment dates falling at consecutive quarterly intervals commencing from April 2009 to January 2016. Cash Credits/Packing Credits from Banks Various dates Government of India : (i) for constructing a hostel for trainees at Jamshedpur (ii) for setting up a dispensary and clinic at Collieries Secured by hypothecation of stocks.1 0.4 2% below the bank rate as applicable on April 1 every year Loan is repayable in sixteen semi annual instalments after completion of 4 years (moratorium period) from the date of receipt of the last tranche relating to the loan.0 22. ranking pari passu with the other term lenders. 2010 Rate of Interest Repayment Terms Security Amount Outstanding as at March 31. 30.1 0. 2015. ranking in priority to the floating charge under above mentioned loans. Total Secured Loans 19. 30. The term loan is also secured by a first charge on receivables from sale of Hot Flue gases. 2007 to April.326.609.2 .50% below State Bank Advance Rate F-13 – 1.6 – Various rates Payable on Demand 0.1 0.367. receivables etc.75% below State Bank Advance Rate 958. ranking pari passu with the other term lenders. 2010 Secured Loans: Joint Plant Committee-Steel Development Fund Various dates Secured by mortgages.2 18. excluding land and buildings mortgaged in favour of Government of India for constructing a hostel for trainees at Jamshedpur and setting up a dispensary and a clinic at Collieries. of erstwhile HMPCL (other than power receivables on which the term lenders have an exclusive charge). ranking pari passu inter se.593. of erstwhile HMPCL (other than power receivables on which the term lenders have an exclusive charge). assets of the Ferro Alloys Plant at Bamnipal mortgaged in favour of State Bank of India and assets of Cold Rolling Complex (West) at Tarapur and a floating charge on other properties and assets (excluding investments) of the Company.6 1.1 Repayment dates falling at consecutive quarterly intervals commencing from October. stores and book debts. 2010 Annexure VI Lender (Rs. Secured by a first charge on the entire fixed assets (including mortgage over the immovable properties) of erstwhile HMPCL. in million) (%) Date of Agreement Amount Outstanding as at Sept. plant and machinery and movables of the Tubes Division and the Bearings Division mortgaged in favour of the financial institutions and banks. Secured respectively by a first mortgage on the lands together with the buildings for hostel and dispensary and clinic constructed thereon.0 2. receivables etc. on all present and future fixed assets. Secured by a first charge on the entire fixed assets (including mortgage over the immovable properties) of erstwhile HMPCL. Facility Agreement with State Bank of India & Others January 22.

2012. 2012 24. in million) (%) Date of Agreement Amount Outstanding as at Sept. the first instalment being due 6 months after the starting point. 2010 N.2 2. 20% in each instalment—October 10.A 9. 2014 N.4 4. Frankfurt (repayable in foreign currency) 48.564.12 38. 2010 N.6 21.0 Various rates Various dates N.A Syndicated Standard Chartered Bank Loan— US $ 335 million (repayable in foreign currency) January 29. 2011. London ECB Loan US $ 5 million (repayable in foreign currency) 445.559.A.A Convertible Alternate Reference Securities (repayable in foreign currency) September 04. 2006 Canara Bank.201.7 43. Oct 6. 2012 and April 6.A JPY Syndicated Standard Chartered Bank Loan—US $ 750 million equivalent (repayable in foreign currency) 38. 2006 Syndicated Standard Chartered Bank Loan—GBP 100 million (repayable in foreign currency) January 29.9 444.0 Interest Free Loan under Sales Tax Deferral Scheme Various dates N. 2015 1% Maturity date September 05.064.A F-14 7.046.140. 2009 N.3 24.056.50 20% in each instalment—April 6. the first instalment being due 6 months after the starting point.7 Libor + 290 15. Oct 6. Oct 6. April 10. 2006 N. 2014 Various dates 20 equal. 2013 20% in each instalment—April 6. semi annual instalments.7 224. 2013 20 equal. consecutive. 2011.A Fixed Deposits including interest accrued and due Various dates Housing Development Finance Corporation Ltd Various dates JPY Syndicated ECB Loan—US $ 495 million equivalent (repayable in foreign currency) 224. 2011. April 6.1 6. 2010 Rate of Interest Repayment Terms Security Amount Outstanding as at March 31.168.2007 N.5% Maturity date November 21.176.A 12. 2006 Euro Hermes Loan from Deutsche Bank.A N.9 Libor+0.2 2. Oct 6.6 Libor+0.0 31.12 March 07. 2011.017. April 10.34 March 13. April 6. 2013 and October 10.A N.1 N. October 10.Lender (Rs.5 Libor+0.A October 10.572. 2011.50 March 07. June 10. in million) (Rs. 2006 N. 30. The date which is 5 years and 1 days from the relevant Weighted Average Utilisation date i. 2010 Unsecured Loans: 11.A Euro Sace Loan from Deutsche Bank.4 Various rates Various dates N.582. consecutive. 2012.A . 2012. Frankfurt (repayable in foreign currency) March 13.e.1 2.5 Euribor+0. 2015 The date which is 5 years and 1 days from the relevant Weighted Average Utilisation date i.4 Euribor+0.9 28.5 – Libor + 297 21. semi annual instalments. 2012.445. 2012 and April 6. Foreign Currency Convertible Bonds (repayable in foreign currency) November 20.e. April 04.

900. Current applicable rate will be 9. June 30.I (privately placed with various parties) May 7.50% over SBI First Repayment Date falling Base Rate on the completion of the 54th (Reset annually) month i. 2010 Bullet repayment at the end of 120 months commencing from July 01.0 6.20% 10.A (Rs. 2008 N.990.0 6. January 28.e. where NSE MIBOR is the MIBOR published by the National Stock Exchange of India on Reuters page MIBR=NS at 0940 IST.A Non-Convertible Debentures Issue 2008 Series .0 Link to HDFC CPLR reset quarterly. N.0 “NSE MIBOR May 7.e.A N. 2009 – 10. in million) (%) Date of Agreement Amount Outstanding as at Sept.0 Term loan from Housing Development Finance Corporation Limited June 16. 2013.0 10. 2008 – 10. May 29.A .86% 10.0 1.200.000.Lender (Rs. 2013 and Final Repayment Date falling on the completion of the 66th month i.000.0 25.e. 2017 May 7. 2011 (Mumbai InterBank Offer Rate) compounded daily plus 2.500.A F-15 1.II (privately placed with various parties) May 7.50%. 30. July 28. 2010 Term loan from State Bank of India January 28. 2009 N. Second Repayment Date falling on the completion of the 60th month i. 2010 Rate of Interest Repayment Terms Security Amount Outstanding as at March 31.A Non-Convertible Debentures Issue 2008 Series .900. 2015 N.e.e.e. 2009 i.000.0 6. 2019. in million) 25.A N.0 1.500. June 30. SBAR Repayment in nine consecutive semi (Reset annually) annual installments starting from 18th month after the date of final disbursement 10% Bullet repayment at the end of two years from the date of disbursement i.0 Term loan from Axis Bank May 29. 2009 6. July 28.0 10. 2012.990. 2008 N.200. 2008 Term loan from State Bank of India March 30.30% Bullet repayment at the end of 7th year from the date of first disbursement i.000.” Term loan from Infrastructure Development Finance Company Limited June 24.

Lender (Rs.500.392. 2019.8 May 15.9 257. Bullet at the end of the 10th year i.40% May 19.A May 7.0 2.50% Equal redemptions at the end of 6th.0 12.900. 30. 2009 Total Unsecured Loans Total F-16 . 2019. in million) (%) Date of Agreement Amount Outstanding as at Sept. May 19.e on May 15.0 6.9 252.80% May 7.III (privately placed with various parties) 12. N.0 12. At par at the end of 10th year from the Deemed Date of Allotment i. 2009 Non-Convertible Debentures (privately placed with various parties) 238. 2008 Non-Convertible Debentures (privately placed with various parties) 6.798. 2008 Non-Convertible Debentures (privately placed with LIC) 15.500.0 11.000.249. in million) 2.0 15. 7th and 8th year.0 9. 2010 Rate of Interest Repayment Terms Security Amount Outstanding as at March 31.0 229.575.509.A N.000.A (Rs.0 10. 2011 N.A N.509. 2010 Non-Convertible Debentures Issue 2008 Series .00% November 18.900.e.

............4 20.........8 0..8 40....0 533....................... * .6 296..... (Face Value of Rs.......................2 46.............7 _ _ _ _ 72....... Nicco Corporation Ltd.....724... 1.. ...........8 _ 722.. Kalinga Aquatics Ltd....... The Tata Power Company Ltd............ 2010 As at March 31 2010 2009 2008 (Rs....0 72...000................) (Became subsidiary during the year 2009-10) TRF Ltd..............0 F-17 .1 _ _ _ _ _ 1...............................................8 _ 722...............8 _ _ _ 0........286. ....... Tata Industries Ltd.......................0 3........ (Became subsidiary during the year 2008-09) Tata Steel Processing & Distribution Ltd.......................470.....................8 _ _ 722... ......000 each)............ Sanderson Industries Ltd.....0 935..465............8 1...........................235....6 3..........3 1.........6 2............0 0..1 _ 40........ ...........3 _ _ _ 31.. Jamipol Ltd....0 1.................0 _ _ 0.......280....000...........452.........465....... (Face Value of uS $ 1 each) .....000.0 SHARES & DEBENTuRES (Unquoted) mjunction Services Ltd.496....... Malusha Travels Ltd..........6 4.0 1...... The Tinplate Company of India Ltd.......8 1.........8 865..0 1....0 1...8 260....... 100 each) ........7 _ _ 296...... (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) 1............0 1...... (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 1.............0 _ _ _ _ _ _ 31........3 _ _ _ 31........2 46...470...1 _ _ _ _ _ 1... # .................0 _ 40.. * ..2 1........8 865.3 _ _ _ 0......... Ltd.. Housing Development Finance Corporation Ltd....... ........1 _ _ _ _ _ 304.................3 _ _ _ _ _ _ 0.....1 _ 40......... Kumardhubi Metal Casting & Engineering Ltd.......6 2.....1 0.340.7 _ _ _ _ _ _ 72....585.........................1 – – – 46.1 1......6 1........ Ltd.... Tata Services Ltd..................0 2............ (Became subsidiary during the year 2007-08) Tayo Rolls Ltd...........6 4...6 341.........1 1........... ..... Kumardhubi Fireclay and Silica Works Ltd..... (Face Value of Rs.........8 – – 341..1 _ _ _ _ _ 604..........3 1......8 118...470....... * .........0 33............................... S & T Mining Company Private Limited ......................Fully Convertible Debentures .6 4................ Wellman Incandescent India Ltd........... ... Tata Constructions and Projects Ltd.... *.................... 30........................... Tata Sponge Iron Ltd.6 1........0 0... in million) 2007 2006 Annexure VII SN Particulars A.............8 40.........................................2 46...0 1................6 4..... The Dhamra Port Company Ltd.......................3 1.........0 1...........Statement of Investments of Tata Steel Limited As at Sept............................6 341..0 2...................... (Formerly Risk Capital & Technology Finance Corporation Ltd..1 _ _ _ 1..................195...6 4.. Indian Steel Rolling Mills Ltd.......3 _ _ _ 0................... (Face Value of Rs................088............8 _ 1..... Tata International Ltd...........000............7 _ _ _ _ 72....... Bhubaneshwar Power Pvt.......... ......(Formerly Metaljunction Services Ltd....8 _ _ _ _ _ _ 1....0 1................ Tata Constructions and Projects Ltd.340. Industrial Energy Ltd.......9 1..6 1.000 each) ...8 1..........8 118....................0 1........................6 341...................................689.026................. (Face Value of Rs................................. Tata NYK Shipping Pte Ltd..8 865.210..... Tata Motors Ltd............8 1.........9 1............8 _ _ 722....9 1.. ...............................452......0 33....................................0 296...............340...........0 1...........0 _ 722........... Sijua (Jherriah) Electric Supply Co.........286...... Nicco Jubilee Park Ltd............614.........1 _ _ _ _ _ 31.3 1....6 296........ [Non-convertible Debentures] *.......8 _ _ _ _ 72.......4 9........0 1.........0 210... Tata Bluescope Steel Ltd............................ Tata Motors Ltd...........0 2................................) (18) Tata Teleservices Ltd.. Reliance Firebrick and Pottery Co...................... 100 each) ................0 0............................ * .....3 1.... (Partly paid-up) * ............... Tata Projects Ltd.........195..... Standard Chrome Ltd.............................1 1........................4 5... * .1 _ 40............. . Reliance Firebrick and Pottery Co................... Ltd....................280..............452.........8 1........8 1............... LONG TERM INVESTMENTS Trade Investments SHARES & DEBENTuRES (Quoted) The Tinplate Company of India Ltd...........1 0......... IFCI Venture Capital Funds Ltd.) . .................. 1.... Ltd......6 4.............0 3................................ ........280.........2 46.....3 _ _ _ 31...............0 0.........8 – 33. Timken India Ltd...353.....................1 – – – 43......724....... (Formerly Tata Ryerson Ltd.. * ..... *.....0 3................................................9 1.................. *................0 1.................................3 1............ *........7 _ _ _ _ 72. Tata Metaliks Ltd........0 1..........610.................0 3...........................9 1.5 1.....1 _ _ _ _ _ _ _ 31....-’ A ‘ Ordinary Shares ............... .....................9 1..

. – 7.....0 485.............0 1.............8 866...........0....... (25) Bokaro & Ramgarh Ltd..............0 _ _ _ _ _ _ _ _ _ _ _ (1) (2) (3) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 118........... Tata Incorporated (Face Value of uS $ 1000 each) .. (Face Value of S$ 1 each) ........081..8 11....3 _ 1.5 _ _ _ _ _ _ _ 1.................0 0.... (26) Jamshedpur Education & Culture Co-operative Society Ltd.........2 6......6 _ _ 934.........0 7...7 7...... (Face Value of Rs.....5 _ _ _ _ _ _ _ 1...... (Face Value of Rs......0 – – 16.....0 70.... Hooghly Metcoke & Power Company Ltd...................5 7.. (Face Value of LKR 10 each) .0 500.................0 – – 847......... Ltd..........0 5....................... ........................ (20) Panatone Finvest Ltd...........0 – _ 866.....1 1...........7 0..........) Investment in Subsidiaries Shares & Debentures (Quoted) Tata Metaliks Ltd....8 11.........7 _ 866...................8 11.5 85.6 11......6 203... . 100 each) (27) Barajamda Mine Works Co-operative Society Ltd..........956............... .................................7 0................... Tata Refractories Ltd....... *.........0 – 16...50% optionally convertible redeemable non-cumulative preference shares ..8 11.0 485.......................... Jamshedpur utilities & Services Company Ltd......12.684.715.. (Merged with the compay during the year 2009-10) (12) Tata Steel (Thailand) Public Company Ltd....5 3..........0 – – 847.......081........... Tata Pigments Ltd........................ (23) Tata Autocomp Systems Ltd..... (Face Value of THB 100 each) . TM International Logistics Ltd.......0 _ _ _ _ _ _ _ _ _ _ _ 933... (Face Value of Rs...8 91.........0 118........684.5 7..... ....8 0.........5 2........ Lanka Special Steels Ltd....0 2......... in million) 2007 2006 (19) The Tinplate Company of India Ltd.... ......... (21) Rallis India Ltd. # (125.. 1....6 0....... ...... ................. 30..........956.7 909.......5 85...........5 85..................1 1.........0 118..... ..........4 91......900......6 203..............8 909.0 980.0 0.8 909... (Face Value of THB 1 each) .. (31) Jamshedpur Co-operative Stores Ltd................. 100 each)....... (Formerly Millennium Steel Public Company Ltd... .......... .. (Face Value of Rs...................... 5 each) (32) Tarapur Environment Protection Society . ....................796... 25 each) (30) Jamshedpur Co-operative House Building Society Ltd........... (24) Steelscape Consultancy Pvt Ltd............6 3......... (Face Value of ZAR 1 each) .....0 500.......... Sila Eastern Ltd..7 _ 866...50% cumulative preference shares...3 _ 1.......8 11.1 1.............4 91..... – 7% cumulative redeemable preference shares ..... (Face Value of Rs...................0 485.....4 91................. 2010 As at March 31 2010 2009 2008 (Rs.....1 _ F-18 .. 100 each) ........0 – 16.... * ..470..............684...8 909... 25 each) (29) Ferro Manganese Plant Employees Co-operative Society Ltd...5 _ _ _ _ _ _ _ 1........0 500................................7 0........7 7..000 shares have been pledged in favour of IDBI and other bankers for facilities obtained by The Dhamra Port Company Ltd................0 500............6 3..........7 7..5 _ _ _ 0...........8 909............2 1..5 85.........5 0............0 5...6 – 847........ (Face Value of Rs.........0 – 16....0 _ 0......5 _ _ _ _ _ _ _ 1. 866.........7 7..........5 7..0 – – _ – – _ Shares & Debentures (Unquoted) Kalimati Investments Company Ltd. (Face Value of Rs..1 1.... 25 each) (28) Joda Employees Co-operative Society Ltd.0 70......4 91.... NatSteel Asia Pte Ltd.483.6 0.... ..............0 847...10% redeemable non-cumulative convertible preference shares.....1 0........5 980.SN Particulars As at Sept..0 70.... (22) Tata Teleservices Ltd... .081...0 118....8 909.........4 16...........................................7 _ 866....5 7..............8 0.............................) (13) Tata Steel KZN (Proprietory) Ltd......... (Became subsidiary during the year 2008-09) The Indian Steel & Wire Products Ltd........684.0 – 16......067..... .........4 91.....7 7.........................6 10....5 _ _ _ 0........................... (34) Himalaya Steel Mill Services Pvt........1 1....... ............................. Tata Korf Engineering Services Ltd.................. . 100 each) (33) Strategic Energy Technology Systems Private Ltd. .142... ...... (Face Value of Rs..........6 203.5 7... (Became subsidiary during the year 2007-08) Tayo Rolls Ltd.....0 2.....

346...3 850........ (16) Adityapur Toll Bridge Company Ltd.................0 – – 2006 _ _ – _ – – 400..2 435..7 12.919......................00. 1........ (Formerly Tata Ryerson Ltd....8 515.......2 435............4 10........8 1...8 40..278. ..796....6 2............9 35....................6 89.3 – 10.. (Face Value of GBP 1 each) .....170..... b) Fixed Maturity Funds..............3 144..... .....665.....5 2.061...........3 – 10.....0 – – 2007 7...5 515...360...717....045...........5 515.........4 16.....0 – – _ _ _ 89. 2007............ Includes Rs...... (Face value of Rs....4 449.......8 400. (1) (1) CURRENT INVESTMENTS (at lower of cost and fair value) Quoted 6..3 144..4 10..0 7......) (15) TS Alloys Ltd (Formerly Rawmet Ferrous Industries Pvt..........342..........................0 0.............. (17) Gopalpur SEZ Ltd. Ltd...333.....744................ F-19 . 32......6 435................................ 100 each) Unquoted Investment in Mutual Funds@ . ........SN Particulars (14) Tata Steel Holdings Pte Ltd.........8 * @ These investments are carried at a book value of Re....3 – 10...........8 356.......) ...140................75% Tax Free Bonds of Unit Trust of India ....7 423...9 million ringfenced for a specific purpose as at March 31........ (18) Centennial Steel Company Ltd . in million) 7......................................693....5 61.... a) Liquid Funds .. (Formerly Tata Steel Asia Holdings Pte Ltd............ 2010 As at March 31 2010 2009 2008 (Rs. As at Sept....744.....699. (19) Tata Steel Processing & Distribution Ltd...625.031............6 89..............0 32...3 – 10..140...) (Became subsidiary during the year 2009-10) B..5 2. 30.4 – 41.........0 0........

......................9 6.. Others ........ 683...8 5.....Statement showing Agewise Analysis of Sundry Debtors of Tata Steel Limited As at Sept. Total . Less: Provision for doubtful debts .......434.3 423.....9 5...5 6.......6 223.984....394.............5 5...0 336.....348.3 817................... in million) Due for a period exceeding six months ......3 6.8 632...359....................039.........5 321......6 6.7 5....8 732..0 2007 2006 Annexure VIII Particulars F-20 .............3 4..3 4......1 258...........2 572.181.......316.. 30.9 209....195...4 357.720.....................4 6. 2010 As at March 31 2010 2009 2008 (Rs..........041..898..7 3......

..4 2....875..6 745........... Advance payment against taxes ..013...8 333.9 741.....8 334........213..081.....392.....2 3.....329...327.. 2010 As at March 31 2010 2009 2008 (Rs.713...3 718..464.....664.3 3.017.169...6 2007 2006 Annexure IX Particulars F-21 .....0 788..8 3...Statement showing details of Loans and Advances of Tata Steel Limited As at Sept....9 1......2 308....110.2 740..143.803.. 3.378.............5 5...0 46....0 18.4 37....... Other advances .3 30...............1 1......2 13.7 – 3. Application money on Investments .8 119..182...3 27..... Total ..3 118.714.......9 45.....8 12....338................476...7 3.....3 18...4 720........765...5 31...5 469............6 4..9 465....8 16..723.125...... Less : Provison for doubtful advances .020....... 30.999...8 538..........636...........2 54......610.....4 3...... in million) Advances with public bodies ....8 37.317.132.......4 55...797... Loans and Advances to subsidiary companies .0 5........8 464.....4 3..8 47..6 30......059.....3 5.........387......699.961.....2 825.........852.217....

. (iii) Unclaimed Matured Deposits .4 3.... 2010 – – – – – 449.7 2007 2006 As at Particulars Sept..614...7 330..0 F-22 ...... (iv) Unclaimed Matured Debentures. (ii) Application Money Pending Refund .....4 2.......552..459....6 3............4 623...........058..382........9 13...9 1......8 293..3 233.2 38...973.....6 8..4 – – – – 72.. Interest accrued but not due ..6 18.1 471.310........4 10.6 2008 (Rs.026.5 32..982.....260.......0 39.........3 56.. Liability towards Investors Education and Protection Fund under Section 205C of the Companies Act..4 27....... Advances received from customers ....349..2 5...7 0........850... (v) Interest Accrued on (i) to (iv) above .9 4.1 5.....9 – – 0.0 3.232.. (iii) Unclaimed Matured Deposits .............581..5 2.6 – – 0...9 1.1 – 0........2 1... (v) Interest Accrued on (i) to (iv) above ...0 6..7 242...4 7................866..........9 17.. Subsidiary companies.....398.6 – – – – – 394.....4 1.....766..1 38. as Restated of Tata Steel Limited As at March 31 2010 40... 30..0 – – 0.4 60..1 25.8 66........6 215....5 17......222.....143........8 24..2 – 0..787..... in million) (a) (b) (c) (d) (e) Sundry creditors : .......1 – 0..3 – 1.3 17...8 2...3 1...5 0.767.427.....8 2. Not due as on (i) Unpaid Dividends ......726.. (iv) Unclaimed Matured Debentures...1 1..........5 35.157.....3 31..6 – – – – 0..066....6 14. 45..5 15.530....9 2009 38...........434.. (ii) Application Money Pending Refund ... 1956 Due as on (i) Unpaid Dividends .......Annexure X Current Liabilities...

205.688.9 2008 (Rs.0 11.2 2009 11.1 2007 2006 As at Particulars Sept.1 9.4 21.134.1 19.2 5.935.547.0 4.7 9.171.693.0 8.9 – 24.910.954. 30.1 2.965.2 28.465.8 13.2 11.195.8 4.7 7.3 21.486.0 5.911.7 23.2 7.9 21.071.2 13.2 12. as Restated of Tata Steel Limited As at March 31 2010 11.1 60.430.439.097.6 8. 2010 F-23 . in million) (a) (b) (c) (d) Provision for employee benefits Provision for taxation Provision for fringe benefit tax Proposed dividends 13.275.784.4 8.Annexure XI Provisions.195.485.0 29.

... ii..............9 266...6 – 7..2 – 3......................428..8 880....3) – 8...........153.0 377......505....0 884. Gain/(Loss) from cancellation of forward covers/options/swaps ..9 410.............0 6..0 2..........9 80..2 167.3 718..486.6 103............7 1....2 0.....................9 643.. Investments in subsidiary companies ......9 42...9 – 2..........243..... Miscellaneous Income .9 2..3 637.....0 17.........3 1.......2 – 2007 2006 Annexure XII Particulars F-24 ... 2010 For the year ended March 31 2010 2009 2008 (Rs..283......3) 282........ Total ...2 77..........864............ Trade Investments ..537.911...3 – 1.3 Profit/(Loss) on sale / redemption of other investments .171. 294....3 1.082............................ in million) Income from Investments i.5 96....9 372....480..5 (64..2 1.. 30.0 826...9 575.. Profit on sale of capital assets (net of loss on assets sold/scrapped / written off) .3 1..8 6...5 155......068....8 1..........6 111....Break up of Other Income of Tata Steel Limited As at Sept.........811........0 (310.......... 783.......016..6 717........

...785.833.356.1) (1....2) (127.785.750...718.183.....065.7 18......9) (652....658.325......5 (4...2) (227...400..Statement of Deferred Tax Liability of Tata Steel Limited As at Sept..0) (1....8 – 21... (vii) Other Deferred Tax (Assets) / Liabilities ........0 16...6) (13..0 206. (ii) Wage Provision ..475.....1 – 16..6) (1......8) 9. (viii) Redemption premium on CARS....3) (304.651............3 16....1) (286......570.....4 316....0 (5..8) (1..9) (11.......6 – 18.462..5) (298............9 1.9 19..606.....490.. (iv) Disallowance under Section 43B..042.........8) (11.994.438........732......8) 8....0 – 17... (vi) Provision for Employee Benefits .3) (310..401.....036.594.7 (4..275...068.... 20..4) (2.6) 6.....9 (5......5 385....... (A) Deferred Tax Assets (i) Employee Separation Scheme . 2007 2006 Annexure XIII Particulars F-25 .337...676..... 30...2 – 20..3) (1..272....114.2) (104.... in million) Deferred Tax Liabilities (i) Difference between book and tax depreciation ..7) (104.....432........7) (1..7) 5.489.3 730..7 18.....857...958.. (v) Provision for Leave Salary ..335....7) (1.7) – (9.1) (1............282.6) (2.......0) 9.7) (359..7) (1.001.......0 (ii) Prepaid Expenses ........0) (689.8) (330.1) (7....3) (1..8) (1......1) (226.......818..4 16.4) (1..3) (1... (B) Net Deferred Tax Liability (A) + (B) .651.483.1) (694.088...164..3) (705.932......108....5) 7.6) (1.2) (178.4) (4...2) (12. 2010 As at March 31 2010 2009 2008 (Rs..0 (5..9) (1..979.7) (648...6 (5..4 2...611. (iii) Provision for doubtful debts and advances ......6) (2.0) (1.9) (689. .....063.......923..8 368..... (iii) Revaluation of Foreign Currency Loans .....119.......7) – (106..9) (705....917.............

................ 887.......0 80% 7...592...) .....0 130% 7......0 10..2 10...6 580..........2 2007 2006 Annexure XIV F-26 ...0 10.150....689.584.0 10........... Note : i) The Company has not declared any Interim Dividend during the period ended September 30........) ....604.......................0 10.......... Tax on Dividends (Rs.......9 10.5 1. Rate of Dividend ......097......214...............689.0 155% 9.. in million) ........ Total Dividend Paid (Rs..............856 10.....009... in million) Number of Equity Shares .7 1.0 160% 11.3 1.856 553..... Face Value Per Share (Rs...............195.....954..........472....472.........Statement showing Rates and Amount of Dividend Paid by Tata Steel Limited As at / For the year ended March 31 Particulars 2010 2009 2008 (Rs....986. in million).......439...196 730.....320 10...... Paid up Value Per Share (Rs.0 160% 11.1 1..1 1.. 2010...471 730..............0 10....................0 10.

.......865.864..712........6) 16.....489....6) (29.....6) 0...1 (1......613............ Timing Differences Difference between tax and book depreciation ....6 517.....307.0 1........ Tax rates applicable (%)...0 (1...708..2) 356...9) (4............9) (2...980................526.............3 – (1..... Adjustments: Permanent Differences Long Term Capital Gains ..077.......6 33...........1) (6..3 – 174................... Exchange Fluctuation/CARS expenses/14A disallowance/donation...... Wage Provision .........0) (99..8 70.......1 34.............735....698.....6 33...........7 1...... Total (C) ..........6) (1......247.......560....8) 21.........7) 304...3 (61.............361..283...5 (797......663.8) (3....9) 50...435..... 30....048.....0 (3........9) (6.....883..480....481....7 218......9 – 300...... Leave Salary provision ..9) (1...............7) (503......... in million) Profit Before Tax ....0 24...847....1) (4......520.............2) 15......... Prepaid Expenses ....7) (180.0 (1...986..997....307............. Others ......9 51..7) 15...........7 17...325....6) 22.3) – (1......4 (9.0) (1..0 (7.374..708.1 (8.....0) (11.........500......... Early Separation Scheme ........... 2010 For the year ended March 31 2010 2009 2008 (Rs.....790...........735.143......9 (3.....135...521............. Net Adjustments (B+C) ........072........0 34........................4 347.288.............8 (95.......6) (316......2) 509...9 202.1) 601...8) 381.................3) (5.666..3 123.....1) (1.9 (530...........8) (31.....043. Total (B) ..1 1......5 86...917.8 502.....0) (3...........6 34...8) 1.......4) (22.....730.......8 (481... (1....... F-27 ............9) (1...........5 7...2 – – (1.........7 73.1 (93..5) (1. Revaluation Gains (Unrealised) .............5 33............5) 13....2 (7..4 2007 2006 Annexure XV Particulars Note: The Statement of tax shelter has been prepared based on restated Profits as per Annexure II.. Tax at applicable rates (A) .....221.359.8) 778...225.. Unpaid Statutory Liability ... Tax Expense/(Saving) thereon (D) ..................4) 19......................471..2 – 2....5) (3..567..... Provision for doubtful debts and advances ...9) (2.079.....187..028......2 16.613......7) (48..0 1.2) (1..7) (13..9) (881...0 24..1 (2........502..........541.....8) 18........3 (2.5) 69.............947.....6) 20......210.6 62.....2 1.............2 (7.7 20.....................408........................018.......836......Statement of Tax Shelter of Tata Steel Limited As at Sept...........156...9) 491..3) (7.0) (9.....4 73....5) 1.........193.. Dividend Income and others .... Total Current Tax (A+D) .498........654.........0) (4.........0 (940.2) – (4....................216.......5 72..............0 24....923.1 221......730........0) 59.

....445.736....811 730.Accounting Ratios of Tata Steel Limited As at / For the period ended September 30.......7 8.936........9 69.......995. Accounting Ratios: Earning per Share — Basic EPS (Rs...6 55... 40....1 34..353 625.....1 66....7 64...........320 580.257.. in million) a) b) 2 a) b) 3 4 5 Basic EPS.....471 418.. Basic EPS......4 55.............6 60......391 881.... Diluted EPS .......2 37.2 138.687.122 625..9 17......748..434...3 13....204.....2 95....610..4 Number of Equity Shares outstanding at the end of the year/period ..601 646........7% 463..3 697........424.....4 i) The above ratios have been computed on the basis of the Restated Summary Statements—Annexure I and Annexure II.917 730.550...797....841 868.. v) Net Assets Value is calculated as Net Worth at the end of each financial year/period divided by the number of equity shares outstanding at the end of each financial year/period........1% 405...8 38...........089....472...214............584..547..400. 36.....5% 172.2 50.. diluted EPS and return on net worth for the period ended September 30..............1 41...856 271..4 41.7 46.....251 646............456.299. F-28 ..................1 Weighted average number of Equity Shares for : 892...........0 50....927.6 36.... Net Worth (Rs. 2010 have not been annualised.. have been considered for computation of diluted earning per share as at September 30...797........592...327 748.841...........931....1% 239....... Net Asset Value Per Share (Rs.........833.... ii) The effect of potential dilution pursuant to the current issue has not been considered since the quantum of equity shares that will ultimately be subscribed cannot be ascertained at present..7 30.....2 371..196 887....4% 418.841............9 49...834 956........) (1a)/(2a) .951...) (1b)/(2b) . 2010 Annexure XVI As at / For the year ended March 31 2010 2009 2008 2007 2006 Particulars 1 Adjusted Profit after Tax for (Rs...... Return on Net Worth (1a)/(4)-% . iv) Return on Net Worth (%) represents Adjusted Profit divided by Net Worth. Diluted EPS .8 46...........8 62.......3 57.........) (4)/(3)...... — Diluted EPS (Rs........645.....1 17.4 34.......5 295....4 62...2% 371.. in million) .....................584....... vi) The basic EPS.9 54..472.........6 64.... iii) Outstanding warrants issued to Tata Sons Ltd.....423..856 553.............901 828..196 730..... 2010.823.214.........538 902.009....

............9 2...........782...........................798.....593.9 257................................ Above capitalisation statement is prepared on the assumption that the proposed current issue will be subscribed fully........................ 2010 (Rs............069............................................1 – 360.........575..................687.....043. 8..............2 229............................6 22....................................1 1.........................326........5 0... Shareholders Funds Equity Share Capital ............1 418. Debt/Equity Ratio ........... Total Shareholders Funds.......................2 0..........249..874................................................0 1.................Capitalisation Statement of Tata Steel Limited Pre-Issue as at Particulars March 31.392..................5 371....................... Reserves and Surplus (Note iii) .. 2010 Pre-Issue as at Sept 30...... F-29 .......0 238.................743... in million) Borrowings: Secured ................450...............7 9...... Unsecured ..............299......................................................................... Total Debts ....0 19.9 Adjusted for Current Issue Annexure XVII iii) Reserves have not been adjusted for any issue expenses that will be adjusted against the Securities Premium Account consequent to the current issue of shares.....8 252........ Foreign currency monetary item translation difference account . Notes: i) ii) The above has been computed on the basis of the Restated Summary Statements................024.................0 406.. Share Warrants ................................

Ltd. Ltd. Eastern Steel Services Pte. 3. Tata Refractories Ltd. Bhd. 4. Tata Steel Asia (Hong Kong) Ltd. NatSteel Iranian Private Joint Stock Company 2. NatSteel Australia Pty. (Formerly Rawmet Ferrous Industries Pvt. NatSteel Equity IV Pte.List of Related Parties and Relationships as at September 30. Jamshedpur Utilities & Services Company Ltd. Gopalpur Special Economic Zone Ltd. Inc. SEZ Adityapur Ltd. Easteel Construction Services Pte. a) NSA Holdings Pte Ltd. Ltd. 10. Burwill Trading Pte. NatSteel Asia (S) Pte. 13. NatSteel Trade International (Shanghai) Company Ltd. Tata Metaliks Ltd. 1. NatSteel Middle East FZE 3. Ltd. 5. Ltd. i) ii) iii) iv) Subsidiaries Adityapur Toll Bridge Company Ltd. Tata Steel (KZN) (Pty) Ltd. Easteel Services (M) Sdn. I NatSteel Holdings Pte. Tata Steel Resources Australia Pty. TRL Asia Pvt. NatSteel Asia Pte. Centennial Steel Company Ltd. 1. Ltd. 15. Ltd. Ltd. 7. NatSteel (Xiamen) Ltd. 4. Ltd. Bangla Steel & Mining Co. 3. Sila Eastern Ltd. Limited 2. 6. 1. Eastern Steel Fabricators Phillipines. 11.* b) Tata Steel Global Holdings Pte Ltd. 12.) Tata Incorporated Tata Korf Engineering Services Ltd. 1. Ltd. 1. Tata Steel Holdings Pte. 2010 Party A. NatSteel Trade International Pte. 9. Ltd. Eastern Wire Pte. Naba Diganta Water Management Ltd. Ltd. Ltd. Ltd. Ltd. Natsteel Recycling Pte Ltd.@ TS Alloys Ltd. Ltd. Kalimati Investment Company Ltd. Country India India India India India India India India Bangladesh Sri Lanka Singapore Iran uAE Hongkong Australia Thailand India USA India India India India Singapore China India South Africa Singapore Singapore Singapore Singapore Australia Australia Singapore Singapore Malaysia Phillipines Singapore Singapore Singapore China Singapore Australia Singapore Singapore China Singapore Annexure XVIII Related Party Information of Tata Steel Limited v) vi) vii) viii) ix) x) xi) xii) xiii) xiv) xv) xvi) F-30 . TRL China Limited Tayo Rolls Ltd. Haldia Water Management Limited 2. Lanka Special Steels Ltd. 8. 16. Materials Recycling Pte. Best Bar Pty. Bestbar (Vic) Pte. Ltd. Tata Metaliks Kubota Pipes Ltd. 2. 1. 14.

O 14. 17. Ashorne Hill Management College 4.V. British Steel International B.V. Cogent Power Inc. 31. Bore Samson Group Ltd. 30 British Tubes Stockholding Ltd. 9. 29. 20. 36. Belfin Beheermaatschappij B. Ltd.1) B.V.II III 17. British Steel Directors (Nominees) Limited 23. British Steel Samson Limited 27. Beheermaatschappij Industriele Produkten B.A.) 12. Blume Stahlservice GmbH 13.V. C Walker & Sons Ltd. British Steel Service Centres Ltd.V. Cogent Power Limited 44. Bailey Steels Limited 8. Z. The Siam Industrial Wire Co. 19.V. British Steel Employee Share Ownership Trustees Ltd. 22. Color Steels Limited 46. 15. Cogent Power Inc. Bell & Harwood Limited 11. de C. 20.O. Catnic Limited 38. 10. British Transformer Cores Ltd. British Steel Benelux B. Bore Steel Ltd. British Steel Holdings B. 16. British Steel Nederland International B. 24. British Steel De Mexico S. British Steel Engineering Steels (Exports) Limited 25. PT Materials Recycling Indonesia 19. B S Pension Fund Trustee Ltd. Burgdorfer Grundstuecks GmbH 34. Ltd. Orchid Netherlands (No. 18. NatSteel Vina Co. Corbeil Les Rives SCI Vietnam Indonesia Thailand China Netherlands uK Jersey USA uK Germany uK uK uK Netherlands Netherlands uK uK Germany Poland uK uK uK Netherlands Netherlands Netherlands uK Mexico uK uK uK Netherlands uK uK uK uK uK uK uK Germany Netherlands uK Germany uK France uK Canada Mexico USA uK uK uK France F-31 . Blume Stahlservice Polska Sp. Automotive Laser Technologies Limited 6. 26. Augusta Grundstucks GmbH 5. Bskh Corporate Services (uK) Limited 33. 45.V. 3. Cbs Investissements SAS 39. Wuxi Jinyang Metal Products Co. C V Benine 35.V. Apollo Metals Ltd. 41. Almana Steel Dubai (Jersey) Limited 2. Cogent Power Inc. 43. Catnic GmbH 37. British Steel Corporation Ltd 21. 18. 42. Tata Steel Europe Ltd. Blastmega Limited (united Steel Forgings Ltd. 1. British Guide Rails Ltd. Ltd. British Steel Tubes Exports Ltd. 28. Cold Drawn Tubes Ltd. Bs Quest Trustee Limited 32. 7. Cladding & Decking (uK) Limited 40.

Corus Building Systems SAS Corus Byggesystemer A/S Corus Byggsystem AB Corus Byggsystemer A/S Corus Central Europe S. 62. 57. 69. 91.O. Corus Holdings SA Corus Hungary Trading Limited Liability Company Corus India Ltd. 94. Corus Cic Inc. 85. 68. 67. 77. 52. 63. 76. 88. Corus Consulting B. 48. 59. Lda Corus Aerospace Service Centre Suzhou Co Ltd Corus Aluminium Beheer B. Cordor (C& B) Limited Corus . 80. 51. 83. 60. 90. 66. 56. 74. 75.R. Corus Batiment Et Systemes SAS Corus Belgium Bvba Corus Benelux B. Corus America Inc. Corus Beteiligungs GmbH Corus Brokers Limited Corus Building Systems Bulgaria AD Corus Building Systems N. Corus CNBV Investments Corus Coatings Usa Inc. 89.V. 82. 49.47. 95. 84. Corus Cold Drawn Tubes Limited Corus Construction Products (Thailand) Limited Corus Consulting And Technical Services B. 55. 92. 86. uK uK Portugal China Netherlands uK Germany uSA USA France Belgium Netherlands Germany uK Bulgaria Belgium France Denmark Sweden Norway Czech Republic Canada Canada uK USA uK Thailand Netherlands Netherlands uK Romania Germany Denmark Germany Netherlands uK uK uK uK uK uK uK Finland France uK uK France Hungary India F-32 . 79. 53.V. 93.Sistemas Constructivos E Revestimentos Metalicos.V. 65. Corus Consulting Limited Corus Consulting Romania SRL Corus Degels GmbH Corus Denmark A/S Corus Deutschland GmbH Corus Distribution Europe BV Corus Electrical Limited Corus Engineering Limited Corus Engineering Steels (uK) Limited Corus Engineering Steels Holdings Limited Corus Engineering Steels Limited Corus Engineering Steels Overseas Holdings Limited Corus Finance Limited Corus Finland Oy Corus France SAS Corus Group Limited Corus Holdings Ltd. 58. 72. 50. Corus Cic Holdings Inc. 54. 73. 70. 64. 78.V.* Corus Aluminium Limited Corus Aluminium Verwaltungsgesellschaft Mbh Corus America Holdings Inc. Corby (Northants) & District Water Co. 87. 71. 61. 81.V.

133. Corus Special Strip Asia Limited Corus Staal B.V Corus International Trading Limited Corus International Trading Limited Corus Investment B.96. Corus International Romania SRL Corus International Services N. Corus Services Nederland B. 124. 116. 110. 119.V. Corus Stainless uK Ltd. 105. 141. 101. 131. 113.V. Corus Stahl GmbH Corus Stainless Limited Corus Stainless Nl B. 136. Corus Primary Aluminium B. 98. S. Corus New Zealand Limited Corus Norge A/S Corus Packaging Plus Belgium N. Limited Corus International (Overseas Holdings) Limited Corus International Bulgaria Limited Corus International Deutschland GmbH Corus International Limited Corus International Nigeria Corus International Representacoes Do Brasil Ltda. 144. Corus International (India) Pvt.V. Corus Ireland Ltd. Corus Large Diameter Pipes Limited Corus Liaison Services (India) Limited Corus Management Limited Corus Met B.L. 125. Corus Star-Frame B.Z.V.V Corus Packaging Plus Norway A/S Corus Perfo B. 103. Corus Metal Iberica S. 143. 118. 100. 121. 132. 104. Corus Laminacion Y Derivados.V. Corus Properties (Germany) Limited Corus Property Corus Quest Trustee Limited Corus Rail Consultancy Limited Corus Rail France S. 140. 114. 129. 145.O. 123.A Corus Rail Limited Corus Republic Of Ireland Subsidiaries Pension Scheme Trustee Limited Corus Service Center Milano Spa Corus Service Centre Limited Corus Service Centre Maastricht B. 97.O. 120.V. 117. 147. 115. 122. 146. 99. 102. 135. 137. 109. Corus Steel Limited India uK Bulgaria Germany uK Nigeria Brazil Romania Belgium uK USA Netherlands uK Ireland Spain uK uK uK Netherlands Spain Turkey uK uAE uK Netherlands New Zealand Norway Belgium Norway Netherlands Poland Netherlands uK uK uK uK France uK Ireland Italy N Ireland Netherlands Netherlands uSA Hong Kong Netherlands Germany uK Netherlands uK Netherlands uK F-33 .V. Corus Sheet & Tube Inc. 106. Corus Investments Ltd. 126.V.V. 134. 130. 107 108. 142. 138. 128. 112.V. 139. 127. 111. Corus Polska Sp.A Corus Metal Sanayi Ve Ticaret AS Corus Metals Limited Corus Middle East FZE Corus Multi-Metals Limited Corus Nederland B.

Holorib GmbH Hoogovens (uK) Limited Hoogovens Aluminium uK Limited Hoogovens Finance B. 178. 164. 149. 188. 186. 190.V. Corus Trico Holdings Inc. 160. 162. 156. 176. 151. 174. Corus Tubes B. 154. Cpn 85 Limited Crucible Insurance Company Ltd.L.V.V. 173. 166. 157. Hille & Muller usa Inc. Hoogovens Technical Services Mexico De S.V. 159. 158. 185. 197. Ickles Cottage Trust Immobilliere De Construction De Maubeuge Et Louvroil SAS Industrial Steels Limited Inter Metal Distribution SAS K&S Management Service Limited Kalzip Asia Pte Kalzip GmbH USA Sweden Netherlands uSA Netherlands USA uK uK Netherlands uK I of Man Netherlands uK uK Netherlands Sweden Netherlands uK uK uK uK uK uK uK Belgium Germany Ireland uK uK uK uK uK Germany Italy uSA Germany uK uK Netherlands Netherlands Mexico Netherlands Poland uSA Netherlands uK France uK France uK Singapore Austria F-34 . 168. Eric Olsson & Soner Forvaltnings AB Esmil B. 184. 165.V. 198. Demka B.V. 169.V. De R.V. 191. 189. Hoogovens Technical Services Coahuila B. Hammermega Limited Harrowmills Properties Ltd. 194. 170. 150. Hadfields Holdings Ltd. 187. Dsrm Group Plc. 181. 175. 179.O Hoogovens usa Inc. 193.V. Corus Tuscaloosa Corp. H E Samson Ltd. 152.V. 155. Euro-Laminations Limited European Electrical Steels Limited Europressings Limited Firsteel Group Limited Firsteel Holdings Limited Firsteel Steel Processing Limited Firsteel Strip Mill Products Limited Fischer Profielen NV Fischer Profil GmbH Gamble Simms Metals Ltd. Ees Group Services Limited Ees Nederland B. Huizenbezit “Breesaap” B. Corus Steel Usa Inc.148.O.V. 180. 172. 153. 195. 199. Corus Sverige AB Corus Technology B. Grant Lyon Eagre Ltd. 196. Hoogovens Tubes Poland Spolka Z. 183. 192. 163. Corus uK Healthcare Trustee Limited Corus uK Limited Corus Vlietjonge B. 182. Hille & Muller GmbH Hille & Muller Italia SRL. 167. Hoogovens Technical Services Monclova B. 171. 177. De C. 161.

239. 209. 212. 215. 235. 229. Steel Company (N.V. Myriad SA Myriad united Kingdom Limited Namascor B. Round Oak Steelworks Ltd. Stewarts And Lloyds (Overseas) Ltd. Oostflank B. Simms Steel Holdings Ltd. 218. Steelstock Ltd.200. 236. 208. 210. 222. London Works Steel Company Ltd. 228. 224. 243. Plated Strip International Limited Precoat International Limited Precoat Limited Rafferty-Brown Steel Co Inc Of Conn.) Ltd.V. Sia Corus Building Systems Simiop Investments Ltd. Richard Thomas And Baldwins 1978 Limited Richard Thomas And Baldwins (Australia) Pty Ltd. 223. 213. 231. Steel Stockholdings Ltd.I. 221. 247.V. 248. Simiop Ltd. 241. 244. Orb Electrical Steels Limited Ore Carriers Ltd.u. S A B Profil GmbH SA Intertubes Sacra-Nord SAS Scrap Processing Holding B. 207. 238. 230. 217. 245. 246. 220. 233. 226. Mistbury Investments Limited Montana Bausysteme AG Myriad Deutschland GmbH Myriad Espana Sl Myriad Nederland B. Stocksbridge Cottage Trust Surahammar Bruks AB Germany China uSA uK Spain Ireland uK uK uK Switzerland Germany Spain Netherlands France uK Netherlands uK Netherlands Netherlands uK uK USA uK uK uK USA New Zealand Australia uK uK uK Netherlands Germany Belgium France Netherlands uK Latvia uK uK uK Sweden Belgium Netherlands uK uK uK Ireland uK uK Sweden F-35 . 234. Stewarts & Lloyds Of Ireland Ltd. Runblast Limited Runmega Limited S A B Profiel B. 237.V.V. 225. 204. 201.L. Skruv Erik AB Societe Europeenne De Galvanisation (Segal) Sa Staalverwerking En Handel B. Oremco Inc. 250. Nationwide Steelstock Limited Nebam Nedelandse Bevrachting En Agentuur Maatschappij B. 205. 216. 249. 203.V. 227.V. Seamless Tubes Ltd. Lister Tubes Ltd. 211. 219. 240. 242. Kalzip GmbH Kalzip Guanhzou Limited Kalzip Inc Kalzip Limited Kalzip Spain S. 202. 206. Midland Steel Supplies Ltd. 214. 232.

268. 7. Tata Steel International (Singapore) Pte Ltd. 252 253. 256. 260. 254. united Steels Co (N Z) Ltd. 270. Tulip uK Holdings (No. Whitehead (Narrow Strip) Ltd. 262. Tinsley Trailers Limited 265. The Siam Iron And Steel (2001) Co. Kalimati Coal Company Pty. 276. 2) B. @ 5. 3. Westwood Steel Services Ltd. 278. 269. Thomas Steel Strip Corp. 1. 259. Bright Bar Limited 272. uK Steel Enterprise Ltd. 3) Ltd. Tata Steel International (Asia) Limited 3. Al Rimal Mining LLC 2. Tulip Netherlands (No. Black Ginger 461 Proprietary Ltd 3. Walkersteelstock Ltd. 280. 281.V. Tata Steel Global Minerals Holdings Pte Ltd. 273. 264. 4. Corus International (Shanghai) Ltd.A. The Templeborough Rolling Mills Ltd. Tata Steel Minerals uK Ltd* Tata Steel International (Singapore) Holding Pte. Tata Steel International (Thailand) Limited 8.E. Tata Steel International (Malaysia) Sdn Bhd 6.V.S. The Stanton Housing Company Ltd. 266. 271. Tulip Netherlands (No. 251. u. Tata Steel International (Hongkong) Limited 5. Tata Steel International (Gunagzhou) Ltd 4. 258. ukse Fund Managers Limited 274. 255. Tata Steel Cote D’ Ivoire S. 257. Unitol SAS 277.IV V Swinden Housing Association Tata Steel International (Italia) SRL Tata Steel International (Schweiz) AG Tata Steel Netherlands B. 1. Ukse Fund Mangers (General Partner) Limited 275. Ltd. Walkersteelstock Ireland Limited 279. Tata Steel uK Ltd. Trierer Walzwerk GmbH 267.V. Thomas Processing Company 263. 1. Walker Manufacturing And Investments Ltd. TSIA Holdings (Thailand) Limited Tata Steel Global Procurement Company Pte Ltd* 1. NTS Steel Group Plc 2. uK Italy Switzerland Netherlands uK uK uK uK uK Ireland uK USA USA uK uK Germany Netherlands Netherlands uK uK uK uK uK uK New Zealand France uK Ireland uK uK uK Singapore Oman South Africa Australia Ivory Coast uK Singapore China Hongkong China Hongkong Malaysia Singapore Thailand Thailand Singapore Singapore Thailand Thailand Thailand Thailand VI VII F-36 . The Siam Construction Steel Co. Tulip uK Holdings (No. Toronto Industrial Fabrications Ltd. Proco Issuer Pte Ltd* Tata Steel (Thailand) Public Company Ltd. Ltd. 1) B. 2. Ltd. Ltd. Telmag (Holdings) Limited Telmag Magnetic Components Limited The Newport And South Wales Tube Company Ltd. The Steel Company Of Ireland Limited 261. 2) Ltd.

V. TKM Overseas Limited Tata Refractories Ltd. 14. 3.V. Jamipol Limited 4. Cv Gasexpansie Ijmond 7. Kumardhubi Fireclay & Silica Works Limited 6. Ab Norskstal AS 2. Kalinga Aquatics Limited 5. Nicco Jubilee Park Limited 8. 15. 13. Steel Asia Manufacturing Corporation Tata Incorporated 1. 1. Indian Steel Rolling Mills Limited 2. 11. 1. Ltd. Tata Construction & Projects Limited 10. Kumardhubi Metal Casting & Engineering Limited 7. Berhard* II Tata Steel Europe Ltd. TM Harbour Services Private Ltd. Steel Asia Industries Inc. Industrial Energy Limited 3. Danieli Corus Construction Services B. Danieli Corus Canada Inc. Southern Steel. Albi Profils SRL 3. 12. 4. 5. 6. The Tinplate Company of India Limited 12. 10. Altos Hornos De Mexico S. Appleby Frodingham Cottage Trust Limited 5. Ltd. i) ii) Associate through Kalimati Investment Company Ltd. NatSteel Asia Pte. Tata Sponge Iron Limited 11. International Shipping & Logistics. 16. Steel Asia Development and Management Corporation 2. Danieli Corus B.* xix) The Indian Steel and Wire Products Ltd. 8. Strategic Energy Technology Systems Pvt. Tata Steel Ltd. Combulex B. Danieli Corus Asia B. de C. a) Tata Steel Global Holdings Pte Ltd. 1. Danieli Corus Inc. TKM Global China Ltd.V. Danieli Corus Braseq Ltda.) xviii) TM International Logistics Ltd. 9. Almora Magnesite Ltd. TRF Limited Tata Steel Holdings Pte. 1.V. 1. 1. Danieli India (PVT) Ltd. 1. India India UAE China Germany India India India India India Singapore Singapore Singapore India India India India India India India India India India India India India India iii) iv) v) vi) Malaysia Norway France Mexico uK Netherlands Netherlands Canada Netherlands Netherlands Brazil Netherlands USA Brazil USA USA India F-37 .V. B. Danieli Corus Services Usa Inc.xvii) Tata Steel Processing And Distribution Limited (Formerly Tata Ryerson Ltd. Ltd. FZE 2. Danieli Corus Construction Services Usa Inc. TKM Global GmbH 4. TKM Global Logistics Ltd. Ltd. Rujuvalika Investments Ltd. 3. xx) The Tata Pigments Ltd.A. I NatSteel Holdings Pte. 9. Danieli Corus Do Brasil Ltda.

2. 1. 23. B V Ijzerleew 4. Rsp Holding B. Joint Ventures of Tata Steel Ltd. a) Tata Steel Global Holdings Pte Ltd. Workington Cottage Trust 37. 33. 7. Himalaya Steel Mills Services Private Ltd.V. Bhd. New Millenium Capital Corp* 2.V. 5. 1. Ltd. European Profiles (Marketing) Sdn. Hoogovens Gan Multimedia S. 6. Netherlands Malaysia USA Netherlands Netherlands Mexico France uK Shanghai Netherlands Malaysia Netherlands Norway China uk Netherlands Norway USA uSA uK Netherlands Canada Australia Malaysia India India India India India India Singapore India ii) uK UK Netherlands uK uK Netherlands Turkey uK F-38 . Tata Steel Holdings Pte. Metal Corporation of India Ltd.V. Wupperman Staal Nederland B. MDC Sublance Probe Technology 26. Ltd.V. Schreiner Fleischer AS 30. Tata Bluescope Steel Ltd. Afon Tinplate Company Limited 2. Ltd. I Tata Steel Europe Ltd. Corus Cogifer Switches And Crossings Limited 17. 19.V. 7. Corus Celik Ticaret AS 8. Thoresen & Thorvaldsen AS 34. 1. 28. Hoogovens Court Roll Service Technologies Vof 22. Weirton/Hoogovens GP 36. Caparo Merchant Bar Plc 6. De C. Bhd. Shanghai Bao Yi Beverage Can Making Co Ltd.* 18.V. Air Products Llanwern Limited 3. Richard Lees Steel Decking Asia Snd. 21. Isolation Du Sud SA 24. mjunction services ltd. Bhubaneshwar Power Pvt. The Dhamra Port Company Ltd. Cindu Chemicals B. Sms Mevac uK Limited 32. 1. Issb Limited 25.) 4. The Indian Steel and Wire Products Ltd. Gietwalsonderhoudcombinatie B. IV Tata Steel International (Singapore) Holding Pte. Ltd. 20.Bhd. Regionale Ontwikkelingsmaatschappij Voor Het Noordzeekanaalgebied N. Trico LLC 35.vii) C. 29. 31.V. S & T Mining Company Pvt. 3. Riversdale Mining Ltd. Bsr Pipeline Services Limited 5.(Formerly Metaljunction Services Ltd. 27. i) Endex European Energy Derivates Exchanges N.V. Galvpro LP. Stuwadoorsbedrijf Velserkom B. III Tata Steel Global Minerals Holdings Pte Ltd 1. Tata NYK Shipping Pte Ltd. European Profiles Malaysia (M) Sdn.A.

H. Riversdale Energy (Mauritius) Ltd. * Part of the period @ By virtue of management control. Tata Elastron SA 19. Nerurkar F. Corus Kalpinis Simos Rom SRL.V.II 9.A.V. M. 1. 12. Relatives of Key Management Personnel – (Disclosure will be given only if there have been transactions) N. 14.V. Danieli Corus Technical Services B. Texturing Technology Limited Tata Steel Global Minerals Holdings Pte. Ravenscraig Limited 18. Key Management Personnel – Whole time Director Mr. 11. Laura Metaal Holding B.V. 15. Promoters holding together with its subsidiary is more than 20% Tata Sons Ltd. 13. Norsk Stal Tynnplater AS 17. Tata Elastron SA Steel Service Center 20. Hks Scrap Metals B. Norsk Stal AS 16. Romania Netherlands Netherlands Netherlands Netherlands Netherlands Norway Norway uK Greece Greece uK Mauritius D. Industrial Rail Services Ijmond B. Ijzerhandel Geertsema Staal B. 10. E. F-39 .V. Ltd.

....424.2 15..1 – 9.2 ** – – – – – – – – – – – – 0.2 538.3 933....1 2..366..9 827. in million) Refer annexure IV..3 13...9 F-40 .2 – – – – – – – – – – – – – – – – 29..7 – – – – – – – – – Refer annexure IV.687..1 1. Note E(9) 34.....107.7 246..6 206.3 32.455...0 7..3 – 638..330... Note E(9) 18..7 18.113..6 0..8 – – 0..195....171.084.0 – 8.3 – Refer annexure IV...6 615.7 4......3 2.884..4 2.207.3 – 12..6 – 2.4 – 458.828..5 952..431.2 – 683..7 209.4 1.4 (Rs.3 – 1.072...4 1......086.4 2..221..4 0..5 3.409....8 10.6 16.....2 3..816..871..957....Annexure XVIII Related Party Information...... Period/Year Subsidiaries Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Associates and JVs # Promoter Grand Total 28....4 – 948.......5 706... – – – – – – – – – – – – – – – – _ – – 0.551..8 6...457.358..6 0.360..711...1 2.8 – 2.5 – 276..0 34.6 – 1..3 – Refer annexure IV...0 0.8 5.4 8.2 – – 1. Note E(9) 526.....2 Refer annexure IV.9 7.....0 – 414....279.1 23..145..6 – 432...1 1.4 2.312.5 6.6 10..105..446.8 Dividend and Fraction Bonus amount paid to Shareholders .7 435.382.5 1.8 – Refer annexure IV....6 ** – ** – ** 15. Leasing or Hire Purchase Arrangements ...4 1. Note E(9) – – _ – – – – – 0...0 23.608...... as Restated of Tata Steel Limited Relatives of Key Key Management Management Personnel Personnel Nature of transactions Purchase of Goods ..2 1301. 13..563..7 2.1 18.......4 10.....7 12.654....1 3..618.6 0...8 – 171.593...... Note E(9) 1..1 – 23.627.2 0.....063...2 – Refer annexure IV.8 10.5 4..517..6 – – – – – – – – – – 1356..237.0 – 4.4 – 3..234....0 11..2 0...5 02.957.7 3....0 7..8 312..5 – – 0.999.356.4 Rendering of Services .342..5 28.... Sale of Fixed Assets .. Note E(9) 0..7 276.4 – – – – – 21......877... Purchase of Fixed Assets .5 Sale of Goods ... 10. Receiving of Services ...8 – Refer annexure IV..8 – 1.2 2...679..4 4.832......6 7.3 6....1 – 33...5 – 9.. Note E(9) 5778..0 – 12... Note E(9) 4..2 3.....849....3 ** ** ** ** ** 4.0 621....328.4 1..8 180..9 9.3 – 6.

.4 48.5 0.....1 – – – 10....5 6...2 50.4 Refer annexure IV.....417...... Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 63...3 5....9 – 4...1 259...609....4 – 23..2 – 3....2 – 50......0 500.6 11.3 208....5 – Refer annexure IV.6 107......3 237..089.4 176..0 500.Nature of transactions Dividend Income ..4 186..0 427..5 8.9 378...8 373.0 – 179..777. Note E(9) – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2.9 – 24.7 – 68.2 – – – – – – – – – – – – 29..6 – 0. 29.......0 372....2 – 84.6 330..9 408..4 198.........9 Remuneration Paid ...2 500.911....3 – 93... – – – – – – – – – – 500.... Note E(9) – 70....9 20..7 68... F-41 ..3 321...8 – Refer annexure IV.7 Unsecured Advances / Deposits given .134...005.4 – 58.6 107.3 321...4 58.710.217. Note E(9) 164. Note E(9) – – – – – – – – – – – – – – – – 66.5 198.146....8 174.....0 – Refer annexure IV....671..........2 – – Unsecured Advances / Deposits accepted ....2 Finance Provided (including loans and equity contributions in cash or in kind) .. Period/Year Subsidiaries Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Associates and JVs # Relatives of Key Key Management Management Personnel Personnel (Rs.771..... in million) Promoter Grand Total 1....9 378..5 – 0...1 80..345..3 255.8 227..4 462...5 – 2.7 Refer annexure IV...7 Interest Income ..3 – 2.... Note E(9) 235..800.1 – 234.5 326.257.. Note E(9) – – – – 9.2 70.717...7 – 52.3 – 52....0 427..9 – Refer annexure IV.....8 297.. Note E(9) 3.5 326...3 – – – – – – – 9.4 231.... Management contracts including deputation of employees . Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 – – ** – – – – – – – Refer annexure IV..889...6 – 234...9 – – – – – – – – – – – – – – 10.....2 456..1 – 299..7 52...

8 – – 31....0 2.2 0. 2009 – March 31. Note E(9) 1...... Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 – – – 1..6 317.261....0 – 964. Period/Year Subsidiaries Associates and JVs # Relatives of Key Key Management Management Personnel Personnel (Rs..957..Nature of transactions Provision for Receivables made during the year/period . 1.....884.0 – Refer annexure IV.392..... 2006 – Sept.7 – 2.4 – Refer annexure IV..5 – Refer annexure IV..6 March 31.. Note E(9) 1347...347... 30.1 0..4 – – Guarantees Outstanding as at . 2007 26.... 2007 22.6 – 250.1 517..392... 2009 5.1 40....404...775..740.1 0.8 – 2....... 2010 1..1 25...8 – 250. 2008 315..740..4 – – – – – – – 2.. Sept....0 – Guarantees and Collaterals given during the year ..8 – Refer annexure IV...0 – – – – – – – Refer annexure IV..855...8 March 31.5 March 31.....6 – – – Bad Debts written off .........0 4... Note E(9) – – – – – – 6..0 0.....745....6 – – – 250.0 26.4 Outstanding Receivables as at. Note E(9) – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 8. Note E(9) – – – – – – ** – 1......5 40.5 – – – 2...1 – 0.826...1 8.7 March 31.9 F-42 ....1 – – – – – – – – – – – – – 1.0 – – – 2.9 – – – – – – 2..8 0.. in million) Promoter Grand Total Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 – – – 1.......8 – 964...0 23.. Note E(9) – – – – – – – – – – Refer annexure IV.4 33.... Bad Debts recovered ..0 – – – 31. 2008 – March 31..0 – 27.4 – 964....9 30..826..0 10..7 30. 2010 March 31.7 21...... 2010 March 31.560..1 892.6 – – – Refer annexure IV..8 – – – 250.4 March 31.. Provision of diminution in value of Investments made during the year/period ... Note E(9) 209....207.2 0.... 2006 3.694...... – – 0.....697.......920.0 26..9 10..0 March 31... 2010 24.7 21.190......241. 30...

.2 March 31.. 30.. 2010 March 31..6 – – – – – 561.. 2007 March 31...000.143...6 Outstanding Payables as at ...127..4 March 31.. 2006 624...6 – 332.0 – 815.. 2010 March 31... 2006 – – – 55..9 – Refer annexure IV..... Sept.6 ** Amount below Rs 50........026. in million) Promoter Grand Total Sept....1 March 31.. Note E(9) – – – – – – 22.819.581. 2010 March 31.0 – 290..4 367.. 2008 March 31.8 14..0 1... 2007 1...441..7 Refer annexure IV.0 – – – – – – – – – ** – – – – 78. Period/Year Subsidiaries Associates and JVs # Relatives of Key Key Management Management Personnel Personnel (Rs. 2008 1..... # Transactions with Joint Ventures have been disclosed at full value.7 – 20.... 2009 13......9 419... Note E(9) 423......0 16..0 110.. 2009 March 31.7 1...323.1 556....736.. 2010 15.... F-43 ....3 89. 30....1 – 681.0 469...0 March 31..Nature of transactions Provision for Outstanding Receivables as at.157......5 2...

076.0 129.137...505.8 12...0 50.3 175...1) (1.643.5 1..0 (444..997.643..9 15...539.3 46.2 8.2 541.4 12.8 243.9 (295..200.361.548.6 6.386.666.500.368.0 536....7 61.0) (13..9 3.598.988. Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Less: Net Finance Charges Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 118...4) 61.5 216..419..558..6 1.227.0 84.073.7 196.9) (11.2 (8.7) (9.865..1 416.305...8 243.531.354.7 62. Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Segment results before net finance charges.3 175.6 20.539.115.143.8 – Profit before Exceptional items and tax Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Exceptional items Contribution for Sports Infrastructure .6 3.1 23....8 5.0 73..439.2) (539..219..0 74.324.157.0 142..7) (9.2 1.....076.765.4 9.0 1..4 14.8 7.1 11.9 10.528.8 165... as Restated of Tata Steel Limited Business Segments Particulars Revenue: Total External Sales .2 148.5 13.9) (7.365.8 15.649.582.6 – – – (1.1 124.. Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Total Revenue .298.662.3 13.910.9) (7.725.281. in million) Annexure XIX – – – – – 6.9 204..590.132....6 3.3 – 136....4 13.0 79.761.685.407.397..913.4 351.7 26.5 (1.8 152.266.9 15.1 66.584.731.736.7 196.7 14.3 9..701.339.4 18..3) (15.4 10.0 11.9) (8.7 5.6 12.603.2 6.6 51.397.398...892...731.219.219.4 8..865..076. Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 F-44 .685..0) (13.546.558.6 219..530.9) – – – – – – 136.043...9 52.7 8.558....6 15.438.028.3 250..3) 88.084.4 178. Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Inter segment sales ...203..3 15..2 15.979.6 1.9) (11.582.8 152.933.081..4 15...1 67.625.....947.9 7.397..100.156.0 156...106.4 12....7 174...9 135.1 87.910.053.7) 203.343.3 250.Segment Information...9 9.947.115...404.879.1 55.5 229.3 45.0) – – Period/Year Steel FAMD Others Unallocable Eliminations Total (Rs.2 73.136.6 325.236.8 161.9 18..5 3.526....7 4.559.3) (15... exceptional items and tax .237.732.2 57.584..575...5 72.600.695.845..016.157.683.274.1 300..9 6..

5 24..2 9...3 1..9 7. Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 20... 2008 March 31.5 1.1 59.468.623.9 3.532.....8 3.6 37. Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Profit before Tax ..532.5 2.027..6 900...4 6. Note E(9) 227.898.138....953..020...2 27..8 2.110...9 – – 50...0 21.295.0 3.5 97.4 1.6 39... Sept.1 (Rs.3 21.797..996.793.734..9 263.043..4 5.7 (7..8 9.2 245..3 4....452.1 4.....388.1 222.4 2.6 24.6 1.0 77..4 4.4 195...369.813.026.357.862..7 20.9 1...214.3 41.7 158.0 73..075..517.307.4 128...333.751...310...4 186.195.069...313.0 7.2 17....7 24...658.1 5..831.082..5 36. Note E(9) 77... Sept.3 118.. 30...236.888. 2006 Segment Liabilities as at ..1 8..1 70.........928.366..... 2010 March 31.3 1.. in million) Exchange Gain/(Loss) ....355.930...150...9 14.3 Refer annexure IV...2 50...6 62.143.9 109...0 56.232.7 64..8 10...7 141...680.395.783.600.6 309..2 153.9 24..0 7.147.456.. 2008 March 31...841.0 186.6 881..5 50...9) 428.275.8 202... Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Tax Expense .0 1.0 F-45 ..1 184...7 234.3 179....0 18....7 140.........346..8 54....0 4..970.887..663.0 142..6 51..5 72.017..4 34. 2007 March 31... 2010 March 31.....254..095.. 30....288.3 205....920..947.1 310..8 44.7 6.6 195.0 2.. 2006 Total cost incurred during the year/ period to acquire Segment assets .7 23.570....9 21..6 72..675..947...237.5 36.202. Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Segment Depreciation .0 52..322..169..2 78...3 20.770.4 229.862.2 3....4 27.1 18.445.156.Business Segments Particulars Period/Year Steel FAMD Others Unallocable Eliminations Total – – – 5.808.589...870.0 1. Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Segment Assets as at .624..5 67.0 21..3 218...091.061. 2009 March 31..6 10...2 4..200.385....0 8.4 46.6 89. Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Profit after Taxes ..604.932.... 2007 March 31.697.643..192...502.0 10.. 2010 March 31.402.853..7 Refer annexure IV.728.730..1 20..3 28..6 14..2 78.532.016.. 2009 March 31..143.1 89.883..997. 2010 March 31...891..5 14.0 7.8 15..958..

0 2008 (Rs..057.9 2... IV...5 72.. 30.2 12...2 2009 245. in million) 2007 2006 Revenue by Geographical Market India ...2 229.....675..7 2006 138... The expenses.8 15....0 49. Annex.2 As at Sept...1 328... Note E(9) Outside India . 2010 For the year ended March 31 2010 2009 2008 (Rs.....6 2.8 131..3 155........6 141.Business Segments Particulars Non-cash Expenses other than depreciation Period/Year Steel FAMD Others Unallocable Eliminations Total (Rs.764.2 (6........ IV. IV..8 186..862.140. in million) Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Information about Secondary Segments : Geographical 421....3 20..0 147.5 21...9 – 27... Annex...2 257............ IV...2 34...095..910... 2010 As at March 31 2010 261...862...0 377.8 – 20..... Note E(9) Outside India ...........6 9.... Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis....4) 30..4 27.5 For the period ended Sept..143.......988...8 6...4 – 21...275........ Other business segments comprise Tubes and Bearings....5 243.......4 452........275..... Segments have been identified taking into account the nature of the products...027... Annex..020.......020.. the organisational structure and internal reporting system.....................558...........921......5 India .... the differing risks and returns..157.2 9.. Note E(9) – Carrying Amount of Segment Assets 21............718.017.... Assets and liabilities that cannot be allocated between the segments are shown as unallocated corporate assets and liabilities respectively.....170..8 804......095...........060... Annex....589......6 245... in million) 186..4 11..6 13. which are not directly relatable to the business segment.5 144........ (ii) Segment Revenue... Note E(9) – Notes: (i) The Company has disclosed Business Segment as the primary segment.1 579.7 841....5 250....015..........8 229..1 91...................6 630................5 21. are shown as unallocated corporate cost.6 263.355.........7 174.........2 34.219.. IV...7 – 24..... The Company’s operations predominantly relate to manufacture of Steel and Ferro Alloys and Minerals business... F-46 .. Note E(9) Outside India ... Annex..9 652.. Note E(9) (0.3 1..8 – 15.. IV......7 14...7 20.....048.544. 30.072.....498..855... Segment Results.......0 20.9 24..589. Annex....8 209.4 2007 156... Note E(9) – Additions to Fixed Assets and Intangible Assets India .115..........7 152.042..728...8 175..........6 8.788..813.....8 196.1) Refer annexure IV.026................

4 47.00 48.061.60 8.80 2.713.30 – 10.563.70 43.70 431. 30.30 81.6 – – 482.864.066.961.40 115.70 2010 As at March 31 2009 2008 (Rs.40 3.249.205.699.3 9.1 9.80 7.80 – 2.450.10 – 13.887.00 197.90 35.10 351.00 6.80 2.069.013.20 39.717.90 37.90 61.544.2 22.655.10 41.50 9.326.60 1.857.070.70 18.232.551.10 – 11. in million) 423.As at Sept.80 18.20 58.716.045.050.60 – – 2.961.489.110. F-47 .244.197.20 229.9 277.336.80 145.9 1.709.532.70 272.10 – 10.90 308.510.818.593.130.438.025.796. 2010 (iii) Total Unallocable Assets exclude : Investments Advance against Equity Foreign Currency Monetary Item Translation Difference Account Miscellaneous Expenditure (iv) Total unallocable liabilities exclude : Secured Loans Unsecured Loans Foreign Currency Monetary Item Translation Difference Account Provision for Employee Separation Compensation Deferred Tax Liability (Net) 19.618.917.714.011.00 – – 468.30 21.798.90 – 1.0 449.50 40.020.10 9.570.571.098.00 5.60 2007 2006 (v) Transactions between segments are primarily for materials which are transferred at market determined prices and common costs are apportioned on a reasonable basis.331.747.50 230.30 285.676.80 435.0 238.589.031.476.10 4.

.1 – 277.5 1.205... Share Warrants .5 599..3 20.....8 271.........110....3 – 279........................7 29...175............4 457.......3 108.......3 68.6 419.............389...................306..2 129....6 297..........6 19......593...3 66..............946.......662..627...............6 9...0 89.....3 116..........657......0 27..1 867.684.........1 8.......166.......111.5 28.0 1...607....1 2009 994.004.943.........890..5 49.. Represented by Share Capital............574...........643..187....097..328.......8 – 215..0 Annexure XX Particulars A Fixed Assets Gross Block . in million) 962..3 8..............9 277.........424..8 71.......... Investments..407.4 88.....0 5...979.269...........069. Total .312.1 271..2 453..........251.........9 13.479.....612.. Cash and Bank Balances..3 539.....4 5..1 107.......2 340.6 365.....................6 33........6 155.....4 609.............6 1....054...................717......3 230..177.... Reserves and Surplus .........504......271..837.... F-48 ...733.0 7.. Deferred Tax Asset .......168.....1 936.......428... Interest accrued on investments .....368...562....5 2007 200.....140......2 18.6 270.470.6 – 14..8 100........6 33..........535..6 71.3 145..841....0 64...021....879.0 As at March 31 2010 972.............2 62.4 174..674....974..............9 614..2 8..............867.............. F G Net Worth (A+B+C+D-E) ....3 250......7 440....7 144.........2 64...293.5 16....865..789..........1 489.......4 42...........4 526.8 (4.....583...261.465.....4 1.8 256..327.......6 10............033..499.9 253.....5 83.........110....318......613.........819.....Consolidated Statement of Assets and Liabilites....488.. ..263..124..........593..7 6..643....................1 174..633.5 – 1....974..7 150........410...029......1 1... Add/(Less) Foreign Currency Monetary Item Translation Difference Account........4 364.768.0 54.......................074.. Sundry Debtors .3 908....0 9....155............1 130.......418.........2 2008 (Rs.......5 – 2....636.....556.............151..... Net Block ..8 59........0 331..4 9...416... Loans and Advances ..243...............782.649...716.6 153..2 11.........5 62.9 94......7 142...058...450...371............843...975......9 92....... E Liabilities and Provisions Secured Loans...... Net Worth .740...........1 230.. as Restated As at Sept 30............8 25...264......... Provisions .3 16.......028...............938................0 1....0 579....9 31...881...0 68........306.......3 2..026........149.5 342.....6 32..........271..........2 289.........027..0 34.....1 100....6 9...........................6 138.308....170.609....584.....0 265.2 54....0 216....1 1.... Current Assets..1 – 2...............8 90.566............4 8.. The accompanying Significant Accounting Policies and Notes are an integral part of this statement..........9 182.7 270............6 69....416...6 11........7 10........4 184. Total .........4 – 219. Less: Miscellaneous Expenditure (to the extent not written off or adjusted) .....7 938..0 174......4 2006 166........4 68.3 9....393...........857.....................9 8............717... Warrants issued by a Subsidiary Company ..483.166...006...... Total .....5 230......767....883....................5 263..1 367...........................3 61......477..342........800.6 64..........489.892.475...3 88................560......0 11.....4 71..580...3 76........327.........6 102..449............. Provision for Employee Separation Compensation ..8 65......................5 24.....6) 1...... Less: Depreciation .787..754.......586.....7 20................0 941......3 11.. Capital Work in Progress (Net)......800...........4 115....276.627......937..058.......017.........334....6 164...1 12..............0 1.......9 354.......6 122..................9 180..2 7.. Current Liabilities .......250...........983...866.....5 – 230.......097...................0 38..025.......2 280....881....459.......... Less: Impairment . Minority Interest .259.438..183...............489..928.566.....830... 2010 1....086................ Loans and Advances Inventories .....3 199.............822...........941.8 1....................7 598....................0 144...6 10..................232...........187....196..9 186..........479........0 174.2 2......1 108......2 174.......958..6 349..340....2 18....... Unsecured Loans ................ Deferred Tax Liability ............4 185...2 31...7 233....706..0 – 97...167..............530...... B C D Goodwill on Consolidation...3 340..........201.............1 47....636...

Less: Excise Duty ...6 1......0 39...............613.....9) 76............926........9 8.......5 – – 48....656....4 (470..843...........3) 188..678......1 48..149........9 123...........2) 174..............603.2 – (97..5 2....653.390.901..... Net Profit / (Loss) after Adjustments.5 – – – – – – – 103......068....5 103....6 1...057......... Profit/ (Loss) after Exceptional Items before tax .............176...219.......4) 418..782..7 2...359.5 289.......1 41.........971.............. Special Reserve ....720.....3 511.........600..317...6 15.........................8 – – – – 55.........208..298........499........2) 20.475.........8 191.. Exceptional Items Restructuring Costs ......................739.....077.7 149.. Surplus Carried to Balance Sheet ....4 – 515....453..4) 37... in million) 274.6 791.867..6 1...7 56...210... Total ......5 18..............2 (155......740......552.5 4..3 105........0) 17..... Tax on Dividends .403.......... Profit / (Loss) before Exceptional Items and Tax .....145..960...449...........2 (16..583.......5 100.......4 1.9 671.8 25............ Profit available for Appropriation ......................390..0 173......3 1.434..........367.......678.....656......199...931......235......... — Fringe Benefits Tax .......960.3 221.......3) 607..109.....2 21............. Payment to and Provision for Employees .............. Less: Minority Interest .........398.7 4.543.9 37.............918........217...8 485........0 458.8 41.............9 331..0 92..0 61......989..2 35................187.......094.......................8 209..6 567.405.. Manufacturing...........9 1..............500..6 32..038........220.....5 19......5 103..0 316.149.. Net Finance Charges .982.....1 (5..0 570.............136....8 (14.........6 (20.9 40........9 10..........1 1..................3 (106..... Acturial Gain....7 12. Exchange Gain .......432....041.....3 56.. 2010 Annexure XXI Particulars Income Sales and Other Operating Income ..7) 40...369.......2) 196........1 26............. Balance brought forward .......518.537..5 1...................1) 129.455.1) 34...268..531..642..........3 8.....2 (284..042...... Accretion/(Reduction) in Stocks of Finished and Semi-finished products and Work-in-progress ......009....... Tax Impact of Adjustments ......1 41..8 37...544..........092........7 382..286..1 – (582........522...8 63.........6) – – – 55.584...9 67....4) – (117.......978.4 127...000....286......740.....420...4) 105....186..........7 3...375..4 6........3 42.909.. Total of Adjustments ...849..............491..845.........625...4 2006 222......402....... — Deferred Tax .....8) 2..219........4 163. as Restated For the period ended Sept.6 1.3 – (1.560...876.................1 (48... Expenditure Cost of Materials ...............3 19..220..681.......0 21.........376...8 1..........8) 245......4 (16......483....681.6 2..402.....745........9 108...1 55.. Net Income from Operations .........................3 5. General Reserve ...147...123.......490...500....2 1.............. Appropriations Proposed Dividends On Prefernce Shares ..5 11.9 244.7 (40.......3 6...0 (386........................ F-49 ..650.....................739.....735....3 123....918...... Contribution for Sports Infrastructure ......3 74.........320...647.6 363...........9 (16..8 42..3 1.8 16...552.....0 203.........140............266. Provision for Taxation — Current Tax ..........235.247......3 1.......8 2.....1 602..349........8 (40..........5) 168..2 63.....130..4 19....3 11..............292...4 1......9 11..........769..............094......7 1.. Statutory Reserve .186........2 – – – – 63...018.492..................6 (52......6 The accompanying Significant Accounting Policies and Notes are an integral part of this statement....0 30. Selling and Other Expenses .473.........7 – (428.953...183....340.......762.......4 164..556....................3) 144..405....6 33.........5 13...2 15...854..........349.567..0 65..7) (21.........................287.........4 85...737.. 2010 For the year ended March 31 2009 2008 2007 (Rs.......1) (63.2 3.........377...428...........1 252.....4 55...960...023.789............... Proposed Dividends On Ordinary Shares ...130...9 37.......... Other Income .4 558..........8 92.. Prior Period Adjustments ............................0 729...758. Add: Share of Profits of Associates ....3 48.4 91...Consolidated Statement of Profit and Losses....1 33........858......171........126....................722...629............. Debenture Redemption Reserve .181.035...............0 21..........249. Adjustments Change in Accounting Policies ..............6 44.........2) – – – 310........750.... Profit / (Loss) as Restated after Minority Interest and Share of Profits of Associates ....7 1.....915...9) 32..2 321.....837.. 30...2 179.....634.6 191.............782.................8 22....9 65.....0 1.....525....2 (1..........0 123...6 – 37...884.....4 – 9..0 74....7 1............. Depreciation ...9) – (21..... Total ........390...2 12..3 204.....2) 41.147.917............3 (425.......336........7 – – 33.....949..................367..8 7......945..710...380.......4 1....1 1.6 74.1 (914.............9 59...5 15.....3 1....359......269.....................3 6............315.......5 (65.........0) 5.....5 440.5 550.....................5) 74.............6 19..........2 – 963....3 (17...0 (77....782.......033..... Net Profit / (Loss) after Tax (Before Adjustment) ......7 254.................3) – – – 67.3 127......046....0 72..995...0 – 7.6 56.............1) 36...... Total ........107......1 1..571.4 85..3 17.......982.....860......

.......071.......254...5) 511..601..808.......445................5) 10.1 (0. (Profit)/Loss on sale of other investments .......321.4) 40......286....023.0) 16............669......0 41....568.. Interest charged to Profit & Loss Account ..1 187....9) (1..4 (858.1 111..065...0 (18.........6 – – – 273......1) (2.......7) 914.......090. Other amortisation and non-cash expenditures....301.....2 (19.7) 4....0) (184...201......006..4) (31.0) (463. Dividend received .. CASh FLoW FRoM oPERATING ACTIvITIES: Profit/(Loss) before taxes............372.1 6.........7 169....393.........340..653.....2) (16..110...5 (2..6 21.4) (607...945........ minority interest and share of profits of associates ..9 – 1....7) 26.......3) (46.0 1.007...1) 104.......665....903.....355. in million) A.........9 1................7 (21.8) (71..005..369.7 (601....4 (1.472......197..404...............0 10....013.........0 (941.. Direct Taxes Paid . (Profit)/Loss on sale of assets / discarded assets written off .....1) – (835.. Trade Payables and Other Liabilities .2 (1..3 (285.....8) (1. Pre-operative expenses ........886... Adjustments for: Depreciation.548......495...........6 1...3 353.075......801..5 (649..6) (7......3 190........... Acquisition of subsidiaries/joint ventures (net of disposals) .....................109..2 890....... Interest and Income from current Invesmtents received .....9) 1........................402...............410.7) 2..399....5) 3.....0 (4.......3 (266.360......6 – (30....1 11..3) 0...772.....2 – Net Cash flow from Investing Activities .915......0 – (4..3 (43.......462..788..552........463....6) – (1....220.......624.9 62..3 44.0 601.... 2007 2006 Annexure XXII Particulars 54...1 (82..... Purchase of investments ....959.858......1 (205.........357......8 – 1.....337.560..............1) 480.0 17. Operating Profit before Working Capital Changes .154............124.......0 87...842.496..6 1........750...9 (47..5) (407......2)) 44...8) 2..2) 21.......5 (770.538....8 49.........6) – (5..144....917.......0 80...........8 129...0 2..8) 6................063...243.8) (107.0 62.3) 37.......5) 580...7) (24...650.................100..7 (7.5) 135....219..618..5 74........5 10..1 (2..238....4 9....3 (908......513...950...........047....5 (18............... Contribution for sports infrastructure .5) (449.3 80.....................2) (1..........7) (1..530. Sale of fixed assets .....539....3 21...............830.960......4 (9.4) 34. as Restated For the period ended Sept.... Inventories ...3) 11...5) (25........598...4) (84..5 (9..543.... Gain/(Loss) on cancellation of forward covers / options .....448...372..4) – (377.8 7...7 (1.......447........352...........827.... Provision for Wealth Tax .5 (27............3) 1.5 (26.692. Provision for diminution in value of investments.....940.........191.2) 153........603.455....980...7) (3.....3 1.....0) (333....6) – (2..........778............026.. Income from Other Investments ...6 18............. B CASh FLoW FRoM INvESTING ACTIvITIES: Purchase of fixed assets ................6) 163.129....3) 14......693.......181..0) F-50 ..8 (1..071....589.......0 50.779....7 (1.5 42.0) – (4........ Preliminary Expenditure written off .....5) 18....500.......084. Adjustments for: Trade and Other Receivables ....998......1 – 32..........430.5) (1.424...6) 55...5 (33.....8) (421.............4 – 16.6) 26. 30......5) (162...166... Exchange (Gain)/Loss on revaluation of foreign currency loans .........936....7 – – – 2.. 2010 For the year ended March 31 2010 2009 2008 (Rs.................103..181..3) – 16.9) 55....2 3.230......5) (3...5 8........686.3 7.9) (62..2 76.3 (699......2) (49...........8 4.....Consolidated Statement of Cash Flows....198..943.....561...............722.........123.6 (298..6 726.9 1..7 – 4............381........002.5 (443...2 29.8 (17.....1 (29......519.6) (139...030.. (108.....906............ Interest and Income from current Invesments .6) 45........1 118.850...6 (7.144............1) (84......... Cash generated from operations . Intercorporate Deposits (net) .......553.....6) 0..2) 34...631.................. Restructuring Costs.....7 1..751....783..524.5 (27......2) (1..9 (796..7) 73.063....................721...2 292...9) 27...3) 54......683.... Sale of Investments ... Unrealised Foreign exchange on consolidation net (gain) / loss.....7 1.....373....475......327....3) (6.327..........8) (10..337.071....9) (130..2) 1.1 (24.....3 76.........372......8 3....2 192....555..882..............1) 37.737........4) 156........0) 458.....173.............097...7) (6.......1 34..7) (2....534...0) (6.8) – 5...3 2.837.... Net Cash Flow from operating Activities.4) (222.631..611.....

2) (354...4 54.......3) (2. F-51 ...... Interest paid .2) (677..2) 204.0) (42.............704...8 96... Issue of cumulative convertible preferece shares ...7) (7.478.......................595....7 4... Interest paid is exclusive of and purchase of Fixed Assets is inclusive of interest capitalised.....250..6 (589..383...259......2) (27.215.0 – 249..........580...... 2007 includes Rs.0 71....085......2 61.....8 (127....0 1..2) (7.....6 164.....313...2) 205...2) 40............... 72.571........473.8 24........2) (16...3) 2.333..... Previous year figures have been recast / restated wherever necessary. 2010 For the year ended March 31 2010 2009 2008 (Rs.........Particulars C CASh FLoW FRoM FINANCING ACTIvITIES: Issue of Share Capital ...116.......1 (24...........9) (9..7) (6..653.762.. For the period ended Sept...1 (17...0) 6..6) (101.........607...6 Cash and cash equivalents include loss on foreign exchange revaluation..2 105....622..........1) (289.........787......5 Net Cash flow from Financing Activities.2 524............0 68......168......725..310.......291......0 (7....318......4 million ringfenced for a specific purpose....451.....0 108...370......... Amount received on cancellation of forward covers/options ......4) (12....4 – 80............ in million) 2007 2006 8.4 (122.....1 61.....9) (32.....6) (9..... Long term loan expenses ...........6) 3.....932......879...5 48.....5 (1.7 – 100.640.... opening Cash and Cash equivalents ......061...929.2) (366......720..6 (64.209....482.......767.212.. Issue of Share Warrants ... Closing cash balance as at March 31... Proceeds from borrowings .....7) 304...425....950.......9 227.8 13..901.7 1......8 7...0 79...814..940..... Opening cash and cash equivalent of respective years includes cash and cash equivalents of companies which became subsidiaries/joint venture of the group and excludes the cash balances of companies which ceased to be subsidiaries...470. Dividend paid.7) 1...... Net Increase / (decrease) in cash / cash equivalents (A + B + C) .....0 (84....6 11..1) (51.782..5) (13.7) 945... Notes: (i) Figures in brackets represent outflows.1 2................151.....209....8 42.465.....266..5 – – 141...........8 68... Repayment of borrowings........ Capital contributions received ....6 7...669.483....9) (2..547.... 30...661.....8) (7.. Closing Cash and Cash equivalents.350........................................ (ii) (iii) (iv) (v) (vi) 21......0 1........073.192.........152...3 (4.........3 – – 8...........1) 437........................................865.3) (35...6 55.....5 38.......802..344......910.125....

associates and joint ventures used in the consolidation are drawn up to the same reporting date as that of the Company i. and The minority share of movements in equity since the date the parent subsidiary relationship came into existence. through its profit and loss account. The difference between the cost of investment in the subsidiaries and joint ventures. The difference between the cost of investment in the associates and the Company's share of net assets at the time of acquisition of share in the associates is identified in the financial statements as Goodwill or Capital Reserve as the case may be.e. liabilities. and the Company's share of net assets at the time of acquisition of shares in the subsidiaries and joint ventures is recoginised in the financial statement as Goodwill or Capital Reserve as the case may be. In case of foreign subsidiaries. Minority Interest in the net assets of consolidated subsidiaries is identified and presented in the consolidated balance sheet separately from liabilities and equity of the company's shareholders. The Consolidated Financial Statements have been prepared on the following basis : — The financial statements of the Company and its subsidiary companies have been combined on a line-by-line basis by adding together the book values of like items of assets. 2010. Interests in Joint Ventures have been accounted by using the proportionate consolidation method as per Accounting Standard 27 – "Financial Reporting of Interests in Joint Ventures" notified by Companies (Accounting Standards) Rules. The company accounts for its share of post acquisition changes in net assets of associates.Significant Accounting Policies and Notes on Consolidated Restated Financial Information 1. The financial statements of the subsidiaries. income and expenses. 2006. 2006. Minority interest in the net assets of consolidated subsidiaries consists of : a) b) — — The amount of equity attributable to minority at the date on which investment in a subsidiary is made. are accounted for using equity method as per Accounting Standard 23 – "Accounting for Investments in Associates in Consolidated Financial Statements" notified by Companies (Accounting Standards) Rules. being non-integral operations. All assets and liabilities are converted at the rates prevailing at the end of the year. — — — — F-52 . revenue items are consolidated at the average rate prevailing during the year. except for certain associates (indicated as # below) for which financial statements as on reporting date are not available. Annexure XXIII — — — Minority interest’s share of net profit for the year of consolidated subsidiaries is identified and adjusted against the profit after tax of the group. Any exchange difference arising on consolidation is recognised in the foreign currency translation reserve. March 31. These have been consolidated based on last available financial statements. after eliminating unrealised profits and losses resulting from transactions between the company and its associates to the extent of its share. 2006. to the extent such change is attributable to the associates' profit and loss account and through its reserves for the balance based on available information. after fully eliminating intra-group balances and intra-group transactions resulting in unrealised profits or losses as per Accounting Standard 21 – "Consolidated Financial Statements" notified by Companies (Accounting Standards) Rules. Investment in associates where the company directly or indirectly through subsidiaries holds more than 20% of equity. Principles of Consolidation : The Consolidated Financial Statements relate to Tata Steel Limited (“the Company”) and its subsidiary companies.

9. I NatSteel holdings Pte. Bestbar (Vic) Pte. 13.00 100.63 100. 1.00 50. NatSteel Asia (S) Pte.00 100. viii) Sila Eastern Ltd. NatSteel Vina Co.00 74. Tata Steel Asia (Hong Kong) Ltd.00 100. 18. NatSteel Equity IV Pte.00 49.00 100.00 100. Ltd. NatSteel Australia Pty. Limited 2. Burwill Trading Pte. Ltd. 1. 5. xv) Tata Steel (KZN) (Pty) Ltd. 1. a) NSA holdings Pte Ltd.00 100. Tata Steel Resources Australia Pty. 12. Ltd. Haldia Water Management Limited 2. 4.00 100. 1.00 100. xvi) Tata Steel holdings Pte.00 Country of Incorporation India India India India India India India India Bangladesh Sri Lanka Singapore Iran UAE Hongkong Australia Thailand India USA India India India India Singapore China India South Africa Singapore Singapore Singapore Singapore Australia Australia Singapore Singapore Malaysia Phillipines Singapore Singapore Singapore China Singapore Australia Singapore Singapore China Singapore Vietnam Indonesia Thailand China Name of the Company A. Ltd.46 54. 6. 16.04 25.00 100.00 60. 20. v) Kalimati Investment Company Ltd. 3. Eastern Steel Services Pte. 2010 73. Eastern Steel Fabricators Phillipines.52 77.00 100. 4. Ltd.16 77. 8. The Siam Industrial Wire Co.00 71.00 67.00 100.00 100. 10. Ltd. NatSteel Trade International (Shanghai) Company Ltd.00 100. 11. 7.The list of subsidiary companies and joint ventures which are included in the consolidation and the Company’s holdings therein are as under : ownership in % either directly or through Subsidiaries as at Sept 30. Tata Metaliks Kubota Pipes Ltd. Bangla Steel & Mining Co.00 56. Ltd.00 100.50 100.00 51. Easteel Services (M) Sdn. F-53 . ii) Centennial Steel Company Ltd. b) Tata Steel Global holdings Pte Ltd. 17. iv) Jamshedpur Utilities & Services Company Ltd.00 100. Ltd. xii) Tata Metaliks Ltd.00 95. NatSteel Trade International Pte.00 71.00 100.00 100.00 100. vi) Lanka Special Steels Ltd. PT Materials Recycling Indonesia 19. 15. Subsidiaries i) Adityapur Toll Bridge Company Ltd. NatSteel (Xiamen) Ltd. Inc. Bhd. Ltd.00 100. vii) NatSteel Asia Pte. NatSteel Iranian Private Joint Stock Company 2. Ltd. Ltd. Ltd. Best Bar Pty. Materials Recycling Pte. Ltd. NatSteel Middle East FZE 3.00 100.00 100. Ltd. xiii) Tata Refractories Ltd. x) Tata Incorporated xi) Tata Korf Engineering Services Ltd.00 100. Naba Diganta Water Management Ltd.00 100. 1. TRL China Limited xiv) Tayo Rolls Ltd. Ltd. Eastern Wire Pte. Ltd. Natsteel Recycling Pte Ltd.00 100. 1. 2.00 100. SEZ Adityapur Ltd.00 100.00 100.00 100. Ltd.45 90. Wuxi Jinyang Metal Products Co. Ltd.46 68.00 100. TRL Asia Pvt. Easteel Construction Services Pte. iii) Gopalpur Special Economic Zone Ltd. 14.00 100.@ ix) TS Alloys Ltd. Ltd.00 100. 3.

18. Bs Quest Trustee Limited 32. Almana Steel Dubai (Jersey) Limited 2. 15. 36. British Steel Engineering Steels (Exports) Limited 25. 1. 24. British Steel Samson Limited 27. 43. Cbs Investissements SAS 39.00 100. 17. British Guide Rails Ltd.00 100.00 100. Cladding & Decking (UK) Limited 40.V.) 12.00 100. 20. Corbeil Les Rives SCI 47.V. 10.Sistemas Constructivos E Revestimentos Metalicos. B S Pension Fund Trustee Ltd.v.A. Ashorne Hill Management College 4. British Steel Directors (Nominees) Limited 23.V.00 100. C Walker & Sons Ltd. Corby (Northants) & District Water Co.00 100.00 100. Cordor (C& B) Limited 49. C V Benine 35. British Steel Nederland International B. Bore Samson Group Ltd. British Steel Holdings B. Blastmega Limited (United Steel Forgings Ltd.V. 45.1) B.00 100.00 100. 28. de C.00 100.92 100. Beheermaatschappij Industriele Produkten B. Cold Drawn Tubes Ltd.30 100. 30 British Tubes Stockholding Ltd. Cogent Power Inc. Z.00 100.00 100.00 100.00 100.00 100. Bell & Harwood Limited 11.00 76.00 67. 31.00 100.00 100.00 100. Bailey Steels Limited 8. 16.00 100. 48.00 100. Bore Steel Ltd.V.00 100.00 100.00 100.00 100. British Steel Benelux B.00 100.00 100.00 100. 7.00 100.00 100. 3.00 100.00 100. 42. Burgdorfer Grundstuecks GmbH 34.00 100.00 100. Catnic Limited 38.00 100. Cogent Power Inc. Lda 50. Cogent Power Limited 44. British Steel Tubes Exports Ltd.00 100.00 100. Bskh Corporate Services (UK) Limited 33. 2010 100. 9. Catnic GmbH 37.00 100. Corus .00 100.V. Belfin Beheermaatschappij B.00 100. British Steel Employee Share Ownership Trustees Ltd. Blume Stahlservice Polska Sp.V.00 100. Blume Stahlservice GmbH 13. Augusta Grundstucks GmbH 5. Apollo Metals Ltd.00 100. 22. Automotive Laser Technologies Limited 6.00 100.00 100. British Steel De Mexico S.Name of the Company II III ownership in % either directly or through Subsidiaries as at Sept 30. British Steel Corporation Ltd 21.00 100.00 100. 19.O 14. 26.00 Country of Incorporation Netherlands UK Jersey USA UK Germany UK UK UK Netherlands Netherlands UK UK Germany Poland UK UK UK Netherlands Netherlands Netherlands UK Mexico UK UK UK Netherlands UK UK UK UK UK UK UK Germany Netherlands UK Germany UK France UK Canada Mexico USA UK UK UK France UK UK Portugal China orchid Netherlands (No. Corus Aerospace Service Centre Suzhou Co Ltd F-54 . Cogent Power Inc. British Steel International B.00 100. 41. British Steel Service Centres Ltd. 29.00 100. British Transformer Cores Ltd. Tata Steel Europe Ltd. Color Steels Limited 46.O.

Name of the Company 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100. 101. 102. Corus Aluminium Beheer B.V.* Corus Aluminium Limited Corus Aluminium Verwaltungsgesellschaft Mbh Corus America Holdings Inc. Corus America Inc. Corus Batiment Et Systemes SAS Corus Belgium Bvba Corus Benelux B.V. Corus Beteiligungs GmbH Corus Brokers Limited Corus Building Systems Bulgaria AD Corus Building Systems N.V. Corus Building Systems SAS Corus Byggesystemer A/S Corus Byggsystem AB Corus Byggsystemer A/S Corus Central Europe S.R.O. Corus Cic Holdings Inc. Corus Cic Inc. Corus CNBV Investments Corus Coatings Usa Inc. Corus Cold Drawn Tubes Limited Corus Construction Products (Thailand) Limited Corus Consulting And Technical Services B.V. Corus Consulting B.V. Corus Consulting Limited Corus Consulting Romania SRL* Corus Degels GmbH Corus Denmark A/S Corus Deutschland GmbH Corus Distribution Europe BV Corus Electrical Limited Corus Engineering Limited Corus Engineering Steels (UK) Limited Corus Engineering Steels Holdings Limited Corus Engineering Steels Limited Corus Engineering Steels Overseas Holdings Limited Corus Finance Limited Corus Finland Oy Corus France SAS Corus Group Limited Corus Holdings Ltd. Corus Holdings SA Corus Hungary Trading Limited Liability Company Corus India Ltd. Corus International (India) Pvt. Limited Corus International (Overseas Holdings) Limited Corus International Bulgaria Limited Corus International Deutschland GmbH Corus International Limited Corus International Nigeria Corus International Representacoes Do Brasil Ltda.

ownership in % either directly or through Subsidiaries as at Sept 30, 2010 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 82.35 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Country of Incorporation Netherlands UK Germany USA USA France Belgium Netherlands Germany UK Bulgaria Belgium France Denmark Sweden Norway Czech Republic Canada Canada UK USA UK Thailand Netherlands Netherlands UK Romania Germany Denmark Germany Netherlands UK UK UK UK UK UK UK Finland France UK UK France Hungary India India UK Bulgaria Germany UK Nigeria Brazil

F-55

Name of the Company 103. 104. 105. 106. 107 108. 109. 110. 111. 112. 113. 114. 115. 116. 117. 118. 119. 120. 121. 122. 123. 124. 125. 126. 127. 128. 129. 130. 131. 132. 133. 134. 135. 136. 137. 138. 139. 140. 141. 142. 143. 144. 145. 146. 147. 148. 149. 150. 151. 152. 153. Corus International Romania SRL Corus International Services N.V Corus International Trading Limited Corus International Trading Limited Corus Investment B.V. Corus Investments Ltd. Corus Ireland Ltd. Corus Laminacion Y Derivados, S.L. Corus Large Diameter Pipes Limited Corus Liaison Services (India) Limited Corus Management Limited Corus Met B.V. Corus Metal Iberica S.A Corus Metal Sanayi Ve Ticaret AS Corus Metals Limited Corus Middle East FZE Corus Multi-Metals Limited Corus Nederland B.V. Corus New Zealand Limited Corus Norge A/S Corus Packaging Plus Belgium N.V Corus Packaging Plus Norway AS Corus Perfo B.V. Corus Polska Sp.Z.O.O. Corus Primary Aluminium B.V. Corus Properties (Germany) Limited Corus Property Corus Quest Trustee Limited Corus Rail Consultancy Limited Corus Rail France S.A Corus Rail Limited Corus Republic Of Ireland Subsidiaries Pension Scheme Trustee Limited Corus Service Center Milano Spa Corus Service Centre Limited Corus Service Centre Maastricht B.V. Corus Services Nederland B.V. Corus Sheet & Tube Inc. Corus Special Strip Asia Limited Corus Staal B.V. Corus Stahl GmbH Corus Stainless Limited Corus Stainless Nl B.V. Corus Stainless UK Ltd. Corus Star-Frame B.V. Corus Steel Limited Corus Steel Usa Inc. Corus Sverige AB Corus Technology B.V. Corus Trico Holdings Inc. Corus Tubes B.V. Corus Tuscaloosa Corp.

ownership in % either directly or through Subsidiaries as at Sept 30, 2010 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 88.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Country of Incorporation Romania Belgium UK USA Netherlands UK Ireland Spain UK UK UK Netherlands Spain Turkey UK UAE UK Netherlands New Zealand Norway Belgium Norway Netherlands Poland Netherlands UK UK UK UK France UK Ireland Italy UK Netherlands Netherlands USA Hong Kong Netherlands Germany UK Netherlands UK Netherlands UK USA Sweden Netherlands USA Netherlands USA

F-56

Name of the Company 154. 155. 156. 157. 158. 159. 160. 161. 162. 163. 164. 165. 166. 167. 168. 160. 170. 171. 172. 173. 174. 175. 176. 177. 178. 179. 180. 181. 182. 183. 184. 185. 186. 187. 188. 189. 190. 191. 192. 193. 194. 195. 196. 197. 198. 199. 200. 201. 202. 203. 204. Corus UK Healthcare Trustee Limited Corus UK Limited Corus Vlietjonge B.V. Cpn 85 Limited Crucible Insurance Company Ltd. Demka B.V. Dsrm Group Plc. Ees Group Services Limited Ees Nederland B.V. Eric Olsson & Soner Forvaltnings AB Esmil B.V. Euro-Laminations Limited European Electrical Steels Limited Europressings Limited Firsteel Group Limited Firsteel Holdings Limited Firsteel Steel Processing Limited Firsteel Strip Mill Products Limited Fischer Profielen NV Fischer Profil GmbH Gamble Simms Metals Ltd. Grant Lyon Eagre Ltd. H E Samson Ltd. Hadfields Holdings Ltd. Hammermega Limited Harrowmills Properties Ltd. Hille & Muller GmbH Hille & Muller Italia SRL. Hille & Muller Usa Inc. Holorib GmbH Hoogovens (UK) Limited Hoogovens Aluminium UK Limited Hoogovens Finance B.V. Hoogovens Technical Services Coahuila B.V. Hoogovens Technical Services Mexico De S. De R.L. De C.V. Hoogovens Technical Services Monclova B.V. Hoogovens Tubes Poland Spolka Z.O.O Hoogovens Usa Inc. Huizenbezit “Breesaap” B.V. Ickles Cottage Trust Immobilliere De Construction De Maubeuge Et Louvroil SAS Industrial Steels Limited Inter Metal Distribution SAS K&S Management Service Limited Kalzip Asia Pte Ltd. Kalzip GmbH Kalzip GmbH Kalzip Guanhzou Limited Kalzip Inc Kalzip Limited Kalzip Spain S.L.U.

ownership in % either directly or through Subsidiaries as at Sept 30, 2010 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 62.50 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Country of Incorporation UK UK Netherlands UK I of Man Netherlands UK UK Netherlands Sweden Netherlands UK UK UK UK UK UK Ireland Belgium Germany Ireland UK UK UK UK UK Germany Italy USA Germany UK UK Netherlands Netherlands Mexico Netherlands Poland USA Netherlands UK France UK France UK Singapore Austria Germany China USA UK Spain

F-57

Name of the Company 205. 206. 207. 208. 209. 210. 211. 212. 213. 214. 215. 216. 217. 218. 219. 220. 221. 222. 223. 224. 225. 226. 227. 228. 229. 230. 231. 232. 233. 234. 235. 236. 237. 238. 239. 240. 241. 242. 243. 244. 245. 246. 247. 248. 249. 250. 251. 252. 253. 254. 255. Lister Tubes Ltd. London Works Steel Company Ltd. Midland Steel Supplies Ltd. Mistbury Investments Limited Montana Bausysteme AG Myriad Deutschland GmbH Myriad Espana Sl Myriad Nederland B.V. Myriad SA Myriad United Kingdom Limited Namascor B.V. Nationwide Steelstock Limited Nebam Nedelandse Bevrachting En Agentuur Maatschappij B.V. Oostflank B.V. Orb Electrical Steels Limited Ore Carriers Ltd. Oremco Inc. Plated Strip International Limited Precoat International Limited Precoat Limited Rafferty-Brown Steel Co Inc Of Conn. Richard Thomas And Baldwins 1978 Limited Richard Thomas And Baldwins (Australia) Pty Ltd. Round Oak Steelworks Ltd. Runblast Limited Runmega Limited S A B Profiel B.V. S A B Profil GmbH SA Intertubes Sacra-Nord SAS Scrap Processing Holding B.V. Seamless Tubes Ltd. Sia Corus Building Systems Simiop Investments Ltd. Simiop Ltd. Simms Steel Holdings Ltd. Skruv Erik AB Societe Europeenne De Galvanisation (Segal) Sa Staalverwerking En Handel B.V. Steel Company (N.I.) Ltd. Steel Stockholdings Ltd. Steelstock Ltd. Stewarts & Lloyds Of Ireland Ltd. Stewarts And Lloyds (Overseas) Ltd. Stocksbridge Cottage Trust Surahammar Bruks AB Swinden Housing Association Tata Steel International (Italia) SRL Tata Steel International (Schweiz) AG Tata Steel Netherlands B.V. Tata Steel UK Ltd.

ownership in % either directly or through Subsidiaries as at Sept 30, 2010 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Country of Incorporation Ireland UK UK UK Switzerland Germany Spain Netherlands France UK Netherlands UK Netherlands Netherlands UK UK USA UK UK UK USA New Zealand Australia UK UK UK Netherlands Germany Belgium France Netherlands UK Latvia UK UK UK Sweden Belgium Netherlands UK UK UK Ireland UK UK Sweden UK Italy Switzerland Netherlands UK

F-58

Name of the Company 256. Telmag (Holdings) Limited 257. Telmag Magnetic Components Limited 258. The Newport And South Wales Tube Company Ltd. 259. The Stanton Housing Company Ltd. 260. The Steel Company Of Ireland Limited 261. The Templeborough Rolling Mills Ltd. 262. Thomas Processing Company 263. Thomas Steel Strip Corp. 264. Tinsley Trailers Limited 265. Toronto Industrial Fabrications Ltd. 266. Trierer Walzwerk GmbH 267. Tulip Netherlands (No. 1) B.V. 268. Tulip Netherlands (No. 2) B.V. 269. Tulip UK Holdings (No. 2) Ltd. 270. Tulip UK Holdings (No. 3) Ltd. 271. U.E.S. Bright Bar Limited 272. UK Steel Enterprise Ltd. 273. Ukse Fund Managers Limited 274. Ukse Fund Mangers (General Partner) Limited 275. United Steels Co (N Z) Ltd. 276. Unitol SAS 277. Walker Manufacturing And Investments Ltd. 278. Walkersteelstock Ireland Limited 279. Walkersteelstock Ltd. 280. Westwood Steel Services Ltd. 281. Whitehead (Narrow Strip) Ltd. IV Tata Steel Global Minerals holdings Pte Ltd. 1. Al Rimal Mining LLC 2. Black Ginger 461 Proprietary Ltd 3. Kalimati Coal Company Pty. Ltd. 4. Tata Steel Cote D’ Ivoire S.A. @ 5. Tata Steel Minerals UK Ltd* V Tata Steel International (Singapore) holding Pte. Ltd. 1. Corus International (Shanghai) Ltd. 2. Tata Steel International (Asia) Limited 3. Tata Steel International (Gunagzhou) Ltd 4. Tata Steel International (Hongkong) Limited 5. Tata Steel International (Malaysia) Sdn Bhd 6. Tata Steel International (Singapore) Pte Ltd. 7. Tata Steel International (Thailand) Limited 8. TSIA Holdings (Thailand) Limited VI Tata Steel Global Procurement Company Pte Ltd* 1. Proco Issuer Pte Ltd* VII Tata Steel (Thailand) Public Company Ltd. 1. NTS Steel Group Plc 2. The Siam Construction Steel Co. Ltd. 3. The Siam Iron And Steel (2001) Co. Ltd. xvii) Tata Steel Processing And Distribution Limited xviii) TM International Logistics Ltd. 1. International Shipping & Logistics, FZE 2. TKM Global China Ltd. 3. TKM Global GmbH

ownership in % either directly or through Subsidiaries as at Sept 30, 2010 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 70.00 100.00 100.00 85.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 74.00 49.55 100.00 100.00 67.90 67.67 67.89 67.89 100.00 51.00 51.00 51.00 51.00

Country of Incorporation UK UK UK UK Ireland UK USA USA UK UK Germany Netherlands Netherlands UK UK UK UK UK UK New Zealand France UK Ireland UK UK UK Singapore Oman South Africa Australia Ivory Coast UK Singapore China Hongkong China Hongkong Malaysia Singapore Thailand Thailand Singapore Singapore Thailand Thailand Thailand Thailand India India UAE China Germany

F-59

Name of the Company 4. TKM Global Logistics Ltd. 5. TM Harbour Services Private Ltd.* xix) The Indian Steel and Wire Products Ltd. xx) The Tata Pigments Ltd. B. Joint ventures of i) Tata Steel Ltd. 1. Bhubaneshwar Power Pvt. Ltd. 2. Himalaya Steel Mills Services Private Ltd. 3. mjunction services ltd. 4. S & T Mining Company Pvt. Ltd. 5. Tata Bluescope Steel Ltd. 6. Tata NYK Shipping Pte Ltd. 7. The Dhamra Port Company Ltd. ii) Tata Steel holdings Pte. Ltd. a) Tata Steel Global holdings Pte Ltd. I Tata Steel Europe Ltd. 1. Afon Tinplate Company Limited 2. Air Products Llanwern Limited 3. B V Ijzerleew 4. Bsr Pipeline Services Limited 5. Caparo Merchant Bar Plc 6. Cindu Chemicals B.V. 7. Corus Celik Ticaret AS 8. Corus Cogifer Switches And Crossings Limited 9. Corus Kalpinis Simos Rom SRL. 10. Danieli Corus Technical Services B.V. 11. Hks Scrap Metals B.V. 12. Ijzerhandel Geertsema Staal B.V. 13. Industrial Rail Services Ijmond B.V. 14. Laura Metaal Holding B.V. 15. Norsk Stal AS 16. Norsk Stal Tynnplater AS 17. Ravenscraig Limited 18. Tata Elastron SA 19. Tata Elastron SA Steel Service Center 20. Texturing Technology Limited II Tata Steel Global Minerals holdings Pte. Ltd. 1. Riversdale Energy (Mauritius) Ltd. Associates i) Kalimati Investment Company Ltd. 1. Rujuvalika Investments Ltd. ii) NatSteel Asia Pte. Ltd. 1. Steel Asia Development and Management Corporation 2. Steel Asia Industries Inc. 3. Steel Asia Manufacturing Corporation iii) Tata Incorporated 1. TKM Overseas Limited iv) Tata Refractories Ltd. 1. Almora Magnesite Ltd.

ownership in % either directly or through Subsidiaries as at Sept 30, 2010 51.00 51.00 91.36 100.00

Country of Incorporation India India India India

26.00 26.00 50.00 50.00 50.00 50.00 50.00

India India India India India Singapore India

64.00 50.00 50.00 50.00 25.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 49.00 50.00 50.00 100.00 50.00 50.00 50.00 35.00

UK UK Netherlands UK UK Netherlands Turkey UK Romania Netherlands Netherlands Netherlands Netherlands Netherlands Norway Norway UK Greece Greece UK Mauritius

C.

24.12 40.00 50.00 40.00 49.00 39.00

India Singapore Singapore Singapore India India

F-60

Name of the Company v)

ownership in % either directly or through Subsidiaries as at Sept 30, 2010 20.56 26.00 31.78 30.00 27.78 49.31 23.46 25.00 29.66 43.24 44.27 34.29

Country of Incorporation India India India India India India India India India India India India

vi)

Tata Steel Ltd. 1. Indian Steel Rolling Mills Limited 2. Industrial Energy Limited 3. Jamipol Limited 4. Kalinga Aquatics Limited 5. Kumardhubi Fireclay & Silica Works Limited 6. Kumardhubi Metal Casting & Engineering Limited 7. Nicco Jubilee Park Limited 8. Strategic Energy Technology Systems Pvt. Ltd. 9. Tata Construction & Projects Limited 10. Tata Sponge Iron Limited 11. The Tinplate Company of India Limited 12. TRF Limited Tata Steel holdings Pte. Ltd. a) Tata Steel Global holdings Pte Ltd. I NatSteel holdings Pte. Ltd. 1. Southern Steel, Berhard* II Tata Steel Europe Ltd. 1. Ab Norskstal AS 2. Altos Hornos De Mexico S.A. de C.V. 3. Antheus Magnesium B.V 4. Appleby Frodingham Cottage Trust Limited 5. Combulex B.V. 6. Cv Gasexpansie Ijmond 7. Danieli Corus Canada Inc. 8. Danieli Corus Asia B.V. 9. Danieli Corus B.V. 10. Danieli Corus Braseq Ltda. 11. Danieli Corus Construction Services B.V. 12. Danieli Corus Construction Services USA Inc. 13 Danieli Corus South Africa Pty. Ltd. 14. Danieli Corus Do Brasil Ltda. 15. Danieli Corus Inc. 16. Danieli Corus Services Usa Inc. 17. Danieli India (Pvt.) Ltd. 18. European Profiles (Marketing) Sdn. Bhd. 19. Galvpro LP. 19. Gietwalsonderhoudcombinatie B.V. 19. Hoogovens Court Roll Service Technologies Vof 20. Hoogovens Gan Multimedia S.A. De C.V. 21. Isolation Du Sud SA 22. Issb Limited 23. MDC Sublance Probe Technology 24. Regionale Ontwikkelingsmaatschappij Voor Het Noordzeekanaalgebied N.V. 25. Richard Lees Steel Decking Asia Snd. Bhd. 26. Rsp Holding B.V. 27. Schreiner Fleischer AS 28. Shanghai Bao Yi Beverage Can Making Co Ltd.

27.03 50.00 4.50 25.00 33.30 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 10.20 45.50 50.00 50.00 50.00 0.33 50.00 50.00 6.67 10.00 13.19 50.00 12.50

Malaysia Norway Mexico Netherlands UK Netherlands Netherlands Canada Netherlands Netherlands Brazil Netherlands USA South Africa Brazil USA USA India Malaysia USA Nertherlands Nertherlands Mexico France UK Shanghai Nertherlands Malaysia Nertherlands Norway China

F-61

Name of the Company

ownership in % either directly or through Subsidiaries as at Sept 30, 2010 45.00 50.00 50.00 25.00 50.00 33.00 30.00 27.40 24.17 20.00 42.05

Country of Incorporation UK Nertherlands Norway USA USA UK Nertherlands Canada Australia Malaysia India

vii)

29. Sms Mevac UK Limited 30. Stuwadoorsbedrijf Velserkom B.V. 31. Thoresen & Thorvaldsen AS 32. Trico LLC 33. Weirton/Hoogovens GP 34. Workington Cottage Trust 35. Wupperman Staal Nederland B.V. III Tata Steel Global Minerals holdings Pte Ltd. 1. New Millenium Capital Corp* 2. Riversdale Mining Ltd. IV Tata Steel International (Singapore) holding Pte. Ltd. 1. European Profiles Malaysia (M) Sdn.Bhd. The Indian Steel and Wire Products Ltd. 1. Metal Corporation of India Ltd.

* Part of the period. @ By virtue of management control.

F-62

(iii) Other long-term employee benefits are recognised as an expense in the Profit and Loss Account for the period in which the employee has rendered services. the assets are depreciated on a straight line basis over the estimated useful life of the assets. as the discounting rate. In some of the foreign subsidiaries. The increase in the net present value of the future liability for pension payable to employees who have opted for retirement under the Employee Separation Scheme of the Company is charged to the Profit and Loss Account. Borrowing costs during the period of construction is added to the cost of fixed assets. In some of the subsidiaries. (v) Miscellaneous Expenditure In respect of the Employee Separation Scheme (ESS). The details of estimated life for each category of assets is as under : (i) Buildings — 30 to 62 years. (xi) Roads — 30 to 62 years. joint ventures and associates depreciation is calculated on written down value basis and intangible assets are amortised over the period for which the rights are obtained. at the balance sheet date. F-63 . 2010. as the discounting rate. using the market yield on government bonds. (vi) Intangibles (Computer Software) — 5 to 10 years. The present value is determined using the market yields of government bonds. (iii) Railway Sidings — 21 years. subject to maximum of 10 years. (II) In respect of other assets. However in one of the subsidiary (Tata Steel Europe Limited) because of potential volatility caused by periodic changes in the assumptions underlying the computation of the pension liabilities. (d) Fixed Assets All fixed assets are valued at cost less depreciation. The expense is recognised at the present value of the amount payable towards contributions. Significant Accounting Policies as at September 30. whichever is less. (b) Revenue Recognition (i) Sales comprises sale of goods and services. (iii) In one of the subsidiaries. (v) Furniture. Accounting Standards notified under Section 211(3C) of the Companies Act. In case of some foreign subsidiaries. Estimated liability on account of long-term benefits is discounted to the current value. (ii) Post employment benefits are recognised as an expense in the Profit and Loss Account for the year in which the employee has rendered services. Blast Furnace relining is capitalised. net present value of the future liability for pension payable is amortised equally over five years or upto financial year ended March 31.000 is fully depreciated in the year of acquisition. it is not considered practicable to adopt a common accounting policy for accouting for the pension liability of the company and Tata Steel Europe Limited. (iv) Actuarial gains and losses in respect of post employment and other long-term benefits are recognised in the Profit and Loss Account. (ix) Freehold land is not depreciated. 25. The depreciation charge in respect of these entities is not significant in the context of the consolidated financial statements. (ii) Plant and Machinery — 6 to 21 years. (c) Employee Benefits (i) Short-term employee benefits are recognised as an expense at the undiscounted amount in the Profit and Loss Account of the year in which the related service is rendered. Pre-operating expenses including trial run expenses (net of revenue) are capitalised. (vii) Development of property for development of mines and collieries are depreciated over the useful life of the mine or lease period whichever is less. depreciation is provided on a straight line basis applying the rates specified in Schedule XIV to the Companies Act. However. (x) Leasehold land is amortised over the life of the lease. (viii) Blast Furnace relining is depreciated over a period of 10 years (average expected life). Fixtures and Office Equipment — 5 years. 1956 or based on estimated useful life whichever is higher.2. Income and expenses relating to incomplete voyages are carried forward as voyages-in-progress. whichever was earlier. Despatch earnings are accounted for on receipt basis. (iv) Vehicles and Aircraft — 5 to 18 years. as on the date of balance sheet. the present value is determined using the AA rated corporate bonds. The actuarial gains and losses for these pension plans of Tata Steel Europe Limited have been accounted in Reserves and Surplus. 1956 and the relevant provisions thereof. (ii) Export incentive under the Duty Entitlement Pass Book Scheme has been recognised on the basis of credits afforded in the pass book. 2010 (a) Basis for Accounting The financial statements are prepared under the historical cost convention on an accrual basis of accounting in accordance with the generally accepted accounting principles. net of trade discounts. income from services are recognised upon completion of the relevant shipping activities and related services. The written down value of the asset consisting of lining/relining expenditure embedded in the cost of the furnace is written off in the year of fresh relining. In some of the foreign subsidiaries. (e) Depreciation (I) Capital assets whose ownership does not vest in the Company is depreciated over their estimated useful life or five years. the present value is determined using the AA rated corporate bonds. asset value upto Rs.

if any. Necessary provision is made and charged to revenue in case of identified obsolete and non-moving items. Cost of inventories is generally ascertained on the ‘weighted average’ basis. (j) Research and Development Research and Development costs (other than cost of fixed assets acquired) are charged as an expense in the year in which they are incurred. ii) Foreign Companies : Foreign Companies recognise tax liabilities and assets in accordance with the applicable local laws. (g) Investments Long term investments are carried at cost less provision for diminution other than temporary. Stores and spare parts are carried at lower of cost and net reliasible value. The differences in translation of FCT and forward exchange contracts used to hedge FCT (excluding the long term foreign currency monetary items accounted in line with Companies (Accounting Standards) Amendment Rules 2009 on Accounting Standard 11 notified by Government of India on March 31. The outstanding derivative contracts at the balance sheet date other than forward exchange contracts used to hedge FCT are valued by marking them to market and losses. being an investment company. Stock in trade in case of one of the subsidiaries. in value of such investments. iron ore and other raw materials produced and purchased by the Company are carried at lower of cost and net realisable value. other than those relating to fixed assets are recognised in the Profit and Loss Account. goodwill is amortised over a period of 60 months. changes in fair value of outstanding derivative instruments designated as cash flow hedges against firm commitments and highly probable forecast transactions are accounted in “Reserves & Surplus”. Current investments are carried at lower of cost and fair value. Coal. are recognised in the Profit and Loss Account. (k) Deferred Tax Deferred Tax is accounted for by computing the tax effect of timing differences which arise during the year and reverse in subsequent periods. if any. Work-in-progress is carried at lower of cost and net realisable value. 2009. 2009) and realised gains and losses. (l) Taxes on Income i) Indian Companies : Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of Income Tax Act. The company and some of its Indian subsidiaries and joint ventures have opted for accounting the exchange differences arising on reporting of long-term foreign currency monetary items in line with Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard 11 (AS-11) notified by Government of India on March 31. (h) Inventories Finished and semi-finished products produced and purchased by the Company are carried at lower of cost and net realisable value. Exchange difference relating to monetary items that are in substance forming part of the Company’s net investment in non integral foreign operations are accumulated in Foreign Exchange Fluctuation Reserve Account. 1961.(f) Foreign Currency Transactions Foreign Currency Transactions (FCT) and forward exchange contracts used to hedge FCT are initially recognised at the spot rate on the date of the transaction/contract. Accordingly the effect of exchange differences on foreign currency loans of the company is accounted by addition or deduction to the cost of the assets so far it relates to depreciable capital assets and in other cases by transfer to “Foreign Currency Monetary Items Translation Difference Account” to be amortised over the balance period of the longterm monetary items or period upto March 31. (m) In case of certain subsidiaries. In the absence of any operative Indian Accounting Standard on the subject. (i) Relining Expenses Relining expenses other than expenses on Blast Furnace relining are charged as an expense in the year in which they are incurred. F-64 . has been valued at cost or at market quotation whichever is lower scripwise. Work-in-progress and finished and semi-finished products are valued on full absorption cost basis. Monetary assets and liabilities relating to foreign currency transactions and forward exchange contracts remaining unsettled at the end of the year are translated at year end rates. 2011 whichever is earlier.

.......................8) 245...............e.......... Provision for doubtful debts .............4) (14....................................................3) (150.................................................................... 2008.................................. certain items of income/expenses have been identified as prior period items..9) 2...7 million) to banks and financial institutions on behalf of others.......... changes in fair value of outstanding derivative instruments designated as cash flow hedges against firm commitments and highly probable forecast transactions which were hitherto accounted in the profit & loss account w......................................................................... an amount of Rs........ 1.........................4) (100...........................2) (76..... Stores and spares consumed ... b) In the absence of any operative Indian Accounting Standard on the subject............................................. 2008...... Income from power and water.................... Year ended March 31.................. in million (138..............................................................e. The cumulative year wise adjustments and the details thereof are given below: Particulars Period ended Sept 30.....3) (1.2) (2...............................3) (61.............................. Miscellaneous income ....................................................................... Profit on sale of capital assets................. 2007.................................................................... 6.......................... Royalty ..........................................03.7) 4............................................................. 2010....................................................................................................................................... Year ended March 31............................ Given the large share of Tata Steel Europe Limited in the consolidated Profit and Loss Account of the company......2) (9...................... 2009 have been accounted in “Reserves & Surplus” in accordance with IFRS principles and the proposed Accounting Standard AS30.................................5) (0.................................f.................................................. April 1............................................................ Purchase of finished and semi-finished products .......................................... due to assumption of variables like bond yield rates...5 0................................................... Accordingly the actuarial gain/loss in Tata Steel Europe Limited has been accounted in Reserves and Surplus in the consolidated financial statements in accordance with IFRS principles and as permitted by Accounting Standard 21 – Consolidated Financial Statements w......................................... rebate and discounts .........................................................................f................................................................................................3) (3... 2008.............. 2006..................195.................................................. IFRS permits the impact of changes in the assets and liabilities....044............................................................................................................. the Group adopted AS 15 (revised 2005) on Employee Benefits effective April 1.............................4 million (31..................... Purchase of power ...... 559............................. 2010............................................................................................. in million (97.........................................0) (2..........................................................................................7) Rs...................................... 2010.................. Year ended March 31.....................................................................223..................................................... Other expenses ....................... Repairs to buildings ................................................... it is not considered practicable to adopt a common accounting policy for accounting for the actuarial gains/losses in respect of the pension liability of the Company and Tata Steel Europe Limited... Year ended March 31.8 million (net of deferred tax Rs. 2010 .................................................................... Sale of products .......... c) The Institute of Chartered Accountants of India had deferred the date of applicability of Accounting Standard (AS) 15....................449............................ Payment to employees .....044.. The liabilities included provisions which were made based on estimates available at that point of time............................................ inflation and demographic assumptions to be accounted for in “Reserves and Surplus”......................................... Contingent Liabilities as at September 30............................................................ F-65 .............. Year ended March 31....... Rs............................................................. Prior Period Adjustments: In the financial statements for the years ended March 31................ Employee Benefits (revised 2005)........... 2006....................... inter alia.......... Excise duty .............................................................................................. such prior period items have been appropriately adjusted in the respective prior years.. These prior-period items mainly represent liabilities no longer required........................................ April 1................................ Rates and taxes ... 5...... Total ............................................................ and the potential volatility caused by periodic changes in the assumptions underlying the computation of the pension liabilities.....5) (411................ Adjusted to opening reserves as at April 1.......................................................................................................................... For the purpose of this statement....................................................... The details of the above prior year adjustments are as follows: Details of Prior Period Adjustments Raw materials consumed .......................................2010 : Rs....2 (582.................................................................................. Repairs to machinery .............0 (0................ 2010 (a) Guarantees The Company has given guarantees aggregating Rs............1) (62............................................................................................. 2006.................. As early application of the Standard was encouraged.............2) (428.............................................................0) (1.... Figure in bracket represents credits Significant Change in Accounting Policies a) The pension liability of Tata Steel Europe Limited is computed and accounted for in accordance with International Financial Reporting Standards (IFRS)................................................. Consequent to the adoption.................... 2006 and period ended September 30.. Freight and handling charges...........................................................................................................................................................7) (11........................................ 2007............. in accordance with the transitional provision in the Standard.....................................................6 25.....7) (63.. 2005 in the Restated Balance Sheet ............. 6..................3.......... 2009 ................ Conversion charges ............................. The Indian Accounting Standard (AS-15) is different from the above and requires such changes to be accounted for in the Profit and Loss Account..... This practice is consistently followed by Tata Steel Europe Limited...........................................................................8) (28..................... 2009.......9 million) has been adjusted against General Reserve as at April 1.............9) (117............................... Commission...................................

03.03.077. at the higher of fair value or 50 percent of the subscription purchase price.8 6. was declared a sick industrial company within the meaning of Section 3(i)(o) of the Sick Industrial Companies (Special Provisions) Act.354.912.03.354. The liability till 30th September.396.895. 2.6 138. the State Government demanded royalty on processed coal at rates applicable to processed coal.246.5 million (31.2002 passed by the Jharkhand High Court. and should TSL be unable to find a buyer for such shares.1 6. Though the Company has contested the above demand.8 million (31. 2010 Rs in million 4. The department has filed an appeal in Supreme Court where the matter is pending.866. The Company has not acknowledged this claim and has instead filed a claim of Rs. as at September 30. 1.6 711. if it materializes. 2.941 equity shares effected along with a primary issue of 843. Further. Orissa High Court held in November 2005 that State does not have authority to levy tax on minerals.1 million on sale of these shares resulting in a profit of Rs. Jamshedpur was filed in CESTAT. in the event of breach of the representations and warranties (other than title and tax) and covenants not capable of specific performance. 2003.6 million (31.9 138.2010 : Rs. 13/2000 which provides for exemption to the integrated steel plant from payment of excise duty on the freight amount incurred for transporting material from plant to stock yard and consignment agents.2 378.2010 : Rs.958.163. 609.9 Particulars (i) Excise (ii) Customs (iii) Sales Tax and VAT (iv) State Levies (v) Suppliers and Service Contract (vi) Labour Related (vii) Income Tax (viii) Others (c) Claim by a party arising out of conversion arrangement . challenging the validity of the Act. under protest. If certain performance parameters and other conditions are not met. Inc. 0. if any.2 million (31. a subsidiary.2 million) based on the final sale price of the material.1 million). Kolkata and was allowed in favour of the EPA. acquired under the primary issue and the secondary sale. 6.5 1. (g) In terms of the agreements entered into between Tata Teleservices Ltd.8 million (31.07.2 million).231.235.2 1. The Company filed an appeal with CESTAT.7 million. The matter is pending before the Calcutta High Court. 1985 (hereinafter referred to as 'SICA').1 million (31. (f) The State Government of Orissa introduced “Orissa Rural Infrastructure and Socio Economic Development Act 2004” with effect from February 2005 levying tax on mineral bearing land computed on the basis of value of minerals produced from the mineral bearing land.5 million) on the party. (d) The Excise Department has raised a demand of Rs.6 1. the Company is obligated to acquire the shareholding of the SP.03.650.2 million (31. The Indian Steel and Wire Products Limited (ISWPL).5 1. 2010 Rs in million 4. which is still pending for hearing. it has started paying.9 million) and has been considered as a contingent liability.056. 2. the Company is liable to reimburse TSL. An appeal against the order of the Commissioner Central Excise. as part of a secondary sale of 253.5 million.2010 : Rs.2010 : Rs.2010 : Rs.2010 : Rs.03.443. The liability.666.320. on a pro rata basis. 2. (TSL) and NTT DoCoMo. 2010 would be Rs. the Company was given by Tata Sons an option to sell 5.379.03.(b) Claims not acknowledged by the Company : As at Sept. The Board for Industrial and Financial Reconstruction (BIFR) sanctioned a scheme vide its Order dated October 22.8 6. 0. However. 1.2010: Rs.3 million (31.958.8 720.3 6. in proportion of the number of shares sold by the company to the aggregate of the secondary shares sold to the SP. The incremental amount. the company realised Rs. Tata Sons Ltd. 1.3 million). 1. (TTSL). if payable for the period till October 2008 works out to Rs. if materializes.Rs. holding the activity as manufacture and ignoring the payment of duty made by Tata Steel. Excise department demanded duty from the EPA. 2010. The State Government of Orissa moved to the Supreme Court against the order of Orissa High Court and the case is pending with Supreme Court. 3. 12.4 million). 1. the company has already paid duty amounting to Rs. November 21. 14. The Company had filed a Writ Petition in the High Court of Orissa. or if the SP divests the shares at a lower price pay a compensation representing the difference between such lower sale price and the price referred to above.8 million (31. (j) Bills discounted Rs.396. 2. 2003 for rehabilitation of the ISWPL by takeover of its management by Tata Steel Limited.777.964. should the SP decide to divest its entire shareholding in TTSL.994. Subsequent demands in this regard have not been adjudicated.801 shares by TTSL to the SP. of Japan (Strategic Partner-SP). However. royalty on processed coal from November 2008. 787. upto a maximum sum of Rs.2010 : Rs.547. (h) The Company has been paying royalty on coal extracted from its quarries pursuant to the judgement and order dated 23. (i) Uncalled liability on partly paid shares and debentures Rs.6 As at March 31.676. 1. F-66 . The department has filed an appeal against CESTAT order with Jharkhand High Court. 3.441.8 million) denying the benefit of Notification No. Ranchi. (e) TMT bars and rods in coil form are sent to external processing agents (EPA) for decoiling and cutting into specified lengths before the products are despatched for sale. The exercise of the option by SP being contingent on several variables the liability.839.988.6 378. 30.2 million). is remote and indeterminable. 2003 and December 18.879.03.03. Payments made under protest from November 2008 till date has been charged off to Profit and Loss Account.2010 : Rs. will be to the tune of Rs. 3. In 2008-09. 497.03.590 equity shares in TTSL to the SP. Kolkata and the order of the department was set aside.

Particulars Show cause notices/Demand raised by Central Excise Authorities (Under Appeal) The Sales Tax Assessment is pending from the year 1998-99 onwards. 2008-09.12 (xiii) of BIFR order dated November 21.) combined investments in The Dhamra Port Company Ltd.5 million (net of deferred tax F-67 . state that : The accumulated losses of the Company as at March 31. 837. whichever is earlier.1 million) [2009-10 : Rs. 1. charge or lien or in any way encumber its holding in Taj Air Ltd. assign. The Company has furnished a Security Bond in respect of its immovable property to the extent of Rs.9 47. a credit of Rs.9 3. dispose off. million 2. not to dispose of its investments in Tata NYK Shipping Pte. not to transfer. Additional liability. 10. 8. not to dispose of its investment in The Tinplate Company of India Limited. (f) Standard Chartered Bank.03. 2007-08.0 3. signed an agreement with the Government of Jharkhand to participate in a special health insurance scheme to be formulated by the Government of Jharkhand for the purpose of providing medical facilities to the families of the people below poverty line.2010 : Rs. Tata Korf Engineering Services Ltd. the financial statements have been prepared on a "going concern" basis.9 39. (c) IDBI not to dispose of its investment in Wellman Incandescent India Ltd. The Company has given undertakings to (a) IDBI Bank Ltd.. 2002 including notes on accounts as then would be the personal responsibility of the erstwhile promoters to discharge. when operational. a subsidiary.450. without the prior consent of the respective financial institutions/banks so long as any part of the loans/facilities sanctioned by the institutions/banks to these nine companies remains outstanding. 10. The scheme is yet to be formed and no contribution has been made till September 30. The notes to accounts of Tata Korf Engineering Services Limited (TKES). (minimal stake required to be able to provide a corporate guarantee towards long term debt). L & T Infrastructure Development Projects Ltd.. a subsidiary of the Company and Riversdale Mining Limited (RML) have executed a deed of cross charge in favour of each other to secure the performance of obligation under Joint Venture agreement and funding requirements of the Joint Venture Riversdale Energy (Mauritius) Limited (REML) upto a maximum amount of US$ 100 mn on the Shares of REML and all of its present and future benefits and rights under the Joint Venture agreement. 2003. 2010 exceed its paid up Share Capital. (i) State Bank and others not to dispose of its investment in Centennial Steel Company Ltd. which may come to the notice of the present management also would be the personal liability of the erstwhile promoters. The Promoters’ (i. which were not disclosed in the said balance sheet including the notes on accounts.. have not been provided for or recognised in the accounts for financial year 2004-05. (ISRM). The Company has practically closed its operations. Hong Kong and Shanghai Banking Corporation and Nedbank not to dispose of majority stake in Tata Steel (KZN) (Pty) Ltd. (DPCL) representing 51% of DPCL’s paid-up equity share capital are pledged with IDBI Trusteeship Services Ltd. The report of the auditors to the members of TKES contains an audit qualification on this account. 473. 9. The Company had. below 51% of CSCL's paid up equity share capital. (b) ICICI Bank Ltd.e. (g) Mizuho Corporate Bank Limited. and Tata Steel Ltd. for pending assessments has not been ascertained (Under Appeal) Employee State Insurance demand (Under Appeal) Leave liability for ex-employees Labour court cases Income tax demand (Under Appeal) Railway dues Power dues Liability for loan for Learjet Aircraft purchase Wealth tax Liability for Security Services Rs. (CSCL). 2009-10 as well as in the accounts for period ended September 30. The state government would develop a suitable scheme and the Company has agreed to contribute to such scheme..1 14.3 million (net of deferred tax Rs. all liabilities not disclosed in the audited balance sheet for the year ended March 31. The Promoters’ (i. 2010 (31. (h) IL&FS Trust Company Ltd. 2010.) combined investments in Industrial Energy Limited. 856.4 62.2010 : Credit of Rs. Pending the preparation of a scheme. 2005-06. 2009 which allows foreign exchange difference on long-term monetary items to be capitalised to the extent they relate to acquisition of depreciable assets and in other cases to amortise over the period of the monetary asset/liability or the period up to March 31..5 0.3 million as at September 30.1 million (31. a sum of Rs. 250 million annually for a period of 30 years or upto the year of operation of the scheme whichever is less.2 million). As on September 30.03.5 million) remains to be amortised in the “Foreign Currency Monetary Items Translation Difference Account” after taking a credit of Rs. The ISRM is under liquidation. (e) State Bank of India not to dispose of its investment in Tata BlueScope Ltd. IFCI and IIBI not to dispose of its investment in the Indian Steel Rolling Mills Ltd. Tata Steel Global Minerals Holdings Pte Ltd (TSGMH).2 7. 2010.1 30.e. not to dispose of its investment in Standard Chrome Ltd. the following liabilities. 20. 2011.069. 86.7 million) in the Profit & Loss Account and Rs. 2. 2005.The significant notes appearing in the accounts of The Indian Steel and Wire Products Limited are given below : As per clause 6..3 0. The items indicated above are not exhaustive and any other liability. Limited. 2006-07.. The company has opted for accounting the exchange differences arising on reporting of long term foreign currency monetary items in line with Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard 11 (AS-11) notified by Government of India on March 31. if any. and Tata Steel Ltd. 200 million in favour of the Registrar of the Delhi High Court and has given an undertaking not to sell or otherwise dispose of the said property.3 million (2009-10 : Debit of Rs. has a negative net worth of Rs. In view of the above. on August 20. (d) IDBI and ICICI Bank Ltd. 2010. 86. (IEL) representing 51% of IEL’s paid-up equity share capital are pledged with Infrastructure Development Corporation Limited (IDFC).3 14. The Tata Power Company Limited.

03.2009: 15.273.348. 9. 6. The Company has taken on lease Plant and Machinery. 2010 (31. 2010 and their corresponding present value are as follows : Rs.808. its subsidiaries and joint venture have taken certain leaseholds on finance lease. 9.064.2009 : Rs.2 2.8 55.790.7 F-68 .564.6 30. 2010 (31.5 5.03.295.03.4 million (2009-10: Higher by Rs.2009 Minimum Lease Payments 6. 663.3 million). 243. its subsidiaries and joint ventures are as follows: Rs.020. entered into by the company. The company.2 million). 11.622.770. 2010 (31.9 21.03.8 Present Value 5.7 11.2010 Period Not later than one year Later than one year but not later than five years Later than five years Total Minimum Lease Payments 11. 6.6 1. 4.9 million as at March 31.03.0 million as at March 31.170.2 million (2008-09 : Rs.1 The total charge to the Profit and Loss Account for the year ended March 31.3 – 8.018. 1.444.2010 As at 31. minority interest and share of profit of associates for the period ended September 30.8 million).4 5. 168. 2010.2 As at 31.Rs. 14. The Depreciation for the period ended September 30. Restructuring Costs in exceptional items relates to disposal/impairment of assets and restructuring arising out of the 'Fit for the Future' programme at Tata Steel Europe Limited.2009 : Rs.4 million). The element of the lease rental applicable to the cost of the asssets has been charged to the Profit and Loss Account over the estimated life of the asset and financing cost has been allocated over the life of the lease on an appropriate basis.03.4 million) and the Profit after taxes. The break up of total minimal lease payments due as at March 31.8 million)] adjusted against Securities Premium Account during the period ended September 30.4 million).992. 2010 on account of operating lease is Rs.030.2009 Minimum Lease Payments 12. Estimated amount of contracts remaining to be executed on Capital Account and not provided for : Rs.021.4 million as at March 31. minority interest and share of profit of associates is higher by Rs.5 As at 31. 2010 on account of amortisation.2 The break-up of total minimum lease payments for operating lease due as on March 31.2009 Period Minimum Lease Present value Minimum Lease Present Value Payments Payments Not later than one year Later than one year but not later than five years Later than five years Total 1.2010 Period Not later than one year Later than one year but not later than five years Later than five years Total Minimum Lease Payments 2.250.968.0 10.4 1. 13.03.6 – – 2. 2010 and their corresponding present values.1 4.358.788. having an aggregate cost of Rs.3 7.7 12.6 Present value 2.03. 135.5 3.6 3.645. The total charge to the Profit and Loss Account for the year 2009-10 is Rs.237. 5.370.2 million (2009-10 : Losses after taxes.364.9 2.6 – 8. 37. having an aggregate cost of Rs.1 5.5 – – 2.253.999. are as follows : Rs.03. 12. million As at 31.5 31.215.720.2 5. 2010 is lower by Rs.893.8 12.672.6 3. million As at 31. million As at 31. 2010 is higher by Rs.2 million (2008-09: Rs.0 953.9 million).7 63. 37. The break up of total minimum lease payments for finance lease due as on March 31.

. 4. Naba Diganta Water Management Ltd.. The 4. For Procurement of Equipment for ship to shore handling & vice versa and horizontal transfer of cargo Storage of cargo Office building. Ltd. with an effective YTM of 5.13 per share. 2011. 167.4 million (net of deferred tax Rs.. Bhubaneshawar Power Private Limited. Utility Services Total 230. Tata Bluescope Steel Limited. Materials Recycling Pte Ltd. workshop etc. Ltd. The amalgamation has been accounted for under the “Pooling of Interests method” as prescribed by Accounting Standard 14 (AS-14) as notified by the Government of India.6 Within 24 months 28.. 2012 and are redeemable in foreign currency only in September 2012. Tata Steel International Holdings (Thailand) Ltd.618 shares held by the Company in the erstwhile HMPCL have been cancelled. The CARS will be convertible into either qualifying securities (which may be in the form of depository receipts with restricted rights of withdrawal representing underlying ordinary shares with differential rights as to voting) or ordinary shares only between September 4.6 Within 36 months – 12. million) Within 18 months 1. 1.787. 3. The aggregate principal amount of CARS remaining outstanding after this exchange is US$ 382 million. 122. The Dhamra Port Company Limited being joint ventures. The Port Trust Authorities have. Tata Steel (KZN) (Pty) Ltd.0 million (31. Pursuant to the sanction of the Honourable High Court of Calcutta to the Scheme of Amalgamation. Tata Steel International (Guangzhou) Ltd. 15. being associates. European Profiles Malaysia (M) Sdn. SEZ Adityapur Ltd. Bhd. Corus International (Shanghai) Ltd. in terms of the Licence Agreement dated 29. subject to sanction of Central Government approved the changes proposed by the subsidiary in the specifications of the equipments and other required infrastructure. (HMPCL) whose principal business was manufacture of metallurgical coke... Tata Incorporated.5 million (net of deferred tax Rs. 473.. Haldia Water Management Limited.0 million). 2009 and CARS having face value of US$ 493 million were exchanged into Convertible Bonds worth US$ 546.4 7. Premium payable on redemption and the expenses related to the issue of CARS are adjusted against the Securities Premium Account. The management of the subsidiary company has requested the Port Trust Authorities for suitable modification to the investment obligation in view of the changes in the business and economic scenario. The effect of the merger has been given in the accounts as per the scheme sanctioned. 582. Strategic Energy Technology Systems Pvt. The CARS will be convertible at a conversion price of Rs. the subsidiary is required to invest in equipment and infrastructure as follows : Sl. referred above. 46... Ltd. Tata Korf Engineering Services Ltd. 2011 to August 6..2009 : Rs.5 million (US $ 875 million) through the issue of Foreign Currency Convertible Alternative Reference Securities (“CARS”) during FY 2007-08.. During 2009-10. 6.. if not converted into equity.53 at an exchange rate of 1 US$ = Rs. Riversdale Mining Ltd.5 Total 259.8 million have been added to the reserves of the Company. The outstanding CARS. Himalaya Steel Mill Services Private Limited.8 million) [2008-09 : Rs. 2. 2014. Tata Steel Resources (Australia) Pty. Tata Steel Global Mineral Holding Pte Ltd. 243.14. an amount of Rs. Bangla Steel & Mining Co. Accordingly the assets. Tata Steel International (Malaysia) Sdn.94 million.V. 2010 the subsidiary's investments in equipments and infrastructure aggregate to Rs. In one of the subsidiaries.. Tata Steel International (Thailand) Ltd. NatSteel Middle East FZE. Gopalpur Special Economic Zone Ltd.6 million)] has been amortised and adjusted against Securities Premium Account.5% Convertible Bonds are convertible at Rs. As a result reserves of the erstwhile HMPCL aggregating to Rs. Ltd. 325. 35. PT Materials Recycling Pte Ltd. No.5 17. Bhd. if any. 2009 and up to the close of business on November 11. Eastern Steel Fabricators Philps.. NatSteel Vina Co.. 16. liabilities and other reserves of the erstwhile HMPCL as at April 1. 258. 605. Easteel Services Malaysia.15%.34% of the principal amount.431.0 2.5 million has been recognised as an expense in the Profit and Loss Account during the year. Purpose of Investment Phasing of Investment (Rs. being subsidiaries. 2009 in accordance with the Scheme so sanctioned. the Company invited holders of the CARS to exchange their holdings for 4.5 – 14. 258.03. TKM Global China Ltd. The offer closed on November 16.2 55.5 2.. The difference of Rs. 2010: Tata Steel Global Holding Pte Ltd.0 2. The CARS carry a coupon rate of 1% p. Rujuvalika Investments Ltd. Orchid Netherlands B.5% Convertible Bonds due in 2014. The net exchange difference of Rs. Accordingly.01. Such exchange fluctuation on the premium payable is amortised over the balance period of CARS but not beyond March 31.. The Company raised Rs. Sila Eastern Ltd.2 300.7 As at March 31. at maturity will be redeemable at a premium of 23. Tata Steel Holdings Pte Ltd. 2009. New Millenium Capital Corp.a.1 29. Tata Steel Asia (Hong Kong) Ltd.663. Southern Steel Berhad. Tata NYK Shipping Pte Limited. and the investment of the Company in the shares of HMPCL has been adjusted to the Amalgamation Reserve of the Company. by adjusting the same to Securities Premium Account. 2009 have been taken over at their book values..36 at any time on or after December 31. have been merged with the Company with effect from April 1. Pursuant to the Scheme. For the following companies unaudited Financial Statements have been considered for consolidation as at September 30. the assets and liabilities of the erstwhile Hooghly Met Coke & Power Company Ltd. S & T Mining Company Private Limited. 733..2002 with Board of Trustees for the Port of Kolkata. F-69 . 17.9 million between the value of net assets taken over.6 – – – 230.4 10. Changes to premium payable on account of exchange fluctuation is transferred to “Foreign Currency Monetary Items Translation Difference Account” in line with Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard 11 (AS-11) notified by Government of India on March 31.

Corus Holdings (Thailand) Ltd. 2007 have not been considered for consolidation as Tata Steel Limited did not have “significant influence” or “control” having regard to the provisions of the UK Takeover Code and the Scheme. the information in the notes above includes figures as at September 30. Ltd.) by way of preferential allotment. acquired 24. The tender offer closed on March 31. 2007 and additional 2. The Condensed Consolidated Financial Statements as at and for the period ended September 30. a subsidiary of Tata Steel Global Holdings Pte. b) The Company. Further as a part of the restructuring process the following transactions were also affected during the year 2008-09: a) Shares of Tata Steel (Thailand) Public Company Ltd. England and Wales on April 2. Accordingly. on March 22. 2006 and. Ltd. c) The steel business units of NatSteel Asia Pte. (NSH Group). the investment in Millennium Steel has been accounted as an Associate in accordance with Accounting Standard AS-23.. 2006 and the Company received offers equivalent to 42. b) Shares of eight erstwhile subsidiaries of Tata Steel Europe Group namely Corus Asia Ltd. The Company also announced a tender offer to the balance shareholders of the Company subject to the aggregate equity holding of the Company in Millennium Steel would be over 51%. The company completed the restructuring of its foreign subsidiaries during the year 2008-09 with Tata Steel Global Holdings Pte. 21. An announcement of the results of the tender offer was filed with the Stock Exchange of Thailand on April 4. 2006 and received by the participating shareholders on April 4. a) Tata Steel UK Limited (Tata Steel UK). Corus South East Asia Pte.. The Company has. a subsidiary of Tata Steel Global Holdings Pte. Singapore (TSGH) (a subsidiary of Tata Steel Ltd. (NSA Group) were transferred to NatSteel Holdings Pte. 20.18% during February 2007. and NatSteel Asia Pte Ltd. 2007 to March 31. 2006.18. 2006.. Ltd. Ltd.. Ltd. The Company has been legally advised that Millennium Steel is not a subsidiary as at March 31. Tata Steel Global Holdings holds investments of steel business of Europe and South East Asia and also the international raw materials assets of the group.99% of equity stake in the Millennium Steel Public Company Limited. previously held by Tata Steel Ltd. Thailand (The Name of the Company has since been Renamed Tata Steel (Thalind) Public Company Ltd. Figures pertaining to the subsidiary companies and joint ventures have been reclassified wherever necessary to bring them in line with the Company’s financial statements. c) The financial statements of Corus for the period from January 31. Ltd. (NSA Group) were transferred to Tata Steel Global Holdings Pte Ltd. acquired Corus through a Scheme of Arrangement approved by the shareholders of Corus and sanctioned by the Honorable Court of Justice.66% shares of Corus Group plc (Corus) on January 31. Ltd. through open market purchased 20. were transferred to Corus International (Singapore) Holdings Pte. issued by The Institute of Chartered Accountants of India for the year then ended. Ltd. a wholly owned subsidiary of the Company. through Tata Steel UK. The consideration for the said shares was paid by NatSteel Asia Pte. and Corus Metal Thailand Ltd. 2007. F-70 . on April 3. 2006. 2010 mainly incases where such information is presented in the aforesaid Condensed Consolidated Financial Statements.. 19. 22. 2010 are prepared in accordance with Accounting Standard (AS) 25 on Interim Financial Reporting issued by The Institute of Chartered Accountants of India.) as the international holding company of the Tata Steel Group. consequently.12% of the paid up capital of Millennium Steel.

0 60..000 Shares of Rs..000....6 7.000 Shares of Rs.....0 8.2007: Nil) (31.. 100 each) (31. 10 each) (31. 100 each) (31.. (31.......03..2009: 1.03. (31. 100 each) (31.........03....0 2.03.542.. 100 each) (31..0 2.. 10 each) 25.... 10 each) (31..0 60. 100 each) (31...03..0 – – 54...000 Shares of Rs.500. 10 each) (31.4 8. 10 each ......000....027......500...801... (31...000..0 2....000. 10 each (31......000...741@ Ordinary Shares of Rs.571 Shares of Rs..2006: 600..401 Shares of INR 10 each) Add — Amount paid up on 3...571 Shares of Rs....03.03..03..2010: 887..03.5 80.2010: Nil) (31..2009: 729. (31.874.. 10 each) – 2% Cumulative Convertible Preference Shares of Rs.......03..03.03.. (31.....000.2 7.0 9.000 Shares of Rs...500.500..000 Shares of Rs..000........530..698....0 2.......0 80.0 2..516 Shares of Rs.750..03....750.2010: 600. 100 each) (31...750.477 Shares of INR 10 each) (31....000..000. 10 each ....2007: 389..2010: 886.000...0 5.800.741 Shares of INR 10 each) (31.800.2006: 552.299.0 – – 80..0 5.516 Shares of Rs....89..2009: 548...0 @ Excludes 671....1 5...03... 100 each) (31..867.401 Shares of INR 10 each) (31.1 54.. 100 each) (31. 600... 100 each) (31..500.000. F-71 .03. 2010 2010 As at March 31 2009 2008 2007 (Rs..528.......03.4 7..0 – 5..Consolidated Share Capital.000 Shares of Rs..........03.2008: 730..455 shares) Ordinary Shares held by a Subsidiary.000.0 5..500.017....4 – 8..516 Ordinary Shares forfeited .4 62..000 Ordinary Shares of Rs...0 2..477 Shares of INR 10 each) – 2% Cumulative Convertible Preference Shares of Rs.801....0 2...000 Cumulative Redeemable Preference Shares of Rs..0 8...011 Shares of Rs.403....03..........516 Shares of Rs...03.2007: 1...2010: Nil) (31...807...... (31..03.. as Restated Particulars Authorised : 1.2009: 389.03.2010: 1..000 Cumulative Convertible Preference Shares of Rs..2007: 25....2006: Nil) 17.....03.750.....0 As at Sept..542..500.0 9..2 54...000..912.....565 Ordinary Shares of Rs.2007: Nil) (31.........8 62..2008: 548..798. 100 each ......500..2006: 553...03.867.0 2.03..500....03.4 – 7..000.......0 60...921.......0 17.605 Shares of Rs..516 Shares of Rs.000..750. 10 each) (31... in million) 17..301.2009: 25..03.6 54.. 10 each) (31....530..2009: 671.000...000 Shares of Rs.03........... 10 each ..000...6 – – 9. 100 each) (31.266....000.026. (31.03.... 100 each ...03..0 2..2008: 729.0 2006 Annexure XXIv 6. 100 each ...000.2008: 1.000.. 10 each) (31.2010: 25.804.565 Shares of INR 10 each) (31.2006: Nil) Issued : 902...2009: 600...03..000 Shares of Rs..03...725.2008: 25. (31........000 Shares of Rs...000 Shares of Rs....000..454..0 2.2007: Nil) (31.5 80.2009: 730.03.000.2008: 547....807.048 Shares of INR 10 each) (31.......03.2008: 389.024........865 Shares of INR 10 each) (31..403..2009: 547.0 17...03.....075...2006: Nil) Subscribed : 901.....454...0 5..2007: 580........0 60.048 Shares of INR 10 each) (31.516 Shares of Rs......016 Shares of INR 10 each) (31....2010: 389...0 – 9..... 100 each) ..534..301.000.2 5...500...000 Shares of Rs. 10 each) (31.0 7..3 5..500...000 Shares of Rs.075...0 2.....000.03.307.....726....000.865.015.....0 7.2006: 25....2006: 389.03....4 8.....017...698.. 100 each) (31..03..251.......000 Shares of Rs....299...2007: 579.. 100 each .455 (31....500..2008: 600..03.307..0 20.03.....0 17.000.03...03....0 2.

.................5 0...2 2008 130...0 634.2 49..612..682......269..8 199..600.....3 4...2 – 7.0 21.7 241.6 68....055.........593.....572.3 As at March 31 2010 145.420.....146.....006........2 18.......7 88...1 598.351.339.2 280.... 2010 163....................009........0 43...367.2 3........101...3 17......087....0 30....356.....5 – – – 5..5 464.... Working Capital Demand Loans / Term Loans from Banks ..0 317.168............2 4... Total ..3 2...... 2010 As at March 31 2010 2009 2008 2007 2006 (Rs.....3 24...... Convertible Alternate Account Securities ................750......... Fixed Deposits (including interest accrued and due) .0 256..6 24.8 38......... Assets under lease ..0 Annexure XXv Particulars Consolidated Statement of Unsecured Loans Particulars Banks and Financial Institutions .....261....312...........2 0.........3 54.... Privately placed non–convertible debentures ....... Government of India ......4 1..1 64.496..2 354...625.........6 25..9 261.2 3...............201...462...............097..3 834.3 327... in million) F-72 ...831. 701.............1 588......4 450.. As at Sept.......931......2 3.3 0...2 2.... in million) Banks and Financial Institutions .........1 256....9 1...1 2......8 722...... Privately Placed Non-Convertible Debentures ...........643......033.299...1 0. Joint Plant Committee—Steel Development Fund ..1 250. Assets Under Lease ..3 18.....5 54... Others ..739.Consolidated Statement of Secured Loans As at Sept..4 – 86.7 140.2 44.....3 2....161.....950.......199..6 3..........0 2006 8.. 30........ ............... Cash Credits / Packing Credits from Banks ........0 6.......0 2. Interest free loans under Sales Tax Deferral Scheme .......051......4 4..2 6..2 27..6 270............737....6 575..4 – 123..0 21.952...0 1.........2 4..582..........512....2 – 6.....6 900............7 16..5 4.3 – 55.0 868.4 342......2 38..........221.......170......5 2007 198...2 32...2 2009 162...6 182.............566.....1 8...2 496..6 0. Total ..101.740.......7 16....... Foreign Currency Convertible Bonds ...149...176.......9 – – – 5..........4 (Rs................524.......502.....3 500.........687.2 17... Housing Development Finance Corporation Ltd...410...3 0.5 289...500...438................0 54............... 30.092..0 6..7 369....0 12......729...8 1...009....6 144.......812........

......2 B CURRENT INvESTMENTS (At lower of cost and fair value) (Quoted) 4 5 6 7 Units in Unit Trust of India ....40.. 30.663.288.9 – 126..8 1....229..6 246.259....... 6.7 – 33....975................. 6....0 4.7 102.....6 7...6 119...7 million in Corus Group plc.786..789....001....4 33..2 22..133...977...590......7 34..1 17.9 33..0 1.9 – 69..215. 2 Others (a) Shares (Quoted) ......... 2007..155....4 3....... 115..........9 11.....3 22.. 47...0 – 27..4 38.9 1........8 11.1 15.........546...033.....287...610. 3 Investment Properties .4 – 19......0 11.. Others . as at March 31......... Notes: i) ii) Includes investment of Rs.3 54....974.5 – 13.168...1 1..............7 3.336......067.... Add: Share of post acquisition profit/ loss (net)...........674..027...5 – 69..9 6. in million) A...906.242.4 2....015....9 3.......117....232.6 15...013.9 102.9 8.........0 164.1 8.................177.....6 1.......8 2. 32...136....0 3.0 100......724.................538....681......272......3 1..9 3.4 102......643.2 – 24........9 million ringfenced for a specific purpose as at March 31..............111...4 64.... (Unquoted) Investment in Mutual Funds (Note ii)..1 34..6 3..625.... 2007...707.....634.... 2010 As at March 31 2010 2009 2008 2007 2006 (Rs.... LoNG TERM INvESTMENTS At cost less provision for diminution in value 1 In Associates Cost of Investment (Including Goodwill net of Capital Reserve arising on Consolidation) ..0 20... (b) Shares (Unquoted) (Note i) .902....3 37..0 21...1 17.913. Others ..324..........907.........694...4 4481............9 19.......7 220.. Includes Rs.954.........068...541.638......6 Annexure XXvI Particulars F-73 .............8 40...337.....1 17...Consolidated Summary of Investments As at Sept...312..7 Total Investments...865......7 30..1 1.......3 2..

...........583...814.477.......... in million) Due for a period exceeding six months....522.4 2009 8.818.880.....2 740.187..............124...3 2006 1.927...466..9 116....3 15..... 2010 7.........9 5........819.....3 4..0 112......9 11..993.......362....865.......................2 16..5 113.... Less: Provision for doubtful debts .161.....572.. Annexure XXvII Particulars F-74 ..........9 12...355....9 185..............6 As at March 31 2010 7...869......... 30......535..... Others .....6 4.2 (Rs.........8 126......817..8 129.................3 2008 7... Total ......042.332..5 115..Consolidated Statement showing Agewise Analysis of Sundry Debtors As at Sept...0 5.753...7 182.4 2007 2..2 1......

...3 – 6...698....021.8 113.. Advance against Equity ......3 2008 5....6 74.............................. 1...............822.........2 11.....6 1...2 2............6 20.......3 83..............................2 70...7 Less: Provision for doubtful advances ...844.......9 – 124...........0 2..261........4 As at March 31 2010 6.310... 30.2 12..0 841......8 157........8 2.7 19.8 155.....002...405........... 2010 8...575.158.946..161...664...3 85. Annexure XXvIII Particulars F-75 .... Other advances .259..010.821..5 1......9 68.1 727............... Total .....9 2..018..213.....803.826..361........30 132..1 2..Consolidated Statement of Loans and Advances As at Sept...555....590.............459..........751...6 – 61.633..768..4 2006 3....1 1.851....8 130.... in million) Advances with Public Bodies ..9 2007 3.8 (Rs.237.7 2.371.3 – 14.786.............021.8 – 150.126.........509. Advance against payment of taxes ..7 2009 5.......

.787..... Unpaid dividend etc.. Advances received from customers ......9 2.9 – 6....2 233.4 270..712.......661.2 230.... Interest accrued but not due ...910.7 2007 2006 As at Particulars Sept.....717..0 50.7 – 498..765..... 30...502..1 474....9 521.....7 263.Annexure XXIX Consolidated Statement of Current Liabilities.... ........299.427........3 256........3 576.1 – 5...........101..7 4....7 29.452............. 259.055...........................1 2...8 – 288...7 – 7..3 32...4 2008 (Rs.2 233....185.983.7 3..368.....407.....783..025.........328.. as Restated As at March 31 2010 220..308.933.......7 54.1 499.0 6.8 2009 217.. Subsidiary companies........ in million) (a) (b) (c) (d) (e) Sundry creditors : . 2010 F-76 ..7 302....953.0 5...5 – 3....

3 3.1 11.0 20.7 25.5 29.306.001.8 27. in million) (a) (b) (c) (d) (e) Provision for employee benefits Provision for taxation Provision for fringe benefit tax Proposed dividends Provision for contingencies & others 28.636.443.4 22.342.428.479.3 14.773.974.498.3 22.2 22.3 17.4 61.6 132.1 29.3 5.668.223.8 10.7 7.092.3 9. as Restated As at March 31 2010 24.867.885.900.495.0 7.Annexure XXX Consolidated Statement of Provisions.4 66.1 2009 26.7 21.650.1 20.5 71.186.8 33.0 65.5 – 22.946.576.0 64.8 5.8 16.5 9.6 2007 2006 As at Particulars Sept.504.4 11. 2010 F-77 .766.044.636.7 2008 (Rs.8 12. 30.055.

...............8 421...758.....6 1.656......144........... Gain /(Loss) from cancellation of forward covers/options/swaps ....3 – 1.... 858....0) – 11.....4 377....... Miscellaneous Income . 30......7 298............2 1......0 184.. Profit on sale of capital assets (net of loss on assets sold/scrapped/written off) ..................8 1..8 10....7 1...402. 2010 As at March 31 2010 2009 2008 2007 2006 (Rs.......................5 449.3 F-78 .. in million) Income from other Investments .............0 (292..737..7 601..........6 – 2......................... Total ....6 7..........5 796...1 835.......6 – 8.........................090...4 222.......9 130.........243...071....7 770......6 1.............145.................858.357..0 17.4 266..........8 107....Consolidated Statement of other Income Annexure XXXI Particulars As at Sept.1 2....9 – 2..360.......543...............3 699................. Profit on sale / redemption of other Investments ......9 4...

.4 59......801.1 41.057..... in million) a) Basic EPS ....) (1a)/(2a) ...390...401 144...............1 28... iv) Goodwill has not been deducted for calculation of the Net Worth... in million) Particulars 1 Adjusted Profit after Tax......0% 466..0 230....327...586..................110.....741 729...........4 100...936 827.4 13....9 12...865 340.845.... v) Return on Net Worth (%) represents Profit as Restated after Minority Interest and Share of Profits of Associates.......064...... iii) Outstanding warrants issued to Tata Sons Ltd...1 37.356 729.057......4) 35....542...................6 40....3) (8...7)% 259.........801.....353..7 (24..........7 48.. Accounting Ratios: Earning per Share: — Basic EPS (Rs.........7 74... 2010.784 646.0 Notes: i) ii) The above ratios have been computed on the basis of the Restated Summary Statements—Annexures XX and XXI.446 827.379 955.......... — Diluted EPS (Rs.6 59.. 2010 have not been annualised....... Net Asset Value Per Share (Rs........................271...4 22..978.........542...532.2 697..... 2010 Annexure XXXII As at / For the year ended March 31 2010 2009 2008 2007 2006 (Rs...089.3 2 892.489.. Minority Interest and Share of Profits of Associates for: (Rs.............3 37........................879...... The effect of potential dilution pursuant to the current issue has not been considered since the quantum of equity shares that will ultimately be subscribed cannot be ascertained at present.......609 624....921.3 64.....228 867.9 107. Return on Net Worth (1a)/(4)% .0 38....) (4)/(3) ........Consolidated Accounting Ratios As at/for the period ended Sept. vii) The basic EPS.147...........741 886.. 42.890....912...) (1b)/(2b) ..8% 181..4) (20.. b) Diluted EPS ..083 901.6 41. 30.......3 79...0 44.... vi) Net Assets Value is calculated as Net Worth at the end of each financial year/period divided by the number of equity shares at the end of each financial year/period.....5 646....074...147.........950.041....416..1 3 4 5 Number of Equity Shares outstanding at the end of the year/period.7 (20...... Net Worth (Rs..374 579.7% 307........164 729. Diluted EPS ....9% 371.542..1 271.......4 106......7% 248.627. Weighted average number of Equity Shares for: a) b) Basic EPS .......401 552... diluted EPS and return on net worth for the period ended September 30...280.514 747.............554..8 38.016 277....913.1 64... F-79 .....4 36..3) (24...012.100. divided by Net Worth.... 37....390. in million) (Note v) ... have been considered for computation of diluted earning per share as at September 30...............378 624..

....170..................9 Adjusted for Current Issue Annexure XXXIII Particulars F-80 .........334..... 30.........3 9..........6 270..................................1 2......................... Total Debts ...... iii) Reserves have not been adjusted for any issue expenses that will be adjusted against the Securities Premium Account consequent to the current issue of shares.............. 2010 Pre-Issue as at Sept.0 280....... Foreign currency monetary Item Translation difference account . Shareholders Funds: Equity Share Capital ...........................4 – 219.2 2.......... Total Shareholders Funds.............................................371............................................5 289....... 8................... ii) Above capitalisation statement is prepared on the assumption that the current issue will be subscribed fully...................017.......................1 277.........................410.........2 531.......166............................ Unsecured ...0 265.................782..3 250...069.............593................003......3 559..............5 230..............867................... Notes: i) The above has been computed on the basis of the Restated Summary Statements..............................0 2......... Reserves and Surplus (Note iii) ...... 2010 (Rs.. Share Warrants ....................271..5 1....................................................................416...................201............ Debt/Equity Ratio ................................................................................................................4 1.........450.................................... in million) Borrowings: Secured..Consolidated Capitalisation Statement Pre-Issue as at March 31..

Strategic Energy Technology Systems Pvt.V. Relationship Associate – Where the Company exercises significant influence Annexure XXXIv Consolidated Related Party Information iii) iv) v) vi) F-81 . Tata Steel Ltd. Danieli Corus Inc. Altos Hornos De Mexico S. TRF Limited Tata Steel holdings Pte. 1. I NatSteel holdings Pte. 20. 10.A. Ltd. 16. Hoogovens Gan Multimedia S. 1. Ltd.V. Danieli Corus Construction Services B. 17. 9. Appleby Frodingham Cottage Trust Limited 5.A.List of Related Parties and Relationships as at September 30. 19. 12. Tata Construction & Projects Limited 10. 4.V. Steel Asia Industries Inc. Galvpro LP. Indian Steel Rolling Mills Limited 2. Cv Gasexpansie Ijmond 7. Steel Asia Development and Management Corporation 2. Rujuvalika Investments Ltd. 3. Jamipol Limited 4. The Tinplate Company of India Limited 12. 1. Issb Limited 25. Danieli Corus Construction Services Usa Inc. 1. 9. 14. MDC Sublance Probe Technology 26. 8.V. Gietwalsonderhoudcombinatie B. European Profiles (Marketing) Sdn.V. Isolation Du Sud SA 24.V. 23.V. Southern Steel. 15. Danieli Corus Braseq Ltda. Kumardhubi Fireclay & Silica Works Limited 6. 13. Tata Sponge Iron Limited 11. Danieli India (PVT) Ltd. De C. Industrial Energy Limited 3. Danieli Corus B. a) Tata Steel Global holdings Pte Ltd. Endex European Energy Derivates Exchanges N. Danieli Corus Asia B. TKM Overseas Limited Tata Refractories Ltd. 2010 Party i) ii) Kalimati Investment Company Ltd. Steel Asia Manufacturing Corporation Tata Incorporated 1. Kalinga Aquatics Limited 5. 1. Kumardhubi Metal Casting & Engineering Limited 7. Ab Norskstal AS 2. NatSteel Asia Pte. 21. Almora Magnesite Ltd. Danieli Corus Do Brasil Ltda.* 18. 11.V. Albi Profils SRL 3. Combulex B. Ltd. 1. Regionale Ontwikkelingsmaatschappij Voor Het Noordzeekanaalgebied N. Danieli Corus Services Usa Inc. Danieli Corus Canada Inc.V. Nicco Jubilee Park Limited 8. Berhard* II Tata Steel Europe Ltd. Hoogovens Court Roll Service Technologies Vof 22. Ltd. de C. 6. Bhd.

Richard Lees Steel Decking Asia Snd.V. Stuwadoorsbedrijf Velserkom B. 15. 28. B V Ijzerleew 4. 1. Workington Cottage Trust 37. Caparo Merchant Bar Plc 6.V.V. Trico LLC 35. Schreiner Fleischer AS 30. I Tata Steel Europe Ltd. Metal Corporation of India Ltd. Corus Cogifer Switches And Crossings Limited 9. Bhubaneshwar Power Pvt.Party 27. 5. a) Tata Steel Global holdings Pte Ltd. Relationship vii) i) Joint Venture ii) F-82 . III Tata Steel Global Minerals holdings Pte Ltd 1.V. 6. Norsk Stal AS 16.V. 11. European Profiles Malaysia (M) Sdn. Danieli Corus Technical Services B. Shanghai Bao Yi Beverage Can Making Co Ltd. Rsp Holding B. Ltd. Tata NYK Shipping Pte Ltd.V. Industrial Rail Services Ijmond B. 12. Cindu Chemicals B. S & T Mining Company Pvt.V. Ltd. Corus Kalpinis Simos Rom SRL. 3. Afon Tinplate Company Limited 2. Hks Scrap Metals B. Tata Bluescope Steel Ltd. Bsr Pipeline Services Limited 5. Himalaya Steel Mills Services Private Ltd. New Millenium Capital Corp* 2. 2. Air Products Llanwern Limited 3. 7. 1. mjunction services ltd. The Dhamra Port Company Ltd. Norsk Stal Tynnplater AS 17. 7.(Formerly Metaljunction Services Ltd.V. Tata Elastron SA 19. 13.) 4. Ltd. Texturing Technology Limited II Tata Steel Global Minerals holdings Pte. 10. Ltd. Laura Metaal Holding B. Ltd. The Indian Steel and Wire Products Ltd. IV Tata Steel International (Singapore) holding Pte. Riversdale Energy (Mauritius) Ltd. Weirton/Hoogovens GP 36. 31. Corus Celik Ticaret AS 8. Tata Steel holdings Pte. Ravenscraig Limited 18. 33. 1. Wupperman Staal Nederland B.V. 29. Riversdale Mining Ltd. Ijzerhandel Geertsema Staal B. Tata Elastron SA Steel Service Center 20.Bhd. 1. Tata Steel Ltd. 14. Bhd. Thoresen & Thorvaldsen AS 34. 1. Sms Mevac UK Limited 32.

Nerurkar Relatives of Key Management Personnel N. * Part of the period @ By virtue of management control. H.Party Tata Sons Ltd. M. Relationship Promoters holding together with its subsidiary is more than 20% Whole time Director Key Management Personnel Mr.A. Relative of Whole Time Director (Disclosure will be given only if there have been transactions) F-83 .

6 2...6 – – – – – 4.....2 779.900..2 5..0 505.446.. – _ – – 0.330...348.3 6.6 18.4 1.....466. Period/Year Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Associates and JVs # Promoter Grand Total (Rs..9 3.259.0 1.. Note 21 – – – – – – – – – – Refer Annexure XXIII.... as Restated Relatives of Key Key Management Management Personnel Personnel Nature of transactions Purchase of Goods .349.. Leasing or hire Purchase Arrangements ...8 – – 955..348.020.6 – – 15.1 23..5 13..998........ Note 21 4.......1 739.9 3.8 8...9 37..8 276...692.4 7.363...4 2..424...6 F-84 ..529.7 – _ – – – – – – – Dividend and Fraction Bonus amount paid to Shareholders .. Note 21 – – – – – – – – – – Refer Annexure XXIII.4 1....9 475...........0 2.8 – – 8...3 Refer Annexure XXIII.1 – ** ** ** ** ** ** ** *** 4.180.......3 Sale of Goods ..........1 23.915.4 1....520....... Note 21 0..2 Refer Annexure XXIII.......2 3..9 37......4 4.4 34.433....6 31..4 497.5 740.2 0.5 3.0 18..608..998.2 1.2 0....2 Refer Annexure XXIII.. Note 21 – – – – – – – – – – Refer Annexure XXIII.. Purchase of Fixed Assets ..4 1.8 175.8 – – 19...2 – – 1. Note 21 – – – – 0....529....439..446.0 505.....433... in million) Refer Annexure XXIII.8 499.5 13.2 0.... Refer Annex XXIII.. 18.234....8 0.0 777.....8 – – – – – – – – – – – _ – – 0...Annexure XXXIv Consolidated Related Party Information.517...8 175.692...608.9 10...273..356....3 476.180.8 955. Note 21 – – – – – – – – – – – – – – – – – – – – – – – – – 13...8 3.2 3...8 34..2 0.6 31....245..445.....0 2......022.2 7......102........2 7... Receiving of Services .. Rendering of Services .. Note 21 0.4 2...084......906.8 6.466.....4 0.8 276.2 – – 5..1 1..900......2 0.2 1.....8 2.......4 1.8 19..7 2..915...6 538.7 _ – – – Sale of Fixed Asset...0 18.

Note 21 – – – – – – – – – – Refer Annexure XXIII. Note 21 – – – – – – – – – – Refer Annexure XXIII.1 0. in million) Refer Annexure XXIII.....658....4 Interest Expense .....5 0..3 305...8 1..6 2.5 326. Provision for Receivables made during the year/period ...0 427.671.114.3 – – – – – – – 9........ Note 21 – – – – – – – – – – Promoter Grand Total 660.6 253...2 1... Note 21 – – – – – – – – – – – – – – 6.9 586.6 0.2 50...4 – 58. 164.....8 17.0 10..0 500.2 Management contracts including deputation of employees .4 – – – – – – – – – – 660...2 1...8 – 21.2 – 50....718....5 326.336... Period/Year Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Associates and JVs # Relatives of Key Key Management Management Personnel Personnel (Rs.....671. Interest Income .....658..........5 0.Nature of transactions Dividend Income ....006.710.2 Finance Provided (including loans and equity contributions in cash or in kind) ..6 2..4 0.. Note 21 – – – – – – – – – – Refer Annexure XXIII.4 0..336..8 – 21..7 30.. Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 3.5 – – – – – – – – 6.2 500.0 500.1 0..... – – – – – 500.7 68..9 4..........7 Unsecured Advances / Deposits accepted ..9 378.8 1..5 2..114.2 Refer Annexure XXIII..5 3........2 181.7 52.718......5 0.0 427.....2 – – – – – 164.....9 378..7 – 52........9 – Refer Annexure XXIII...5 ..8 17.7 – 68. – – 9.......006.0 10..........2 70...........5 2....6 11.... Note 21 70..3 305........9 592.7 30..6 253..710.9 – – – – – – – – – 10.... Note 21 – – – – – – – – – – Refer Annexure XXIII..2 1.2 181.5 0..9 Remuneration Paid .. F-85 – – – 6.4 58....9 4.... Note 21 – – – – – – – – – – Refer Annexure XXIII...2 1.....

347.. 2007 March 31...1 11. 2009 March 31....2 F-86 .9 1.5 11... 2006 Sept.0 – – – – – – – – 1347....310.6 outstanding Payables as at. 2007 March 31..706. 30......0 830..5 1.... Period/Year Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sept 10 2009-10 2008-09 2007-08 2006-07 2005-06 Sept.. 2009 March 31.7 33. in million) Refer Annexure XXIII.....0 1..2 782..208...7 2...0 964. 1.6 7. 30. 998.. 2010 March 31..809.8 Guarantees and Collaterals given during the year . Note 21 – – – – – – – – – – Refer Annexure XXIII...4 964.......347..016. 3.2 26........... Note 21 – – – – – – – – – – Refer Annexure XXIII.....769.. 2008 March 31..1 0.. 2008 March 31... 30.3 Provision for outstanding Receivables as at.1 0....... Note 21 – – – – – – – – – – – – – – – 1....407....0 964....... 2010 March 31.0 1....6 40.7 367...1 40... 1347.8 469...433..7 362........7 26.149...4 outstanding Receivables as at....9 1.0 804. – – – 24. 30... 2006 Sept.8 – 250.559... 2009 March 31..1 0..4 964......248. Note 21 – – – – 0.0 – – – Guarantees outstanding as at ........ 2009 March 31... 2006 Associates and JVs # Relatives of Key Key Management Management Personnel Personnel (Rs. 2008 March 31.....0 704.982...... 2010 March 31......1 0.5 419. 2010 March 31..4 Refer Annexure XXIII..... 2006 Sept.8 – 250. 2010 March 31..1 0.5 1.... 2007 March 31.3 337....8 250. 2010 March 31.8 250..6 – – – ** – – – – 24... Note 21 – – – – – – – – – – Refer Annexure XXIII...... 2008 March 31.2 561.6 6.Nature of transactions Bad Debts written off .5 22.5 22.0 556.8 – – – – – – – – ** 1. 2007 March 31..1 Refer Annexure XXIII..840........... 2010 March 31. 2010 March 31. Note 21 – – – – – – – – – – Promoter Grand Total – – – ** 1.1 3..

0 54..8 – – 6.2) (40.398...0) (2.3) 558.473.188. Total Revenue .5 82..619.721. as Restated Business Segments Particulars Revenue: Total External Sales .171.945.3) – – – Segment result before net finance charges. exceptional items and tax ...443....5) 1..876.2 6.166.315.3 165..7 973...336...540.3 7.7 16..1 32.3) (89.554..088..332.3 3..6 (71.2 1.2 10.313.9) (894.........0 46.8 33. F-87 .4) 138. (42.860..855.1 6.0 10....0) (143. Exceptional items: Restructuring Costs .398.8 11.736.774.7) 1...805.6 83.217.6) (16..2 (89.854.719.889.9 55.901.....4 12..167.8 40.2) 252..181.1 124.473...Consolidation Segment Information.8 64.380..3 46.444...771..166.296.4 11.9 37.799... Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 513.289.527..626.8 40...8 40...171.427..334.181.760..9 12.613..3 213.533.857..3 25.3) 203.705..899...2 226.5 91..6 (900.655.8 64.315..753.....272.250..336.292.9 158..8 108.3 252.857..2 1..6 171.4 6.0 6.023.1 5...092.818...1 1.1 1......646.428....096.8 1.029..461..269.755.546.0 1..3 38. in million) Eliminations Total Annexure XXXv Inter segment sales ..418.5 1..095.9 114.....803...612.5 131..468.1 10.0 7..573.0 937.137..6) (3.3 (20...7 36..402..6 24.7 (392... Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Profit before exceptional items and tax..6 1.020..540.879.736.9 550.292..626.1 4..7 203.527..9 534....7) 68..2 47.....166.890...146..3 133.346..424..4 58..7) (380..1) 558.742.986.1 59.971.828..9 21.931..220.1 43..6 88.5 9.020.4 14.8 5...7 47..4) (476.8 47.5) (71.5) (5.143..6 – – – – – – Period/Year Steel Others Unallocable (Rs..0 30..5 (914.023..7 – – 5.2) (11..9 55...2 17.2) 1...7 15.719..392.443..429.290...0 177....931..723.6 32. Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Less: Net Finance Charges.3) 1.5 – – (368....898.429.061...334.837.1) (73.5 1.8 (73.548.7 (11.....177..7 62...657.9 – – – – – – (42.904.167..972....117..7) (20..

9 36.1) (6.......4 (64...3 164...4 (262. 2009 March 31...036......9 148.....588..Business Segments Particulars Exchange Gain / (Loss) .3 77...0 77..724.929.167.2 16.5 335.5 80...0 24..670.. Profit after Tax .7 80.. 2010 March 31.......1) 169.0) 329..9 18..449.2 849..292. Period/Year Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Sept..482.......371..0) – – – – – 59....030....609.....0) (4...093..080...197.254....842.366.7) (138... Segment Liabilities as at .5 476...4 28.....1 18...0 62..453.254.510.126.849..589.442... 2006 Sept.6 94...133.012.724...325..473..798.2 5....2 (263........8 (21...050.037.6 47..2) 1.9 155..808..482.171.556.. Segment Assets as at ... Profit before Tax .721. 2008 March 31.4 – – 54...2 282.018.762.1 327.9 40...5) 994..4 21.0) (64. 2010 March 31.001.9 Eliminations Total Contribution for Sports Infrastructure ...398..3 37.486.410..5 66.8 808.....500.4) 337.....9) 1...109.0 (4.366...832...5 111.....1) 29.2 (7.4 (139. 30...1 (84..953.469..569.782.254.113...548...326...068.5 80.2 817.1 21.877.8 44. 2010 March 31.853...248..6 192.5 33....3 25..2 6.035.397..7 30...555.656.9 189...228.7 11.0 54..... in million) – – – 5.270.071...762.656..8 21..381......7 66..440...9 191...8 18. 30.. 2010 March 31...357.044.3 302.......5 64.558. 2008 March 31.940...083.9 – – – – – (1..3 50....9 270..7 88...7 66...6 43...4 299....... 2006 1.... 2007 March 31.727...4) (84. 2007 March 31..201.. Actuarial Gain/ (Loss).879.951... Taxes . F-88 . 2009 March 31..9) 899..017.5 75....4 Steel Others Unallocable (Rs......4 211..638.5 17....843.

.069.8 755...6) (300..3 27.430.177.8 1.098.......5 10...896...708. XXIII.181....297.603..171.6 2...7 Segment Depreciation ..391.....8 1....8 8..4 32. Annex.043....910.070.629......336..1 252..0 9...9 41...197..8 – 16............9 5..5 1.....899.2 262...6 12..4 47....Geographical For the period ended Sept...965.189.254.. XXIII....6 8.3 1..1 3.495. – – – – – 4....486...4 19....2 49.386.. Annex..8 Eliminations Total (92.3 160. Annex.3 42.232.1 66....9 39.056...........8 3..0 652. XXIII..6 2007 2006 44.915..6 1..384. Note 21 Outside India ..111...9 3.4 84..7 1.8 499.9) 59..2 3.0 – 8....337.6 201...653....842. Non-Cash Expenses other than depreciation .... Note 21 1.3 26...521... 30.1 44. Note 21 58..4 18......308..296.....013...315..7 2..6 34.4 19.. XXIII...0 427. Note 21 Outside India .4 2.929.237..5 11.8 3..1 – Refer Annexure XXIII.8) (116.. Note 21 41.1 F-89 ..627..794.. Note 21 – Additions to Fixed Assets and Intangible Assets: India ....123.675..917..6 751.210..931..676.1 84.197..336..495... Period/Year Steel Others Unallocable (Rs.109.8 7..... Annex.149.2 2.0 73. 2010 Revenue by Geographical Market: India ...5 9.9 1......8 62.139..208..113.........473.292..0 84...7 137..1 73.444.079....051.....4 Information about Secondary Segments :.593....5 203..4 1.8 71.617...9 1..845...7 579........4 70..6 – Refer Annexure XXIII.6 25. Note 21 – For the year ended March 31 2010 2009 2008 (Rs...655.081.275......6 91.Business Segments Particulars Total Cost incurred during the year/period to acquire Segment assets ...8 36.099.350.........7 1....7 84.6) (47......6 51.079..413.8 2...386.2 10.3 – – – – – 71.362.. in million) Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Apr-Sep’10 2009-10 2008-09 2007-08 2006-07 2005-06 Refer Annexure XXIII........023.....369..4 22.8 2....8 492....3 34.3 7.....1 366.. in million) 268.337.9 2.976.995..750.1 37..238.........

.. the organisational structure and internal reporting system. Other business segments comprise Ferro Alloys and Minerals...6 6..0 11..054..6 1....386.2 9.6 – 1.819.. The Company’s operations predominantly relate to manufacture of Steel.0 – 145.1 – 113.3 166.2 226.2 – – 1..393...8 256.3 197.193........843.036.757.5 25....0 146..001.2 575. Bearings..070.3 174..029.7 174..832.201...4 706.097.014.. XXIII.337.2 4.0 162.2 580..9 2007 2006 43.6 8.423.2 10..090.5 10. in million) 31.938.170....882..6 270..8 354.368.For the period ended Sept.0 – – 16.716.488..069.562..841..1 1. Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on reasonable basis.6 – 0..643.7 32.450.5 289. F-90 .9 182.140.. 30..9 8. Annex.3 174..740. Pigments.0 – 7.208....4 220.0 213.. Note 21 – As at March 31 2010 2009 2008 (Rs.1 20.5 280..183.168.074.014. 2010 (iii) Total unallocable assets exclude : Investments Miscellaneous expenditure Goodwill on Consolidation Foreign Currency Monetary Item Translation Difference Account Advance Against Equity Deferred Tax Asset (iv) Total Unallocable Liabilities exclude : Secured loans Unsecured Loans Provision for Employee Seperation Compensation Foreign Currency Monetary Item Translation Difference Account Deferred Tax Liability Share Warrants Issued by a Subsidiary Minority Interest As at March 31 2010 2009 2008 (Rs.7 2.9 1.2 174.1 – 18.450...025.5 59... Assets and liabilities that cannot be allocated between the segments are shown as unallocated corporate asets and liabilities respectively..273.. are shown as unallocated corporate cost.6 – – 297.724. 30.097.556.1 49.499.2 329.0 2..033.8 102. Refractories. XXIII.4 2007 2006 Notes : (i) The Company has disclosed Business Segment as the primary segment.746.612.. The expenses.4 (v) Transactions between segments are primarily for materials which are transferred at market driven prices and common costs are apportioned on a reasonable basis.. (ii) Segment Revenue..3 9..196.3 816..0 600.438.049..649. Port opearations and Municipal services and investment activities.996.5 69.928. Note 21 Outside India ..149.862. 2010 Carrying Amount of Segment Assets: India .6 196. Segment Results.614.0 636..424. Annex.5 18.6 9.431.560.8 153.724.593.0 221.2 36..7 1..181.5 – 24.6 – 9.807.979..6 51.. in million) 324..800.3 199.330.9 1.3 250.6 8. As at Sept.418.3 342.3 180.566.. Tubes.636..410.6 8.0 – 1...4 569..021.674.2 2.4 174.136.... which are not directly relatable to the business segment.1 61.243.1 274.... Segments have been identified taking into account the nature of the products.4 14...190.276.974.814..371.709.....1 288..2 – 150... the differing risks and returns.8 169..6 22.7 1.167..0 994.7 2.9 899.

88. Various items that cannot be included in either the steel segment or the other operations segment comprise the unallocable category. 9.3%.845 million and Rs. minority interests and share of profit of associates of Rs. On a total revenues basis (including inter segment sales). the Company recorded net sales of Rs. Net sales are total revenue less inter segment revenue.0%. a loss after taxes. minority interests and share of profit of associates of Rs.8 mtpa steel production plant and a variety of finishing plants.8%.931 million and Rs.4 mtpa. minority interests and share 157 . with operations in 26 countries and a commercial presence in nearly 50 countries.4%. including those described under the sections “Risk Factors” and “Forward-Looking Statements” beginning on page XIV and xii of this Red Herring Prospectus. 10. 1. 1. which includes inter segment revenue. the steel segment generated 87. Tata Inc. Unallocable items accounted for 0. respectively. tubes. 1. municipal services provided to the city of Jamshedpur. The Company recorded profits after taxes.336 million. The Company’s Indian operations also include captive iron ore and coal mines. Indian GAAP and Indian auditing standards differ in certain respects from IFRS and the accounting principles and auditing standards in other countries with which prospective investors may be familiar.399 million. The Company’s operations are primarily focused in India and Europe and in other countries in Asia Pacific. In Financial Years 2008. The segment analysis provided in this section is only available on a total revenue basis.9% and 9.8% and 89. the Company was the seventh largest steel company in the world in terms of crude steel production volume in 2009. where the Company operates a 6.147 million in Financial Year 2010 and a profit after taxes. India. 2010. The Company has a presence across the entire value chain of steel manufacturing including producing and distributing finished products as well as mining and processing iron ore and coal for its steel production. 2009 and 2010 and the first half of Financial Year 2011.473. Overview The Company is a global steel company headquartered in Mumbai. respectively. As of March 31. investment activities and trading revenue from steel trading by the Company’s subsidiary.6%. 1. 20. and (2) the other operations segment. respectively. 2009 and 2010 and the first half of Financial Year 2011.293 million. The majority of the Company’s steel production capacity is currently located in the United Kingdom and the Netherlands where the Company has four facilities with a total steel production capacity of 18. 2009 and 2010 and the first half of Financial Year 2011. 1. respectively.8% of total revenues (including inter segment sales) in Financial Years 2008.023. which is the Company’s principal business segment and includes predominantly the production and sale of finished and semi-finished steel products. The Company plans to further increase its production capacity by an additional 2. This section contains forward-looking statements that involve risks and uncertainties. 74. which includes the production and sale of ferro alloys. respectively. India.042 million in Financial Years 2008 and 2009. 2009 and 2010 and the first half of Financial Year 2011. The remaining 2. bearings. 558.8%. 35. The Company’s financial statements are prepared in conformity with Indian GAAP. the Company had approximately 81. including wires.9 mtpa through the brownfield expansion of the Jamshedpur facility and is also planning to expand steel production capacity through greenfield investments. The Company’s other operations segment contributed 11.4%. the schedules and notes thereto and the other information included elsewhere in this Red Herring Prospectus. refractory products and pigments and also includes port operations.0 mtpa of the Company’s steel production capacity is located in Singapore and Thailand. The Company’s business is currently divided into two main segments for financial reporting purposes: (1) the steel segment.000 employees. 88.1% of the Company’s total revenues (including inter segment sales) in Financial Years 2008.1% of total revenues (including inter segment sales) in Financial Years 2008.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of the Company’s financial condition and results of operations should be read in conjunction with the Company’s consolidated financial statements. respectively. The Company’s actual results may differ materially from those discussed in such forward-looking statements as a result of various factors. Rs. Rs. The Company also has significant operations in Jamshedpur. and 1. According to WSA.315.

416 million as of September 30. 37. packaging. capacity expansions. 277. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” on page 157 of this Red Herring Prospectus. including in the markets that the Company operates. for a discussion of the extent to which these factors have affected the Company’s results of operations in the periods stated. In addition. Starting in September 2008. The Company’s sales revenues also depend on the price of steel in the international markets. India was the only major region where apparent steel consumption increased in 2009 compared to 2008. The global price of steel. depends upon a combination of factors. automotive. Chinese steel exports may have a significant impact on steel prices in markets outside of China. In Financial Year 2010. respectively of the Company’s total net sales of steel products. product mix. which are significantly affected by the state of the global economy and competition and consolidation within the steel industry. the outlook of steel producers could again worsen. the European and Indian markets accounted for 46. The Company had total assets of Rs. In recent years. machinery. and of particular importance to the Company. Global steel producers. The global economic downturn generally had a negative effect on all markets. demand for steel products in India remained high in 2009 and. appliance.of profit of associates of Rs. worldwide production and capacity.978 million in the first half of Financial Year 2011.4% and 26. including the Company. Although the Company operates a globally diversified steel business. fluctuations in the volume of steel imports. along with China. India’s economy continued to grow at a relatively robust rate in 2009 although at a substantially slower rate than prior to the global financial crisis. sparked by uncertainty in credit markets and deteriorating consumer confidence. but should the recovery falter. sharply reduced global demand for steel products. 2010. according to WSA. Key Factors Affecting the Results of Operations The primary factors affecting the Company’s results of operations are: • • • • • sales volume and steel prices. 1. along with China and the Middle East. The global economy has shown signs of recovery since the end of 2009 and in 2010. it derives a majority of its revenues from Europe and India. equipment and transportation industries to purchase their products.2%. production cost. Sales Volume and Prices The primary factors affecting the Company’s results of operations are its sales volume and the price of steel. These industries are in turn affected by the state of the markets in which they operate. China became the largest steel producing country in the world by a significant margin. The Company derives its revenues primarily from the sale of finished steel products.213. with the balance between its domestic production and demand being an important factor in the determination of global steel prices. and transition to IFRS starting in 2011. This has had a pronounced negative effect. including the availability and cost of raw material inputs. on the Company’s business and results of operations. Despite a decrease in the price of steel in India due to the global downturn. See “Industry Overview—Global Steel Industry—Global Steel Production” and “Industry Overview—Global Steel 158 . In addition. India was the only major region where total steel production increased in 2009 compared to 2008. but it has had a varying degree of impact on different markets. a steep downturn in the global economy. transportation costs. aerospace. The market for steel is substantially driven by changes in supply and demand in the global steel market. in turn. protective trade measures and various social and political factors. heavily rely on key consumers of steel products such as the construction. on India and Europe. and to some extent continues to have a negative effect.678 million and total net worth of Rs.

among other factors: new laws or regulations. the bargaining power of raw material suppliers.” In addition. and continues to negatively affect. labour related expenses and other production-related costs such as freight. India or any of the Company’s other markets or the deterioration of the business or financial condition of its key customers would have a material and adverse impact on the Company’s sales revenues. In addition. repairs to machinery and energy costs. The European construction industry.” Although the Indian steel market has been less affected by the global economic downturn. should the global recovery falter. including by making additional acquisitions. In particular: • • TSE purchased 100% of its iron ore and coal requirements from international markets during Financial Year 2010. business continuity of suppliers. could result in significant price competition. several European countries including Ireland. suppliers’ allocations to other purchasers. but approximately 51% of their coal requirements were purchased from international markets in Financial Year 2010. The raw materials industry is highly concentrated and suppliers in recent years have had significant pricing power. crude steel production in the EU27 decreased from 198. wars. as was the case 159 .7 mt in 2009. investing more aggressively in product development and capacity and displacing demand for the Company’s export products. The Company’s NatSteel subsidiary purchased 100% of its scrap requirements from third parties in Financial Year 2010. The Company’s principal production costs are raw material costs.3% of global steel production in 2009. which has adversely impacted. especially from China and India. According to WSA. except for its Indian operations. purchases of semi-finished steel. See “Industry Overview—Global Steel Industry—Global Steel Production” and “Industry Overview—Global Steel Industry—Global Steel Consumption. and the availability and cost of transportation.0 mt in 2008 to 138. Larger competitors may also use their resources against the Company in a variety of ways. the Company’s operations in Europe. consolidation of Mittal and Arcelor in 2006 created a company that continues to be the largest producer in the world. The Company. has been particularly severely affected and has not fully recovered from the recession. primarily purchases its raw materials on the open market from third parties. accidents or other similar events at suppliers’ premises or along the supply chain. fluctuations in exchange rates. In recent years. The Company’s Tata Steel Thailand subsidiary also purchased 100% of its scrap requirements and a small percentage of its semi-finished steel requirements from third parties to supplement its own production in Financial Year 2010. according to WSA. representing 6. declining margins and reductions in revenue. natural disasters and other similar events. If competition increases due to the further consolidation among steel producers or the market entry of new competitors. For example. there has been a trend toward industry consolidation among steel producers. Any protracted declines in steel consumption caused by poor economic conditions in Europe. Competition from global steel manufacturers with expanded production capacity such as ArcelorMittal and new market entrants. The global financial crisis has severely impacted the European economy and the European steel industry and market.Industry—Global Steel Consumption. Production Costs After revenues. the European economy and the European steel industry and market have been slower to recover from the global economic downturn than the economies and steel industries and markets of other regions. The Company’s Indian operations are generally self-sufficient in terms of iron ore used in their production processes. it could materially and adversely impact the Company’s results of operations. interruptions in production by suppliers. there is no assurance that such market conditions will not have a material impact on the Company’s Indian operations and its results of operations. • The availability and prices of raw materials may be negatively affected by. consolidation in steel-related industries. There is no assurance that the economic conditions in Europe will improve or that it will not further deteriorate in the near future.3 mt in 2008 to 118. Greece and Portugal are showing increasing signs of fiscal stress and may experience difficulties in meeting their debt service requirements.8 mt in 2009 and apparent steel consumption decreased from 182. The Company is therefore subject to fluctuations in prices of raw materials. production costs are the most significant factor affecting the Company’s results of operations. including the Company’s. a key consumer of steel products.

during 2007 and the first half of 2008. Because the production of direct reduced iron and the re-heating of steel involve the use of significant amounts of energy.145 72.. galvanised and tinplate products command higher prices and margins. including suppliers to the Company.694 602.. within the flat product category. marketing of new products and services and the addition of new employees. even moderate increases in energy prices can have a significant effect on the Company's operations. energy prices have varied significantly... Product Mix The Company’s product mix also affects the Company’s revenues. The Company is also developing its Indian operations with the aim of increasing its percentage of high value added products to supply markets such as the automobile industry. Total cost of materials ... including the cost of electricity and natural gas.... when demand peaked at record levels. Increases in production costs which the Company cannot pass on to its customers will adversely impact the Company’s results of operations.... In order to reduce its exposure to market price fluctuations of raw materials.. have moved to quarterly fixed-price schemes from annual fixed prices. including cash consideration paid or debt incurred in connection with the expansion.... while in the long products category.. The following table sets forth the Company’s cost of materials for the periods indicated: Financial Year 2008 2009 (Rs. million) 2010 First half of Financial Year 2011 Raw materials consumed Purchase of steel... For example.. Further consolidation among suppliers would exacerbate this trend. Capacity Expansions The Company is continuing to expand its operations organically. cold rolled.045 130... In particular.. as such products tend to have higher prices and profit margins than other products. exposure to raw material price volatility may also reduce the Company’s access to reliable supplies of raw materials.. energy costs. the relatively inflexible nature of such costs can have a material adverse impact on the Company’s profitability during times of low volumes of operations because such costs cannot be reduced to the same level as the Company’s lower production volume.843 In addition. including the Company.287 415. represent a substantial portion of the cost of goods sold by steel companies generally... Historically..870 440....... In addition... a higher percentage of high value added product sales impacts the Company’s revenues favourably. Although these costs are not subject to the same level of volatility as raw material and energy costs which fluctuate significantly depending on market conditions..059 729..915 172......593 269... The Company’s operations at TSE produce a higher percentage of high value added products relative to its Indian and other operations.. As a result. 332. steel companies are sensitive to energy prices and are dependent on having access to reliable supplies.. If successful. semi-finished steel and other products . the Company plans to increase its steel production capacity at its facilities in India so as to be able to supply a larger portion of the steel requirements of its TSE. In general..698 244... wires are considered to be high value added products.377 310...... Starting in 2010. and this trend may continue due to market conditions and other factors beyond the control of steel companies. expansion 160 .. Labour related expenses and other production-related costs such as freight and repairs to machinery also constitute a large portion of the Company’s total expenditure.. NatSteel and Tata Steel Thailand subsidiaries. increasing the Company’s exposure to production cost and price volatility. a substantial majority of the Company’s total labour related expenses arise from its European operations where the Company has the majority of its steel production and where wages are higher compared to the other regions in which it operates.. Expansion programmes generally entail significant capital and operating expenditures.317 314..... certain suppliers of iron ore and metallurgical coal...

In order to prepare the financial statements of the Company. cash flows or changes in shareholders’ equity of the Company may appear materially different under IFRS than under Indian GAAP. which may be significantly impacted by the adoption of IFRS. results of operations (including in particular. Mortality rates: Mortality rates are based on actual and projected experience.9 mtpa. which are subject to an inherent degree of uncertainty. 2011. There is still a significant lack of clarity on the adoption of and convergence with IFRS. See “Business—Key Strengths—Cost Competitiveness of the Company’s Indian Operations” and “Business—Strategy—Increase Capacity in India” on the pages 66 and 67 of this Red Herring Prospectus.720 million. the financial condition. the International Financial Reporting Standards.8 mtpa. In addition. The Company has begun the process of determining the impact that such adoption will have on its financial reporting and has identified certain key areas. For a full discussion of the Company’s significant accounting policies. The Company’s current growth strategy is focused on expanding its Indian operations in order to take advantage of the lower production costs at its Indian facilities. industry trends. pursuant to which the Company will be required to prepare its annual and interim financial statements under IFRS beginning with the fiscal period commencing April 1. the Company completed a 1.programmes may lead to significant production and sales growth. there can be no assurance that the Company’s judgments will prove correct or that actual results reported in future periods will not differ from expectations reflected in the Company’s accounting treatment of certain items. the Company’s profitability). and convergence with. estimates and judgments are used based on. or IFRS. While the Company believes its estimates and judgments to be reasonable under the circumstances. (3) investments and (4) depreciation. Critical Accounting Policies The Company has identified the accounting policies summarised below as critical to an understanding of its financial condition and results of operations. 161 . (2) equity. expansion initiatives affect the comparability of the results of operations for different periods. Employee Benefits Discounting rates: The market rate of government bonds as on the date of the balance sheet are used as the discounting rates for discounting the estimated liability of the long term employee benefits (including post employment benefits) to the current value.8 mtpa expansion of its steel production capacity at Jamshedpur from 5. amongst others. the Company has increased its Indian operations mainly through the expansion of its production facilities in Jamshedpur. including (1) property. In recent years. other companies may utilise different accounting policies. which may impact the comparability of the Company’s results of operations to those of companies in similar businesses. In May 2008. respectively.0 mtpa to 6. The total capital expenditures expected to be incurred in connection with this brownfield expansion programme are approximately Rs. Rate of increase in pay: The rate of increment reflects the Company’s long-term outlook. Accordingly. Consequently. the Company’s experience and the terms of existing contracts. 163. see page F-63 of this Red Herring Prospectus. Transition to IFRS Starting in 2011 The Institute of Chartered Accountants of India has announced a road map for the adoption of. The Company is planning to further increase its steel products production capacity at Jamshedpur by 2. Actuarial gains and losses: The actuarial gains and losses in respect of the long term employee benefits (including post employment benefits) are recognised in the Company’s Profit and Loss account except for in TSE where the actuarial gains and losses on pension liabilities are accounted for in Reserves and Surplus on account of the potential volatility caused by the changes in assumptions for computation of the pension liabilities. plant and equipment.

Recent Changes in Accounting Policies The actuarial gains and losses on funds of employee benefits (pension plans) of TSE for the period from April 1 2008 have been accounted in Reserves and Surplus in the consolidated financial statements in accordance with IFRS principles and as permitted by AS21. the assets are impaired. Inventory Valuation Finished and semi-finished products. or based on estimated useful lives. This treatment is consistent with the accounting principles followed by Tata Steel Europe and earlier by Corus Group plc. work-in-progress. 1956. whichever is lower. and best estimates of future market and operating conditions. the effect of exchange differences on the Company’s foreign currency loans are accounted by adding or reducing the costs of the assets so far as they relate to the depreciable capital assets. Current investments are valued at cost or fair value. provisions are made in the books of accounts for the stores and spare parts. whichever is less. Blast furnace relining is capitalised. Impairment tests of assets are done periodically and in case of any indications that the carrying amounts of the assets are more than the recoverable amount. other than in cases mentioned in the preceding paragraph. Capital assets which ownership does not vest in the Company are depreciated over their estimated useful life or five years. Investments Long term investments are carried at cost less diminution (other than temporary diminution) in value of such investments. whichever is earlier. Derivatives other than the forward exchange contracts used to hedge foreign currency transactions are marked to market at the balance sheet date and losses if any are recognised in the Company’s Profit and Loss account. whichever is higher. Monetary assets and liabilities relating to foreign currency transactions and forward exchange contracts remaining unsettled at the year-end are translated at year-end rates. whichever is lower. Had the Company followed the previous practice of recognizing changes in actuarial valuations of pension plans of TSE in the Profit and Loss account. under IFRS. Results in actual operations or transactions could differ from estimates used to evaluate the impairment of assets. Foreign Currency Transactions Foreign currency transactions and forward exchange contracts used to hedge foreign currency transactions are recognised at the spot rate on the date of the relevant transaction/contract.Fixed Assets and Depreciation Depreciation is provided on fixed assets based on rates specified in Schedule XIV of the Companies Act. Costs of inventories are generally ascertained on a weighted average basis while the finished and semi-finished products along with work-in-progress are valued on full absorption cost basis. The difference in translation of foreign currency and forward exchange contracts used to hedge foreign currency transactions. and realised gains and losses (other than those relating to fixed assets) are recognised in the Company’s Profit and Loss account. and in other cases by transferring to the Foreign Currency Monetary Items Translation Difference Account to be amortised over the balance period of the long-term monetary items or period up to the end of the following Financial Year. The depreciable lives of the fixed assets are determined based on the useful lives of the assets. In case of an investment company (as is the case with one of the subsidiaries of the Company). stock in trade is valued at cost or market quotation of each scrip whichever is lower. All fixed assets are valued at cost less depreciation. With respect to the Company’s Indian operations (including the Company’s Indian subsidiaries and joint ventures). In case of identified obsolete and non-moving items. This policy is followed in accordance with the Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard 11 (AS-11) notified by the Indian Government on March 31. The Company makes a number of significant assumptions and estimates when applying its impairment test. The useful lives are estimated based on industry practice. raw materials and stores and spare parts are valued at cost or net realisable price. Changes in fair value of cash flow hedges against highly probable forecast transaction and firm commitments are accounted for in Reserves and Surplus in the absence of any operative Indian accounting standard on the subject. historical trends. the consolidated 162 . 2009.

Recent Development and Outlook Update on Market Trend and Performance The general recovery of the global steel industry during the last quarter of Financial Year 2010 and the first quarter of Financial Year 2011. (3) the consolidated profit after taxes.7 million tonnes of liquid steel in the third quarter of Financial Year 2011 and recorded volume of steel products sold of 3. The volume of steel products sold by the Indian operations was 1.996 million.412 million. The Company’s South East Asian operations manufactured 721 kt of products in the third quarter of Financial Year 2011. 548 million for Financial Year 2009 and exchange translation gain of Rs. respectively.profit after taxes. exchange translation loss of Rs. including Europe. Consequently. and recorded volume of products sold of 776 163 . which resulted in an increase in global steel prices and an increase in global demand for steel products.770 million. While production and sales volumes in the third quarter were generally in line with the first half of Financial Year 2011.75 million tonnes of saleable steel. while prices for certain long products increased. approximately 8% lower compared to the corresponding period of the prior Financial Year and approximately 1% lower compared to the second quarter of Financial Year 2011. 857 million of amortisation of cumulative net loss during Financial Years 2009 and 2010. 9. 2009 for accounting of derivatives in the consolidated accounts. the Company’s Indian operations produced 1. among other factors. The Indian steel market continued to show strong demand during the third quarter of Financial Year 2011. minority interest and share of profit of associates for Financial Year 2009 would have been lower by Rs. In addition. minority interest and share of profit of associates for Financial Year 2009 was higher by Rs. amongst other factors.5 million tonnes. which was approximately 1% lower than the previous quarter. In the third quarter of Financial Year 2011.637 million tonnes. seasonal slowdown and the weak conditions in the European construction industry. 514 million for Financial Year 2010 have been adjusted to the carrying value of capital assets. The Company changed its accounting policy from April 1. The Company’s European operations produced 3. and (4) the consolidated loss after taxes. 54. the improvements in the financial performance in the first half of Financial Year 2011 could not be maintained as higher raw material prices and reduced apparent demand due to seasonal slowdown. began to stall in certain key markets for steel products. the consolidated loss after taxes. The Company and its Indian subsidiaries adopted the Companies (Accounting Standards) Amendment Rules 2009 relating to Accounting Standard AS11 during the last quarter of Financial Year 2009. 8. with prices for flat products being marginally lower compared to the second quarter. 35. minority interest and share of profit of associates for Financial Year 2010 was higher by Rs. and this trend has continued into the third quarter of Financial Year 2011. minority interest and share of profit of associates for Financial Year 2010 was higher by Rs. but steel prices remained largely flat compared to the previous quarter. 308 million and Rs. the European market has experienced a period of weak demand for steel products beginning in the second quarter which continued into the third quarter of Financial Year 2011 due to. 615 million. changes in fair value of outstanding derivative instruments designated as cash flow hedges against firm commitments and highly probable forecast transactions which were hitherto accounted in the Profit and Loss account have now been accounted in Reserves and Surplus in accordance with IFRS principles and the proposed Accounting Standard AS30. Consequently. adversely affected margins at the Company’s European operations.966 million. in part due to the effects of the global economic conditions affecting global steel prices. during the second quarter of Financial Year 2011. (2) Rs. have been charged to the Company’s Profit and Loss account. minority interest and share of profit of associates for Financial Year 2010 would have been higher by Rs. 5. approximately 3% higher compared to the corresponding period of the prior Financial Year and approximately 1% lower than the second quarter of Financial Year 2011. In particular. The pricing environment in India in the third quarter was mixed.604 million. In the absence of any operative Indian Accounting Standard on the subject. minority interest and share of profit of associates for the first half of Financial Year 2011 would have been lower by Rs. and the consolidated profit after taxes. coking coal and iron ore) prices increased in the second quarter of Financial Year 2011. the consolidated loss after taxes. (1) in the Company’s consolidated results. raw material (in particular.

.. million 558..... Other expenditure(1) ...........6% 6...8% 29..837) 21. approximately 14% lower compared to the corresponding period of the prior Financial Year and approximately 2% lower than the second quarter of Financial Year 2011..... Update on Production Facilities On December 27......7% Financial Year 2009 Rs..2 % 92. million Net Sales .286) % 100..287 168......095 1...........8% 1..... Provision for Taxation .567 % 100..0% 10..915 164. for the periods indicated: 2008 Rs...8% 12.6% 2...315....399 8.5% 43.........732 100..0 % 0...........647 16.5% 7...572 729.......7% 45....1% 3........8% 13......3% 3.........7% 164 ...483) 34.. Exceptional Items(2) .......945) 18.018.....136 511.127 95.....940 48...5% 43...............1% 0...............643 440....218 (48...2% 101.630 331......kt......7% 5... the Company has declared force majeure on deliveries of certain strip products from the IJmuiden site......737 567......... the Company expects that net sales for the third quarter will be flat compared to the second quarter of Financial Year 2011...0% 1.1% 9. The fire was extinguished without any injuries to any employees.... Total Income ...................5% 12......... the Company further expects its operating results for the third quarter to decline somewhat in comparison to the second quarter.............1% 32.0% 2.........843 76.492 (14.336 4...651) 74.... million 1.. Due to the factors described above..4% 3...1% 16.351 40......... Results of Operations Consolidated Financial Results......035....0% 1..454 37... Payment to and Provision for Employees .....147 (16..293 2.4% 8.....790 1.... 2010.......1% First half of Financial Year 2011 Rs..6% 91... with the pricing environment in the third quarter.........009 % 100........359 81.....518 (21...6% 101....736 602...............475...... Adjustments .996 382..8% 3... Actual results may be different from the Company’s current expectations as of the date of this Red Herring Prospectus.....7% 1......... a fire occurred in one of the Company’s pickling lines at the IJmuiden plant in the Netherlands........360 63.0% 2.219..... 1......721 65.4% 100...647 55.377 179.......8% 49.....2 % 99..... Cost of Materials.....023.........738 17............. Manufacturing.... Overview of the Company The following tables set forth selected financial information for the Company.584 (65) 37. million 1..........378 (40...... including as a percentage of net sales....2% 3..7% 0.318 108....4 % 92.....2% 24...... Due to the increased raw material prices experienced in the third quarter........... Although the Company expects customer deliveries to be met by diverting scheduled production to alternative facilities.....2% 100...759 1. The expected trends in the Company’s operating results for the third quarter of Financial Year 2011 mentioned above are the Company’s current expectations of its results based on its internal management reports for such period.........6% 31....4% 2....3% 1....208) (78) (21.493 123...519 % 100.. described above. such trends may not be indicative of the Company’s performance for the fourth quarter or for the full Financial Year 2011.. and have not been audited...............0 % 0... Profit before Exceptional Items and Tax .953 (915) 17...1% 2...... the volume of steel products sold by the Company on a consolidated basis declined marginally compared to the second quarter of Financial Year 2011.657 1............6% 4.367...... and there was no interruption to the iron and steel making operations since the line was not operating at the time of the fire.... Net Profit / (Loss) after Adjustments . Add: Other Income ......... The South East Asian operations were marginally affected in the third quarter compared to the second quarter of Financial Year 2011 by rising scrap prices and a delayed increase in finished product prices..0% 6.......0% 7.949 1........0% 0......1% 5......859 1... In addition.320...... Net Profit / (Loss) after Tax (Before Adjustment) ....473......3% 2010 Rs... Total Expenditure .....046 173..1% 6. Selling and Other Expenses ..0 % 1..751 363....931 11..183 244........................

..565 (42.. which was partly offset by an increase in deliveries by the Company’s Indian operations.... Exceptional items include (1) restructuring costs....... 165 ...... Net sales ..... by an increase in the average selling price of the Company’s steel products............................... The overall decline in sales volume on a consolidated basis was more than offset.....................399 Steel Segment Revenues from the steel segment principally consist of sales of finished and semi-finished steel.....399 million in the first half of Financial Year 2011.1% 6...................7% Rs........... Inter segment revenue .....................0% 0..................... 558..... long products...899 600..420 million............... In a reflection of global economic conditions............ which consist of strip products...................979 million and TSL’s contribution to net sales was Rs...........................8% 1. (1) Financial Year 2009 % 0. but declined on a sequential basis compared to the six months ended March 31.......... million Less: Minority Interest ....1% 5.......1% 0.............. Six months Ended September 30.978 % 0........ 2009.............845 (2) Other expenditure includes (1) accretion/(reduction) in stock of finished and semi-finished products and work-in-progress....................................... million (425) 607 35........... 197............166) 558.......................... Business Segments The following table presents the Company’s total revenues (including inter-segment sales which are not included in net sales) by segment for the period indicated: First half of Financial Year 2011 (Rs... Unallocable ..... Profit / (Loss) as Restated after Minority Interest and Share of Profits of Associates ............ millions) Steel .............................................................................. total revenues comprise net sales and inter-segment revenues.269 (20.........0% 0.......147) % 0....891 58................... (3) exchange gain/(loss) and (4) actuarial gains....1% 2..403 1......... During the first half of Financial Year 2011............ 2010......... flat products and long products at TSL and long products at NatSteel Holdings and Tata Steel Thailand...... 2009.......2008 Rs..... the overall decline was a result of a decline in the volume of sales by the Company’s European operations..................... however.. Total revenues .. Other operations .......... On a segmental basis..............775 6...........682 74........ The Company’s net sales were Rs.. million 130 1... Add: Share of Profits of Associates .................0% 0.................................... (2) contribution for sports infrastructure....... the volume (in tonnage) of steel products sold by the Company was marginally higher than for the six months ended September 30....4% 2010 Rs.... with the result that the Company’s net sales for the first half of Financial Year 2011 increased in comparison to the six months ended September 30..... The increase in average selling prices reflected a recovery of the steel industry and markets globally in this period......... 534.... 2010 Net Sales Net sales comprise sales of products and services less excise duty....................... although certain of the Company’s markets (including key industries such as the construction industry in Europe) remained (and continue to be) depressed during this period. (2) net finance charges and (3) depreciation expense...042 % 0. 360....... million (40) 419 37..0% 2... and distribution and building solutions at TSE.... The contribution of TSE to net sales was Rs.0% First half of Financial Year 2011 Rs...

Steel segment total revenues were Rs. 534,891 million in the first half of Financial Year 2011, consisting of TSE’s steel segment revenues of Rs. 339,800 million and TSL’s steel segment revenues of Rs. 181,579 million. Other Operations Segment Revenues of the other operations segment primarily consist of sales of ferro alloy products at the Company’s Indian operations and tubes products of TSE. Revenues from this segment were Rs. 58,775 million in the first half of Financial Year 2011. Unallocable Items Revenues from unallocable items primarily consisted of income from services provided by the research and development department of TSE. Total revenues of unallocable items were Rs. 6,899 million in the first half of Financial Year 2011. Manufacturing and Other Expenses Total manufacturing and other expenses comprises total expenditure less depreciation and net finance charges as shown in the Company’s Restated Consolidated Profit and Loss Account on page F-49 of this Red Herring Prospectus. The following table sets forth the Company’s total manufacturing and other expenses for the periods indicated:
First half of Financial Year 2011 (Rs. millions)

Cost of materials Accretion/(reduction) in stocks of finished and semi-finished products and work-in-progress Payment to, and provision for, employees Manufacturing, selling and other expenses Total manufacturing and other expenses

244,843 (17,187) 76,046 173,647 477,349

The Company’s total manufacturing and other expenses were Rs. 477,349 million in the first half of Financial Year 2011. As a percentage of net sales, the Company’s total manufacturing and other expenses was 85.5% in the first half of Financial Year 2011. Cost of Materials Cost of materials comprises raw materials consumed and purchases of finished and semi-finished steel and other products. Cost of materials was Rs. 244,843 million in the first half of Financial Year 2011, which consisted of raw materials consumed in the amount of Rs. 172,145 million and purchase of finished steel, semi-finished steel and other products of Rs. 72,698 million. During the first half of Financial Year 2011, driven by higher demand that resulted from a recovery of the global economy as well as the global steel and raw material markets, steel and raw material prices increased which raised the Company’s cost of materials. Payments to, and Provisions for, Employees Payments to, and provisions for, employees comprises wages and salaries, including bonuses and the Company’s contributions to provident and other funds, and amounted to Rs. 76,046 million in the first half of Financial Year 2011. The average number of employees of the Company declined during the first half of Financial Year 2011 resulting in a decrease to the Company’s obligations to pay wages, salaries and bonuses. This reduction in 166

employees resulted from workforce reductions by TSE including those relating to the mothballing of the Teesside facility. Manufacturing, Selling and Other Expenses Manufacturing, selling and other expenses comprise all manufacturing and other expenses other than cost of materials, payments to, and provision for, employees and accretion/(reduction) in stocks of finished and semifinished products and work-in-progress, and includes operation and other expenses, freight and handling charges and provision for doubtful debts and advances less expenditure (other than net finance charges) transferred to capital and other accounts. Manufacturing, selling and other expenses were Rs. 173,647 million in the first half of Financial Year 2011, which included principally the following: • • • • • Expenditure for stores and spare parts of Rs. 34,976 million; Freight and handling charges of Rs. 30,536 million; Repairs to machinery amounting to Rs. 23,362 million; Purchase of power of Rs. 19,680 million; and Rent fees of Rs. 13,003 million.

Segmental Analysis of Gross Expenditures The following table sets forth the Company’s gross expenditures by segment (including depreciation but before adjustments for inter-segment transfers) for the periods indicated:
First half of Financial Year 2011 (Rs. millions)

Steel Other operations Unallocable Total gross expenditure Less: Inter segment expenditure Total expenditure (excluding net finance charges)

472,003 53,362 14,922 540,287 (41,619) 498,668

Steel Segment. Steel segment gross expenditures were Rs. 472,003 million in the first half of Financial Year 2011. Within the steel segment, gross expenditures were 88.2% of total revenues in the first half of Financial Year 2011. Other Operations. Gross expenditures in the other operations segment were Rs. 53,362 million in the first half of Financial Year 2011. Within the other operations segment, gross expenditures were 90.8% of total revenues in the first half of Financial Year 2011. Unallocable Items. Gross expenditures for unallocable items were Rs. 14,922 million in the first half of Financial Year 2011.

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Other Income The Company recorded other income of Rs. 8,737 million in the first half of Financial Year 2011, which related principally to profit on sale of long term investments in Tata Steel India and NatSteel Holdings, profit on sale of capital assets and gain from swaps and cancellation of forward contracts. Depreciation Expense Depreciation expense, mainly relating to the depreciation of plants and machineries, buildings and equipment, amounted to Rs. 21,220 million in the first half of Financial Year 2011. Net Finance Charges Net Finance charges amounted to Rs. 12,613 million in the first half of Financial Year 2011. TSL’s net finance charges accounted for 43%, and TSE’s net finance charges accounted for 57%, of the total net finance charges, respectively. Exceptional Items In the first half of Financial Year 2011, exceptional items consisted of restructuring costs of Rs. 915 million relating to impairment of assets and restructuring arising out of the ‘Fit for the Future’ programme at TSE. Provision for Tax Provision for tax comprises current tax, deferred tax and fringe benefits tax, as shown in the Company’s Restated Consolidated Profit and Loss Account on page F-49, and amounted to Rs. 17,454 million in the first half of Financial Year 2011. The Company’s effective tax rate, which is income tax expense as a percentage of profit before tax, was 31.7% during the first half of Financial Year 2011. Profit after Taxes As a result of the factors set forth above, the Company’s profit after taxes, minority interest and share of profit of associates amounted to Rs. 37,978.0 million in the first half of Financial Year 2011. Financial Year 2010 Compared to Financial Year 2009 Net Sales The Company’s net sales in Financial Year 2010 decreased by 30.5%, or Rs. 449,362 million, to Rs. 1,023,931 million from Rs. 1,473,293 million in Financial Year 2009. The decrease in sales was primarily attributable to a 39.9%, or Rs. 437,271 million, decrease in net sales of TSE in Financial Year 2010 to Rs. 658,426 million from Rs. 1,095,697 million in Financial Year 2009, which mainly resulted from the effects of the steep downturn in the global economy beginning in September 2008 that continued into 2009 and which, to a certain extent, continues have an effect on the steel industry. The weak global economic conditions sharply reduced global demand for the Company’s steel products, especially in Europe, which is the Company’s largest market, as the Company’s major customers such as the automotive industry and the construction industry sharply reduced their production. The decrease in demand also affected global steel prices which decreased sharply until April 2009 before beginning a gradual recovery. The decrease in global steel prices had a significant impact on the average selling price of the Company’s products. Such decrease was offset in part by a 2.9%, or Rs. 7,062 million, increase in the net sales of Tata Steel India in Financial Year 2010 to Rs 250,220 million from Rs. 243,158 million in Financial Year 2009, as India, the Company’s second largest market, was less affected by the global recession and its economy continued to grow, which led to an increase in demand for steel products in India, although at lower prices, in Financial Year 2010.

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Due to the impact of the global economic conditions described above, the Company’s sales volume of steel products decreased in Financial Year 2010 compared to the prior Financial Year. The principal cause of such decrease was the decrease in the sales volume of steel products of the Company’s European operations, which was offset in part by an increase in the sales volume of steel products of the Company’s Indian operations. In addition, in Financial Year 2010 as compared to the prior Financial Year, the average selling price of the Company’s steel products decreased substantially due to a significant decrease in global steel prices which also negatively impacted the Company’s net sales. The following table presents the Company’s total revenues (including inter segment sales which are not included in net sales) by segment for the periods indicated:
Financial Year 2009 (Rs. millions) 2010

Steel Other operations Unallocable Total revenues Less: Inter segment revenue Net sales

1,380,986 165,613 16,137 1,562,736 (89,443) 1,473,293

973,889 108,771 14,291 1,096,951 (73,020) 1,023,931

Steel Segment Steel segment total revenues were Rs. 973,889 million in Financial Year 2010, a 29.5%, or Rs. 407,097 million, decrease from Rs. 1,380,986 million in Financial Year 2009. The decrease in steel segment revenues resulted primarily from a decrease in TSE’s steel segment revenues by 38.5%, or Rs. 390,516 million (95.9% of the total decrease), from Rs. 1,015,242 million in Financial Year 2009 to Rs. 624,726 million in Financial Year 2010 and a decrease in TSL’s steel segment revenues by 4.8%, or Rs. 16,581 million, from Rs. 365,744 million in Financial Year 2009 to Rs. 349,163 million in Financial Year 2010. These decreases resulted primarily from a decrease in the sales volume as well as a decreased in the average selling price of the Company’s steel products. Other Operations Segment Total revenues of the other operations segment were Rs. 108,771 million in Financial Year 2010, a 34.3%, or Rs. 56,842 million, decrease from Rs. 165,613 million in Financial Year 2009. The decrease in other operations revenue resulted primarily from a decrease in the sale of tubes and aluminium products of TSE. Unallocable Items Revenues from unallocable items primarily consisted of income from services provided by the research and development department of TSE. Total revenues of unallocable items were Rs. 14,291 million in Financial Year 2010, a 11.4%, or Rs. 1,846 million, decrease from Rs. 16,137 million in Financial Year 2009.

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Total Manufacturing and Other Expenses Total manufacturing and other expenses comprises total expenditure less depreciation and net finance charges. The following table sets forth the Company’s total manufacturing and other expenses for the periods indicated:
Financial Year 2009 (Rs. millions) 2010

Cost of materials ............................................................................................. Accretion/(reduction) in stocks of finished and semi-finished products and work-in-progress ......................................................................................... Payment to, and provision for, employees ...................................................... Manufacturing, selling and other expenses ..................................................... Total manufacturing and other expenses ..................................................

729,377 19,762 179,751 363,127 1,292,017

440,915 6,600 164,630 331,359 943,504

The Company’s total manufacturing and other expenses were Rs. 943,504 million in Financial Year 2010, a 27.0%, or Rs. 348,513 million, decrease from Rs. 1,292,017 million in Financial Year 2009. Total manufacturing and other expenses decreased primarily due to a decrease of Rs. 288,462 million in cost of materials which resulted from the Company’s lower volume of operations in response to the weak global economic conditions which led to a substantial decrease in demand for the Company’s products. As a percentage of net sales, total manufacturing and other expenses were 87.7% and 92.1% in Financial Year 2009 and 2010, respectively. However, total manufacturing and other expenses did not decrease to the same extent as the Company’s net sales primarily because its payments to, and provisions for, employees as well as other manufacturing expenses including expenditure for stores and spare parts, repairs to machinery and freight charges are less flexible in terms of the Company’s ability to adjust them to its volume of operations, and therefore did not decrease to the same extent as the Company’s steel products sales. Cost of Materials Cost of materials were Rs. 440,915 million in Financial Year 2010, a 39.5%, or Rs. 288,462 million, decrease from Rs. 729,377 million in Financial Year 2009. The primary factors causing the decrease in material expenses were a decrease in the purchase of finished steel, semi-finished steel and other products and in the raw materials consumed (primarily iron ore, coal and coke). The purchase of finished steel, semi-finished steel and other products amounted to Rs. 130,870 million in Financial Year 2010, a 58.3%, or Rs. 183,189 million, decrease from Rs. 314,059 million in Financial Year 2009. The total decrease in the purchase of finished steel, semi-finished steel and other products was mainly due to a decrease in purchases at TSE, which decreased by Rs. 155,670 million (85.0% of total decrease) as compared to the previous Financial Year due to lower volume of operations resulting from a decrease in demand. Raw materials consumed amounted to Rs. 310,045 million in Financial Year 2010, a 25.4%, or Rs. 105,272 million, decrease from Rs. 415,317 million in Financial Year 2009. The total decrease in raw materials consumed was mainly due to a decrease in raw materials consumed at TSE, which decreased by Rs. 103,636 million (98.4% of total decrease) as compared to the previous Financial Year. The decrease was primarily due to a decline in the volume of operations at TSE along with reduction in prices of major raw materials. At Tata Steel India, raw material consumption remained relatively stable as the reduction in raw materials consumed due to lower cost of coke and

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lower prices of imported coal was largely offset by an increase in coal consumption to support increased productions and higher costs of manganese ore used in the Ferro Alloys division. Payments to, and Provisions for, Employees Payments to, and provisions for, employees were Rs. 164,630 million in Financial Year 2010, a 8.4%, or Rs. 15,121 million, decrease from Rs. 179,751 million in Financial Year 2009. The decrease was primarily attributable to reduced overtime and bonus payments in TSE arising out of the ‘Weathering the Storm’ programme as well as the reduction in the number of employees from the ‘Fit for the Future’ restructuring programme. The total number of employees of the Company declined from 86,548 as of March 31, 2009 to 81,269 as of March 31, 2010. This decrease occurred primarily at TSE, where the number of employees declined from 40,700 to 35,400. During the same period, the number of employees at Tata Steel India declined from 34,918 to 34,101. Manufacturing, Selling and Other Expenses Manufacturing, selling and other expenses were Rs. 331,359 million in Financial Year 2010, a 8.7%, or Rs. 31,768 million, decrease from Rs. 363,127 million in Financial Year 2009. This decrease was primarily a result of decreases in purchases of power, expenditures for stores and spare parts, rent, repairs to machinery and freight and handling charges. Purchase of power amounted to Rs. 40,517 million in Financial Year 2010, a 31.9%, or Rs. 19,018 million, decrease from Rs. 59,535 million in Financial Year 2009, due principally to a decrease of Rs. 22,658 million at TSE due to a lower volume of operations and savings arising from the use of offpeak energy as part of the “Weathering the Storm” programme. Such decrease was in part offset by an increase in the purchased power expenses of Tata Steel India, primarily as a result of higher power consumption to support increased production along with revision of fuel surcharge by DVC, a power supplying unit, and an increase in purchased power tariff by regulatory committee at Jharkhand India. Expenditure for stores and spare parts was Rs. 77,638 million in Financial Year 2010, a 18.4%, or Rs. 17,561 million, decrease from Rs. 95,199 million in Financial Year 2009. The decrease occurred mainly as a result of lower volume of operations at TSE. Rent was Rs. 25,343 million in Financial Year 2010, a 31.3%, or Rs. 11,547 million, decrease from Rs. 36,890 million in Financial Year 2009, primarily resulting from a reduction in rented office and facilities space that was implemented as part of the ‘Weathering the Storm’ programme at TSE. Repairs to machinery was Rs. 46,896 million in Financial Year 2010, a 19.4%, or Rs. 11,278 million, decrease from Rs. 58,174 million in Financial Year 2009. The decrease occurred mainly as a result of the overall lower volume of operations at TSE’s production facilities during Financial Year 2010 as compared to the previous Financial Year. Freight and handling charges were Rs. 55,491 million in Financial Year 2010, a 7.9%, or Rs. 4,778 million, decrease from Rs. 60,269 million in Financial Year 2009. The decrease was primarily due to a reduction in freight and handling charges of Rs. 7,543 million at TSE due to lower volumes of operations. Such decrease was partly offset by an increase in fuel rates and an increase in freight and handling charges of Rs. 1,060 million at Tata Steel India resulting primarily from higher volume of operations. Segmental Analysis of Gross Expenditures The following table sets forth the Company’s gross expenditures by segment (including depreciation but before adjustments for inter-segment transfers) for the periods indicated:

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Financial Year 2009 (Rs. millions) 2010

Steel ....................................................................................................... Other operations .................................................................................... Unallocable ........................................................................................... Total gross expenditure .................................................................. Less: Inter segment expenditure ............................................................ Total expenditure (excluding net finance charges)..........................

1,267,800 154,708 21,766 1,444,274 (92,980) 1,351,294

935,739 101,352 22,881 1,059,972 (71,432) 988,540

Steel Segment. Steel segment gross expenditures decreased by 26.2%, or Rs. 332,061 million, to Rs. 935,739 million in Financial Year 2010 from Rs. 1,267,800 million in Financial Year 2009. Within the steel segment, gross expenditures were 91.8% and 96.1% of total revenues in Financial Year 2009 and 2010, respectively. Gross expenditures in the steel segment decreased primarily on account of a decrease in the cost of, and lower purchases of, input materials due to the general economic slowdown and the effect it had on the steel industry and, to some extent, from the implementation of the Company’s cost saving measures. Other Operations. Gross expenditures in the other operations segment decreased by 34.5%, or Rs. 53,356 million, to Rs. 101,352 million in Financial Year 2010 from Rs. 154,708 million in Financial Year 2009. Within the other operations segment, gross expenditures were 93.4% and 93.2% of total revenues in Financial Year 2009 and 2010, respectively. Gross expenditures in the other operations segment decreased primarily on account of a decrease in the cost of, and lower purchases of, input materials for other operations due to the general economic slowdown and the effect it had on the Company’s other operations, including its tubes and aluminium business, and, to some extent, from the implementation of the Company’s cost saving measures Unallocable Items. Gross expenditures for unallocable items increased by 5.1%, or Rs. 1,115 million, to Rs. 22,881 million in Financial Year 2010, from Rs. 21,766 million in Financial Year 2009. Within the unallocable items category, gross expenditures were 134.9% and 160.1% of total revenues in Financial Year 2009 and 2010, respectively. Other Income Other income was Rs. 11,859 million in Financial Year 2010, a 346.3%, or Rs. 9,202 million, increase from Rs. 2,657 million in Financial Year 2009. The increase principally reflects Rs. 6,284 million in profit on sale of long-term investments in Tata Steel India. Depreciation Expense Depreciation expense amounted to Rs.44,917 million in Financial Year 2010, a 5.3%, or Rs. 2,263 million, increase from Rs. 42,654 million in Financial Year 2009. The increase was primarily at Tata Steel India, reflecting the depreciation expenses arising from the additional facilities that have been constructed as part of the ongoing expansion project. Net Finance Charges Net finance charges amounted to Rs. 30,221 million in Financial Year 2010, a 8.1%, or Rs. 2,681 million, decrease from Rs. 32,902 million in Financial Year 2009. The decrease is primarily due to a decrease in net finance charges of Rs. 4,169 million at TSE resulting primarily from the reduction through debt repayments and reduced interest rates on variable components of its senior debt facility. This decrease was partly offset by increases in net finance charges in TSL, which entered into new term loans and non-convertible debentures during Financial Year 2010. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” on page 177 of this Red Herring Prospectus.

172

Exceptional Items In Financial Year 2010, exceptional items consisted of restructuring costs of Rs. 16,837 million relating to the disposal/impairment of assets and restructuring arising out of the “Fit for the Future” cost-reduction programme at TSE. In Financial Year 2009, exceptional items consisted of restructuring, impairment and disposal loss of Rs. 40,945 million which were also related to impairment of assets and restructuring arising out of the “Fit for the Future” cost-reduction programme at TSE. Provision for Tax Provision for tax was Rs. 21,518 million in Financial Year 2010, a 13.6%, or Rs. 2,578 million, increase from Rs. 18,940 million in Financial Year 2009, mainly as a result of the higher tax credits that TSE’s operations in the Netherlands received in Financial Year 2009 compared to Financial Year 2010 offset in part by the higher deferred tax credits received by TSE in Financial Year 2010 with respect to its operations in the Netherlands. Because each of the subsidiaries in the Company’s consolidated group files a separate tax return, the Company’s tax expenses on a consolidated basis were much greater than its profit before tax on a consolidated basis in Financial Year 2010. The Company’s effective tax rate, which is income tax expense as a percentage of profit before tax, was 6,941.3% during Financial Year 2010 as compared to 28.1% during Financial Year 2009. Profit after Taxes As a result of the factors set forth above, the Company recorded a loss after taxes, minority interest and share of profit of associates of Rs. 20,147 million in Financial Year 2010, whereas it recorded a profit after taxes, minority interest and share of profit of associates of Rs. 35,042 million in Financial Year 2009. Financial Year 2009 Compared to Financial Year 2008 Net Sales The Company’s net sales in Financial Year 2009 increased by 12.0%, or Rs. 157,957 million, to Rs. 1,473,293 million from Rs. 1,315,336 million in Financial Year 2008. The increase in sales was primarily attributed to a 9.3% increase in the net sales of TSE in Financial Year 2009 to Rs. 1,095,697 million from Rs. 1,002,184 million in Financial Year 2008, and a 23.5% increase in the net sales of Tata Steel India in Financial Year 2009 to Rs. 243,158 million from Rs. 196,910 million in Financial Year 2008. The increase in the Company’s net sales was primarily due to increases in steel prices during the first half of Financial Year 2009, which were offset in part by substantial decreases in steel prices in the second half of Financial Year due to the global market slowdown. Despite the fall of steel prices in the second half of Financial Year, because of high steel price levels during the first half, in Financial Year 2009 as compared to the prior Financial Year, the average selling price of the Company’s steel products from its European and Indian operations for the full year substantially increased which more than offset the decrease in the Company’s sales volume of steel products during the same period. The Company’s sales volume decreased mainly as a result of a significant decrease in the sales volume of the Company’s European operations during the second half of Financial Year 2009, as demand for the Company’s products decreased primarily as a result of the deterioration of the European market. The following table presents the Company’s total revenues (including inter segment sales which are not included in net sales) by segment for the periods indicated:
Financial Year 2008 (Rs. millions) 2009

Steel ....................................................................................................... Other operations .................................................................................... Unallocable ............................................................................................

1,217,879 158,289 10,905

1,380,986 165,613 16,137

173

.6% increase from Rs.............. As a percentage of net sales...... 930. 85.. The following table sets forth the Company’s total manufacturing and other expenses for the periods indicated: Financial Year 2008 (Rs.............315... from an increase of 27. 602..736 (89.473.... or Rs.... 10.879 million in Financial Year 2008. Total Manufacturing and Other Expenses Total manufacturing and other expenses comprises total expenditure less depreciation and net finance charges........... Total manufacturing and other expenses .492) 168..Financial Year 2008 (Rs.............762 179...0% increase from Rs..017 The Company’s total manufacturing and other expenses were Rs............ This increase in total revenue from the other operations segment primarily resulted from an increase in sales of ferro alloy products at the Company’s Indian operations and an increase in sales of tubes and aluminium products at TSE.137 million in Financial Year 2009...........967 million (47.073 (71... 287................6%.5% and 87. 77.... or Rs.... total manufacturing and other expenses were 86... 1.....751 363........ in each case as compared to Financial Year 2008.... 1.....512 million in Financial Year 2008... in TSL’s steel segment revenues from Rs...107 million....293 Steel Segment Steel segment total revenues were Rs....... 163. 1..........387........... increase from Rs............. 16....7% in Financial Years 2008 and 2009.... 1..336 1.... 165. 365. 127.. respectively..................... millions) 2009 Cost of materials ........4%...744 million during the same period.. The increase in steel segment revenues resulted primarily from an increase of 9.....8% of the total increase).. Unallocable Items Revenues from unallocable items primarily consisted of income from services provided by the research and development department of TSE....613 million in Financial Year 2009.512 729................................ millions) 2009 Total revenues ..986 million in Financial Year 2009... increase from Rs.. Net sales ..... Inter segment revenue ................... 1.... a 4.505 million. and provision for........996 382................... or Rs..1%....... Manufacturing.737) 1.... employees .. a 13. in TSE’s steel segment revenues from Rs.......905 million in Financial Year 2008. Accretion/(reduction) in stocks of finished and semi-finished products and work-in-progress . Payment to.......................137.. Total revenues of unallocable items were Rs...377 19........292....140 million (52...... or Rs......127 1....562.. Total manufacturing and other expenses increased primarily due to an increase of Rs. 174 ........292...................090 million in cost of materials..........443) 1.......2%......242 million in Financial Year 2009 and.217......015. 158.777 million to Rs.............287 (16. to a lesser extent..380......... Other Operations Segment Total revenues of the other operations segment were Rs..289 million in Financial Year 2008...721 1. selling and other expenses ...2% of the total increase)....... a 48.. a 13....... 154... 1..................137.102 million in Financial Year 2008 to Rs...........017 million in Financial Year 2009.......

071 million. or Rs. 2009. 10. especially during the first half year of Financial Year 2009. 84. Purchase of power amounted to Rs. Tata Steel Thailand and TSE. employees were Rs. a 24.9%. The increase was mainly due to higher consumption of bulk gases and higher processing costs in the long products division of TSE. or Rs. to a lesser extent. 382.2%. a 6. an 8.5%. 49. due principally to the increase in average electricity prices at TSE.8%. a 5.127 million in Financial Year 2009. increase from Rs. 4. coal. Payments to.199 million in Financial Year 2009.1%. were more than offset by a decrease of 11% at TSE and. The total number of employees of the Company declined from 87. and provisions for. Payments to. The total increase in the purchase of finished. 2008 to 86. semi-finished steel and other products amounted to Rs. Manufacturing. This decrease was primarily a result of decreases in expenditure for repairs to machinery and conversion charges.996 million in Financial Year 2008. Store and spare parts consumed in Tata Steel India was higher in line with the increase in volume of operations. and the higher cost of alternate sources of power at Tata Steel India as a unit of Tata Power. or Rs. partially offset by the fall in employment costs experienced in the fourth quarter of the year as a result of the production cutbacks and the sale of aluminium business.184 million. 179. decrease from Rs. as a result of an increase in the average number of employees in the first half of Financial Year 2009. a 16. or Rs. 602.3%.594 million.059 million in Financial Year 2009. The primary factors causing the increase in material expenses were an increase in the purchase of finished steel. semi-finished steel and other products was mainly due to increases in prices experienced in TSE. 4. or Rs. or Rs. 11.721 million in Financial Year 2008. The increase was primarily attributable to increases in employee expenses at TSE and Tata Steel India. and coke). 363. Selling and Other Expenses Manufacturing.900 to approximately 40. employees at Tata Steel India increased by 27. or Rs. which declined from 35. Employees Payments to.751 million in Financial Year 2009.4% increase from Rs.724 million. The increase was primarily due to increases in prices of raw materials (primarily iron ore. 63. was shut down from August to November 2008 for maintenance activities.598 as of March 31.0%. The purchase of finished steel. 168.Cost of Materials Cost of materials were Rs.365 million.317 million in Financial Year 2009. 5.377 million in Financial Year 2009. or Rs. semi-finished steel and other products and in the raw materials consumed (primarily iron ore. a 20. Raw materials consumed amounted to Rs.454 million in Financial Year 2008.1%.242 million. 59. as increases of 10% and 40% at Tata Steel India and Natsteel. 95. 44. by a decrease of 7% at Tata 175 .548 as of March 31. a 21. Expenditure for stores and spare parts was Rs. 332.127. one of Tata Steel India’s primary suppliers of power. 314. the Company lowered its volume of operations during the second half of Financial Year which resulted in lower purchases at Natsteel.694 million in Financial Year 2008. or Rs. Repairs to machinery was Rs. 19. decrease from Rs. arrears and impact of change in discounting rate for valuation of employee benefits as per Accounting Standard (AS 15).173 million in Financial Year 2009.870 to 34.281 million. and provisions for. where the number of employees declined from approximately 41. Payments to. selling and other expenses were Rs.090 million.700 and at Tata Steel India.293 million in Financial Year 2008. as a result of revised wages. 58. Natsteel and Tata Steel Thailand. 269. increase from Rs. coal and coke). increase from Rs. respectively. and Provisions for.899 million.9%. due to rapidly falling demand of steel products during the third quarter of calendar year 2008.918.128 million in Financial Year 2008. increase from Rs.535 million in Financial Year 2009.287 million in Financial Year 2008. a 13. which was offset in part by increases in expenditure for stores and spare parts and purchase of power. increase from Rs. and provisions for. 729.593 million in Financial Year 2008. 82. Such increases were offset in part when. employees at TSE increased by 2. 415. This decrease occurred primarily at TSE.

10.... 1..... Less: Inter segment expenditure .... 2. respectively...........8% of total revenues in Financial Year 2008 and 2009.....657 million in Financial Year 2009...... The decrease principally reflects higher sales of surplus land of TSE during the previous Financial Year 2008..... Total expenditure (excluding net finance charges) .370 million in Financial Year 2008... Gross expenditures for unallocable items increased by 15......274 (92. Steel segment gross expenditures increased by 11.... Within the steel segment....... 130.2%... reflecting the 176 .. to Rs.2%.......654 million in Financial Year 2009... 18...... Gross expenditures in the other segment increased primarily due to price increases of materials and services in use and staff cost.. gross expenditures were 172...... Other Operations.046 18..708 21.. a 3. or Rs.. Gross expenditures in the other operations segment increased by 5.046 million in Financial Year 2008. 2........ Other operations ...... 41..4% of total revenues in each of Financial Years 2008 and 2009...855 million in Financial Year 2008...210 (71................. increase from Rs.............. 154............... 2. to Rs..6%... 8... 4... a 24.......284 million.....797 million in Financial Year 2008...5% or Rs............137.... Gross expenditures in the steel segment increased primarily due to increases in the prices of input materials.. 21. 147.....964 million in Financial Year 2009. or Rs..102 million.... Conversion charges consist of payments to conversion agents that convert semi-finished steel to rebars.. or Rs........... Segmental Analysis of Gross Expenditures The following table sets forth the Company’s gross expenditures by segment (including depreciation but before adjustments for inter-segment transfers) for the periods indicated: Financial Year 2008 (Rs.351.....766 million in Financial Year 2009 from Rs....Steel Thailand...1%..855 1.... Total gross expenditure ..167 million.. a 44.... respectively..............................444...294 Steel Segment....... to Rs..911 million..800 154. Unallocable .....267..... wire rods and wires..980) 1.267..4% and 91.. increases in staff cost and increases in other manufacturing expenses.. Within the unallocable items category...... 2.. decrease from Rs.........137.... 1. Depreciation Expense Depreciation expense amounted to Rs.. Unallocable Items.303.....4%.491 million.... respectively..... Other Income Other income was Rs... increase from Rs........ 1... 1..309 million in Financial Year 2008.. or Rs...... Conversion charges were Rs... tailor flat products to various sizes as required by end-customers..........309 147.......231......689) 1..759 million in Financial Year 2008.......9% of total revenues in Financial Year 2008 and 2009... The increase was principally at Tata Steel India.......... gross expenditures were 92.708 million in Financial Year 2009 from Rs..........9% and 93....800 million in Financial Year 2009 from Rs..........766 1....662 million...9% and 134. 42... millions) 2009 Steel ............ or Rs. Within the other operations segment............ gross expenditures were 93. and convert chrome ore and manganese ore to ferro chrome and ferro manganese..... due to an increase of conversion volumes for long products and tin-coated steel products.... 7... The main reason for the decrease at TSE is due to the cost reduction initiatives implemented during Financial Year 2009.521 1....

The Company is also seeking to improve the efficiency of its facilities in order to reduce production costs. respectively. Rs. Liquidity and Capital Resources Capital Requirements The Company’s principal capital requirements are for capital expenditures. The Company’s effective tax rate.940 million in Financial Year 2009.197 million. a 53. the Company recorded a profit after taxes.952 million.2%. and the Company currently expects that capital 177 . decrease from Rs. 21. Exceptional Items In Financial Year 2009. a 53.042 million in Financial Year 2009. The Company has increased its capital expenditures in Financial Year 2011. impairment and disposal loss of Rs. decrease from Rs. 84. partly offset by a decrease in depreciation at TSE due to impairment of assets. 2009 and 2010 and for the first half of Financial Year 2011. or Rs. Rs. payment of principal and interest on its borrowings and. was 28. 84. 59. a 19. due to a decrease of 58. 5.068 million of actuarial gain related to the funds of employee benefits (pension plans) of TSE and Rs. 32. In addition. acquisitions of subsidiaries and joint ventures.751 million in Financial Years 2008.553 million. in Financial Year 2008. 407. 63. 74. as compared to the prior year.completion of the 1.7% during Financial Year 2008.500 million in contributions towards the development of sports infrastructure for the National Games in the State of Jharkhand. 39.902 million in Financial Year 2009. or Rs 7.8% in profit before taxes over the period. the Company’s capital investments in its European facilities are focused on maintenance and renovation of its existing capacity. Net Finance Charges Net finance charges amounted to Rs. In contrast. net gain from exceptional items of Rs.405 million for the acquisition of subsidiaries and joint ventures. 18. Capital Expenditures The Company’s capital expenditures totalled Rs. The decrease is primarily due to a decrease in net finance charges resulting from the redenomination of the majority of the senior loan facilities at TSE to Euros from GBP in November and December 2007.854 million in Financial Year 2008. the development of a new greenfield steel plant in Orissa and the development of iron ore and coal mines as well as expenditures for the maintenance and improvements of the Company’s various facilities. or Rs. Profit after Taxes As a result of the factors set forth above. minority interest and share of profit of associates of Rs. The Company’s current capital investments in India are focused on the expansion of production capacity and increasing production of high value-added products.783 million in exchange gain offset partly by Rs. the Company expended Rs. which reduced the asset base for depreciation.5%. 40. In Financial Year 2008. 71.8 mtpa expansion project. The Company’s operations historically have generated sufficient cash to fund the Company’s operating activities.803 million.351 million comprised Rs. decrease from Rs. 35.2%.493 million in Financial Year 2008. 49. 40.1% during Financial Year 2009 as compared to 24.337 million.845 million in Financial Year 2008.945 million relating to impairment of assets and restructuring arising out of the “Fit for the Future” programme at TSE. 1. 40. exceptional items consisted of restructuring. Provision for Tax Provision for tax was Rs. in some years.495 million and Rs. These expenditures related primarily to the expansion projects at the Company’s Jamshedpur facility. which is income tax expense as a percentage of profit before tax. substantially all of which related to the acquisition of Corus.

See “Risk Factors—Risks Related to the Company—The Company is subject to certain restrictive covenants in its financing arrangements which may limit the Company’s operational and financial flexibility....780 28... the expiration of any agreements with local governments related to such projects.. 18...238 183.... debt coverage ratios and certain other liquidity ratios. including requirements to maintain debt to equity ratios.000 million and Rs....499 127......... require significant capital expenditures. 32................. The Company cannot assure prospective investors that it will be able to complete its projects on schedule... 64. 16.202 541.. obtaining required regulatory permits and licenses.... Contingent Liabilities The following table sets forth the Company’s consolidated contingent liabilities on account of guarantees and claims not acknowledged by the Company as of the dates indicated.. modify or forego some or all aspects of its expansion plans.....expenditures for Financial Year 2011 will total approximately Rs... 50... million) Secured loans and borrowings .245 44.596 million.. consolidating........... or at all......427 27... 127.... such agreements and arrangements also require the Company to obtain prior lender consents for certain specified actions.........000 million.. Repayment of Borrowings The Company expended Rs.... as the Company has filed a writ petition before the High Court at Kolkata in February 2006 claiming refund of the balance lying with SDF and the matter is sub judice.... 108. Rs...........279 178 .... 42. Rs.... within budget....250 million and Rs.... Factors that could affect the feasibility of the Company’s expansion plans and its ability to timely complete them include receiving financing on reasonable terms or at all.......503 92. 2010. 84...320 42.. changing business of the Company.... and the Company’s future results of operations and financial condition may be adversely affected if the Company fails to comply with these covenants” on page xx of this Red Herring Prospectus.... demand for the Company’s products and general economic conditions................ Less than or equal to 1 Year (1) 1-5 Years More than 5 years Total (Rs.. selling significant assets or making certain acquisitions or investments...744 270...000 million... 105..........803 270... The following table sets forth the Company’s consolidated secured and unsecured debt position and a summary of the maturity profile for its debt obligations as of September 30. or achieve an adequate return on its investment.... 24..... respectively.571 million... The Company currently expects that capital expenditures for Financial Year 2012 will range between approximately Rs...823 137. 2010 2008 2010 (Rs.... million) Total ... In addition. and the planned amounts of such expenditures may change materially after such assessment..........438 83.473 million.721 million... Rs. Rs. merging.200 320. to pay interest on its loans and borrowings during these periods.....005 Unsecured loans and borrowings .. The Company’s expansion plans.. 35... respectively........662 million and Rs.... including acquisitions of other businesses and joint ventures........ 2009 As of September 30. Total . to repay borrowings in Financial Years 2008. ____________ (1) Excludes loans from Steel Development Fund (SDF) of Rs.. Any of these factors may cause the Company to delay.062 million..581 million........ The Company also expended Rs.... As of March 31. 354... 122. including issuing new securities.........853 28.. The Company periodically reassesses its capital expenditure plans.. Some of the Company’s financing agreements and debt arrangements contain financial covenants that require the Company to satisfy and/or maintain financial tests and ratios.. 2009 and 2010 and for the first half of Financial Year 2011............367 million....

.. the Company issued US$875 million of 1% foreign currency convertible alternative reference securities (“CARS”). 733.. million) As of September 30..................... The CARS accrue interest on the outstanding principal amount at a rate equal to 1% per annum................ 354...011 cumulative compulsory convertible preference shares (“CCPSs”) were issued.. In April 2007. In August 2007.910 1.........................247 342..599 8....171 270... 90...... testing of the 2007 Facility’s earnings related covenants was generally suspended until March 2010. of which approximately GBP 213 million was used to prepay debt....670 million senior credit facility (the “2007 Facility”).311 91... 2010 Secured loans .. 179 .193 3 1 105...201 559........................ million) First half of Financial Year 2011 Issue of share capital .. in a timely manner or in a sufficient amount......085 105........266.............. 2009 and 2010 and the first half of Financial Year 2011 with cash from operations and short-term and long-term debt.. the Company and its lenders agreed to amend the 2007 Facility to accommodate a decline in the Company’s EBITDA performance arising from the global economic downturn.653 628... In September 2009............................... the 547... As part of the package.. The following tables respectively set forth (1) the Company’s proceeds from its principal financing activities for the periods indicated and (2) the Company’s consolidated borrowings as of the dates indicated... Issue of cumulative convertible preference shares .439 256............ are convertible into Equity Shares at Rs.. 2008 2009 2010 (Rs............................ or at all...........................266. Tata Steel UK Holding Limited..................... However.................... the Company believes that it has sufficient resources available to meet its planned capital requirements........011 CCPSs were converted into 91. as part of the financing for the acquisition of Corus.. Financial Year 2008 2009 2010 (Rs.....212 million...615 Equity Shares and 547........... Issue of share warrants .005 280.003 As of March 31.......... In November 2007. 91........003 289................... In the short term.......................410 531... In May 2009.566 599.. Proceeds from borrowings ................ TSE entered into a GBP 3.211...097 536..... and are classified as unsecured debt on the balance sheet of the Company...000 million were used to repay short-term loans from the State Bank of India and other banks.384 124...............089 24.. Total proceeds from the issue were Rs........ the Company’s total liabilities (primarily its borrowings) increased substantially as a result of the Company’s financing activities related to the acquisition of Corus.... of which Rs.......782 80. Unsecured loans ... which particularly affected the Company’s European operations. As part of the agreement with the lenders. the proceeds of which were used to refinance debt incurred in connection with the acquisition of Corus and for general corporate purposes............593 250........ the Company conducted a rights offering pursuant to which a total of 121. its sources of funding could be adversely affected by an economic slowdown or other macroeconomic factors beyond its control...........Capital Resources The Company financed its capital requirements during Financial Years 2008.......372 During Financial Year 2008........619.....815 54....... Total . Total .725 524...... Any decreases in the demand for the Company’s products and services could lead to an inability to obtain funds from external sources on acceptable terms..001 Equity Shares of the Company..... Tata Steel Limited injected GBP 425 million into its subsidiary........1318 per share.............150 182........215 100... 48...

the Company also obtained Export Credit Agency (ECA) backed long-term buyer’s credit of EUR 264 million and EUR 72. the Company raised additional debt in order to maintain a liquidity buffer given the weak conditions in the steel market. In the first half of Financial Year 2011.910 million.25% per annum. and are convertible into Equity Shares of the Company at Rs.644 per GDR (each GDR represents one share).000 million of the NCDs on the same terms as those issued in December 2010. as of September 30.000. The terms of the 2010 Facility include a five-year term loan of EUR 2. and issued an additional Rs. the Company allotted to Tata Sons. to be drawn over the next two and a half years and repaid over the next ten years. TSE prepaid GBP 105 million and EUR 82 million of its debt between June 2009 and March 2010. The FCCBs have a coupon of 4. 12. with substantially reduced amortisation over the next four years through Financial Year 2015. in each case. respectively. the Company launched an exchange offer of new foreign currency convertible bonds (“FCCBs”) for any or all of its existing CARS. In October 2010. of non-convertible debentures. the Company entered into facility agreements with the State Bank of India and other banks for its 2. 25. of which Rs.372 million. the Company also issued to Tata Sons 12.000 million of its term debt between December 2009 and March 2010 and US$300 million and JPY1.000 Equity Shares at a price of Rs 594 per share. its material subsidiaries and its fixed assets. and greater flexibility to raise additional working capital and term debt from capital markets to repay the 2010 Facility.5%. 559. to be drawn over the next three years and to be repaid over a period of seven years.500 million. with limited exceptions. The Company has the option to redeem the NCDs at the accumulated principal amount. From April through June 2009. the Company raised Rs.000 million through the issuance of 20-year nonconvertible debentures (“NCDs”). As means of deleveraging. In May 2009 and November 2010.935 million.5325 per share.85 million.390 million. 20. 28. the Company focused on restructuring its liabilities and prepaying some of its debt in order to reduce finance charge costs and repayment risks. 2010. In April 2010. either in part or full. In November 2009. 21. The terms of the 2010 Facility are more flexible than the 2007 Facility. 30. Interest for the first three years is accumulated into the principal of the NCDs and the remaining coupon payments are calculated based on this accumulated principal amount beginning after the completion of the fourth year. looser financial covenants. In addition. the Company issued the first Rs. 93. 289.000 warrants to subscribe to an equal amount of Equity Shares within eighteen months from the date of allotment of warrants. In December 2010. the Company issued US$500 million of global depository receipts at US$7. In January 2011. 10. The 2010 Facility is secured by a pledge of the shares of Tata Steel UK Holdings. In May and November 2008.692 million towards Equity Shares and towards 25% of the price fixed for the preferential issue of Equity Shares on exercise of the warrants. the Company issued Rs.In the second half of Financial Year 2009 and the first half of Financial Year 2010. 180 . the Company contracted to raise Rs. the Company prepaid Rs. 14. the Company had outstanding consolidated borrowings of Rs.509 million of non-convertible debentures. The revolving credit facilities for working capital purposes were increased to GBP 690 million and have a tenor of five years.201 million were unsecured loans. 270. In July 2010. The NCDs will be redeemed in equal installments at the end of years 18. the Company refinanced the 2007 Facility in full with the proceeds of a new credit facility (the “2010 Facility”) signed with a syndicate of 13 banks.000 million of the NCDs at a fixed rate of 10. at the end of 10th and 15th years. 5.200 million and seven-year term loans of EUR 900 million and US$402 million. 20. CARS worth US$493 million were tendered for exchange into FCCBs worth US$546. 19 and 20 and will have no coupon payable for the first three years after issuance. In the second half of Financial Year 2010. 605. mature in November 2014.017 million of foreign currency term loans between February and March 2010.159 million of its term debt and TSE prepaid GBP 119 million and EUR 66 million of its debt. from the date of issuance. for an aggregate amount of Rs 8. In July 2009. the Company issued the remaining Rs. on a preferential basis.9 mtpa brownfield expansion of the Jamshedpur facility pursuant to for which the Company contracted long-term Rupee borrowings in the aggregate amount of Rs. The Company has received the application monies of Rs.490 million from term loans. During the first quarter of Financial Year 2011. the Company prepaid an additional Rs. respectively.000 and Rs. as the global financial market recovered from the liquidity crisis. at a price per warrant of Rs 594 per share.000.171 million were secured loans and Rs. As a result of the Company’s financing activities. 15.

.. to Rs. Although the Company’s volume of raw material and finished and semi-finished steel products purchases also decreased during Financial Year 2010. Rs.238 million during Financial Year 2008.... 135.... the Company experienced a substantial decrease in its net cash inflow from its sales activities in Financial Year 2010 primarily because its employee related expenses as well as other manufacturing expenses including expenditure for stores and spare parts. 34.447 (30. (122.1%... 156..238 million during Financial Year 2008.622) Cash Flows from Operating Activities The Company recorded net cash from operating activities of Rs.192 104.350) 6..980 million during Financial Year 2010 and Rs...721 million.Cash Flow Data The following table sets forth selected items from the Company’s consolidated cash flow statement for the periods indicated: Financial Year 2008 2009 2010 (Rs... or Rs. In Financial Year 2008...979 million...426 Net increase (decrease) in cash and cash equivalents . The increase in trade payable for goods supplied reflects the increase in production volume at TSE in the fourth quarter of Financial Year 2010....... 104. Cash generated from operations in Financial Year 2009 was greater than cash generated from operations in Financial Year 2008..219) (27....548) 21. (463.....447 million during the first half of Financial Year 2011. such increase in gross cash inflow was offset to a large extent by increases in gross cash outflow as prices and volume of raw materials and finished and semi-finished steel products purchases increased during the same period.. The decrease in inventories in Financial Year 2009 primarily reflected a decrease in the price of raw material and steel products and............286) Net cash from (used in) financing activities ..1%.5% in Financial Year 2010 compared to Financial Year 2009 due to a substantial decrease in the prices and volume of steel sales which resulted in a decrease in gross cash inflow from the Company’s sales activities..669 34.. The decrease in cash generated from operations was offset in part by a greater reduction in inventories in Financial Year 2010 as compared to Financial Year 2009 and an increase in trade payables in Financial Year 2010 as compared to a decrease in trade payables in Financial Year 2009..314 Net cash from (used in) investing activities .. Inventories decreased in Financial Year 2010 primarily because inventories were carried at lower prices as well as due to liquidation of inventory volumes... primarily as a result of a decrease in the Company’s inventories in Financial Year 2009 as compared to an increase in Financial Year 2008.. 181 .. However...... 104.959 (108... Rs. a decrease in inventory volume as the Company reduced its volume of operations in response to the global economic conditions during the second half of Financial Year 2009.. Million) First half of Financial Year 2011 Net cash from operating activities ......959 million during Financial Year 2009.. to a lesser extent. the Company increased its production and its inventory volume in order to meet the high demand in steel products... 135.. repairs to machinery and freight charges did not decrease to the same extent as the Company’s steel products sales. The Company’s net sales increased by 12. 135. 156...961) (51..959 million during Financial Year 2009 as compared to Rs....980 (46... As a result..456) (678) 3.. 205.959 million during Financial Year 2009. cash generated from operations in Financial Year 2010 was significantly lower than cash generated from operations in Financial Year 2009.. 51... The Company’s net sales decreased by 30..980 million during Financial Year 2010 as compared to 156. which more than offset the effects of the deterioration of steel prices and volume of sales in the second half and resulted in an increase in gross cash inflow from the Company’s sales activities.238 156..0% in Financial Year 2009 compared to Financial Year 2008 due to increases in both prices and volume of steel sales during the first half of Financial Year 2009. or Rs 21. The Company’s net cash from operating activities decreased by 33.... The Company’s net cash from operating activities increased by 16... to Rs...

46. 15.514 million from the issue of debentures and a term loan from banks and other borrowings. including Europe which is the Company’s key market.961 million and Rs.692 million and other borrowings. Trade payables and other liabilities increased primarily due to increases in raw material costs. inventories and trade and other receivables increased by Rs.328 million and Rs. Rs.662 million and interest payments of Rs.286 million.062 million.337 million and purchase of investments (net of sale) of Rs.456 million in Financial Years 2008.The Company’s net cash from operating activities in the first half of Financial Year 2011 was Rs. Rs. 34.426 million in Financial Year 2008. As means of deleveraging. continued with its recovery.581 million. including iron ore and coal. trade and other receivables primarily resulted from increases in steel prices fueled by an increase in demand for the Company’s steel products during the first half of Financial Year 2011 as the global economy. 32. In the second half of Financial Year 2009.219 million. 13. which was more than offset by interest payments of Rs. Cash Flows from Financing Activities The Company recorded net cash provided by financing activities of Rs.495 million offset in part by sale of investments (net of purchases) of Rs. The Company’s net cash used in financing activities of Rs.751 million offset in part by sale of investments (net of purchases) of Rs.715 million and the preferential allotment of Equity Shares and warrants to Tata Sons of Rs. Cash Flows from Investing Activities Net cash used in investing activities amounted to Rs. 678 million in the first half of Financial Year 2011 consisted primarily of a net borrowing (net of payments) of Rs. 678 million in the first half of Financial Year 2011. 20. 21. 354. 84. and net cash used in financing activities of Rs. inventories. The Company’s net cash used in financing activities of Rs. 7. the Company raised additional debt in order to maintain a liquidity buffer given the weak conditions in the steel market. the Company prepaid Rs. The Company’s net cash provided by financing activities of Rs. 51. TSE prepaid US$287 million of its debt between June 2009 and March 2010. dividend payments amounted to Rs. 16.068 million. 27. Such increases in cash generated from operations. including mutual funds. The outflow during Financial Year 2008 principally represented capital expenditures of Rs.548 million in Financial Year 2009 consisted primarily of a net borrowing (net of payments) of Rs. offset in part by repayment of borrowings of Rs. 30. Cash generated from operations before change in working capital was Rs. net cash used in financing activities of Rs.866 million including the repayment of borrowings in TSE and Tata Steel India offset in part by issuance of debentures.350 million in Financial Year 2010 consisted primarily of net payments (net of borrowing) of Rs. For further information regarding the Company’s capital expenditures.197 million and Rs. 87. net cash used in financing activities of Rs. primarily relating to the Corus acquisition.307 million.403 million.350 million in Financial Year 2010. 15. During this period.512 million of its term debt between December 2009 and March 2010 and US$300 million of foreign currency term loans between February and March 2010.548 million in Financial Year 2009. 407. 26. 20. 27.405 million towards the acquisition of subsidiaries and joint ventures (net of disposals). 35. 182 . 463. 26. which was more than offset by interest payments of Rs. 2009 and 2010 and the first half of Financial Year 2011.382 million. respectively. During Financial Year 2009. 62. The Company’s sale and purchase of investments mainly reflect sale and purchases of liquid investments. 12. and the outflow during the first half of Financial Year 2011 principally represented capital expenditure of Rs.473 million. a term loan from banks and other borrowings. 524. 49. 10. as well as dividend payments of Rs. The Company’s net cash used in financing activities of Rs. 84. 205.209 million. 71.653 million to fund the acquisition of Corus.372 million.885 million. see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital Requirements—Capital Expenditures” on page 177 of this Red Herring Prospectus. 51.426 million in Financial Year 2008 consisted primarily of proceeds from borrowings of Rs. while trade payables and other liabilities increased by Rs. The outflow during Financial Year 2009 principally represented capital expenditure of Rs.266 million. 205. 26. respectively. 108.447 million. The outflow during Financial Year 2010 principally represented capital expenditure of Rs.

which is a member of the euro-zone. certain alloys and other raw materials from third parties which costs are principally incurred in U. which is not a member of the euro-zone. in line with the Company’s risk management policy.S. the Company’s revenues are impacted by fluctuations in the U. Euros and British pounds. are primarily incurred in U.S. TSE’s direct costs for labour and transportation are primarily incurred in British pounds and Euros. It purchases significant quantities of low ash coal. dollars against the Rupees will result in an increase in the Rupees value of these liabilities. and therefore fluctuations in the British pound and Euro exchange rate impacts the Company’s revenues. a portion of the liabilities (US$382 Million of the residual 1% CARS due 2012 and US$546. most of the costs of capital equipment employed by TSL. The Company derives a significant portion of its revenues and incurs much of its costs in the EU at its European subsidiaries. the Company had no material off-balance sheet arrangements. The measurement currency of the Company’s European operation is the British pound. are mainly denominated in U. though they will be. affects the strength of the Company’s competitors and exposes the Company’s customers to similar pressures. The dominant portion of debt in Tata Steel Limited is denominated in Rupees or hedged into Rupees.S. However. As a result.For a further discussion of the Company’s major financing activities.935 Million 4. dollar to British pound and the U. see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital Resources” on page 179 of this Red Herring Prospectus. TSE has substantial assets and sales in the United Kingdom. dollars given the uncertain nature of the final liability. along with related spare parts and technical and design services. commodity prices and energy and transportation tariffs. Tata Steel India’s direct costs for labour and transportation are primarily incurred in Rupees.5% convertible bonds due November 2014) have not been hedged into Rupees and are denominated in U. dollars. US$335 million and GBP100 million of term loans in Tata Steel India are also not yet hedged into rupees. The Company’s products are typically priced in British pounds.S.S. The measurement currency of the Company’s subsidiaries located in other countries is the Singapore dollar in the case of NatSteel and the Thai baht in the case of Tata Steel Thailand. Also. It impacts the Company’s revenues from export markets and the costs of imports.S. and the Netherlands. As a result. dollars. including iron ore and coal. The substantial portion of the external debt in the Company’s European operations is denominated in Euros. Off-Balance Sheet Arrangements As of September 30. dollars. Volatility in exchange rates affects the Company’s results from operations in a number of ways. dollar to Euro exchange rates. An appreciation of U. Exchange and Interest Rate Risk The Company’s presentation currency and the measurement currency of its Indian subsidiaries is the Rupee. dollar. In addition. Rupee to euro and Rupee to British pound exchange rates. The Company maintain a fair mix of floating and fixed exchange rate debt on its books in line with its risk management policy. the Company’s revenues are impacted by fluctuations in the Rupee to U. 183 . U. 2010. dollars or Euros for international sales and in Rupees for Indian sales.S. Quantitative and Qualitative Disclosures about Market Risk The Company is exposed in the ordinary course of its business to risks related to changes in exchange rates. interest rates. Sales in other export markets and major supplies purchases.S. This is because the dominant currency of revenues for the European operations is also Euros.S.

. As of September 30. (1) 48. 9.187 450 541.292 67 84..313 million of RMB denominated loans with fixed rates incurred by NatSteel Holdings Pte.... Commodity Price Risk The Company’s revenue is exposed to the market risk of price fluctuations related to the sale of its steel products. 18...715 197.. Total . Market forces generally determine prices for the steel products that the Company sells.616 10..005 _____________ (2) Includes approximately Rs. The Company’s exposure to price fluctuations in raw materials is mitigated in part by the fact that its Indian operations are currently self-sufficient in terms of its iron ore needs. production costs (including the costs of raw material inputs) and global and regional economic conditions and growth..415 1..152 79.. For example. as approved by the Board of Directors. Interest free . 184 . except for a convertible bond... as the Company has filed a writ petition before the High Court at Kolkata in February 2006 claiming refund of the balance lying with SDF and the matter is sub judice. The Company does not use derivative contracts for speculative purposes.744 74..495 35. TSE purchased 100% of its raw material requirements from third parties on the open market in Financial Year 2010.368 436. 29.978 million. Since September 30..070 46.853 3. the receivable on this account is Rs..415 3..187 39. Variable rate . Since a substantial portion of the Company’s outstanding debt is denominated in foreign currencies.The following table summarizes the Company’s consolidated outstanding debt.367 million.883 37..550 104. Excludes loans from Steel Development Fund (SDF) of Rs.. 2010: Rupee Denominated US$ Denominated GBP Denomin ated JPY Denominated SGD Denominated (Rs. including loans and other borrowings. scrap and other raw material inputs..478 195.. movements in the exchange rate between the rupee and a foreign currency could result in an increase in the Company’s overall debt position without the Company having incurred additional debt. All hedging activities are carried out in accordance with the Company’s internal risk management policies. zinc. Hedging Activities The Company uses foreign currency forward and option contracts to hedge its risks associated with foreign currency fluctuations... The Company primarily purchases its raw materials on the open market from third parties..142 million of THB denominated loans with variable rates incurred by Tata Steel Thailand and Rs.. 2010.... ferro alloys.. on a case-by-case basis. (ii) ensure that Tata Steel India is neutral to adverse currency and interest movements and (iii) ensure that business planning is not impacted during Financial Year due to adverse currency and interest rate movements. Foreign currency risk on the major part of Tata Steel Limited’s foreign currency term debt liabilities. including those disclosed in this Red Herring Prospectus.193 1.682 1.220 106 123.. as they are able to extract sufficient iron ore from their captive mines to satisfy their needs. Adverse changes in any of these factors may reduce the revenue that the Company earns from the sale of its steel products.242 4. The Company’s risk management policies attempt to (i) determine the financial value of expected earnings in advance.701 80. The Company also uses hedging transactions to manage the interest rate and currency risk on its capital account. as well as changes in exchange rates.. as of September 30. has been hedged into Rupees. by currency and interest rate method. The Company is therefore subject to fluctuations in prices for the purchase of coal. million) EUR Denominated Others(1) Total(2) Fixed rate .. Ltd. 2010. The accounting policies of the Company require that the liabilities be revalued at each balance sheet date while the hedges are revalued separately and shown as a receivable. approximately 51% of the coal requirements for the Company’s Indian operations were sourced from third parties. and in accordance with the applicable national regulations where the Company operates.. 1.. In Financial Year 2010. These prices may be influenced by factors such as supply and demand. the Company’s outstanding debt has increased both as a result of the additional borrowings by the Company.657 277 12.

N. National Association. Standard Chartered Bank. Central Bank of India. bills receivables and book debts and all other movables (excluding such movables as may be permitted by the SBI Consortium lenders from time to time) both present and future.A. stores and spares not relating to plant and machinery (consumable stores and spares). 2010 are as follows: A. pertaining to the Company’s steel plant at Jamshedpur..000 Rs. the million Company's stocks of raw materials. ICICI Bank Limited. The Hongkong And Shanghai Banking Corporation Limited. assets of the limit is Company.FINANCIAL INDEBTEDNESS Details of Secured Borrowings The long term secured borrowings of the Company as at September 30. HDFC Bank Limited. 20. Citibank.57 Interest rate as Repayment The first charge way of based million million determined by on demand by hypothecation limit is the respective created in Rs. BNP Paribas. Axis Bank Limited. 185 . Royal Bank of Scotland (collectively “SBI Consortium”) Nature of Total Amount Rate of Repayment Security Facilities sanctioned Outstanding Interest Terms Amount Fund Rs. Credit Agricole CIB. Rs. ING Vysya Bank Limited.000 namely. Bank Of America. 958. Punjab National Bank. semifinished and finished goods. Working Capital Lender State Bank of India. Canara Bank.000 lenders from SBI Consortium million lenders jointly and time to time in and each of relation to Nonthem severally each of their Fund respective on the current based facilities. 5. SBI Consortium favour of the 15. Deutsche Bank AG.

plant and machinery and movables of the Tubes Division and the Bearings Division mortgaged in favour of the financial institutions and banks. ranking pari passu inter se.367. excluding land and buildings mortgaged in favour of Government of India for constructing a hostel for trainees at Jamshedpur and setting up a dispensary and a clinic at collieries. Security Secured by mortgages.2* million Date(s) of Availment Various dates Rate of Interest 2% below the bank rate as applicable on April 1 every year Repayment Terms Repayment to be made in 16 semiannual installments after completion of four years from the date of receipt of the last tranche of the loan. 18.B. on all present and future fixed assets. land and buildings. Secured Loans Lender Joint Plant Committee – Steel Development Fund Total sanctioned Amount _ Amount Outstanding Rs. assets of the Ferro Alloys Plant at Bamnipal mortgaged in favour of State Bank of India and assets of Cold Rolling Complex (West) at Tarapur and a floating charge on other properties and assets (excluding investments) of 186 .

semi-annual installments. June 29.14 million) and June 21. consecutive. 2010 (Euro 2.Lender Total sanctioned Amount Amount Outstanding Date(s) of Availment Rate of Interest Repayment Terms Security the Company.27 million (Rs. 2019. the first instalment being due six months after the starting point i. 2010) Period/Date(s) of Availment June 22. C. Frankfurt am Main Total sanctioned Amount Euro 11.81 million). 2007 (Euro 4. 2009 HDFC corporate prime lending rate less spread of 4.41 million) Rate of Interest EURIBOR + 0.12% per annum unless a fixed rate of interest is fixed subsequent to fulfilment of certain conditions Repayment Terms Repayment to be made in 20 equal. 2010 (Euro 0. 2010 are as follows: Lender Deutsche Bank Aktiengesellschaft. 2006 (Euro 1. May 2. Any disbursements thereafter shall be repaid in equal amounts on the scheduled repayment dates.67 million).500 million Rs.500 million June 16. 6. Unsecured Borrowings The unsecured borrowings of the Company as at September 30. * 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 sub judice. 2008. 445.49 million Amount Outstanding Euro 7.88 million as converted at the exchange rate prevailing on September 30. This loan is not secured by charge on moveable assets of the Company. subject to the prior floating charge in favour of State Bank of India and other banks with respect to cash credits. March 30.e. 6. Housing Development Finance Corporation Limited (“HDFC”) Rs. Repayment to be made by way of bullet repayment on or before June 30.89% per 187 .

90% per annum and a mandatory cost. if any (calculated in accordance with terms of the agreement) which is an Repayment shall be made in three installments: (i) on the completion of the 54th month. 188 .23 million as converted at the exchange rate prevailing on September 30. 2008 Standard Bank Chartered GBP 100 million GBP 100 million (Rs. State Bank of India Rs.30% per annum per month for disbursements made on or before June 30. 2009 and three years IDFC benchmark rate plus a spread of 1. 2010 (GBP 70 million) The rate of interest is an aggregate of LIBOR plus 2. 1. Repayment shall be made after five years and one day from the relevant weighted average utilisation date.9% per annum per month for disbursements on or after July 1.990 million On or before July 31. 2009 unless otherwise agreed by IDFC Repayment to be made by way of bullet repayment at the end of seven years from the date of first disbursement. 25.990 million Rs. 25.50% over the State Bank base rate (reset annually) Repayment Terms Infrastructure Development Finance Company Limited (“IDFC”) Rs. (ii) on the completion of the 60th month and (iii) on the completion of the 66th month. respectively. i.e. 7.000 million Rs.000 million Upto February 1. 2015.Lender Total sanctioned Amount Amount Outstanding Period/Date(s) of Availment Rate of Interest annum (payable on quarterly basis) 10. 2009 1. 1. 2010) March 29.064. April 4. 2010 (GBP 30 million) and April 6.

056.34% per Repayment Terms Standard Bank Chartered US$ 335 million US$ 335 million (Rs.97% per annum and a mandatory cost. 2010 (US$ 90 million).497. 2010 (US$ 195 million) Repayment shall be made after five years and one day from the relevant weighted average utilisation date i.50 189 The availability Repayment shall be made . LIBOR + 0.V.e. June 10. 15.58 million as converted at the exchange rate prevailing on September 30.. 2010 (US$ 50 million) and July 2. 2015. ABN Amro Bank N. The Bank of JPY equivalent JPY 89. if any (calculated in accordance with terms of the agreement) which is an additional interest rate to compensate the lender for the cost of compliance with (a) the requirement of the Bank of England and/or financial services authority or (b) the requirements of the Central Bank of Europe.Lender Total sanctioned Amount Amount Outstanding Period/Date(s) of Availment Rate of Interest additional interest rate to compensate the lender for the cost of compliance with (a) the requirement of the Bank of England and/or financial services authority or (b) the requirements of the Central Bank of Europe. May 28. The rate of interest is an aggregate of LIBOR plus 2. 2010) April 28.

Manila Offshore Banking Branch The Bank of TokyoMitsubishi UFJ Limited. Hong Kong Branch. Singapore Branch. DZ Bank AG Deutsche ZentralGenossenschaftsbank Frankfurt am Main Singapore Branch and Taiwan Cooperative Bank.35 million (Rs... Mizuho Corporate Bank Limited. Mizuho Corporate Bank. National Bank of Dubai. Societe Generale.672. Standard Chartered Bank. 2006 to April 6.. Citigroup Global Markets Singapore Pte Limited. The repayment period shall be . Calyon. Calyon. Hong Kong Branch.73 million for the US$ amount.140. First Commercial Bank.50% annum + per Repayment shall be made in five equal installments of 20% of the amount outstanding at the end of the Availability Period. 48.559.A. 2006 to November 9.. Limited. Malayan Banking Berhad.71 million as converted at the exchange rate prevailing on September 30. US$ 500 million (including US$ 5 million and JPY equivalent of US$ 495 million) US$ 5 million and JPY 58.p. Singapore Branch. 2006 (the “Availability Period”) Rate of Interest annum Repayment Terms in five equal installments of 20% of the amount outstanding at the end of the Availability Period. Sumitomo Mitsui Banking Corporation. 2010) Period/Date(s) of Availment period for this loan was from October 10. 224. Banca Intesa S.86 million for the JPY amount and Rs.p. Offshore Banking Unit. DBS Bank Limited. The Hongkong and Shangai Banking Corporation Limited.A.A.Lender Tokyo-Mitsubishi UFJ Limited. Offshore Banking Branch. Export Development Canada. as converted at 190 The availability period for this loan was from March 7.V. Standard Chartered Total sanctioned Amount of US$ 750 million Amount Outstanding million (Rs. Banca Monte Dei Paschi Di Siena S. Singapore Branch. The repayment period shall be every six months from 60 months to 84 months after October 10. ING Bank N. Hong Kong Branch. Citibank N. Singapore Branch. 31. 2006. BNP Paribas. 2006 (the “Availability Period”) LIBOR 0. Bahrain Branch.

Singapore Branch. Singapore Branch.89 million (Rs. Canara Bank. April 9.07 million) and February 5. 2010 (Euro 7. Malayan Banking Berhad. Any disbursements thereafter shall be repaid in equal amounts on the scheduled repayment dates. 2010) June 22. November 1. 2010) Period/Date(s) of Availment Rate of Interest Repayment Terms every six months from 60 months to 84 months after March 7. consecutive. Hong Kong Branch. 191 .61 million). 2007 ( Euro 15.18 million as converted at the exchange rate prevailing on September 30. June 27. 2008 (Euro 2. Hong Kong Branch. semi-annual installments. Euro 49. 2007 (Euro 12. 2008 (Euro 8. The International Commercial Bank of China. The Sumitomo Trust &Banking Co. Ltd.92 million Euro 39. Frankfurt am Main Total sanctioned Amount Amount Outstanding the exchange rate prevailing on September 30. 2. Societe Generale. Singapore Branch. July 31. Offshore Banking Branch Deutsche Bank Aktiengesellschaft.38 million). Bayerische Landesbank. 2008. Sumitomo Mitsui Banking Corporation..12% per annum unless a fixed rate of interest is fixed subject to fulfilment of certain conditions Repayment to be made in 20 equal. 2006.e.445.62 million).Lender Bank. London Branch.42 million) EURIBOR + 0. the first installment being due six months after the starting point i. Offshore Banking Branch and Taiwan Cooperative Bank.

99 million as converted at the exchange rate prevailing on September 30.000 million including oversubscription option Amount Outstanding Rs.20% annum per Redemption Terms The nonconvertible debentures are redeemable at par on May 7. 2010) US$ 382 million (Rs.50% Foreign Currency Convertible Bonds (“Convertible Bond”) Total sanctioned Amount US$ 546. E. Non-convertible Debentures Details Nonconvertible Debentures – Issue 2008 Series –I Nonconvertible Debentures – Issue 2008 Series – II Total sanctioned Amount Rs.581. in certain circumstances following a failure by the Company to make any payment when due or on the occurrence of an event of default.168. converted or repurchased and cancelled. 24.5% per annum payable semiannually Redemption Terms Unless previously redeemed. 20.D.99 million as converted at the exchange rate prevailing on September 30. London Branch (the “Trustees”). 2011 Negative Pledge/ Security The Company shall not create any security over the Jamshedpur Assets save for Permitted Security (as defined below) without offering pari passu charge over the security created to the debenture holders. Jamshedpur Assets: means all land (whether freehold or leasehold) of the Company at Rs. for the benefit of the holders of CARS.3419% of its principal amount together with accrued interest and unpaid interest on September 5.900 million NSE MIBOR (Mumbai Inter-Bank Offer Rate) compounded daily plus 2.94 million Amount Outstanding US$ 546. 2014 1 % Convertible Alternate Reference Securities (“CARS”)* US$ 875 million 1% per annum payable semiannually September 5.. 10. 2012 * An irrevocable letter of credit (the “Letter of Credit”) was issued in favour Citibank. where NSE MIBOR is the MIBOR published by the National 192 . N. the Company will redeem each CARS at 123. converted or purchased and cancelled. The Trustee may.200 million Rate of Interest 10. 2010) Rate of Interest 4. Convertible Bonds Bond 4.50%. the Company will redeem each Convertible Bond at 100% of its principal amount together with accrued interest on November 21. 6. 17. 2014 Unless previously redeemed. by Standard Chartered Bank (the “LC Bank”).94 million (Rs.A. 2012 Maturity Date November 21. The Letter of Credit expires on the date falling five years and one month after the date of issue of the CARS. 2015 The nonconvertible debentures are redeemable at par on May 7. draw upon the Letter of Credit as beneficiary thereunder on behalf of the holders of CARS.

immovable property mortgaged in favour of the debenture trustee through the debenture trust deed and other security for working capital purposes in the ordinary course of business.500 million Rs.900 million The nonconvertible debentures are redeemable at par on May 7.50% annum per Amortising equal redemptions at the end of 6th. The Company shall not create any security over the Jamshedpur Assets (save for permitted security without offering pari passu charge over the security created to the debenture holders without the prior approval of the holders. 9. Jamshedpur Assets: Nonconvertible Debentures – Issue 2008 Series – III Rs. machinery and apparatus therein or thereon (limited to fixed assets relating to the 5 MMTPA steel plant situated thereon) Permitted Security: means security existing as of the date of allotment of NCDs. Gandhinagar. 7th and 8th year from November 19.003. 12. 2008 193 .88 square meters at Kalol. 2. India (and all estate or interest therein and all rights from time to time attached or relating thereto) and all plant.Details Total sanctioned Amount Amount Outstanding Rate of Interest Stock Exchange of India on Reuters page MIBR=NS at 0940 IST. 12.500 million 12.80% per annum Redemption Terms Negative Pledge/ Security Jamshedpur. Mortgage over land admeasuring 2. 2011 Nonconvertible Debentures Rs.

Details Total sanctioned Amount Amount Outstanding Rate of Interest Redemption Terms Negative Pledge/ Security means all land (whether freehold or leasehold) of the Company at Jamshedpur. machinery and apparatus therein or thereon (limited to fixed assets relating to the 5 MMTPA steel plant situated thereon) The Company shall not create any security over the Jamshedpur Assets save for permitted security (without offering pari passu charge over the security created to the debenture holders without the prior approval of the holders.40% annum per The non convertible . Nonconvertible Rs. 10. 2009. 15.000 million 11% annum per Bullet redemption at the end of 10 years from May 19. 6. India (and all estate or interest therein and all rights from time to time attached or relating thereto) and all plant.509 million 194 10.000 million Rs. Jamshedpur Assets: means all land (whether freehold or leasehold) of the Company at Jamshedpur. India (and all estate or interest therein and all rights from time to time attached or relating thereto) and all plant.000 million including Rs. 15. machinery and apparatus therein or thereon (limited to fixed assets relating to the 5 MMTPA steel plant situated thereon) N.A Nonconvertible Debentures Rs.

25. 2011.25% per annum Redemption Terms The non convertible debentures are redeemable in equal installments at the end of 18th.000 million 10. Negative Pledge/ Security NCDs issuances post September 30. 195 . 2010.000 million Rs.000 million Rate of Interest 10. 19th and 20th year from January 6. 19th and 20th year from December 22. Jamshedpur Assets: means all land (whether freehold or leasehold) of the Company at Jamshedpur. 5. 2010 Details Nonconvertible Debentures Total sanctioned Amount Rs. India (and all estate or interest therein and all rights from time to time attached or relating thereto) and all plant.000 million Amount Outstanding Rs. 5.Details Debentures Total sanctioned Amount oversubscription option Amount Outstanding Rate of Interest Redemption Terms debentures are redeemable at par on May 15. 2019. Negative Pledge/ Security The Company shall not create any security over the Jamshedpur Assets save for permitted security (without offering pari passu charge over the security created to the debenture holders without the prior approval of the holders.25% per annum The non convertible debentures are redeemable in equal installments at the end of 18th. 25. Jamshedpur Assets: means all land (whether freehold or leasehold) of the Company at Jamshedpur. machinery and apparatus therein or thereon (limited to fixed assets relating to the 5 MMTPA steel plant situated thereon) The Company shall not create any security over the Jamshedpur Assets save for permitted security (without offering pari passu charge over the security created to the debenture holders without the prior approval of the holders. India (and all estate or interest therein and all rights from time to time attached or relating thereto) Nonconvertible Debentures Rs.

during any Financial Year unless the Company has paid to the lender the installment of principal. vi. costs. to obtain further secured borrowings. interest charge. iii. the Company is required to obtain consent from the Joint Plant Committee for payment of dividends. v. directors. amalgamation or compromise with its shareholders. to pass any resolution or otherwise take any steps for voluntary winding up or liquidation or dissolution. creditors or effect any scheme of amalgamation or reconstruction. to undertake or permit any merger. in the event of a default. and to prepay loans. 196 . to pay commission to its promoters. counter guarantees or indemnities or for undertaking any other liability in connection with any indebtedness incurred by the Company. and other monies payable by the Company in that year or has made provisions satisfactory to the Lender for making the payment. Further.Details Total sanctioned Amount Amount Outstanding Rate of Interest Redemption Terms Negative Pledge/ Security and all plant. managers or other person for furnishing guarantees. to declare and/ or pay dividend to any of its shareholders whether equity or preference. iv. ii. machinery and apparatus therein or thereon (limited to fixed assets relating to the 5 MMTPA steel plant situated thereon) Corporate Actions: Some of the corporate actions for which the Company requires the prior written consent of lenders include the following: i.

com # Average computed based on the number of trading days during the year Average price for the Financial Year (Rs. The high and low prices recorded on the Stock Exchanges for the preceding three years and the number of Equity Shares traded on the days the high and low prices were recorded are stated below.586 202.747 146.50 May. of Trading Days Average no. 21. average price of the Equity Shares during each such month.648.) Date of Low Volume on date of low (no.908 647.) 737. 8. of Equity Shares) Average price for the month (Rs. BSE Financial Year 2010 High (Rs.60 675.)# 483.35 29. of Equity Shares) Low (Rs. 2010 2009 2009 925.238. 1.427.50 November 2008 24.416 22 197 . As the Equity Shares are actively traded on the Stock Exchanges.52 674.337 586. 1.95 April 1. 2010 1.916.121 137.303 8.nseindia.353. of Equity Shares) 4.945.) 661.25 December 31.00 May 21.50 Date of High Volume on date of high (no.448 4.00 Date of High Volume on date of high (no.) Date of Low Volume on date of low (no. of Equity Shares) No. ) Date of Low Volume on date of low (no. of Equity Shares) 11.766.643. 2008 2008 957. 2008 2008 969.86 455. 2010 2009 2009 925. 26. the volume of Equity Shares traded during each month and the average number of Equity Shares traded during such trading days.74 455.361.bseindia.30 April 1.) Date of High Volume on date of high (no.21 The details relating to the high and low prices recorded on the Stock Exchanges for the six months preceding the date of filing of this Red Herring Prospectus. 2007 2007 Source: www.80 October 1. of Equity Shares) Low (Rs.com # Average computed based on the number of trading days during the year NSE Financial Year 2010 High (Rs.323 372.13 April 2. 29.411 Average price for the Financial Year (Rs. 2010 1.STOCK MARKET DATA FOR EQUITY SHARES OF THE COMPANY The Equity Shares of the Company are listed on the Stock Exchanges with ISIN INE081A01012. are stated below: BSE Month High (Rs.)# Volume (no.018.267 January 8.93 March 1.199. 2008 2007 Source: www.086 372.141.007. of Equity Shares traded during trading days 1. the volume of Equity Shares traded on the days the high and low prices were recorded.019 December 2010 683.955 203. of Equity Shares) Low (Rs.403 2.653.36 April 2. the Company’s stock market data have been given separately for BSE (BSE Code: 500470) and NSE (NSE Code: TATASTEEL).556 952.831.35 November 2008 26.00 January 1.)# 483.10 December 1. 3.

2010 October 6. of Equity Shares) Low (Rs.com # Average computed based on the number of trading days during the year NSE Month High (Rs.10 581.) 656. [●] on NSE on January 12. of Equity Shares) No.128. 2010 1. 2010.636 1. 2010 September 29.713. 2010 September 29. of Equity Shares) Average price for the month (Rs. 2011 Source: www.914.99 602.00 493.074 1.bseindia.60 553.788.937 35.00 November 11. 2010 October 29.137.598.90 High (Rs.70 553.50 Date of Low January 7.00 602.00 664. 2010 3.341 6. The details relating to the weekly high.543 1.981 613.70 450.058. 2010 October 6.38 635. 2010 August 25.183 2. of Equity Shares traded during trading days 5.970 7.949.961 132. 2010 July 23.nseindia. 2010 September 1.260 574.84 524.170 137.345.53 524. The closing price was Rs.477 4.757 1.108.80 Date of High January 4. 2010 are as under: BSE Week Ending January 7.086.463 161.281.) Date of High Volume on date of high (no.554.232 1.023. of Equity Shares traded during trading days 1.695.00 December 1.60 526.830.) 660.179. of Equity Shares) Average price for the month (Rs.878.44 508. 2010 August 10.221 21 21 21 22 22 Average no.274.com # Average computed based on the number of trading days during the year The closing price was Rs.179 7.006.146 Source: www.895. the trading day immediately following the day on which Board of Directors approved the Issue.65 November 30.647 4.52 508.597.)# Volume (no.893 30.829. 2010 July 26.039 1.027 122.238 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 684.90 December 31.611.706 2.717 3.40 685.961.) Date of High Volume on date of high (no.04 634.851.644 1.985.426.044 7.077 1.694 6.bseindia. 2010 October 29. 2010 July 23.981. of Equity Shares) No.30 648. 2010 August 10.850 6. 2010.39 113.501 5. of Trading Days November 2010 October 2010 September 2010 August 2010 July 2010 647.625 38.65 546.30 548.com 198 .832 7. 2011 Low (Rs.635. 2010 November 30.484.862. ) Date of Low Volume on date of low (no.22 29.83 613.524.549.735.803 587.35 683.850.558.00 525.058. 2010 November 11.503 7.910 5.548 647.835 1.65 581.70 664. 2010 July 26.617 6.00 460. ) Date of Low Volume on date of low (no.986.543 35.Month High (Rs.809. of Equity Shares) Low (Rs.227.318 1.)# Volume (no.10 448. the trading day immediately following the day on which Board of Directors approved the Issue. [●] on BSE on January 12. 2010 September 1.225 22 21 21 21 22 22 Source: www. low and closing prices recorded on the Stock Exchanges after December 31. 2010 August 25. 2010 2.469.846 7.) 713. 2011 Closing (Rs. of Trading Days Average no. 2010 6.702 133.00 574.267.853.

nseindia. 2011 Low (Rs. the day on which there has been higher volume of trading has been considered for the purposes of this section.) 661.25 High (Rs.NSE Week Ending January 7. 2011 Source: www.15 Date of Low January 7.) 713.90 Date of High January 4.) 656. 199 .com Note: In the event the high and low price of the Equity Shares are the same on more than one day. 2011 Closing (Rs.

2010 have been described. 2010” on page F-65 of this Red Herring Prospectus. 1. The amounts involved in the above matters cannot be ascertained and all the matters are currently pending at various stages of adjudication. 2010. which involve a claim of Rs. tax and other cases: There are various civil proceedings involving the Company which are pending adjudication at various forums. disputes relating to encroachment of government land. 1. material cases of the top five Group Companies on the basis of market capitalisation which would have a material adverse effect on the results of operations and financial conditions of such Group Companies along with the statement of contingent liabilities as of March 31. the Promoter. disposal of industrial wastes. by an order dated December 5.000 million are provided below: i. 1881. the subsidiaries of the Company or Group Companies.574 million issued to the Company. Litigation involving the Company: Civil. held that the ORISED Act was unconstitutional as the state legislature was incompetent to levy any taxes or duties on the extraction of minerals and set aside the demand notice of Rs. 2004 (“ORISED Act”) under which cess of Rs. Civil and tax related proceedings involving the Company. see the section “Financial Statements . motor vehicle tax. its Directors. 200 . In addition to the above. eviction suits. disputes for wrongfully withholding property and cases relating to dishonour of cheques under the Negotiable Instruments Act. criminal or civil proceedings or tax liabilities against the Company. excise duty and income tax. Hence with respect to the Indian subsidiaries of the Company. 1. 2005. With respect to Group Companies. title suits. entry tax. inter alia relate to claims in relation to royalty on coal. cases relating to the environment and forests.000 million and criminal cases involving the Company has been described. sales tax. These proceedings. disputes relating to mining operations. The Company is also involved in various tax related proceedings relating to levying of terminal tax. 1. With respect to the litigations involving Tata Steel Europe Limited and its subsidiaries. The Company had filed a writ petition (7991 of 2005) before the High Court of Orissa challenging the constitutional validity of the Orissa Rural and Infrastructure Socio-Economic Development Act. A compiled position of the nature of civil and tax related proceedings against the Company involving an amount of less than Rs. Contingent liabilities of the Company For information in relation to the contingent liabilities of the Company as at September 30. State of Orissa has filed a special leave petition (5264/2006) in the Supreme Court of India against the Company and others challenging the order of the High Court of Orissa dated December 5.000 million and more and notices from regulatory entities have been individually described. 1.574 million was imposed on the Company for carrying on activities in mineral bearing lands.SECTION VI – LEGAL AND OTHER INFORMATION OUTSTANDING LITIGATION AND DEFAULTS Except as described below.Contingent Liabilities as at September 30. disputes relating to consumption of electricity and water. 1970. the nature of proceedings which the Indian subsidiaries of the Company are involved in has been described on a consolidated basis. a brief description of the civil and tax related proceedings involving the Company and amounting to more than Rs. The High Court of Orissa. suits. 1. The special leave petition is currently pending before the Supreme Court. a. proceedings involving a claim of GBP 5 million and more have been individually described. There are no litigations involving any Indian subsidiaries of the Company or Group Companies which would have a material adverse effect on the consolidated results of operations or financial condition of the Company. 2005. consumer cases. there are no material outstanding litigations. breach of the Contract Labour (Regulation and Abolition ) Act.

2008. respectively. 2999/2008. The High Court of Jharkhand. 1. The Company has filed a writ petition (1915/2005) in the High Court of Jharkhand against the State of Jharkhand and others. The Company had filed a writ petition (3819/93) before the High Court of Jharkhand challenging water charges of Rs. v. by an interim order dated December 3. for both the coal mines. 2. 1960 and the demand notices of Rs. By order dated April 20. The Company has filed a writ petition (6111/2008) before the High Court of Jharkhand against the State of Jharkhand and others for quashing the demand notice dated January 4. cess. 17. 1. The petition is currently pending before the High Court of Jharkhand. 1504/2009. 2008. The Company has filed a petition (28/2004) in the High Court of Calcutta against Indian Charge Chrome Limited (“ICCL”). contributed by the Company to the Steel Development Fund (“SDF”). The Company has filed a special leave petition (24150/2004) in the Supreme Court of India against the State of Jharkhand and others challenging the order of the High Court of Jharkhand dated August 20.440 million and Rs. The matter is currently pending before the High Court of Calcutta. 500 million and amounts equivalent to advance royalty for the months of March and April. 2003 by the arbitrator which upheld a claim of Rs. The Company has filed four writ petitions (2995/2008.068 million levied by the state government on the Company for the use of water from the Subarnrekha River for industrial purpose. The High Court of Calcutta has passed an interim order dated February 13. The special leave petition is currently pending before the Supreme Court. The Company has sought an order setting aside the award of the arbitrator. 1705. except for the use towards its members. 1. The petition is currently pending before the High Court of Jharkhand. The Supreme Court of India. 1997. 880 million issued under the rules for payment of differential royalty on coal extracted from West Bokaro mines and Jharia mines. East Singhbhum for an approximate amount of Rs. viii. 1998 under the Bihar Irrigation Act. by an order dated August 20. 2009. iv.000 million from July. which has been deposited by the Company. respectively. 1997 (“Act”) on the grounds that the Act does not empower the state government to levy and demand water charges for drawing water for domestic and industrial purposes. including the Company. issued by the Deputy Commissioner. vi. . 2004 has stayed the recovery of the water charges levied prior to the enactment of Bihar Irrigation Act.006 million along with interest as on March 31. The Company has challenged an interim award dated January 9. The High Court of Jharkhand. vii.ii.970 million made by ICCL for the breach of the agreement between the Company and ICCL for conversion of chrome ore produced by the Company into charge chrome. 2004 upheld the water charges levied by the State of Jharkhand on the Company for drawing water from the river for industrial purpose and directed the Company to make payment of the same. all four petitions have been admitted and are pending for final hearing before the High Court of Jharkhand. The said order also provides that if the Company succeeds. the Joint Plant Committee and others (“Respondents”). 2006 restraining the Respondents from utilising any amounts from the contributions made by the Company to the SDF. has directed the Company to pay an amount of Rs. salami and interest in relation to leased land held by the Company. appropriate orders shall be passed for refund of the amount under the same writ petition. The matter is currently pending before the High Court of Calcutta. The Company has claimed a return and refund of balance of the contribution of approximately Rs. 1505/2009) in the High Court of Jharkhand against the Union of India. 2004. sairat. 2010 of the High Court of Jharkhand. The Company has filed three special leave petitions (27442–27444/2008) in the Supreme Court of India against the Assistant Commissioner of Sales Tax and others challenging the order of the 201 iii. 2009. challenging the constitutional validity of Rules 64B and 64C of Mineral Concession Rules. challenging the levy of water charges of approximately Rs. The Company has filed a writ petition (70/2006) in the High Court of Calcutta against the Union of India. by interim order dated March 27.50 million as dues for the Financial Year 2008 towards rent.

xii. 2008. municipality. Jharkhand x.34 million. The CESTAT. notified area or a gram panchayat for consumption. 2008 and August 23. 2008 passed by the Customs. Use or Sale thereof Act. The Company vide writ petitions (5354/2004 and 1555/2006) filed in the High Court of Jharkhand had challenged the constitutional validity of the Bihar Taxes on Entry of Goods into Local Areas for Consumption. The special leave petitions are currently pending before the Supreme Court.355 million towards duty and penalty. certain previous and present employees. The Commissioner of Central Excise (“CCE”) has filed a civil appeal (1091/2009) in the Supreme Court of India against the Company challenging the order dated June 24. 6741) dated November 5. by an order dated February 18. Ranchi. notified area or a gram panchayat for consumption. The Commissioner. Excise and Service Tax Appellate Tribunal. the Company has deposited the balance amount of Rs. by orders dated August 14. 2008 disposed off the writ petitions and upheld the constitutional validity of the Orissa Entry Tax Act. municipality. set aside the order of the CCE including the demand for payment of duty and the levy of penalty. The matter is currently pending before the Commissioner Commercial Taxes. 31. which levied tax on entry of certain scheduled goods within the limits of municipal corporation. before various forums.13 million. use or sale. notified area or a gram panchayat for consumption. The special leave petitions are currently pending before the Supreme Court. use or sale. The matter is currently pending before the Supreme Court. The Company vide