Tata Steel lends further support to equipment maker TRF

摘要

Steel major Tata Steel has decided to continue supporting its ailing group outfit, TRF Ltd, maker of earthmoving vehicles and construction equipment. With infrastructure and construction sector reeling under sustained slowdown, listed entity TRF's losses continue to pile up. This has forced Tata Steel to infuse an additional Rs 250 crore in the form of preference shares into its arm. This is over and above the assistance in the form of related party transactions worth around Rs 255 crore committed for the ongoing financial year as the company continues to explore ways to increase business and assistance from the promoter entity. TRF's losses widened from Rs 18.54 crore in the September quarter to Rs 24.50 crore in the October-December period.