Slowdown in core sectors hits TRF, Tata Steel rushes to rescue
With continued slowdown in core sectors, particularly construction, many of TRF’s clients have gone for insolvency, and the company is in deep red now and the losses have eroded its net worth. In such times, “related party” transaction with Tata Steel, which owns 34.11% in TRF, would help in tiding over the crisis to some extent, believes the company.
Tata Steel has decided to provide a helping hand to its ailing group outfit, listed entity TRF Ltd, the maker of earth-moving vehicles and construction equipment. Image source: Reuters