Ratan Tata makes AGM cameo, lauds Tata Steel management

MUMBAI: Ratan Tata stopped being a regular fixture at the annual shareholder meetings of listed Tata companies after he retired as their non-executive chairman in 2012. But on Wednesday, he joined Tata Steel’s 114th annual general meeting (

AGM

), surprising the company’s shareholders.


In his brief speech at the AGM, which was held virtually, the octogenarian appreciated the company’s leadership for its financial performance in fiscal 2021. He said that despite Covid challenges and drop in demand, Tata Steel achieved strong results and commended the move to disburse the highest-ever

dividend

.

Tata Steel will pay a dividend of Rs 25 per fully paid share. Shareholders, who have stood with the company, will be happy, he said.

The Tata patriarch said the company holds a special place in his heart. He recalled that he began his career in Tata Steel 57 years ago, working on the shop floor for three years, and has watched the company grow since then.

Tata Steel, which was founded in 1907, making it one of the oldest Tata companies, has seen several highs & lows, gains & losses throughout its history. Many Tata Steel shareholders, with some holding the stock for two generations and before, were delighted to see the former chairman at the meeting.

Before Tata’s address to the shareholders, current Tata Steel chairman N Chandrasekaran said the company is at an important inflection point in its history and has the opportunity to create substantial long-term value for its stakeholders.

“With a stronger balance sheet, an agile team, disciplined operating culture and a strong market environment for steel worldwide, the current financial year has the promise to be spectacularly better than the previous year,” Chandrasekaran said.

Tata Steel recorded its highest-ever free cash flows and operating profit of Rs 23,748 crore and Rs 30,892 crore in fiscal 2021.

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