Secured full insurance cover for pension liabilities
The Chairman said that in respect of the GBP 6 billion British Steel Pension Scheme in the UK operations, we have secured full insurance cover for pension liabilities. This means that the cash flow for future pension payments to the pensioners is guaranteed by the insurer. This has been done at no cash cost to the company and any future risk to the company from asset-liability mismatch has been eliminated. Tata Steel reached out to over 3.15 million people. From a standalone performance perspective, Tata Steel India delivered a revenue of ₹1,29,007 crore. Which was in line with last year’s revenue. The profit after tax for the financial year 2022-23 was 15,495 crores.
