On March 16, 2023, Tata Steel acquired 15,534,738 equity shares of Rs 10 each in Tata Steel Advanced Materials (TSAML), a completely-owned subsidiary of Tata Steel, at an issue price of Rs 12.81 per share (including a premium of Rs 2.81 per share), for a total amount of around Rs 19.90 crore. The move was to grow the business of the new materials business under TSAML.

After the acquisition is completed, TSAML will still be a wholly-owned subsidiary of Tata Steel.