Good afternoon. A few mandatory announcements on safety for people present at the location of this meeting. This premises has been sanitized and audited for safety protocol. There are 2 exits in front of the dais. In case of an emergency, kindly use the exits and assemble at the assembly point at the ground floor and await for further instructions. Please do not reenter the premises.
Dear shareholders, welcome to the 117th Annual General Meeting of Tata Steel Limited. This meeting is being conducted over audiovisual means. My name is Parvatheesam Kanchinadham, and I'm the Company Secretary and Chief Legal Officer, Corporate and Compliance of the company. I would like to take you through certain details relating to your participation at this meeting.
The facility of joining this AGM through audiovisual means is being made available for members on first come first serve basis. All members who have joined this meeting are by default placed on mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once we commence the question-and-answer session, the Chairman will sequentially announce the names of shareholders who have conveyed their desire to speak at this meeting. Upon being called, the host will give appropriate access to the concerned shareholder to speak.
Before you commence speaking, please be mindful of the following: use the earphones so that the narrative is clearly audible to all participants, remember to minimize the noise in the background, ensure that you have a strong WiFi connection and that the same is not connected to any other device, remember to switch on the video and ensure that you have adequate background lighting at your place.
If you are unable to join through video for any reason, request you to please speak through the audio means. If the speaker shareholder has a connectivity problem, we will call on the next speaker to join. Once the connectivity improves, the speaker shareholder may again be called upon to speak, but only after all the other registered shareholders have spoken.
During the course of the AGM, shareholders facing technical difficulties may kindly contact the help line number provided in the notice of this AGM. A request to all the speaking shareholders, there are many shareholders who have registered to speak today.
Therefore, in the interest of time and in the interest of providing all speaker shareholders a fair opportunity of being heard, we request that all speaker shareholders to please be brief and avoid asking question if it has already been asked by the earlier shareholder.
Further, as you are aware, the Companies Act of 2013 and SEBI Listing Regulations 2015 provide for electronic voting. Accordingly, the company has provided to its members the facility to cast their vote through the remote electronic voting system administered by the NSDL. Facility for voting at this meeting is also being made available for those members who have not cast their vote through the remote electronic voting system and are participating in this meeting. This remote electronic voting system will be made available during the meeting once announced by the Chairman. Members who have not yet cast their vote and wish to do so may please visit NSDL's e-voting website and cast their vote while continuing to watch the proceedings.
Mr. P. N. Parikh, Practicing Company Secretary, has been appointed as the scrutinizer to scrutinize the votes cast at this meeting and through remote e-voting. Since the AGM is being held through audiovisual means and the resolutions forming part of the notice, convening this meeting have already been put to vote through the remote electronic voting. The practice of proposing and seconding of resolution is not required and will not be followed in this meeting. Thank you for your attention. Over to you, Chairman.
Good afternoon, shareholders. I hope all of you are safe and in good health. I welcome you all to the 117th Annual General Meeting of the company. As the requested quorum is present, I now call the meeting to order. Before I proceed further, I would request all the directors who joined today to introduce themselves. I will now request Mr. Noel Tata to go first.
Good afternoon, shareholders. My name is Noel Naval Tata. I am a Non-Executive Director and the Vice Chairman of the Board of Tata Steel Limited. I am participating in this AGM through videoconference from Mumbai. I'm also the Chairperson of the Safety, Health and Environment Committee of the Board. Thank you.
Mr. Deepak Kapoor?
Good afternoon, shareholders. My name is Deepak Kapoor, I'm an Independent Director on the Board of Tata Steel Limited. I am participating in this AGM through videoconference from Mumbai. I'm the Chairperson of the Audit Committee and the Corporate Social Responsibility and Sustainability Committee.
I'm also member of the Nomination and Remuneration Committee and the Stakeholders Relationship Committee of the Board. I also serve as the Chairperson of Tata Steel Minerals Canada and as Independent Director on the Board of Tata Steel Europe. Thank you.
Mr. V.K. Sharma?
Good afternoon, shareholders. My name is Vijay Kumar Sharma. I'm an Independent Director on the Board of Tata Steel Limited. I'm attending this AGM from my residence in Delhi through video conference. I am Chairperson of the Nomination and Remuneration Committee and member of the Safety, Health and Environment Committee of the Board. Thank you.
Ms. Farida Khambata.
Good afternoon, shareholders. I'm Farida Khambata, and I'm an Independent Director on the Board of Tata Steel. I'm participating in this AGM through video conference from Mumbai. I am the Chairperson of the Risk Management Committee and a member of the Audit Committee of the Board. Thank you.
Ms. Bharti Gupta Ramola?
Good afternoon, shareholders. I'm Bharti Gupta Ramola. I'm participating in this meeting of the AGM of Tata Steel from my residence in Gurgaon. I am the Chair of the Stakeholder Committee of the company and also a member of the Audit, Safety, Health and Environment Committee.
Dr. Shekhar Mande?
Good afternoon, shareholders. My name is Shekhar Mande. I'm an independent director on the Board of Tata Steel Limited. I am participating in this AGM through video conferencing from my residence in Pune. I am a member of the Corporate Social Responsibility and Sustainability Committee of the Board. Thank you.
Mr. Saurabh Agrawal?
Good afternoon, shareholders. My name is Saurabh Agrawal. I'm a Non-Executive Director on the Board of Tata Steel Limited. I'm participating in this AGM through video conferencing from Mumbai. I'm a member of the Audit Committee and the Risk Management Committee of the Board. Thank you.
Thank you, all directors. With me here present are Mr. T.V. Narendran, CEO and Managing Director; and Mr. Koushik Chatterjee, CFO and Executive Director. I also have with me Mr. Parvatheesam Kanchinadham, Company Secretary and Chief Legal Officer.
Now I would like to welcome the company's Union representative to the AGM. We value their enormous contribution in maintaining industry harmony at Tata Steel and also thank them for their continued support to the management. We have with us Mr. Sanjeev Kumar Choudhary, President, Tata Workers Union Jamshedpur; Mr. Kumar Jaimangal, President; Rashtriya Coal Mazdoor Sangh, an Indian National Metal Workers Federation; Mr. Rakeshwar Pandey, President, Tisco Mazdoor Union Growth Shop;and President, Komori Tinplate Workers' Union, Tinplate division; Mr. Prajwal, President, Tata Employees Union Kolkata; Mr. Rabindra Kumar Jamuda President, Tata Steel Kalinganagar Workers Union; Mr. B.K. Dinda, President, Tata Kamgar Union, Tata Steel Gamharia. And we also have with us Ms. Cinta Groos, Chairperson of the Central Workers' Council, Tata Steel Nevares; and Mr. Roy Rickhuss, Chair of the U.K. Steel Committee. Mr. Vivek Subramanian and Mr. Pinaki Chowdhury, representatives of the Pricewaterhouse and company chartered accountants LLP, statutory auditors of the company; Mr. Parker Sartin, representing Parthasarathi Banerjee and Shome & Banerjee Cost Auditors of the company; and Mr. , P. N. Parikh, representing Parikh and Associates, Secretarial Auditors of the company, are also attending the meeting.
The Annual General Meeting is being held through audiovisual means. This format is in compliance with the directions of the Ministry of Corporate Affairs, Government of India as well as the SEBI. A live streaming of this meeting is also being made available through the website of NSDL. The company has taken requisite steps to enable shareholders to participate and vote on the items being considered at this Annual General Meeting.
The company has received 9 letters, along with Board resolutions from the corporate shareholders appointing and authorizing representatives under Section 113 of the Companies Act 2013, in respect of 413,19,10,850 fully paid up shares representing 33.1% of the total voting capital. Since the physical attendance of the shareholders is dispensed with, the requirement of appointing proxies is not applicable. The registers, as required under the Companies Act 2013, per documents as mentioned in the notice convening this meeting, are open for inspection in electronic mode. Should you wish to inspect, please message or write to the Company Secretary on the e-mail address mentioned in the notice convening this meeting.
Shareholders who have not cast their vote earlier through the remote e-voting can do so at any time during the course of the meeting through the remote e-voting facility. Now I would like to share a few on the performance of the company and what is ahead.
Despite the events that we have gone through in the past 4, 5 years, be it since the pandemic or the economic instability, rising inflation and geopolitical situation, military conflicts, et cetera, the global economic cycle has a positive outlook with the global growth improving steadily under this inflation underway. The baseline forecast for the world economy is to continue to grow at around 3.2% during the current calendar year 2024 and the next year 2025. The U.S. economy is expected to grow in 2024 at 2.6%. However, compared to the U.S., the Euro area and U.K. is likely a slower pace of less than 1% each.
India continues to be a very strong market after a very strong growth of 8.2% GDP in the last fiscal '23, '24. The country is expected to go in excess of 7% for 2024, 2025. Now coming specifically to the Steel industry performance during the fiscal 2024, the year gone by. While the demand remained steady, backed by strong infrastructure projects and recovering economies, the steel industry faced supply chain disruptions, which resulted in pressure on steel prices, rising input costs and regulatory costs. However, India appears to be an exception in the global steel market, primarily owing to the robust government spending, resurgence in private sector investments and very strong consumption.
India steel production grew by about 13% to approximately 144 metric tonnes in the fiscal year '23, '24. And we expect this trend to continue with the domestic steel demand remaining buoyant in the current fiscal year '24, '25 and the subsequent years to follow. All of this is due to a heavy investment in infrastructure development, an increasing level of urbanization and the government's continued policy support.
Coming to the performance of the company now, let me look at the standalone performance and the consolidated performance separately. At the standalone level, the revenues stood at INR 140,987 crores, further INR 1,40,987 crores as compared to INR 1,42,932 crores the previous fiscal, a slight drop. The standalone EBITDA for the year was at INR 31,004 crores, and the profit after tax was INR 4,807 crores. The profit after tax was lower compared to the previous year significantly, primarily on account of an impairment charge of INR 12,560 crores taken in the standalone financial statements on account of the restructuring of the U.K. operations.
While on a standalone basis, the company performed reasonably well. The financial performance of the company on a consolidated basis was impacted primarily by the weaker sales realizations and elevated raw material costs, sharp fall in volumes at our products in Netherlands due to blast furnace relining and high cost of operations on the back of declining reliability and productivity at the end of life, heavy-end assets in the Tata Steel U.K.
During the fiscal year, the company's consolidated revenues stood at INR 2,29,171 crores, which was lower by close to INR 14,000 crores to the previous years of consolidated revenue of INR 2,42,353 crores. The consolidated EBITDA of the company was INR 23,402 crores, while the consolidated bottom line was a net loss of INR 4,901 crores.
For the financial year ended March 31, 2024, the Board of Directors have recommended a dividend of INR 3.60 per equity share. Now looking into the future, the company is continuing to invest in capacity as well as transformation towards new steelmaking to reduce decarbonization.
In India, the company's Kalinganagar Phase 2 expansion is swiftly in progress. We look forward to the commissioning of the second blast furnace at Kalinganagar, which is expected to take place during the second quarter of this fiscal year probably in September 2024. This expansion will take the overall production capacity of hot metal to 8 million tonnes per annum at the Tata Steel Kalinganagar site, thereby expanding the flat product portfolio of the company.
We are also looking to increase the Tata Steel Kalinganagar's capacity further with the third phase by adding additional 5 million tonnes to go from the 7 million tonnes capacity to 13 million tonnes per annum capacity in the future. And NINL, which was acquired by the company, is very much part of the Kalinganagar ecosystem and it is strategically positioned to grow in the future. NINL has already ramped up its rated capacity during the fiscal 2024. We plan to begin the engineering work towards first expansion of NINL, which is at currently 1 million tonnes to increase it to 5.5 million tonnes over the next coming years.
In the Long Products segment, 0.75 million tonnes per annum scrap-based low-carbon electric arc furnace plant in Ludhiana, is also expected to be commissioned early in 2026 and will expand the long product portfolio of the company. As you are aware, the company has successfully completed the consolidation of 6 strategic business entities in India and expect to complete the consolidation of 2 more entities during this year. This consolidation marks a pivotal step towards fortifying our value-added segments by leveraging our marketing and sales network across product lines.
We are also now looking to enhance our downstream capabilities and related businesses. Coming to overseas, we have had an important year in the U.K. We have adopted a clear strategy to transition to a sustainable and profitable future by exiting the existing end-of-life heavy-end assets, both for decarbonization -- both from a decarbonization perspective and more importantly also from a safety perspective. This will eliminate our losses. The coke events in Port Talbot closed on March 2024, and 1 of the 2 blast furnaces closed early this month. To mitigate the impact of the announced restructuring, generous voluntary redundancy program has been developed and is being offered to the impacted employees in the U.K.
In September 2023, the company announced the proposal to invest GBP 1.2 billion in a new electric arc furnace to be commissioned in 2027 at Port Talbot, GBP 500 million of which will be a grant by the U.K. government. The EIF project reduced the carbon emissions by 5 million tonnes per annum, and will also ensure continuity of steelmaking in Port Talbot and preserve the majority of the jobs, although there will be job losses. The company will maintain the full capacity of around 3.2 million tonnes even in the new technology.
Until this transition is complete, we need to protect the operation of the downstream assets on rolling mills in Tata Steel U.K. and they will be fed with imported slabs and coils, ensuring steady supplies for the production of downstream products and also supplies to our customers.
Coming to Netherlands, that is in discussions with the Dutch government for financial and policy level support on a major decarbonization plan to replace 1 of the 2 blast furnaces. As we embark on this transformation journey, the management team we'll continue to focus on research and innovation initiatives and leverage technology and advancement in manufacturing to enhance the company's competitive position and maintain its market leadership. The company recognizes that this transformation is difficult from an execution perspective and also difficult for some of the employees who will not have a future with the Tata Steel, especially in the U.K.
The company is working with the government and with the unions to make sure that we do sufficient amount of investment to be able to support them in their skill development so that they can have a better future.
To conclude, I would like to say Tata Steel is on a major expansion and transformation journey. The India capacity will not only be going up in Kalinganagar, but also will go up due to the electric arc furnace this year and also additional expansion that will happen in the next phase of Kalinganagar as well as NINL. And we are also trying to see how to leverage the investment we have done in R&D in Netherlands, in HIsarna, to be able to reduce the carbon emission. And the transformation with U.K. will be very significant because we have to build out a new plant to have the capacity that will be required to our customers in the U.K. and other closer geographies. And I want to thank all the Board of Directors who have been very closely working with the management in evolving the strategy and I want to work with all the employees during this transformation journey.
And more importantly, I want to thank all the unions for their support in India and especially in the U.K. during this transformation phase. Thank you all very much. With those words, I would like to state that the notice for the meeting has already been circled to our shareholders. So I take the notice convening this meeting as read by the shareholders.
And I would like to say that there are no observation, qualification, adverse remarks or comment by the statutory auditors in their report on the financial statements for the year ending March 31, 2024. So I take the auditor's report as read. Now before we proceed to take the observations from shareholders, I'm going to request Mr. T.V. Narendran to make a presentation.
Thank you. Thank you, Chairman. Good afternoon, shareholders. In a competitive global landscape, Tata Steel recognizes the need for constant evolution and is driven by a clear vision to create sustainable value. FY '24 has been a year of progress towards the stated goal.
We have achieved the highest ever annual crude steel production in India of around 21 million tonnes and are progressing with respect to the portfolio shift towards this high-growth market. Presently, as the Chairman mentioned, we are in the midst of commissioning of the Phase II in Kalinganagar.
In the U.K., we have proposed a transition plan to sustainable business in September last year. And since then, we have made steady progress in discussions with all the stakeholders. We have also successfully completed the merger of 3 listed and 4 unlisted subsidiaries in India.
On safety and health, it remains our top priority, and we are committed to zero harm. Our lost time frequency rate has come down significantly over the last 1.5 decades, and we remain steadfast in our endeavors to further improve. Needless to say, as we've acquired new assets, we've also had to work with some of them to really bring the culture to the standards that we want Tata Steel to have. Our initiatives extend not just to our employees and workers, but also to our value chain partners who enter our sites. And we are focused on leveraging technology and even on areas like wellness, we've done a lot of work to help our employees.
In terms of CSR, we believe that true success is measured not just by the bottom line, but also by the positive impact we create in the communities we operate in. And during the year, our programs impacted the lives of more than 4 million people from vulnerable sections of society while enabling steady progress on the prioritized UN SDGs.
Sustainability is at the core of our strategy, and we are committed to net 0 by 2045. The root and pace of decarbonization will be calibrated across geographies based on local regulation, government support and market demand, among other factors. In India, we have multiple initiatives underway, ranging from process improvement to carbon direct avoidance, carbon capture and utilization in a bit to reduce emissions over time. our decarbonization plan involves transition to scrap-based electric arc furnace. And in Netherlands, we are looking at DRI, direct-reduced iron and EAF-based steel making in the Phase 1 of our transition.
India remains a structurally high-growth market, and we have been scaling up our steelmaking capacity to retain and/or attain leadership across chosen segments. We have an adequate land bank across our multiple sites now to increase our capacity to 40 million tonnes and beyond. And presently, work is underway at Kalinganagar, Ludhiana and select downstream locations.
On the 5 million tonne expansion at Kalinganagar, we share that the commissioning activities are continuing in a phased manner. And out of the 4 stoves, 3 have already been let and heating of 1 of the co-covenant batteries has also started. And hence, we are progressing well towards a blast furnace start-up in September '24.
Separately, the 6 million tonne pellet plant and the coal rolling mill, which we commissioned last year, have ramped up during the last financial year and have aided our performance. And apart from the capacity growth of 40 million tonnes in India, we are also focused on value-added growth in the downstream businesses to enable product mix enrichment. And our tubes business, wires business, tinplate business and the ductile iron pipe business have plans to scale up in the near to medium term.
Tata Steel is also the forefront of technological transformation through integration of artificial intelligence and Industry 4.0 technologies. AI solutions aid operators in better process control and predictive models assess the remaining useful life of assets, preventing unplanned downtime by preempting equipment failures. At the same time, the adoption of Industry 4.0 technologies is creating hyperpersonalized experiences for customers and stakeholders. AASHIYANA our e-commerce platform for homebuilding segment has witnessed a 20% transaction time critics-based insights simplify the consumer's purchase journey. And we have established an integrated remote operation center to enhance synergies within individual plant operations and reduce the physical footprint at the hazardous shop floor locations.
Tata Steel is one of the lowest cost producers of steel in the world, and we remain focused on consolidating this position via a range of initiatives. For instance, recently commissioned 6 million tonne pellet plant has significantly reduced our dependence on external purchases while positively impacting productivity. We continue to focus on financial management, encompassing the balance sheet, capital allocation and operational excellence to enable returns across the cycle. And I'm happy to share that our market capitalization crossed INR 2 lakh crores for the first time on 1st of April 2024.
As far as the financial highlights of FY '24 are concerned, our crude steel production was around 30 million tonnes, while deliveries were around 29 million tonnes. Revenues were broadly stable at INR 2.3 lakh crores or 27 -- approximately $27 billion. Our EBITDA stood at INR 23,402 crores, which translates to a margin of 10% and an EBITDA per tonne of about INR 8,000. Dividend of INR 3.6 per share is placed for the shareholders' approval.
Before I close, a future-ready culture is key to our long-term success and specific steps are underway to improve the agility and innovation mindset in the organization. We initiated a women at mines initiative to provide technical training to unskilled women workers and enable them to work in core jobs in our mines. By doing so, we became the first Indian company to deploy women in all ships and mines as well as the first Indian company to integrate transgenders into mining operations. And these focused initiatives have also helped us achieve a 19% diversity mix at our India operations.
On this slide, we have some milestones we are proud of. We continue to lead the way in sustainable steelmaking with Jamshedpur, Kalinganagar and the Meramandali plants receiving the responsible steel certification. Tata Steel is only Indian steel company, which is rated investment grade by both international and domestic credit rating agencies and a well-established retail brand, Tata Tiscon cross $2 million mark on an annual basis on sales, and we have 2 million tonnes. And we have also witnessed broad-based improvement in volumes across market segments.
I'm happy to share that some of your company's initiatives and performance are well received and recognized and some of the prestigious awards and accolades received are mentioned on the slide. Thank you very much. Over to you.
Now I would like to invite comments from the speaker shareholders. We have a very large number of shareholders who have expressed their interest to speak today, almost 70 speakers. So I would request each of our shareholders to be brief and not repetitive and try and keep their comments only to the specific issues or observations or comments for the fiscal year 2023, 2024 performance.
And I will be responding to the questions at the end of 20 shareholder speakers, and post which any speakers who are speaking, please refrain from asking questions which have already been addressed. I would like to start with Dr. Arun Kumar Boppana.
Hello.
Yes, Arun?
Good afternoon, everybody. Thanks to PK and team presenting the annual report. Such a huge one. Sir, I opened the annual report, I saw 3 of you, you kept your hands close to the chest and heart. In body language, this is defensiveness. I don't know why you're defensive with such large supporters for you. I always keep Tata Steel close to my heart. I hope to see smile on your face and the colleagues on your next election right. And compliments for helping 9,000 farmers within increased income and Masti Ki Pathshala to improve the lives of children and I congratulate, as you say, we also make steel. I hope you will excel further into shares.
There's 2 questions. Who is the author to introduce transgender into mining for the first time in the world? And what were the challenges and how is the progress? And who is the author of continuous injecting of large quantity of oxygen in the blast furnace for the first time globally. Kudos and hats off to him.
Lastly, sir, Tata Steel Kalinganagar has made Odisha, #2 to Maharashtra investments, resulting in transformation of Odisha. Tata Steel is unique in working for equity and equality for all stakeholders for equal outcome. And I'm very proud, sir, Tata Steel has given 3 CMs to India and maybe many MPs and 2 chairmans to Tata Group. And Tata Steel, cost of production will be lost. And I hope my speech is the shortest in AGM of Tata Steel. I wish you all the best, sir. And I missed the pre-AGM and I see Koushik and Naren are like Ram and Lakshman to us with P.K. as Hanuman. We miss all that sir, I'm 74 now Time is running out for me. Thank you very much. I wish you all the best, and I happy seeing your smiling, sir.
Mr. Bimal Sarkar?
[Foreign Language]
Tamal Majumder. You're on mute.
Mr. Majumder seems to be facing technical issues.
Okay. Dr. Dharav Jamadar?
Greetings of the day to respected Chairman and all the Board members of my company. I'm Dr. Dharav Jamadar from Surat. First of all, I would like to congratulate my company are performing tremendously well in this type of environment, wherein many companies are facing macro headwinds and are performing badly.
So first of all, some of my questions, which I would request you to answer are, sir, recent weak industrial data of China and weak economic scenario of Europe, along with political turnover in U.K. What view should we have for our international business in the current scenario? Furthermore If things doesn't turn out favorable, can we expect some more amount or number of changes in the credit rating agency similar to the one we had last week?
Second, with respect to capacity expansion, can you please elucidate what amount of CapEx can we expect in this fiscal year for both domestic as international business? And what would be the capital structure in this process because we are targeting to double our capacity by 2030? Furthermore, will it hinder our plans of reducing the debt levels in our balance sheet? As industry we are operating is quite cyclical in nature. What are your views on which phase are we in currently and how well are we preparing ourselves of bracing smoothly through all the macro headwinds prevailing and access operating in the economy right now?
Additionally, can we expect a further new impairment charge this year too, which we had in the last fiscal year? Last, what new sustainability measures is our company going to take in this fiscal year and how will it help in decarbonizing the whole manufacturing process? Furthermore, how will going green help us in improving our financials. Thank you, sir for providing this opportunity?
Vinod Agrawal?
My question is very similar to Dharav. It is -- we've got a debt of INR 80,000 crores plus were consolidated and INR 77,000 crores net debt. So now we are going to make [ INR 1.25 billion ] investment in a U.K. for steel plant then by 2027 for 3 million tonnes electric arc furnace. So how are you going to finance that? Will it be for more debt because debt is already there? And will it be financial debt? And how much would it be through internal accrual? And the rest is good. You've got a lot of R&D expenditure, you got patents and all. I have read the annual report. But I like to be brief. I don't want to go into each and every page, Thank you sir.
Mr. [ Vishvender Kundu ]? Okay. I move on to the next shareholder, Manoj Kumar Gupta?
Hello, sir, can you hear me?
Yes, I can hear you.
Good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I'm an equity shareholder of Tata Steel Limited. First of all, I thank you and your team for the excellent results of the company for the year ended '23, '24. Sir, this is the first AGM after the merge of 5 companies, and we shareholders feel proud of all companies that we will get good return after the merger. And we are getting a good dividend INR 3.60 and we will get a handsome dividend this year. And thanks to our beloved MD, Mr. Narendran and his team, the entire team of management for the excellent result.
Sir, my question is that what will be your next target to make the Tata Steel more strong and what's your plan for the Tata Steel Global business? There is every day news in the papers about the U.K. business. So what's your view in that regard, sir? And what -- have you any planned further to acquire or greenfield project or brownfield project in the next 2 years, sir? And I thanks to the company's secondary and his team for the excellent services to the shareholders to help us to join this meeting through VC.
Even that today, I've got 4 calls to join this meeting, sir. So such type of services should be there and convey our best wishes to our beloved Chairman Emeritus Shri Ratan Tata saheb for his healthy and prosperous safe long life, sir. And sir, you have merged the two Calcutta-based company, Tinplate and Tata Metaliks. So what's your plan for Calcutta, sir. Have you any plans to shift 1 or 2 registered office in Calcutta? Have you only plan to shift 1 or 2 registered office in Calcutta because you have merged two Calcutta-based companies in Tata Steel.
We have strongly support to hope that a company will be more strong and all employees will be benefited. So what's your plan for Calcutta, sir. I've already asked in another AGM that these politicians may come or go, but Tata Group will be there forever. So kindly think about that we can meet you physically if you come to Calcutta, sir. And I always pray to God for your healthy and prosperous safe long life because you have turned down the entire growth and scenario. So I pray to God to give you more success. Thank you, sir.
[ Mr. Tamal Majumdar ], Mr. Majumdar? Okay. Next speaker, Pooja Narang. Pooja Narang? Next speaker shareholder, Kaushik [ Shahukar ].
Respected sir and distinguished guests, good afternoon to all. I hope I am audible, sir?
Yes, you are.
It is an honor to stand before the esteemed gathering today. I extend my heartfelt gratitude to the Board for granting me opportunity to be a part of the important event. I can imagine the Chairman might -- what Chairman might feel a bit frustrated when our name was announced, perhaps whispering, not again. However, as a shareholder in your company, we are here to stay, whether you like it or not.
My concern are how is company addressing the debt issue. Recently I studied a report by Prabhudas Lilladher raising concern that company will miss its target to reduce debt by $1 billion for fiscal year '23-'24 by a significant margin. Will you please provide insights into the debt management plan the company intends to adopt. By when can we expect to see our company free from debt trap? Is there a market benefiting from the surge in demand in realty market? Could you please provide a breakdown of revenue in percentage terms from the realty sector?
I feel the company has been reluctant to support individual in need in crucial times. I have personally support from company for several years, but my request seem to be ignored. I was previously supported by Tata Steel, but upon the completion of employees tenure, my work also hurted. Will you please look into the matter and consider resuming our association as before?
I once again urge our company to support me with certification audit including Form 15CB. I'm hopeful that my plea will be considered and justice will be done.
Finally, I believe that the savings from conducting meeting in virtual mode should be utilized for the benefit of the speaker shareholders. You might consider organizing small get-together on site visit or even distributing sweets during festival. Thank you for your time and consideration. Thank you, sir.
Thank you. Mr. Tamal Majumdar. Tamal, we are not able to hear you. You appear on the screen, but we can't hear you. Sorry, we can't hear you. Seems to be something wrong. Mr. Yashpal Chopra?
Yes. Am I audible now?
Yes, sir.
Myself, Yashpal Chopra, calling from Delhi. I am a shareholder of the company since 1980 when the face value of the share was INR 100. At that time, I had bought 20 shares only. And now my holding is more than 11,000, 11,500 shares. I'm a ardent -- I am a loyal shareholder of all the Tata Group companies, not only Tata Steel, I have got all the companies in my portfolio. And sir -- and I'm very much proud of the management, the dynamic decisions and strategies you have taken this year, this strategy of reorientation and consolidation of the companies, this is an excellent strategy. And that shows that the vision of 117 years ago, which was taken up by Mr. Jamshed Ji, that has been repeated. Now the size of our company is going to stand from Magna to Magnum's highs. So this is a very big thing. So I'm very much proud of that.
As regard to the performance, I know that the performance is a little bit affected. But for that, we have got a reason with the first that we have spent a very big amount as impairment charges and INR 12,000 -- more than I think INR 12,560 crores per annum. So this is a very big amount. And then the policy of the Chinese government, export policy that has also impacted our sale, but no problem, sir, because our company is on a path of excellence and the industrial climate under our peer, that is very much congenial and the timing and the future of our company is excellent because now we are adding some more furnace units, projects, one is at, you yourself have said, one is at Ludhiana and the other is at Kalinganagar. So this will definitely add to all that. So I'm very much proud of the dynamic management team, you are holding it sir. But I have got something food for thought for the management.
The first thing is that why Tata Group as a whole, is very much conservative in case of awarding bonus to our shareholders. The other day, where as I wanted to speak in the Voltas meeting, where I was holding the share since 1995 at the time of IPO and at that time, the capital was INR 33 crores and now the reserve against that is more than 2,000 -- more than 2,000 times. And still, the company has never given any kind of -- they have never had any kind of corporate action, never have given any bonus, any right, anything like that.
So sir, that is not only with Voltas, even with other companies like Indian Hotel and other hotels, you see why you are shy of coming out with a liberal bonus. After all, we are the partners of the company. We are the investors of the company. We are a member of your family. So you should -- must think on that thing.
The second thing is that I have -- I must be thankful to the corporate governance under our CFO and our Mr. P K for sending me that -- our balance sheet, copy of annual report, that is just like a big Bhagwad Geeta. So that is containing all that. But I'm sorry to say that as regards the directors of the company, only 2 women are there out of 8 directors. And as regard the executives of the company, only 2 women are there out of the 23 executives.
I do not understand that why do you not want to complement the dreams of our Prime Minister, who wants the women to be just on the front side, just to come forward. So please just look into that matter sir. And these are the -- mainly these are the 2 queries. And as regard the corporate governance, I will say, that is excellent, they are very much responsive because even today, I have just sent a mail because I had got some problem with this ITR as regard the dividend and all that. And within a few minutes I can call it, I just got a apply. So this is a very good thing. I am very much proud of the management over there.
And I remember that the culture of our Tata Group is excellent as regards the management and handling of the company, and our investment is growing day in, day out. So before I wind up, I pay God for the positivity for the entire team, our Chairman, our MD and the dynamic team we are having here because their positivity will give us more actions like this reorientation and consolidation you have done for the 7 companies, you have just consolidated and made our company from a Magna to magnum size, so this is a very big thing.
And definitely, the products which are -- will be coming out of that, those will be consumed in our country because our PM is very much having a solid dream of solidifying infrastructure of the country. And your company, is just contributing a lot, that is our steel plants are just bone for the industrial structure of our country. So we are very, very proud of that. Before I close, I pray God for the positivity, and thank you. Thank you very much for giving me a chance to speak. Best of luck to you and thank you.
Mr. [ Gundluru ] ?
Thank you, sir. Mr. Chairman, [ Natarajan Chandrasekaran ] sir, and all the -- Thachat Narendran Sir, MD; Kaushik Chatterjee Ji, and my company secretary Parvatheesam and all other nonexecutive Directors, Independent Directors. Good evening and namaste sir. My name is Reddeppa Gundluru from Hyderabad. Sir, as a shareholder, I'm very happy about the company performance of last financial year. [Technical Difficulty] MD sir and you have given very wonderful speech. [Technical Difficulty] It was excellent, sir. Sir, I found as I requested for the physical annual report, I received well in advance from the company secretary department.
After receiving the annual report, I have gone through every page. There was a wonderful information, colorful photographs, everything is there. And also I found there is a wonderful corporate governance, like transparency of governance. It was, I can say it was a world class. Ethically, good manner, accountability is there, transparency of accounts, integrity is there. Thus there is a special kudos to all the annual -- sorry, annual report preparation Department and Head of the Department, special kudos to them.
Sir, this and also the CSR also very wonderful, you are doing, sir, and keep it up, sir. Financials you are strong, sir, and thank you for a wonderful dividend, continuously you've doing, sir. Congratulations for the wonderful awards also.
Here my question is, Mr. Chairman. What is your vision? And also second question is sales growth, sir. I'm talking about CAGR, a little bit, I am not satisfied with the CAGR growth. So what is your steps or any strategy to increase the CAGR growth, sales growth. Please comment, sir. Apart from this, I don't have any financial query specifically.
So I'm very much happy about our company progress. I have already supported all the resolutions, I have done with e-votes. Thank you for the Company Secretary for wonderful corporate guidance and also your -- the way you have accorded the shareholder is very unique, Mr. PK, special appreciation to you. And your team also, very wonderful, they are updating me everyday.
So if there are any queries also always available all the team. You're also doing the speaker numbers one-by-one so Whatsapp, we are following is a unique thing, and everybody is not doing this. That is the reason our company is unique, Tata Group. Thank you.
Sir, Chairman sir, last year, I requested for this plant visit, sir. So please take some decision, because we are waiting for the plant visit from Hyderabad financial adviser, I would like to -- I mean waiting, interested, sir. So that is the reason, please approve and also arrange for company visit.
Thank you, sir. Santosh Kumar Saraf?
[Foreign Language]
Thank you, sir. Ashok Subramaniam?
So my longstanding wish of plant visit was accomplished. Thanks to Kanchinadham and his team and sincere appreciation for the same. And I was subjected to a group safety protocol there. So I really enjoyed that being a safety professional, I hope it's extended to all the visitors. And happy to note that we are committed to 0 harm. And that so is achieved in as reported by Mr. Narendran in his presentation that LTI frequency is on a downtrend.
But however, there are a couple of concerns in that aspect. That number of fatalities in workmen categories are still a concern, though it is on a downturn. And high consequences reporting is also on a concern. A number of compliance, as reported in Page #191 of annual report, number of compliance with respect to health and safety and working conditions in the last 2 years combined together, it is around 160 and 60 each under each category. Now I hope there is an in-depth analysis that would have been done on the type, nature and location-specific complaints. And they should have been disseminated to all the plants. And I'm putting this point across in the context of the merger of other companies into this Tata Steel hold.
So it's -- this is a point in which we can look at it. So during the thing, I also feel that we're referring to Page 190, there's no your [ PPE ]. I think there is a good scope for creating much awareness on this as evidenced by me. And also, there is a specification on the use of [ PPE ] can also be strengthened among the employees.
And in the annual report, I'm also happy to see that there is a hydrogen injection into e-blast furnace pilot was done in April 2023, but there can be some kind of way forward can be explained on that.
Now as an end user, I have an experience with Durashine. So in general, I find that there is not an automatic choice is not among the public to go for Durashine, maybe because of its prominence, it is not there or because of the visibility. So everybody goes for Jindal, so that gives me a concern as a shareholder. So I was very adamant to go for this. So I have to meet the concerned person. So PK helped me for that in that process, I went for it. And also, I enjoyed the Tata Bluescope picture in [Foreign Language]. So in that probably maybe we can look at that all our employees and all of our stakeholders to have a first choice of this thing. Whenever we have a thing, there can be a specific mail format or there can be a call center, where which we can reach them for further details. With this, I take this opportunity to thank one and all for opportunity and wishing the management and all the employees and everybody a safe time ahead. Thank you very much.
Mr. Ashit Kumar Pathak?
Good afternoon, respected Chairman, MD, Board of Directors, Company Secretary, fellow members joining 170 billion Tata Steel Limited. My name Ashit Kumar Pathak joining from Dum Dum, Kolkata. At first, my esteemed gratitude to our company secretary, Mr. PK and secretarial team for sending me the hard copy of annual report very well in advance and allowing me to speak and excellent your opening remarks and also respected MD. Sir, I have some brief views which I like to cover in 3 minutes. Our production also mentioned 2.28% higher, delivery is also 5.60% higher. And EBITDA is also 7.83% higher. Then why is the PAT drastically fell down 67.26%? What is the key reason behind it, if possible throw some highlights. Next, throw your view, how we cover the impairment charge you mentioned, INR 12,560 crores in respect to U.K. operation. And your view and throw your view, U.K. business faced same challenges past of financial year '25 as per media's report.
Please throw some of your views and also Tata Steel expresses concern of U.K. media reports on policy difference between U.K. government and the opposition transformation plan. If possible throw some highlights about this, also stock price impacted by the news, with down cost could affect U.K. operation and GBP 50 million which was on account carbon credit.
If possible throw some highlights, what positive step we have taken in Netherland operation, mostly environmental, health concern, emission, decarbonization plans, operational high cost and tech upgradation and sustainability efforts. Also dutch government support green transition plan also. And are we any facing challenges in Thailand operation, if possible, throw some highlights?
Any new subsidiaries in amalgamation pipelines, if possible throw some highlights. Mr. Saraf also mentioned what plan about TRF amalgamation where management team initially plan to do so, if possible, throw some highlights. And any further acquisition plans in international steel companies, if possible, throw some highlights, present our domestic market share, other than recognized steelmaking players and present capacity of [indiscernible] of our 2 integrated steel plants, TSJ and TSK and other nonintegrated steel plants.
India government working on PLI 2.0 to enhance adequate raw material supply, focus promotion use of scrap, where we recycled scrap only 8%. What plan we are seeing and government boost use of AI, new-age tech boost steel output, reducing carbon emission. What possible step we are taking in this?
Also in a media report, India Steel Association anticipated that domestic steel requirement will reach 128.9 MT in financial year 2027. Our CapEx plan, if possible, throw some highlights. And sir, what is our debt reduction plan? I noticed our gross debt increased to INR 87,082 crores and net debt INR 77,550 crores, mention capital allocation for our growth and volatility of earnings, if possible, our debt reduction policy. Also, cost optimization, other expenses, INR 45,661 crores stand-alone basis, and finance costs also higher than previous year, 16% higher than previous year.
Sir, any plan to enhance our charging station or recycling plants; if possible, throw some highlights and regarding finally, regarding export, our stand-alone mentioned INR 8,749.44 crores against INR 13,296.69 crores previous year. But sir, I noticed in media report '23-'24 finished steel export 7.5 million metric tonnes increased 11.5% than previous year. What strategies we've taken for steel exports? Our government is also very supporting for steel exports.
Now nothing to say more, I pray to God for your good health and prosperity of my company by your leadership. Thanking you, sir.
Mr. Mukesh Ajmera?
Namaskaaram and Namaste to all, it is a delight to see Mr. Koushik Chatterjee with whom I had spoken last year at Tinplate and also Mr. Koushik Seal, who has been a very nice company Secretary. As much as Mr. PK is, whom I have come to know only for the last couple of days. We have been a Tata Steel and Tata Plate customers for almost 40-plus years from 1960s as we had an engineering manufacturing unit many years ago in Chennai.
I would like to thank Mr. Kaushik Seal for the help he has rendered in enabling my paltry 35 shares of Tata in Tinplate, which took me 8 to 9 years in my name only, but the original certificates were destroyed by termites for which I was being asked to lodge an FIR with the police, which didn't make human sense because only human beings have sixth sense of reasoning and logic when it comes to out of 84 lakh variety of species or live species on earth.
That also leads to Mr. Chandrasekaran. You are a very renowned person in India, in corporate India, you also meet the Prime Minister and you are in various teams. This is some kind of a request I would like to make on behalf of, I would say, lakhs and crores of people who have been losing their own wealth, as you might be aware, about INR 6 lakh crores of claimable and unclaimed money is locked in multiple assets in India. And that is in shares, mutual funds, dividends and while I'm alive, it took me 8, 9 years, 3 times I had to submit [indiscernible] and 2, 3 times to link in time to get my 35 shares transferred in my own name.
And there are people who have -- and I have another problem with a large south-based company, where 25 years since my mother passed away, my dear mother passed away, and I have not got shares from the company and primary reason for this is archived, redundant and most cumbersome, impractical laws, rules and regulations for transfer and transmission of all these assets.
What really bugs me and a lot of other people who are victims to all this is when Bharat can launch rockets, satellites to land on moon, is it a complex -- is it more complex than rocket science to discover the owners of all these assets? And my sincere request to you, Mr. Chandrasekaran is for 75 years, this is a very serious matter, which has been hidden under the carpet and large groups like ourself and M&M personalities like you can impress upon Prime Minister Modi to do something about it because so far, nobody had taken serious interest. And Prime Minister has already scrapped around 3,000 British era antiquated rules, acts and laws. And this is one of the major ones that has not yet been looked into.
I would very much appreciate if you can take some initiatives. As a victim myself and having done a lot of research, I have lots of insights. I can work with a lot of other people whom you may recommend or whom you may suggest, regulators, finance ministry. And if it goes to the Prime Minister, I'm 100% sure, this has to be done, and it will be done. So it's my sincere request if you can take personal interest in this, please.
One of the questions I had, a very small question I have is where does Tata Steel stand in terms of global ranking right now? And what are our plans to compete with the Chinese steel produced -- that is being produced because they have been the biggest international competitors for everybody. And we in India are close to them. So if we can have any insights into this, please. Thank you so much.
Mr. Gautam Tiwari?
Yes, sir, Gautam Tiwari is here.
Yes, please speak.
Yes, sir. Sir, start my video. Sir, you can see me also, sir.
Sorry, you have to be quick, please.
Yes, we are very quick.
Just 1 minute because there are so many meetings going on sir at the same time. Very quick I am, sir. Sir, first of all, a very, very good afternoon with our honorable dear Chairman, sir, you are very much to our heart, sir, you have after 5 companies of 5 mergers, you have turned around our Tata Steel.
[Foreign Language]
There are no words. Words are insufficient to speak about you, sir. Sir, good afternoon, myself Gautam Tiwari, as I said. All dignified directors and other directors also and to our team, Tata Steel, I wish good afternoon, good evening and very much happy about it. Sir, please convey our feelings to our Ratan Tata also. We always pray for his health, wealth and good health and sound health and his long happy joys like we really miss him very much. But the way you have taken the company to its road, we are very much proud of you, and we are very much happy with you. We use small things, sir.
[Foreign Language]
Just in order to appreciate understanding myself, a few things I would like to know, sir. Sir, compliments to our company secretary for the excellent and colorful annual report also and for his very good service, harmonious and daily share service throughout along with his team.
Sir, please elaborate if the company is involved in any shareholder suits? What is the nature of those suit, if at all? And if -- what is its probable effect on the other shareholders if at all there is one. Under the head Online Dispute Resolution portal, ODR portal, it was observed that company have provided the reference of the circular dated July 31 and December 20 '23. Has the company taken any steps to inform our shareholders.
Sir, if our company has taken out any G&O policy. And if at all it is taken out, what is the amount? Sir, how many concerns we have received or resolved under the Tata code of conduct.
Sir, what is the R&D expenditure of our company? And what are the major projects capitalized and they are in progress. Sir, please tell us about the debt equity ratio about the company. Please give details of borrowing, if at all, you can give around. Sir, what is the company's goodwill consolidation and capital reserve, please elaborate if you can give? And sir, have you -- the last -- have you received any notice from any regularity, sir, like any our regulatory authorities like BSE, NSE, MCX, MBS, SEBI and cetera. And was there any penalty that the company has paid.
Sir, rest all, what are the primary challenges that we are facing right now, please anticipate. Sir, rest all is very good. In fact, there is no need to answer right now. You can send me by e-mail also. And I'm very much proud of you, sir. I support all the appointments and the appointments of all our directors, I voted for all the resolutions and will be and we have got total trust in the management and our lifetime support is assured.
Sir, I wish and pray for your long, happy, healthy, wealthy, sound life, long life, healthy peaceful life to each and every member of the management along with you and each employee, executive officers in the way -- on the way of Tata Steel. We are proud of being with you, sir and with Tata Steel. Very proud moment we are experiencing. Thank you very much sir, from our side. Thank you.
Mr. Hiranand Kotwani.
Am I audible?
Yes you are audible sir.
That's a great pleasure, Mr. Chandra. I am Kotwani from Kalyan. Sir all is well. Nothing more to ask for. Certainly the tension in the mind regarding the foreign operations in Netherland.
[Foreign Language]
There is something is wrong. So we should represent them.
[Foreign Language]
Thank you. Good luck ahead.
Thank you, sir. Unmesh Kantilal Shah?
Sir, respected Chairman, Vice Chairman and distinguished Board of Directors, Good afternoon to all of you. Myself, Unmesh Shah from Mumbai. Thank you very much for giving the opportunity to be here to present before you. First, let me thank PK and his whole team throughout. He has been with us to see that with the good connection with you and we can present our views to you. Also, sir, thank you very much during the challenging this year, INR 3.6 dividend you have paid to all the shareholders. It's a very good gesture on your good part. I have all supported the resolution in the favor of the company.
My first question, you elaborated as far as U.K. is concerned because there are news coming to-and-fro from a lot of things. And again, the government has changed since the negotiation was done for proceeding towards the electric arc furnaces from the year-end line -- the life end, we are closing down these blast furnaces.
Sir, my point is labors are now -- as usual, there are difficulties with the labor for accepting the voluntary retirement about loss of 2,800. What is -- and we are very steadfast about whatever our plans are there. Can you elaborate now with the new government now labor is in place with the U.K., any changes or we will not be -- there will not be any change in whatever we have discussed earlier for GBP 500 million of support to us will continue. That is one question.
Second question, sir, in your speech, you said that also the company encountered delays in blast projects like [indiscernible] in blast furnace, 6 in Netherlands at Kalinganagar downstream, the insight gained from these delays will contribute to the smooth and timely execution on the ongoing projects.
Sir, I'm surprised, sir, we are more than a century year old companies, more than from the colonial time. Why there should be delayed even now or we have to find the reasons or we can get insights. We already should have insight by this time. That is my point. And how was the debt situation, how we further try to reduce it. That is another thing my question is.
And sir, lastly, last year also, I request you because now the virtual meetings are the reasons for the time and I'm from Mumbai and always earlier before 1 month, 1 week before AGM or all, there used to be a small physical meeting somewhere in the South Bombay. If that can be -- just request to you, it can be continued so that we can have at least a personal meeting with some small group of shareholders. I will request you to look into it if it is possible because that time we used to meet your top management. Thank you very much, thank you very much. And all the best wishes to all of you and the company. Thank you very much, sir.
Thank you, sir. Pranav Da?
Good afternoon. Have you seen me, sir?
Yes, I can see you.
Okay. First thing, I'm very much proud that I got a chance actually, ex-colleague, ex-Tata Steel man got a chance to tell something about our AGM meeting. And hats off to Mr. PK and his all team members, they are all time coordinating each and everybody and including me also to join the -- our Annual General Meeting. So I personally regards to CEO, CFO, EU and all board of Directors, my fellow shareholders and friends and colleagues.
Now I'm coming 1 by 1 question. That is the import steel from other countries. You know very well, we are enough producing on materials. And this is a very serious issue that other countries and they are selling our steel items very cheaper and ultimate we will suffer very badly. Last year, FY '23-'24, imported from other countries, 80,31,900 metric tonnes, has increased about 38% import materials. It is not only that we'll suffer the sale of our materials in our country, not only Tata Steel, these are all the main steel producers, including, SAIL, also they are suffering. We must take necessary action and discuss immediately with the industry minister as well as the Prime Minister of our country to stop this practice, otherwise, we may lose in the future also. We may produce the materials but we are unable to sell in the market. Second thing sir, I will tell you in the para 4, Page #184, that is the Tata Steel Employees Pension Scheme tips, LIC a brief description of this scheme for the employees of Tata Steel. Perhaps you know, when we have deterred actually, we got 1/3 of the pension amount and 2/3 rest lying with the LIC. In the end, not only that, we are getting very mere percentage of interest annually. Sir, kindly look after this case and the refund of all LIC line in -- LIC office line in Jamshedpur to ease the process, refunds can be directly disbursed to the bank account, in which we receive annually from the LIC office. I earnestly appeal to you, you please take up this matter because these -- all these 1,000 people we are suffering. Kindly sir. Chairman is the father of any organization. So please look after your TDs also, please. Second thing, sir, I will tell you, in case of these important materials, this is a safety. Perhaps, you never compromise. I know Mr. T.V. Narendran also, he will never compromise the safety matters. National Safety Day on 4th March, you are requested to conduct safety drives in our respective areas, godowns and factories, mines, collieries and all offices in whatever small or big way or raise awareness.
The team member would be distributing safety batches on the first day and maybe follow the entire week to mark the occasion. This is coming year, yes, we must that. Regarding the compromise of our price, perhaps in the Indian market, if any materials, say, about INR 50, INR 100 below price, if we can sell, the price brand of our all items so that we may be able to more capture the local market as well as the entire Indian market. So price vent should be there. This is my another personal appeal to you as a Chairman.
You know, nowadays that we are getting, first thing, I am very much grateful to our company's medical system. And really it is nice of the system. For that, I am living in this world and some of us are still living in this world. Now it is the Tata 1mg, our own concern. We are actually supplying the medicine, but we have to go and collect from the Tata center. It is not possible for all the time because of the health problem, health hazard all these things. So would you kindly tell them to send the medicines through courier, if necessary, will not actually burden to the company, INR 100 say courier charges will be given. And not only that, in case of our death, currently, the family members must submit the prescription at medical department, Tata Center, Kolkata. There are some family members who are not quite accustomed to using e-mail or submitting prescription. Moreover, they must travel and collect the medicine from medical department, Tata Center, Kolkata, which is, again, hectic journey due to health and age-related issue like me. Please take up this matter very shortly so that I shall be grateful to you.
Now I'm coming to Page #50, Tata Dureco. Yes, our Blast Furnace Slag, we make convert bricks in various sizes, the excellent idea about this equalization. Varies prices of this, maybe we may cover the market also. Page #50 Tata Dureco. Now about the CSR program, yes, hats off to our employees of this CSR program, FY '22-'23, 18,494 hours, but this year '23-'24, they have actually sacrificed for us, 67,799 hours. It is truly excellent job done by our own pupil. Hats off to them. So now I'm coming to another Page #222, item #3, number of consumer complaints in respect of the following that FY '22-'23, [indiscernible] practice 16 and pending cases nil FY '22-'23, two only these unclear cases pending cases nil.
Now the others, this is very alarming for us as a Tata man, I should tell. Others actually 19,258 cases are there, consumers, customers and pending at the end of the year, 1,117. Please take up who is the helm of the affairs because I have a good panacea. You can send and I will tell him how to cut down this thing. If they feel that I'm a small man in this world, yes, I am dreaming for the Tata always betterment from morning to night. This is the case.
Now Page #191, Item #30, number of complaints on the polling made by the employees and workers. FY '23-'24, 59 and pending case 11. FY '22-'23, only one, this working conditions, complaint and pending resolution 0. Health and safety is complaint by our colleagues, 81 and pending cases 3. So kindly take up this matter very seriously. Otherwise, next year also our budget we have to keep this thing, this annual book. Now the number of complaints during the year, there is a number of complaints pending, 160 page number. This is in '22-'23 number of complaints, 882 and pending 184. And this year, actually, FY '23-'24, 1,03,3125. My earnest appeal to you, sir, we have to minimize some of the complaints. Otherwise, we cannot be able to run very smoothly in our company because it will be that I am giving you a small slogan, keep our customers healthy and fine, tomorrow we will see better sunshine. If customers remain with Tatas, business is flourish like lotus. These two slogans must be there. I'm very happy and also that you have taken very good decision sometime, hats off to you.
New innovative ideas. Our competitors are taking innovative ideas and motivating the customer to capture more and more market. We must adapt new ideas and pay more attention and aggressive new marketing strategy as per the requirements of the local market as well as the international market, the region to sell our various products continuously. In future, actually, we have to take necessary action for these. So my earnest appeal to you, sir, these 2 cases, actually, Mr. Narendran is here, I know him from more than 30 years. I know you were about 80 years, and we are keeping very cordial and sweet relation, and I want to keep forever also like the relation. But please take up this Jamshedpur case, this LIC case, very sensitive. We are now facing a lot of actually financial crunch. You know, last 10 years I have retired. And I'm facing really, not only me, like that, actually 1,000, after people, ex colleagues, they are also facing similar problems. Please mitigate this issue as early as possible. Now I'm coming to the...
Mr. [indiscernible].
Last, not the least, last, please allow me sir. The manpower, the process of manpower planning involves 2 parts. First one is the estimate of the quantity requirements of employees for any organization. Secondly, in the quantity of analysis, this is the assessment of qualification and skill level requirements of the employees for performing the jobs and the volume of work involved. More training and knowledge to be required for more systems to be developed, otherwise, company will not be able to make use of it in the near future. Thanks. I have -- thanks to Mr. Narendran, thanks to Mr. Koushik Chatterjee and P.K. and also regards to you for patiently you just heard my appeal. Thank you. God bless you, and we will see your smiling face all the time. God bless you again.
Sunil Kumar Modak?
Good afternoon to all dignitaries. Respected Chairman, Vice-Chairman, Company Secretary, CEO, MD, Executive Director and CFO, Mr. Koushik Chatterjee and my fellow shareholders. Myself, Sunil Modak, is joining this meeting from my residence, Kolkata. I am also a member of Kolkata Welfare Association for Small Shareholders. Thanks to K.K. and his entire team for the excellent investor service and he has given me the opportunity to join this busy meeting. Sir, our company, Tata Steel, is one of the most diversified integrated steel producer in the world. Companies manufacturing assets are spread across India, Netherlands, U.K. and Thailand. INR 140,987 crores turnover at INR 31,004 crores EBITDA, dividend depressed at the rate of INR 360 per equity share same as previous year. Thank you. Thank you, management for offering such good dividend.
Sir, global economy with geopolitical uncertainties tempered to some extent in our performance. Indian operations, it is at the highest-ever good steel productions and delivered the highest finished steel. What about our abroad plan participants that may agree. Sir, is the amalgamation of the 5 subsidiaries has completed and how our shareholders will be benefited and as well company will be benefited by this.
Sir, child labor is a threatening problem in our economy. Our company's commitment-based education programs have significantly give fight against child labor and 444 [indiscernible] as child labor, 3 zones in Kendujhar, Odisha, particularly this year. This set an example for the eradication of child labor in India. This is an example set out. Congrats to the management and employees of Tata Steel Limited. I have casted my voting and support all the resolutions in favor and hope bright future is waiting for us. Excellent investor services, so many times, officers from the Tata Steel and Secretarial Department contacted us and inquired about the receipt of notice, physical copies, et cetera. And even by worse, they are giving the custodial number so that we are able that when our turn is coming.
Our investor service is very helpful and investor-friendly. Sir, what is the next target? Sir, you please see the [indiscernible] or memento for the speaker shareholder. And please continue this busy meeting. That is why the members from every corner of our country even from abroad can join this busy meeting. Thank you very much. I conclude my speech with the hope that our company will do better in the coming future and the prosperity of the company will go on the top. Thank you, sir. Thank you very much.
Aarti Tekriwal?
Good evening, respected Chairman, sir, and the Board of Directors. I'm Aarti Tekriwal, a proud shareholder of Tata Steel and a very proud member of Millennium Mams, Indonesia. Sir, of late, you've been breaking the tradition of meeting Millennium Mams in Bombay House. Please consider our request to continue that tradition, sir. Sir today, I have 2 questions. With the European Union's implementation of the carbon border adjustment mechanism, how does Tata Steel foresee the impact of these carbon taxes on its exports to the EU from India? Additionally, sir, what strategies is Tata Steel planning to adopt to mitigate any potential negative impacts on competitiveness and market access in the European market. And sir, my second question is that you've mentioned that the capacity will be 40 million tonnes per annum by 2030. What will be its impact on the debt equity ratio, sir?
Vinod Kumar Agarwal?
Good afternoon to everyone. First of all, I thank the Company Secretary, his team, management and the staff also and the shareholders. And again, I thank the Company Secretary, every time he was reminding the number is so and so and so. Thanks, again, Company Secretary. And only one question I got. What is the China factor on our company? That's all from me, and I have supported all the registrations. That's all from me. Thank you very much. Again, I thank the Company Secretary.
Rashmi Chawar?
Good evening, respected Chairman, sir, and members of the Board. I am Rashmi Chawar, a proud member -- a proud shareholder of Tata Steel and a member of the Millennium Mams, Kolkata Chapter. Sir my question is, how do you see commodity prices moving forward?
Swapna Anuj Poddar?
Good evening, sir. Good evening respected Chair sir -- Chairman sir and the Board of Directors. I'm Swapna Poddar, a proud shareholder of Tata Steel and a proud member of Millennium Mams from Mumbai. My question, sir, is how will the ramp up of the new 5 MTPA capacity propel growth in Tata Steel's volume over FY '26 in India?
Mr. Jaychand?
We can see you, but we're not able to hear you. Can you check your speaker?
First of all, I congratulate the management on the eve of Annual General Body Meeting. Sir, trust all is well with you and your family in this challenging situation, our company deserves much more respect than the current market cap after completing more than a decade of successful operations, profitability [indiscernible] company. And what are the steps being taken by the management to reduce the other expenses, legal, professional charges and the audit fee so that myself and my team running a legal firm in the name and style of [indiscernible] associated in Chennai. So I would request your professionals to kindly enroll the firm in the empowerment of the company, and we'll be glad to extend our services.
Then some of our questions are sent via e-mail also and the company has a very good corporate covenant practice, and we can see that you are giving opportunity to more than 30 speaker shareholders in the Annual General Body Meeting and meeting is going on for a very long time. So we really appreciate the management sincere efforts in leading the company to this particular extent and rewarding the minority shareholders in large numbers. So I would request the management to kindly arrange for a plant visit for the investor fraternity, sir, and it will be a get together for the shareholders as well as for the management as well. And since the management and the shareholders have not met for the past 5 years, so if you can arrange a plant visit during the year, it will be helpful for the investor fraternity to come and look into our plant. Nothing much to ask.
Thank you, sir. Mr. Jatinder Ahuja.
Good evening to you all sir. Once again, I am before you. I have spoken quite a few times before. And particularly, I have requested all the Board members to take the case which I have quoted many times and which is still a matter of conflict because it is still under -- still now subjudice before Supreme Court of India. And coming to that...
Sir can you continue? Mr. Ahuja?
Mr. Ahuja seems to be facing technical issues.
You may want to try him after sometime because [indiscernible] issues. So Lilly Pradhan?
Ms. Lilly seems to be facing technical issues.
Rajesh Chainani?
Yes, respected Chairman, Mr. N. Chandrasekaran, and a very highly distinguished Board of Directors, my fellow shareholders, my name is Rajesh Chainani, and I'm speaking from [indiscernible] Mumbai. So first all, I thank out Secretarial Department, Mr. Parvatheesam for sending me the annual copy very well on time, which is full of facts and figures stuff. I have heard your opening remarks, sir. And on Page #22, the chairman message I have gone through. Page #26 and 27, Mr. Narendran and Koushik Chatterjee also their message I have read sir. So you have given a very good presentation and Mr. Narendran has also given a very good presentation. So there is nothing much for me to ask.
And I thank you for the dividend of INR 3.60. I suppose this was the same dividend even last year also. So before that, it was INR 5.20, correct me if I'm wrong, sir. So many of our TRF Tata Long Steel all have been merged with now Tata Steel. So can I expect next year the dividend should be much better, sir? Because now we are on the face value of INR 1. So future can be only bonus. Till we receive -- get the bonus -- so every year, I think a little betterment of the dividend will be much better. I hope my revenue and the profit of the company does very good and we do much, much better, sir. And sir, from the high of 184 today, also the share price is 169. So under your leadership I hope sir we touch much higher because JSW steel and all they are rocking, sir.
So only the Tata Steel sir, we have to catch up, sir. So nothing much to add sir. I have supported all the resolutions. And I just want to know, sir, the promoter holding is 33.19%. So are we planning to increase our promoter holding because the SEBI has permitted us for 75%. So if you can throw the light on that? And sir, FIs are holding 19.61 and DIs are holding 24.34. So DI are trusting us more, sir. So I hope FI also increased their holdings. And thank you very much, sir, and wish -- all my very best wishes to the team, sir. And tomorrow I will meet you again, sir at Tata Power.
Manjeet Singh?
We seem to be missing Mr. Singh.
Ms. Kankanala Bharatraj?
Good evening, Chairman, sir. I'm Bharatraj attending from Hyderabad. I'm very proud, young, dynamic Chariman, what's the secret of our success, sir? Always [indiscernible] and dynamic, sir, I wish that God bless you 100 years of age, sir. Chairman sir, wonderful performance and thanks for the wonderful dividend in CSR program. There is no need to raise any questions, sir, because your leadership and entire Board Directors are working hard for Tata Steel. Sir, one thing consolidated net profit has come down, sir, this financial loss we will accept seeing in the net profit, sir. Last year, I missed out the plant visit.
Once again, try to arrange plan visit for speaker shareholder, not for everyone. Say, at least 30 or 40 speaker shareholders, they tell to our Company Secretary to arrange a plant visit, we will be more happy, sir. And thanks to Company Secretary Department to in time send me the link and he is updating every minute who is the speaker number, wonderful timing, sir. Thanks for Secretary Department. Once again, Mr. Chairman, take care, sir. God bless you. Entire Board of Directors, all the best for coming here. Sir, next year, we'll have a physical and hybrid day sir. So please do the physical and hybrid so that we can meet you personally. Thank you very much for giving this opportunity. Bharatraj, signing off.
Mr. Manoj Agrawal?
[Foreign Language] Sir first of all, many thanks to your good self, along with the entire team for presenting excellent results as well as consistent and reasonable dividend at [indiscernible] in favor of equity shareholders for the financial year '23, '24.
[Foreign Language] report for the year, '23-'24 in Page #54, Note #6 what equity investment in subsidiary companies, one quoted 55,87,372 shares of was [indiscernible] limited showing cost or fair value INR 0 for the year '22-'23 and '23-'24. Kindly clarify why cost or fair value of 55,87,372 shares of [indiscernible] not been taken or considered for both the year, '23, '24? As per annual report for the year '23-'24, in Page#54, Note#6 for equity investment in subsidiary companies one unquoted, 1354131574 shares of Neelachal Ispat Nigam Limited showing cost or fair value at INR 8,641.2 crores for the year '23-'24 in comparison with INR 8,488.34 crores for the year '22-'23 out of total 1354131574 shares additional, 23928347 shares added this year. Consequently, cost or fair market value enhanced by INR 152.88 crores. Kindly clarify after a merger of the subsidiary company, on what basis cost of fair value enhanced and how much equity share of Tata Steel Limited was given against such transaction to equity shareholders. And annual report for the year '23-'24 on Page #54, Note #6 for equity investment in subsidiary companies...
We'll take a look at that. We'll take a look at that, sir.
As per annual report, Note #6 for equity investment, one unquoted 26210191083 shares of T Steel Holding Limited newly added in investment portfolio on conversion of loan showing cost of fair value INR 34,168.90 crores for the year '23-'24 in comparison with INR 0 for the year...
Sir you have to talk a little slow and audible. Otherwise, we can't follow you.
Okay. [Foreign Language] Page #54...
Yes, we are on the table, we'll answer you.
Okay. Okay. Sir, for equity investment in subsidiary companies, one unquoted 26210191083 shares of T Steel Holdings Private Limited newly added in investment portfolio on conversion of loan showing cost or fair value INR 34,168.90 crores for the year '23-'24 in comparison with INR 0 for the year '22-'23. Kindly clarify that on what basis, cost of fair value considered and how much equity shares of Tata Steel Limited was given against such transaction to equity shareholders of T Steel Holding Private Limited.
[Foreign Language]. So last query, as per annual report for the year '23-'24 in Page#S 55, Note #6 C2 for equity investment in associated companies, one unquoted 13,000 shares of TP Vardhaman Surya Limited newly added in investment portfolio showing cost or fair value of INR 0.11 crores for the year '23-'24 in comparison with INR 0 for the year '22-'23. Kindly clarify on what basis cost of fair value of unquoted 13,000 shares TP Vardhaman Surya Limited considered INR 0.01 crores. [Foreign Language] At present, share capital of Tata Steel Limited is INR 1,248.60 crores, whereas general reserve established to the tune of INR 12,726.70 crores as per Page#S 79, 16 C, current market price around INR 168 to INR 170. At the present scenario, it is necessary for the top management to take any one corporate action such as either bonus issue that is at least 1:2 or 3:5 at least because after 11th August, 2004, more bonus has been given...
Thank you, sir. You have made your point. Thank you.
[Foreign Language] Any of the other action of the top management will not only enhance the shareholders' wealth in equity market, but participation of small shareholders will also be -- in the case of bonus share [indiscernible] will be enhanced automatically and in the [indiscernible] equity shareholders will be directly benefited through active participation. Sir I hope that in future also entire management of Tata Steel Limited will take utmost care of shareholders as they have always in the past. So many thanks. [Foreign Language].
Thank you. Humayun [indiscernible]
I just have only one question because I have been hearing -- so many people have spoken, I'm speaker #34. I just have one question. You see, in the past we had suffered a lot. We had losses because of the key import scheme from China and then our Company made a representation that our domestic steel should be protected, right? Domestic industries should be protected and after so many representations, finally, the government took steps and the Chinese steel imports were cheaper than our Tata Steel. That is the reason that was one more challenges we have.
Now sir, I want to know being a layman, what is the latest position and situation? I suppose this had been overcome last year, I think. But has this issue been resolved about Chinese steel imports being cheaper and we -- along with the taxes, it was more expensive. Naturally, people will opt for Chinese steel imports. So I just want to know, you may answer me. So what is the latest position with respect to this? I close. I wish you all the best, and so many people have spoken and sir, I wish you also personally all the best. All our Board members also all the best. We have lots of Tata Steel shares along with all my family members. So naturally, we are very much concerned about this script.
Thank you. Sujan Modak?
[Foreign Language]
This is Sujan Modak. I'm attending this meeting from my residence in Kolkata. Speaker #35 backbenchers all the time, sir. Anyway, so many people, they are not...
You're not a backbencher. There's a whole lot of shareholders yet to speak.
So many people, they have already asked questions and you are really [Foreign Language] if possible, a factory visit at all possible? So you can please help that. Then sir, geopolitical tensions are really going up. Supply chain disruption and commodity prices are staying up. Given our inflation -- our interest rates are staying high. Sir in this scenario, what is the guidance to the investors community, if you can please tell us, sir?
[Foreign Language] Page 189, sir, work-related injuries, number of fatalities, high consequences, work-related injuries, number of permanent disability. Sir I don't want to go to those numbers, quite high, actually, sir. I know our company is very serious. They are definitely doing a lot, and they are definitely trying to minimize that. There's no doubt of it, sir. Sir, I wanted to know what percentage of these things is due to human error, human failure or it is a system failure, material failure? And this if you can please tell us at all, if possible. [Foreign Language] Sir, if you can do this actually practice, avoid accidents, prevent injuries, don't take shortcuts. Sir, what we have learned, taking shortcuts can shortcut our life. Sir I know, sir, you definitely practice all these things. So I'm not in a position to teach you, definitely not, absolutely not, with all these high respect to you, sir. If you can please put these numbers back to as minimum as possible in next year, it will be a very nice of us, sir. Nothing to add more, sir. Thank you. Over to you for further proceeding.
Vimal Bhatt?
Good afternoon, sir. [Foreign Language]. I'm Vimal Bhatt from Vadodara, Gujarat, the land of Mahatma Gandhi and Sardar Patel. Honorable Chairman, respected Directors, key Managerial Personnel, Senior Management and my fellow colleagues, good afternoon and good morning also for our European shareholders. Hearty congratulations for achieving the results within the risk appetite and the geopolitical issues. Happy to glance at our integrated annual report, as always, a fabulous [indiscernible]. Thanks to Secretarial Department, as always, for a necessary and excellent support. Thank you, P.K.
I have only 1 or 2 observations. May I draw the attention to Page #14 and 15 for business model reporting, more so for inputs and outcomes. I think these 2 pages are the heart to the entire annual report as per my understanding. Should we have more [indiscernible] or no? Another issue is relating to the stakeholder engagement process. As a part of reverse stakeholder engagement with guiding process from my side, and also as a partner in nation building, I am repeating, as a partner in nation building, I am happy to share about my latest book, Business and Governance Insight, which is already pre-reviewed by honorable [indiscernible], Chairman P.K. your ex-Chairman and Mr. Danish Khan, our Global Business Advisor; and others. It's a practical guide.
It's recent review is also published in the May '24 issue of the Director Today Magazine of Institute of Directors, New Delhi. There are more than 130 references from India as well as the global, including from Professor Ram Charan and Bridgital Nation also, how can I ignore about Tata Group as a case study for the attributes towards excellent governance practices? I have also considered reviews of honorable Chairman, Shri Narendran, sir, from the book Bridgital Nation in my preface for 3 technological solutions to the country. I hope it should help our all-esteemed directors, senior management, key managerial personnels and others also because I believe in co-creation. I believe P.K. is very much about my book, let's have a two-way communication, P.K.
And lastly, sir, I'm waiting for your good wishes and views because I've already shared printed copy of my book to you sir at Tata [indiscernible] February '24, sir. I want your blessing, sir. Let's co-create a better society and planet through sound governance practices. My sincere wishes for an exciting future ahead. Of course, looking to the geopolitical tension for shareholders and stakeholders. Thank you very much for allowing me to share my issues. Namaste.
Smitha Shah?
[Foreign Language] Chairman sir, Shri Chandrasekaranji; Vice Chairman, Shri Navalji; MD, CEO, Shri TV Narendranji; CFO Shri Koushikji; and CS, Sri Parvatheesamji [Foreign Language]
[Foreign Language]
Sarvjeet Singh.
Chairman sir, can you hear my voice.
Yes, sir. Yes.
Chairman sir, first of all, good evening to you all the Board of Directors, all the staff of Tata Steel Limited and my co-fellow shareholder. [Foreign Language]
Thank you. Mr. P Ravichandran.
Am I audible, sir?
Yes, you are.
Good evening, Chairman, and all those present in the AGM.
Yes, sir.
My first point is on the Form [ 15B ], sir. Every year, people are facing problems. They filed upon 15G, but when they see confirmation, some of them, I'm not saying it is with respect to all, they get a confirmation that the Form has not been filed.
My suggestion to you and to the company is your MD and CFO, they are meeting Finance Minister and Minister of Corporate Affairs. So this -- they can give a suggestion to them to make it -- to file this at the depository participant level. This will abbreviate the need for filing so many documents, not only for Tata Steel, but also for all the companies. So in one stroke, the problem will be resolved. This you can take it as a suggestion.
The second point is on the China factor. Now last year, I asked, are there any products that we are importing from China that we can produce ourselves. But the response I got was totally different. My point is Tata Steel has got more than 100 years of experience. It has seen 2 world wars, India's Independence, emergency, several government changes, so why the company is not thinking on replacing imports from China by producing locally. We have got all the resources. Maybe you may have to engage with the importer from China. So that is the suggestion.
Next point is, again, from the same last year's question. I asked about any -- are you planning to get into any other metal. See, you have done so much in steel, whether there is any plan to enter into, say, copper or lithium, ion, because recently, lithium mining government had gone for 2 levels of bidding, but there were no takers. And government is also trying to reduce the import on several metals and materials being imported from outside. So are there any plans?
You gave an example of some metal, which is not very large, last year. So my question was specifically on any other metal like copper or aluminum or any other metal. So whether there are any plans. Maybe you'll have to change the name from Tata Steel to Tata Metals in that case.
My next point is on the dividend. See, last year, around this time, the share price was INR 120. Today, closing is INR 166. But the dividend paid is INR 3.6 only. So there is no -- company doesn't have any -- anything to play on the stock prices. But at least there must be some correlation, because the performance is expected to be better, people are investing in Tata Group companies, but that doesn't seem to be happening.
And the next point is some of the shareholders have already expressed their views on the bonus. I checked with BSE website, there is no record of any bonus being given to shareholders. There's no record in the BSE website. I don't know when the company paid a bonus last. See, long-term investors expect higher dividends and bonus, that is why they are remaining with the company. Otherwise, it become -- the companies become traders' delight. I don't think that is an intention of Tata Sons or Mr. Ratan Tata, or Group's thinking. So once they become traders delight, I don't have to explain the consequences. So my sincere request is please consider bonus and higher dividends, at least from the long-term investors perspective.
And the next point is, so the incremental revenue of INR 88,184 crores has given a loss of INR 9,717 crores. So this is happening every year. I don't know when there is going to be a full stop for this. The international business is being cross subsidized by the stand-alone entity. See in life, there has to be some full stop for all these events. So I don't know when, last year also I asked, but there was no response to this. So there may be some plans for ending this. So if we can provide some clue to this, it will be great in understanding the future of the company.
And you -- same thing you have told is INR 12,971 crores of loss, that was another question that I wanted to, but you clarified. So that's all, sir. But my sincere request is please respond to all the queries of -- at least the specific queries of shareholders. Otherwise, it leaves a doubt on the shareholders' mind. Wish you all the best.
Thank you. So far, we have covered 40 shareholders. So I'll take a brief break to respond to all the key questions before we proceed with the remaining shareholders.
I think there are broadly about close to 10 major comments. I'll first respond to them.
People asked in different ways what is the future strategy of Tata Steel. This has been articulated multiple times in multiple forums, but nevertheless, I will try to give a succinct response.
In India, Tata Steel has an ambitious expansion plan. It was around 12 million tonnes 5, 6 years ago. Now we are about 23 million tonnes, and we are on our way to go to 30 million tonnes in the next few years, and then expansion towards 40 million tonnes.
It is happening through 4 or 5 different strategies. One, we have gone through major acquisitions. We have acquired in the last few years, Bhushan Steel, Usha Martin and Neelachal and we are increasing the capacity in all these locations. Kalinganagar went from 3 million tonnes to 8 million tonnes and we'll have an expansion towards 13 million tonnes.
Second, there will be expansion later on in Bhushan Steel, in Meramandali, then we are also expanding NINL from a current 1 million tonne to 5 million tonnes. So these are all the organic expansion initiatives, but for both flat products and long products.
The second strategy is to create electric or furnace-based steel. The first plant of 0.5 million tonnes is coming up in Ludhiana. We expect to do a similar model, at least in 3 other sites, totally going to another 2 million tonnes of expansion. So these expansions will happen over the next 5, 8, 10 years.
Second strategy is to do a transformation of Tata Steel by decarbonizing the Tata Steel. One part of it is the expansion of the electric arc furnace and the other part in India is to try different technologies like hydrogen, like HIsarna. And we will pivot towards that transformation, mostly on a large scale after 2030. And that will be the decarbonization initiative for longer term. The primary reason is we are in expansion mode. Second thing is we need to prove the technology. And also, we want to make sure that we are using the right technology with the most cost-efficient manner.
And currently, the blast furnace is using coal for reduction from iron ore to ion, and this can be done through hydrogen, and there are other methods which we are experimenting. And when we are ready, we will do that. In between, if the HIsarna technology works in scale, that will also reduce carbon emissions significantly from the current levels. So decarbonization will be the second most important initiative over the next 5, 10 years.
Then the third one is our transformation of international sites. And people ask about U.K. in multiple ways. We have answered this question. And it has been loss-making primarily because it has been an inefficient plant. And also, it has been very old. And there are also safety issues. Given all that, a decision was taken to close down both the blast furnaces. The first blast furnace has been closed as of early July and the second blast furnace is set to be closed in September.
But as I said in my remarks, this will be replaced with the equivalent capacity in electric arc furnace with the overall investment of GBP 1.25 million over the next 3 years, including a support that we have secured from the U.K. government.
There has been a question whether there is any impact because of the change in government. I must say we have had very good discussions with both the previous government and the current government always. And we have been working very closely with the government, the unions and the local government in Wales, and everybody is working together to make sure the project is on track, and we don't see any change in direction.
But at the same time, we are constantly looking at how we can not only deliver to our downstream product commitments, but also any other expansion opportunities with the right financial metrics, so that we are able to serve the market customers and also keep the employment. But we do not see any change in strategy.
And the impairment that we took last year was primarily because we had to make this call to close down the blast furnaces, and the losses will -- some sort of losses will continue for the first 2 quarters of this year. And going forward, in the second quarter onwards, things will slowly change, and we should start making financial turnaround from the third quarter this year onwards.
Then coming to Netherlands. Again, we have a very important steel plan there. That plant has been EBITDA positive, but there has been losing money at the PAT level, but at the operating cash level, it has been positive or most of the times. And we expect a turnaround there. But having said that, we have an urgent need to conclude the deal with the Netherlands government to be able to transform that plant to be a decarbonization plant with most likely the hydrogen based DRI technology. And that discussions are going on, and they're going well. So this will be the international footprint.
Then Tata Steel is definitely focused on more and more retail products, branded products, we will try to increase the branded products portfolio, primarily in India, and we expect the growth will continue.
The related question is how is the future. See Tata Steel's weighted plant capacity will continue to increase year-on-year for several years to come, which essentially means our delivery will continue to increase.
And barring situation where the steel situation and commodity prices becomes very seriously impacted, I expect Tata Steel's EBITDA and the operating cash flow will continue to grow year-on-year for a long period of time. And there will be great years where the steel prices go up and the commodity cycle works in your favor, where the cash flow will be significantly high, and there will be years where we'll be under pressure where we've got to minimize the impact of capital losses by -- don't be loss drop in cash flows at the operating level.
See Tata Steel has committed to this expansion plan. So there will be a CapEx. We have been averaging around INR 10,000 crores plus or minus, 10% of capital expenditure, and that CapEx plan will continue.
People asked about whether it is being done with increasing debts. Tata Steel, we have put a rule to keep our debt-to-EBITDA ratio, that is a more relevant ratio because how much is the operating cash flow that we can generate that should decide the amount of debt that we take. We have put a discipline of keeping it under 3, and we will manage it.
And as we make more cash flows at the operating level, after paying the interest we will try to pay down the debt year-after-year. The management has been paying down about $1 billion at least, and we will continue to keep that focus. I hope this clarifies our capital allocation, our expansion, our growth plan and also the potential opportunity for Tata Steel to produce a lot of operating cash flows and spend part of it in CapEx and part of it [ in the reduction ] and part of it paying to the shareholders.
We are focused on the total shareholder returns, TSR, it will come either through dividend or a share buyback or through share appreciation in the marketplace. So that is how you should think about Tata Steel's future. I have covered the strategy, the production, volume, revenues, the U.K. situation, debt levels and Netherlands.
The second one is about questions about fatalities. We are very concerned. We do not want any fatalities. Employee welfare, worker welfare is topmost in the mind of myself and also of the Board. Board -- starts every Board meeting, reviewing the safety and the management is committed. We have to be a 0-fatality institution, and the work is on our way. Several comments were made. We have taken note of those.
And there are many human errors, which are causing, and more education required. The company is working not only with workers, but also contract workers. And the complaints, whether it is related to or place, safety, health, is also because we are running a campaign to encourage employees to register any possible complaints and suggestions. We are taking them on board. Our interest is to address these concerns most effectively, so that we have a much more safety rich culture and work culture that actually brings the best out of employees.
Your comments about the pre-AGM and factory visits multiple people have made has been noted by the management. And factory visits has always been a problem to organize. But the company will think about what is the better way to engage with the shareholders, any face-to-face opportunity, that is something that the company will give its thought on.
But the company is likely to -- as long as the virtual AGM is allowed to be continued by the government and SEBI, the company's preference taking into account all the inputs is to do the virtual AGM because it enables participants and shareholders from all parts of the country and outside of India to be able to participate. So we will continue to encourage that. But we hear you loud and clear that you would like some physical meeting with the company and company will think about what is the better way to do it.
So those are the major comments I've received. But specifically to individual comments, I'll just go through. Thank you, Mr. Arunkumar Boppana, Mr. Bimal Sarkar, your question regarding disabled persons and blind, the company has a program called SABAL, which is to encourage blind people and disabled people to be employed by the company, and that is going well.
Tamal Majumder, we couldn't hear you today. Mr. Jamadar, I already answered your questions. Vinod Agarwal, answered your questions. Mr. Manoj Kumar Gupta, thank you for your comments, answered your question.
The Tata Group has good strong presence in Kolkata. So we will see what else we can do to expand. Mr. Koushik Sahukar, the MD has taken out of your request, and they will try and get in touch with you. Mr. Yashpal Chopra, your comments have been noted.
See, I think there are a lot of people making comments about bonus issue. I think you have to see what is the total shareholder value the company is trying to create, and whether a bonus issue can be given by individual company will depend upon the capital structure, other investment plans and the ability to continue to provide a higher level of dividend on increased equity base. So -- but your comment is noted.
Mr. [ Reddeppa ], your comments -- your questions have been answered. Mr. Saraf, AI is something that is being deployed by all companies. In Tata Steel also, it is being employed to make the real-time monitoring of the -- of all the plants and real-time performance, safety monitoring, plant maintenance and many other areas, every areas of the operation is going to leverage AI. And the company has no plans to merge TRF. Ashok Subramanyam, your comments have been answered. Your comment about [indiscernible] has been noted. We'll look into that.
Ashith Kumar Pathak, I explained why the PAT has gone down, and all other questions on India capacity, debt reduction, finance costs. See the company, you asked about steel exports, the company predominantly sells most of its production in India within India, almost 90% plus is sold in India. But any import that is unfairly affecting the Indian market, many people pointed out, the company is working through this Indian Steel Association and taking up to the government.
Mr. Ajmera, you made a passionate point about the poly -- impractical rules, et cetera, where the claimable money is locked up. I think we will reflect on it and then see what policy advocacy role that we can play as a group. Gautham Tiwari, there is -- there are no -- see many of the questions you asked about R&D expense, it's available in the annual report in the relevant pages. If you have questions, the Company Secretary can walk you through those pages. And I answered your questions on debt equity and other things. The company does not have any legal cases with the shareholders.
Mr. Hiranand Kotwani, answered your questions on Netherlands. We hope that with the restructuring that is happening in U.K., the cash loss and the profit loss will significantly come down, and hopefully, we'll start making profits in the coming -- if not in the immediate quarters, definitely in the coming quarters.
Mr. Unmesha, answered your question. Pranav Da, I think you made some important requests. We have taken note of your suggestion or questions regarding the Jamshedpur situation with LIC, the company will see what it can -- what they can do. Your comments on Tata 1MG. We have taken note. We will pass that on to them, to see how best we can serve the retired employees better there. Other comments have been answered.
Sunil Kumar Modak, thank you. Aarti Tekariwal, we have already agreed to meet the Millennium Mams' and date has been worked out. And Bimal Kumar Agarwal, thank you. Rashmi Jowar, thank you. Commodity prices, I cannot predict. It goes through a cycle. I hope that we are currently at more or less in the bottom end of the cycles hopefully, things should get better.
Swapna Poddar, see, the question is how the increased capacity will help, because we will make more deliveries. Hopefully, we should be producing more cash flow and more EBITDA and more operating income. Mr. [indiscernible], thank you. Rajesh Chainani, I already answered your questions on dividend, et cetera. Mr. Bhardwaj, thank you. Manoj Agarwal, thank you. Humayun [indiscernible], answered your questions.
Mr. Modak, answered your question. Bimal Bhatt, you made some suggestions, and you asked us to look into your book. Certainly, we look into your suggestions and many things that you suggested in your book, definitely, we'll take a look at. Smitha Shah, thank you. Bharat Shah, thank you. Sarabjit Singh, thank you. I think the promoters are holding you said 33%. It's not easy to increase. Whenever there is an opportunity, the group is always looking to increase the holding.
Mr. V Ravi Chandran, some of your suggestions can be taken. We look at what we can do on Form 15. But with regard to your view on Tata Steel getting into other businesses. Tata Steel has no plans. I did answer your question, but you make the same point. So nevertheless, I will make -- I'll give the same reply. Tata Steel has no plans to get into copper or aluminum or any other metals at this point in time. In the future, Tata Steel has a different plan, they will come back. But Tata Steel has committed its capital towards expansion because the steel demand in India is going to more than double. And so it is going to be focused on its path.
And every Chinese import product cannot be replaced by Tata Steel, all the suggestions that you have given were taken, but the company evaluates and whatever ideas that come from either from you or other shareholders or other consultants or employees or markets, all these are debated. But the company has to take a call based on several filters. One filter is the focus, capital allocation, what returns can we produce, and what are the increasing risks and what is the demand and what is the talent that the company has. So many filters are there. These things are not taken because there is an opportunity somewhere. But nevertheless, thank you for making those suggestions, we will take those suggestions to evaluate, thank you.
With that, I go to the next set of shareholders. I only request that if I already answered your question or this has been covered, please avoid repeating them.
Swarnalatha? Swarnalatha. Okay.
Vimal Jain?
Mr. Jain seems to be facing technical issues.
Deepak Kumar Jaiswal?
Respected Chairman [Foreign Language]
Mr. Amit Kumar Banerjee.
Good afternoon to everyone. It's a long-lasting meeting. Respected Chairman of the meeting, other Board members present, thank you for the patience for such a long meeting. Myself, Amit Kumar Banerjee from City of Kolkata. Thank you for getting me connected and opportunity to speak on such a wonderful meeting to be organized by our company, Tata Steel Limited. It is our 117th Annual Meeting of the company.
As regards the performance is concerned, it is good. Profit after tax stood with a tune of around INR 4,807 crores. It is also [ 3.85 ]. CSR activity is also there for good welfare measures, Dividend is also there [ 3.16 ]. Dividend is very poor, sir. Dividend is very poor last year. Last year, it is also the same percentage of dividend we are getting. Sir, what is the key reason for [indiscernible] the total revenue as well as drastically reduced profitabilities during this year and view as visible in the balance sheet. Kindly, share your views. Noncurrent long-term borrowings also, it appears increased about INR 36,716 crores.
Current liability is also there. Current liability is also there about INR 3,841 crores. How you plan to reduce debt? Kindly, share your views. What is the market current trend for the growth of the business and steps taken to increase the profitabilities. Kindly, share your views. I hope our company will definitely perform much better result year ahead, upgrade infrastructure, technology and definitely keeping in mind, shareholders rewarding policy. Do consider interim dividend...
You're just raising the points for which I just finished answering all the points. You are raising the same points again.
Our company secretary [indiscernible] good investor service and also thank all team members for such a wonderful meeting today. Myself Amit Kumar Banerjee, over to you for further proceedings. Thank you, sir.
[ Mahesh Kumar Bubna ].
Am I audible?
Yes, yes, you're audible.
Okay. Today, only I speak audible, not visible. First of all, thanks to all. I'm also waiting since 3:00 p.m., okay? First of all, tell me how many times you will allow me to speak without cutting my -- this speech? Will you cut my speech today?
Sir, my request is you please focus on the points that you have to make?
I'm focusing every time. I'm focusing on the company affairs, shareholders affairs, et cetera. [Foreign Language]
[indiscernible] Independent director, 6 whole-time director, 9 supporting to the Chairman Executive, then Company Secretary, CFO, 26% required for the Chairman Community, particularly for his job. [Foreign Language]
[indiscernible] NSDL is a public portal by -- provided by the government of India. As per the constitution of India, article [Foreign Language] We are the sleeping partner, and you are the working partner.
[Foreign Language] Without my consent on the online platform, we are seeking off. It means, it is a criminal offense done by the Board of Directors on the online meeting. [Foreign Language]
Sir, you've made your point. It's already about 10 minutes.
No, no. [Foreign Language] What do you mean by Millennium shareholder? [Foreign Language]
I'm sorry. I'm sorry, I have to go to the next shareholder. Om Prakash Kejriwal. Yes, sir.
Thank you, Sir Ji, for providing me the platform to speak something for you. Thanks to our secretary department for helping me in the [indiscernible] shareholders. Sir Ji, this is my second AGM only due to virtual though I'm your very old shareholder. If possible, please follow this virtual AGM next year also, so that more and more shareholder to join our AGM and express their views. Sir Ji, India is growing. Real estate sector is booming. Infra sector is booming. But sorry to say, sir, our company is not growing. In [indiscernible] account, our EPS is INR 3.85 on face value of INR 10. [indiscernible], it was INR 11.76. Our revenue is INR 1,44,110 crores. Previous year, it was INR 1,45,443 crores.
In consolidated account, our EPS is negative, INR 3.62. Previous year, it was a positive INR 7.17. Our revenue is INR 2,30,979 crores. Previously, it was INR 2,44,390 crores. Why so weak performance, sir? And what is the benefit to expand our capacity because our revenue is decreasing every year. Sir Ji, in India, every steel company is doing very well, except ourselves. In consolidated account, we are facing problem from Tata Steel U.K. limited, but in [indiscernible] account, where are we facing problem? Please state your views. Thank you, Sir Ji, for maintaining the dividend in troubled time.
Sir Ji, we are also downgraded by [indiscernible] only due to U.K. plant, Port Talbot site. So, what is your plan regarding its upgradation. Plant visit, in possible, please organize a factory visit, so that we can see our plant. I am your very old shareholder.
Sir Ji, we attended late in conducting our AGM compared to previous year. Please, try to call AGM at an early date. At last, Sir Ji, please maintain your smile [indiscernible]. We are always with you as a long-term visitor. Thank you, Sir Ji.
Thank you, Sir. Mr. Sharat Shah.
Hello, sir. Can you hear me, sir?
I can hear you.
Can you see me?
Start speaking, I'll -- if you turn on your video, I'll be able to see you.
Video is already on, sir. Okay. I will start now, sir. What I wanted to say, I will not raise many points or very more points, sir, because it is too late now. We are very happy with your [indiscernible] Tata. As he looked at the interest of the shareholder, what has happened in most meetings, [indiscernible] our shareholders to miss shares [indiscernible] because steel [indiscernible], there is no ban from the government, and it can still be -- so don't worry and complete the [indiscernible]. That's a good thing what Noel Tata said in the meeting, sir.
And next -- our company secretary is now #1 company secretary in Tata Group as [indiscernible] is retiring from this year. That is a very important thing sir. And the third thing what I asked, sir, you called all union leaders in the meeting, talked about big, but you have not talked about the union leader of Europe, Netherland or some other countries. So while we're seeing the partiality. We are [indiscernible] with other many leaders that I've not followed sir.
That you should also look into this matter. And, at present, 3 days back, in the news that recent spike in in Tata Steel U.K. plant. I [indiscernible] what I've observed is that the book value of share is INR 108.32. And the share price of share -- share price of the share is in '23/'24 was around INR 108 sir. And promoter holding is extremely -- 31.76 is extremely low, where the price is low, when it is close to book value, why promoter Tata Sons had not invested in the shares, and today's price is INR 168 and -- in what I say that the share of Tata Steel is the best in all Tata Group companies for any return on share price of [indiscernible] INR 158 today.
And now, what I wanted to tell you sir, I have [indiscernible] the comparison of JSW Steel and Tata Steel for standalone and not for conservation, because conservative, we are all the time in the loss. And if you just see the performance of the JSW Steel standalone and our company because our revenue is more of the same, but their earnings per share is very high compared to us. And another thing that there, debit is equal to us, but debit equity ratio is 0.93, but the share capital is 1/4 of us. Because of that, their debt equity ratio is higher and beauty of this balance sheet is they only not making profit sir, but at the same time, their PAT is higher than the employment cost. Not this year, previous year also, sir. So please look into this aspect sir.
And to resuming from that angle with improve it because what people are not [indiscernible] the balance sheet for facility, our performance is extremely poor, but still you've maintained the dividend, and that is why [indiscernible] today, Tata Steel is the breast company in Tata Group to invest.
Another thing sir, deeper talk about physical meeting. So there is one solution other company, other group, has found out. They don't have physical meetings. They don't have any other things. But what they do. They call shareholders for marriages, that is the only service that can help people to satisfy them.
And another thing sir, I have written to you. I'm sorry to say, I have written one mail to you around 12 o' clock. And whatever I say, it is mixed by anger. And please consider my anger [indiscernible] because it is not [indiscernible] to me, but it is all shareholders of Tata Motors [indiscernible] happen, and that if you correct, and first thing, don't correct, first thing we need to have spirit, which you are not accepting last so many days and so many meetings and so many reminders even [indiscernible] and that is why I have written a letter to you sir, today, e-mail today. So please, look into it and I'm not going to eat more because I have to go to the marriage, sir. Thank you very much, sir.
[ JV Bakshi ].
[indiscernible] Board of Directors; and myself JV Bakshi connecting from the city of Kolkata. Thanks to [indiscernible] opportunity and maintaining good [indiscernible] service and also [indiscernible] facility. [Technical Difficulty].
Sir, your voice is not audible. We can't hear you, sir.
It's more steel scrap under a waste management, and regarding the FRP business. Nothing to add more. I supported all the resolutions, continue with this in the coming years. And with the company [indiscernible] with trust of all the shareholders. Thank you sir for giving me an opportunity.
[indiscernible].
I'm [indiscernible] speaking from my residence in Bombay.
I can hear you, please speak.
Okay. Thank you. Thank you for allowing me to speak. I mean, I'm a Tata shareholder for a long time, and thank you very much for everything. Before I go, let me turn to Page 18 and 19. 19, right-hand top corner, Mr. Ratan Tata, Chairman. I wish him all the best. I hope everything is all right. Page #19, right-hand top corner sir, Mr. Ratan Tata. Thank you very much. And Mr. Noel Tata on Page #18. Honest, humble and hard worker -- handsome, Mr. Noel Tata in Tata Steel.
Thank you very much. And then let us go to Page Page #26 of the annual report. Our too handsome, Mr. Narendra and Mr. Koushik Chatterjee. Sir, thank them for taking care of the company. And I will not repeat everything about the previous -- all the good things that the previous shareholders have said, I will not repeat. And if there is any problem with the other shareholders, please let me know, I'll come and help you out.
And -- and before I forget, Page #4. Again, Mr. Sinha and Mr. Narendra, both smiling and shaking hands. One is Tata Power, the other is Tata Steel. Tomorrow, I'll meet Mr. Sinha in Tata Power. Sir, one thing I always want -- now that we've got Bhushan Steel, our water from Tata Power comes down to [indiscernible] and Bhushan Steal can use the water for the -- this thing. So what have you planned? Are we using the water, which Tata Power discharging from the Valvan dam. It is our forefathers built that dam 100 years ago, and they were selling power in Bombay, nobody want -- anyway that -- you must be hungry, you must be tired, you must be -- after 3 hours, and we are also waiting. So thank you, everything. I hope -- we are using -- I want to know whether we are using the water from Valvan dam in Bhushan Steel.
And of course, you can have our shareholders meeting or shareholders visit to Bhushan Steel. And from Bhushan Steel, then we can go to Valvan dam. So if Tata Steel and Tata Power can in combination have a meeting, shareholders' meeting -- at Valvan Dam -- shareholder visit, sorry. And okay, water harvesting? Are we doing any water harvesting because water is going to be very, very, very expensive in future. I'm a poor farmer from [indiscernible], and I know the cost of water. I know what water. Water is the source of life.
Tata Power. Another thing. Sir I would like to know how many percentage in number shareholders are there from Bombay. We've got 48 -- last time, we had 38 lakh shareholders. This time, we've got 48 lakh shareholders. The number of shareholders have gone up, maybe because of the other 5 companies, which [indiscernible]. So out of 48 lakh shareholders, that is now on page #320, shareholder from #1 to 5,000, that is only -- that is 92% of the shareholders. So I've done that maths. So 92% of shareholders are owning only 4.36 of our share capital. You understand?
And another thing, the company secretary has been very nice. Okay. I mean he and his team, they have been very nice, very kind. Mr. Kanchinadham. he had been very nice with us, and we have been following it up. Sir, I would like to know how many percentage of shareholders are from Bombay, okay?
And -- now as I say on Page #320, 92% of the shareholders own 4.36% of the share capital. This is a sad thing. So I would like to know. Okay, that's all I mean -- thank you very much. You understood what I might want to say, no.
Yes, yes. Yes. Thank you.
So exactly -- now the next point is if more than 50% of the shareholders are from Bombay then you can have a physical meeting in Bombay and then percentage-wise, out of 50 shareholders speakers, 25 can be from Bombay. And then next percentage wise, we have what is called a hybrid shareholder meeting where Infosys and other people, they used to have a meeting in Bombay. We used to go and have a meeting where the original AGM was being held in Chennai or wherever the company is registered. So our company registered in Bombay. So you have the shareholders' AGM in Bombay and people in Kolkata, Madras, they can have the own [indiscernible], they can come and you can have speakers from there. You understood my point?
Yes. [indiscernible].
[indiscernible] conducting the meeting through audio and visual -- video conference. We see sir, this virtual meeting has created a lot of problem for you and for the shareholder also. See, there is no justification for the holding meeting through the video conference. Since COVID has gone, now why does authority want to [indiscernible] COVID? there is no penalty or no warning has been issued to any other company who has held a meeting through the physical meeting. [indiscernible] It is advisory in nature. Sir, compliance is only in advisory nature, and it is not legally binding or it does not entail a penalty on the -- on the company sir. I hope you will keep it like that.
Sir, I come to the next. Sir, we have got an annual report of 600 pages. Now SEBI [indiscernible] keeps on adding number of disclosure. Now under this 600 pages, it is difficult to find where is the profit and loss account. Sir in this context, I'd like to invite your attention to the Page #1 index.
In Index, you mentioned F1. Just see the F1. There is not profit and loss account. Only financial statement. Sir, annually -- heart of the matter of the annual report is a profit and loss account and balance sheet. Now shareholder has to go to the [indiscernible] lengthy procedure of finding out the profit and loss account. Sir, may I request you in future -- next year annual, along with the financial statement, you write profit and loss account, financial statement to balance sheet. Sir, this is necessary. Profit and loss account is an important point, that cannot be ignored.
Sir, I'd like to come to the another matter. Sir, our plant in U.K. and Netherlands. Sir, we have got a plant in U.K. and Netherlands, they are not doing satisfactory, report, working or profit for the last many years. For quite some time, they are incurring losses also sir. Sir, in the past, we would like to know -- this plant is operated by British people or this plant is also supervised under instruction of our Indian technician? You see, sir, in the past, [indiscernible] used to tell us that Indians are second to none in intelligence. So I think when the plant -- we are the owner of the U.K. and Netherlands plant. So why not we [indiscernible] our own technician regularly on basis, stay there 1 month and look after their operation.
Sir, this is a [indiscernible] incurring expenses instead of incurring INR 12,500 crores loss here. I hope you will keep in mind, sir. Sir, I thank you very much in the face of 150% down profit. Earnings per share has gone down to INR 3.85. You are declaring INR 3.60 dividend. We appreciate it very much. I hope you will keep up this, but policy of dividend paying in the future too, sir.
Sir, we would like to know in this context, you also stated in your Chairman's statement, where weaker sales realization of the steel prices. Sir, could you please enlighten us about the major five item for which the steel price has comparatively gone down from the previous year, sir. So we would know when the price can improve. Can you stay confidently, the steel prices are likely to improve in the year, which are, after all, in the ultimate analysis, higher dividend or bonus or anything can come only from the better price realization. Prices are not remunerated, is a fact of the [indiscernible]. Sir, will you please enlighten the house that the pricing [indiscernible] can improve significantly.
Sir, we would also like to know about the [indiscernible] plant. Sir, it's very little [indiscernible] in the balance sheet. Bhushan Steel Plant is working against full capacity or not, we would like to know, sir? Whether the incurring profit or loss, that also we would like to know? In the range of items there, Bhushan Steel in Bombay, and that the other places manufacturing, sir?
Sir, on Page #173, unfortunately, registrar of Qatar has been unkind to us. Page #n173, in the middle, registrar of Qatar has been unfortunately unkind to us and may I [indiscernible] to us also. They have imposed a penalty of INR [ 61,41,000 ]. Sir, could you throw some light how the [indiscernible] registrar come in the picture and on what ground they would [indiscernible] penalty on us? Will you please enlighten us? Sir, we will not go -- ignorant about it.
Sir, [indiscernible] spoken about the visit in the plant, Bhushan Steel Plant is the nearest to Bombay. Is it possible to make arrangement in the future for the Bhushan Steel Plant for the shareholders, sir?
Thank you, wish you best of luck, sir. I hope, you will maintain this dividend policy of paying 19% of the available profit in the future too, sir. Thank you, sir.
Mr. Anil Mehta?
Am I audible?
Yes, you are.
Thank you, sir. Good evening. We have already given the answer to so many questions. So my questions will come down to 4 only, sir. This is Anil Mehta attending this meeting from my residence, [indiscernible] Mumbai. Sir, my first question is that with increased globalization, what has the company done to increase the international bread of knowledge and experience on the board.
Second question. How does a management monitor intercompany transactions?
My third question there, how does the company assess its liquidity and availability of funding sources for operations?
And the last question is, what is the company doing to improve the shareholders' relations. With this, we are supporting all the resolutions and thanks to the Secretary department for their cooperative and supportive nature. All the best. Thank you.
[indiscernible].
Namaste to all signatories on the dais, worker's of the Tata Steel Company, workers at Netherland and [indiscernible] U.K. Sir, last time, I raised the issue of IPF transfer. Now, the physical dividend has been stopped. So, now this year, I saw the balance sheet. INR 100 crores worth of shares and dividend has been transferred to the IPF funds. From next year, it will keep on increasing. So last time you promised me that you will hold a CS Meeting, please hold it. Sir, this -- I feel this decision of [indiscernible], it's like an instant decision. Many people, they have earning of dividends only.
[Foreign Language]
Mr. [ Gautham Nandi ]
Am I audible, sir?
Yes, you are, sir.
Thank you, sir. Thank you. Good evening, respected Chairman, Board of Directors and my online fellow shareholders, myself, [ Gautham Nandi ] from Kolkata, very old equity shareholder of your company, and also a very proud shareholder of 634 shares of your company. Sir, first, I would like to give thanks to your secondary department for sending me the annual report, along with notice and necessary joining link through email earlier in advance. So especially thanks to our respected company secretary, Mr. PK Sir Ji, and his whole team for rendering very good services to our minority shareholders. Sir, you are organizing your annual general meeting through video conference, and I find it's a grand success like the previous year's.
So thanks again sir. Sir, I'm very pleased to receive your wonderful annual report, consisting 600 pages, which is very, very attractive and also very informative. Sir, you have provided everything regarding your accounts part and the performance of your company in your annual report. And my previous speakers also covered the same thing. So no repetition from my side. Sir, I find very good performance almost in every segment, even in this challenging year. Sir, now the situation is still very tough. COVID-19, geopolitical situation, Russia and Ukraine war.
[Foreign Language]
Every company is covering till the date. Still, you are paying very good dividend to our majority shareholders as the previous year. Sir, I am very happy. Sir, your CSR is also very, very good. So please keep it up. Sir, I'd like to know what is your road map for the next 3 to 4 years.
[Foreign Language]
Sir please continue the [indiscernible] meeting. Also as we may able to join from anywhere sir please. Your factory visit is [indiscernible] from my side also, almost every speaker has expressed their views and I'm also making the request, please.
[Foreign Language]
For the minor shareholders. May we expect bonus share from your end in the next 1 or 2 years. Sir, I got huge price appreciation in your company's stock. Obviously, I'm very happy sir. Sir, I'm very proud to be a shareholder of your company.
[Foreign Language]
So thank you for that, sir. Sir, I'm very proud shareholder of your company. I have full trust with our strong management like you. And so I along with my family, wholeheartedly support your all resolutions, which we have already casted through our e-voting.
[Foreign Language]
But you have great presence sir, you are really a great person sir. We must appreciate it. And looking forward with the positive outlook towards our company with higher profit margin and some dividend. One is to earn bonus and return. Sir, may God bless you sir. Stay safe, stay healthy.
Mr. [ Yousuf Rangwala ].
Good evening.
[Foreign Language]
Annual General Meeting, having good profit, that is where declared a dividend of INR 3.60. Last year, same dividend, but not too worried.
[Technical Difficulty]
Market at INR 166.76, INR 1 [indiscernible] this shows how our company's growth is going on. I'll come directly to the point. Manufacturing unit, construction, automobile and engineering all in the annual pages, sir, we're having a 78,321 employees mentioned in the annual report. Sir, we're having shareholders of around 48 lakhs. And our [indiscernible] madam, I'm very thankful, and I'm very thankful to our excellent Company Secretary, PK sir.
[Foreign Language]
He is a very hard-working Company Secretary.
[Foreign Language]
Very particular [indiscernible] and he is very -- Chairman sir, how is your health sir? Health is good? Sir, today you are looking like -- smiling like a flower sir. I'm very happy to see your health sir. I pray to God everyday for health well. Today, Muharram is going on. But I'm very -- I was giving my few words.
[Foreign Language]
I end my speech, praying the God, thanking you and all your team, wishing you a happy Raksha Bandhan, happy all the festivals. Thank you very much. Jai Hind. Jai Maharashtra. No more questions.
[Foreign Language]
[indiscernible] [ Mascarenhas ]. You can speak mam, you're not unmuted. You've to unmute. We can't hear you.
[Technical Difficulty] and his team for giving this link and registering me. The annual report is full of information and adhering to all the norms of corporate governance. As many speakers have spoken, I limit my questions. I want to know, there is -- I congratulate for that. We have 23 women firefighters in the steel plant. Sir, all these women are in 1 plant or how many average in 1 plant? And is there any bond taken? And what is their average age?
My another question is 5 Indian subsidiaries have been merged. How many more to be merged? I support all the resolutions. I wish my company all the best and especially you and the entire team, good health. Thank you. I shorten myself. Okay. Thank you very much. Now Mr. [ Mascarenhas ]. He is also registered. He'll speak.
I'm the next speaker in the queue, can I proceed sir.
Yes, please sir.
Respected chairman sir, very distinguished members of the boards and my fellow shareholders. Good evening to you all. My name is [indiscernible]. At the outset, I thank the management, Company Secretary and the team for sending me such a beautiful balance sheet, which is full of information, knowledge, self-explanatory, transparent and adhering to all the parameters required for a good corporate governance. Our results are excellent as shown in facts and figures in place. And a good market cap and a good dividend. We are very good in our CSR activity and also good risk management. Many things have been said, I have only one question that seeing is believing. I would also join like other shareholders to visit the factory, which is closest to us so that we get a firsthand knowledge of our products and the manufacturing process. Rest, I don't want to repeat since many questions or all questions have been asked by my fellow shareholders. So I end my speech wishing you personally and all the board members and more importantly, all the employees, all the very best in the days and years to come. With this, sir, thank you very much for patient hearing. Thank you. Good goodbye and good luck.
Thank you, sir. Mr. Kishan Lal Chadha.
Hello.
Hello, sir.
Can you hear me sir.
Yes, I can hear you, sir.
Thank you, sir. Thank you so much for giving me the chance to speak with you. First of all, I'm really thankful to the entire secretarial team who have given me the chance to speak with you. First of all, sir.
[Foreign Language]
Thank you, sir. Mr. [ Santosh Chopra ].
Hello, sir. Am I audible, sir?
You're audible, sir.
Thank you very much Chandrasekar ji. I'm senior citizen investor from Delhi NCR, Kaushambi, Ghaziabad and have invested my family funds in companies like Tata Group and PSUs. I'm very much confident that I get the returns as I expect in FD or otherwise. I'm thankful to CES and secretarial department for registering me as a speaker and congratulate the management for providing all the information of the company well in detailed annual report. As Chairman, sir, you have already covered most of the points which I wanted to ask in my questionnaire. I have nothing to ask any further questions. My previous speakers have already covered my views. Thank you very much. Thank you, sir. Best of luck, sir.
Thank you, sir. Narendra Singh Chauhan.
Mr. Chauhan seems to be facing network issues.
Mr. Babu George. Hello, sir.
I'm Babu George from Kerala, South part of India. Perhaps, I may be the only speaker who is attending this thing. On this occasion, first of all, my congratulations to the Chairman, Managing Director and Director Board members for the splendid performance of the company. Our country is going to celebrate 75th anniversary of Indian Independence next month. And on this occasion, I request honorable Chairman to grant one additional increment to all the staff of the company. Moreover, I request your goodness to grant bonus shares to the shareholder. CSR Fund is used to [indiscernible] and given to different parts of the company. Whereas for Kerala, nothing is given. Our state is facing lots of problems after the 2018 flood. A number of houses are lost. A lot of poor people are struggling for a house. And so I request your good trust to give a portion of the CSR Fund to Kerala state and help our poor and needy people and show some sympathy and empathy towards that people. Sir, number of complaints increased this year comparing to previous year. Take steps to solve the complaints at the earliest. Again, I request to consider my request favorably and wishing you all a happy and prosperous next year. Thank you.
Mr. Ahuja. If you're still online, you can speak now.
Yes. Am I audible, sir?
Yes, you're audible.
At that time, there was network connection issue, and that's why I got out. And now after a patient waiting of 2 hours, my name has come. Thank you very much to the entire team. But I think it's a sheer waste of time for you and all others of your team, giving 4 hours to 5 hours to this useless and buttressing exercise. Everyone is saying. Yes, very well done, very well done. What well done you have done. There is hardly anything to be appreciated. There was a saying.
[Foreign Language]
I don't know what to say about Natarajan Chandrasekaran's how many. It's really shameful and one thing I would point out here is that you have made a false statement if you say that there has been no shareholder litigation as of now. You are unaware or you have been misinformed. The matter is already before Supreme Court of India after NCLT has failed us and NCLAT has failed us. And now we are before Supreme Court of India. And you are saying there is no litigation from shareholders. How stupid? It's really very shameful for your entire team to misinform you. And here, I would also like to point out. Why we are fighting? Why are we fighting? We are fighting like the way you have withdrawn TRF merger because you were sure that TRF merger is -- you are not going to get enough voting in favor. That's why the merger was withdrawn. And as far as Tata Steel BSL merger with TSL, I have written hundreds and hundreds of letters to you and your entire team, to your Board, even in person, I have addressed so many meetings, raised every time without any positive response. I have sent all the letters and now.
Sir, please, one minute. Your situation, the case you are fighting, this one is in legal situation. It has gone through NCLT. One minute, I'll allow you to speak. Just one minute. One minute, let me give you some input then you can speak. I'll listen to you. It has gone through NCLT. It has gone through NCLAT. Now, it is in Supreme Court. So there is no point in discussing it. It is sub judice now. So there is no point in that particular issue, you're bringing it up. Anything else you have to say. This one, we are not going to solve it here. I respect you but the case is sub judice.
Sub judice. What I wish to say here is how the things have been manipulated. How a big fraud has been done on the minority shareholders of Tata Steel BSL. The entire voting was a fraud. I would say fraud here because the individual shareholders who voted in favor, 492 shareholders, they have just 3.94 lakh shares as against we 17 shareholders who are fighting this case and we hold 7.65 lakh shares. And we have lost because of locus standi issue. This is the biggest fraud in the history of corporate India that.
Sir, as I said, the case is in Supreme Court. I think we should not discuss it here, it sub judice.
We should not discuss...
Sir, if you have any other point, I'll listen to you. But on this particular case, the matter is in Supreme Court. We'll leave it at that.
But you have said there is no litigation pending before any court.
So this one is known. It is disclosed. And you have -- we said there's no dispute, but the case is there.
But I can very well point out what are the anomalies.
Sir, we are not going to solve this. We are not going to be able to [indiscernible].
It is you only who are going to solve this. Just give me 2 minutes.
Sir, this matter has to be discussed in arguments in Supreme Court.
I wish to make one submission, which needs to be heard by you. The merger date when the valuation was taken was, it was 25th April 2019. Afterwards, pandemic has -- COVID started, and there was a wait of almost more than 2 years. The scheme fructified in 2021 after 2 years. And in the meanwhile swap ratio, valuation was based on 2019. Your cell phone record having said if there is inordinate delay, there can be reconsideration. Your cell phone record. I have in one of the meetings, you have admitted where there is inordinate delay, 2 years is not an inordinate delay. And I'm sure. Give me 1 minute.
Please Sir, please understand. This is a legal process. It goes through the regulator and the time it takes through the process, it takes. We have no control over it. We have no control over it. We are not delaying it. Whenever there is a merger. Please understand. Whenever there is a merger, there is a process, legal process, which we go through.
And the process is manipulated.
Really, it's not that we are delaying it or we are taking a call.
You, Tata management, manipulated the entire show. Tata manipulated, played a big fraud and I have no word less than fraud. You have cheated the entire and you are not willing to listen to -- now both the companies are on record, having gone to the exchanges.
Sir, please understand. This matter has been disposed of by SEBI, has been dismissed, both at NCLT and NCLAT. Now the matter that you have referred to Supreme Court. So it has to go through the process. I do not want to engage on this. Please understand. If you have any other point we can talk, otherwise, I would submit to you that we don't discuss this matter.
You can't take a refuge in this that matter sub judice and no one can do. Ultimately, it is the company.
Thank you, sir. With that, we have come to the end of all the shareholder comments. All the major level comments were already answered. So I will only focus on the comments additionally raised from shareholder 41 onwards.
Mr. Deepak Kumar Jaiswal, you talked about leave encashment policies, and you referred to your discussion with Mr. Narendran. Mr. Narendran does not remember having discussed with you but nevertheless, he's willing to have a meeting with you or speak with you, so you may contact his office and discuss that matter.
Amit Banerjee, you talked about dividend and the company has a dividend policy, and we are paying as per that policy.
Mahesh Kumar Bubna. You've talked about bonus and [indiscernible]. Last bonus was given in 2004, but your point is noted.
Om Prakash Kejriwal. You have talked about the rating. The company's rating is by Moody's and S&P. Fitch, we are not engaged with. So the Fitch report is their own report, but both S&P and Moody's, they've kept us in investment grade with a stable outlook.
Sharat Kumar Shah, thank you for your comments. And I did acknowledge the presence of union leaders from U.K. and Netherlands. We will look at the mail you have said, you seem to have sent a mail today. That's what they said. I will definitely look at it.
[indiscernible], thank you for your comments, and you talked about shareholder visit, and I don't have ready-made data about the percentage of shareholders from Bombay, but the spirit of the message that you gave will be looked into.
Narendra Zaveri. Your comment about making the index user friendly. I've already passed it on to the company on P&L, balance sheet, et cetera, how they can be included in the index. They will look at it. I cannot have a view on when the steel price will increase. I will not be able to tell you about the commodity prices when it will go up and can give you any certainty.
The comment about Cuttack. This is something that happened pre-acquisition. It is before our time. It's a past one. Bhushan Steel, yes, now it is working on rated capacity.
Anil Mehta, I think we have a very strong Board. And every time there is a vacancy, the nomination and remuneration committee looks at the skills required for the company and candidate is chosen. The company has a very strong Board. Management, you talked about the intercompany transactions. Every intercompany related party transaction is looked at by the Audit Committee and auditors. Company has liquidity and generally out of the debt of about INR 88,000 crores, INR 78,000 crores is for long-term debt for CapEx and the INR 10,000 crores is related to working capital.
Mr. Rungta, the IPO fund we had. Taken your comment last year. The companies are looking at it. But still, I understand the issue is not resolved, but we will do the best we can.
I will again stress with not only Tata Steel, but other company secretaries, we will see how we can work with the regulator to see this issue is resolved, on the dematerialization of the shares happen in a faster way.
Mr. [ Gautham Nambi ], thank you for your comments. [indiscernible], thank you for your comments. [ Mrs. Mascarenhas ], the 23 firefighters are all in Jamshedpur. But your point is noted, we will try to see whether we can increase, more women in other plants.
[ Mr. Mascarenhas ], thank you for your comments. Mr. Kishan Lal Chadha, you talked about the returns for the Bhushan Steel shareholders. Currently, the Bhushan Steel is functioning to rated capacity. We hope with the increased EBITDA, the shareholder returns will start to look better.
Mr. Babu George, thank you for your comments. I think with that, we come to the end of all the shareholder speakers. Now I will authorize the Company Secretary, Parvatheesam Kanchinadham, to conduct the voting procedure and conclude the meeting. The remote e-voting facility will remain open for the next 15 minutes to enable shareholders to cast their votes. The results will be announced within 2 working days from the conclusion of this meeting, and the same will be intimated to BSE and NSE stock exchanges and will also be uploaded on the company's website and that of the NSDL.
I would like to again thank all the shareholders for participating in today's meeting and for your continued support. I also want to thank all the directors for participating today and also for their support to the management. With your consent, now the Board members and management and all of us will leave the meeting. Thank you. Be safe.
[Voting]
Good evening. The e-voting was kept open for 15 minutes, as has been announced by the Chairman. We now close the e-voting process. I confirm that the requisite quorum was present throughout the meeting. The results of the AGM will be announced on or before July 17, 2024. With this, I declare the meeting as closed. Thank you.
