Tata Steel Top Official Retires Early to Start New Venture

by on

Moving on quickly, “Partha Sengupta, a senior Tata Steel official who was said to be in the running for the top job, has put in his papers by taking a premature retirement from the company. Sengupta, whose name has been linked to various controversies in the recent past, is likely to company which will specialise in international trading of metals and minerals,” reports The Economic Times.

“Multiple sources within the Tata group confirmed that Sengupta had left Tata Steel at the end of January and had vacated his bungalow in Jamshedpur. He is believed to have relocated to Kolkata to work on his venture.”

“Repeated efforts to reach Sengupta on his mobile phone did not yield any result and text messages elicited no response. Calls to land line numbers in Sengupta’s Jamshedpur residence or office remained unattended.”

“When contacted, a Tata Group spokesperson did not wish to comment on the matter.”

“Tata insiders say that Sengupta’s departure was on the cards after he was passed over for the top job in favour of TV Narendran, who was appointed managing director on 19 September 2013, succeeding HM Nerurkar. In the last one year, Sengupta had come under a cloud after a string of controversies erupted which is likely to have scuppered his chances.”

In metal price news for steel…
The steel billet cash price fell 2.7 percent on Tuesday, February 11 to $355.00 per metric ton on the LME, making it the day’s biggest mover. The steel billet 3-month price continues hovering around $360.00 per metric ton on the LME for the fifth day in a row.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India was range bound. After holding steady for the past few days, the price of Chinese HRC fell 0.6 percent. For the fifth day in a row, the price of Chinese coking coal remained essentially flat.

The US HRC futures contract 3-month price saw little change in its price on Tuesday at $632.00 per short ton. The US HRC futures contract spot price remained essentially flat at $660.00 per short ton.