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FINWIRES

Tata Chemicals Dissolves Two UK Subsidiaries Under Group Restructuring

-- Tata Chemicals (NSE:TATACHEM, BOM:500770) said two step-down subsidiaries, Cheshire Salt Holdings and New Cheshire Salt Works, have been dissolved following voluntary strike-off in the UK, according to a Tuesday filing on Indian bourses.

Shares of the company were up over 1% in Wednesday's trade.

The dissolution, effective April 14, is part of a move to simplify the group structure and does not change the company's ownership of its UK operations, the filing said.

No proceeds were received from the closure as the entities were indirect subsidiaries, it added.

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