MUMBAI, June 26 -- Tata Steel Ltd registered a net consolidated profit of 2.9 billion U.S. dollars billion for the year ended March 31, 2008, as compared with 0.97 billion U.S. dollars in the previous fiscal year, the company said Thursday.

     The board of directors of Tata Steel has recommended a dividend of 2 percent on cumulative convertible preference shares payable pro-rata from the date of allotment and 160 percent on ordinary shares for the financial year 2007-08.

     The company said it had picked up a 50.05 percent equity in Tata Metalliks Ltd in February.