Financial Daily from THE HINDU group of publications
Friday, Jul 23, 2004

Cross Currency

Group Sites

Corporate - Mergers & Acquisitions

Tata Steel scouting for acquisitions in Russia, E. Europe

Our Bureau

Mr Ratan Tata, Chairman, Tata Steel, Mr Suresh Krishna, Director, and Mr B. Muthuraman, MD, at the AGM in Mumbai on Thursday. — Paul Noronha

Mumbai , July 22

TATA Steel is looking to acquire steel plants in Russia and East Europe ``as and when they become available,'' Mr Ratan Tata, Chairman, said at the company's AGM here on Thursday.

It is also studying similar forays on the mining front.

While the company is slated to touch seven million tonnes of steel production capacity at Jamshedpur by 2008, its overall capacity by 2010 pegged at a higher 15 million tonnes.

The latter includes potential acquisitions.

Tata Steel has set an export target of 6,00,000 tonnes for 2004-2005. Of this 1,00,000 tonnes is the likely quantum for shipment to China.

The company's foreign earnings are projected to rise 20 per cent this fiscal.

Tata Steel will explore marketing and technology alliances to gain entry to select markets.

On China, Mr Tata said, the country is expected to drive global demand for steel in the near future, at least till 2008, when the Olympic Games are due to be held in Beijing.

Even if that activity fades out, there is the infrastructure development activity along China's east coast to maintain strong steel consumption.

Back home, the company expects domestic steel consumption to grow at 7-8 per cent.

Mr Tata said there is the need to hike promoter's stake in the company.

More Stories on : Mergers & Acquisitions | Steel

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Hyundai set to launch Getz in August

BHEL to set up solar power plants in Sunderbans
Natco Pharma launches anti-cancer drug
SRF chalks out plans for pharma chemicals biz — To set up R&D centre in Chennai
Gujarat NRE signs pact with Chinese co for tech transfer
`Birlas willing to consider out-of-court settlement'
ICAI refers auditor rotation issue to internal panel
Former Glaxo official launches HR consultancy firm
Tata Steel scouting for acquisitions in Russia, E. Europe
Hind Paper plans to double HNL capacity
Top Line Shoes: Ministry seeks details from RoC
Tata Steel ties up with SAP India
KRBL ties up with agro firms for inputs to farmers
Tata Steel to pick 50% stake in Dhamra port
Godrej Consumer studying opportunities in SAARC region
TAFE aims for export push
Marico Industries: Betting on brand equity
Dabur India: Using technology to good effect
Coke official visits India
Corporates get out of g-secs; move into bank deposits

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line