Financial Daily from THE HINDU group of publications
Friday, Jan 21, 2005
Financial Daily from THE HINDU group of publications Friday, Jan 21, 2005 |
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Corporate
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New Projects Tata Steel to raise Rs 5,000 cr Our Bureau
Mumbai , Jan. 20 TATA Steel on Thursday approved a plan to raise up to Rs 5,000 crore to meet its funding requirement for the company's expansion and growth plans. This would be mainly through debt and a combination of rupee and foreign currency debt, Mr Kaushik Chatterjee, the finance chief of the company said. ``The debt raising plan would largely be according to the capex schedule. We are evaluating several instruments,'' he said. The company has convened an extraordinary general meeting of its shareholders on March 24 to seek their approval. The company has plans to take its steel production to 15 million tonnes by 2010 from 4 million tonnes in 2004. Some of its plans include investment in NatSteel; 2.4 million tonne expansion at Jamshedpur; 6 million tonne Greenfield expansion at Orissa; Greenfield project at Bangladesh; port infrastructure at Dhamra, Orissa; coke project at Haldia; limestone joint venture in Thailand; ferro chrome project in South Africa and the titania project at Tamil Nadu.
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