The Hindu Business Line : Tata Steel to seek shareholders' nod for raising funds

TATA Steel will convene an extraordinary general meeting (EGM) of shareholders on March 24 to seek approval for raising Rs 5,000 crore to fund the company's expansion and growth.

The EGM also includes an enabling resolution to allow the company to borrow money not exceeding Rs 10,500 crore. The company has plans to take its steel production to 15 million tonnes (mt) by 2010 from 4 mt in 2004. Some of its plans include investment in NatSteel; a 2.4-mt expansion at Jamshedpur; a 6-mt greenfield expansion at Orissa; a greenfield project at Bangladesh; port infrastructure at Dhamra, Orissa; a coke project at Haldia; a limestone joint venture in Thailand; a ferro-chrome project in South Africa and a titania project at Tamil Nadu.

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