Business Daily from THE HINDU group of publications
Friday, Feb 23, 2007
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Business Daily from THE HINDU group of publications Friday, Feb 23, 2007 ePaper |
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Corporate
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Overseas Investments Essar to set up steel plant in the Caribbean Deepak Goel
"The total investment will be $1.76 billion which will be invested with a mix of debt and equity," said the source. The Group is in the process of finalising the last mile formalities. Major clearances, including environmental approval, have been procured and the commissioning of the plant will commence in a few months' time. It is expected to be operational by 2010. The investment will consist of 30 per cent equity and the rest through debt that is already tied up, according to the source.
Export steel
The production of the plant would largely be exported across the world. "Trinidad and Tobago being strategically placed, Essar would have the opportunity to export steel to African, European and South American countries," said the source. However, the company will set aside a small part of the production for local sales also.
Other ventures
Apart from the Caribbean, Essar is also considering other ventures in West Asia as the principal requirements of fuel and finance for steel plants are cheaper there. It recently signed a joint venture agreement with two Vietnam government-owned companies to set up a hot strip mill plant there with an investment of $527 million. The project is expected to be complete in 30 months. Essar already has a 0.5-mt cold rolling plant in Indonesia.
More Stories on : Overseas Investments | Steel
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