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Our Bureau

65:35 joint venture for setting up greenfield plant

Kolkata May 29 Tata Steel today signed a binding MoU of 10-year timeframe with Vietnam Steel Corporation (VSC) to form a 65:35 joint venture to set up a 4.5 million tonne per annum greenfield steel complex in Vietnam. Tata Steel, the sixth largest manufacturer in the world, would also pick up 30 per cent equity in the related Tach Khe iron ore mining company, Tata Steel said here in a release. The MoU was signed in Hanoi.

The company's spokesperson declined to give an indicative cost figure for the steel project. The official however did not deny an earlier report which quoted an official saying that the project would cost $3.5 billion (Rs 14,000 crore).

A feasibility study for the projects would be taken up shortly. The steel plant would be located in Ha Tinh province of Vietnam. Tata Steel spokesperson, however, could not indicate the estimated ore reserves of the proposed mines to be available for the joint venture.

Tata Steel already has a joint venture with VSC, largest Vietnamese steel maker. The earlier joint venture was for rolling mills through NatSteel, Asia, Tata Steel's Singapore subsidiary.

More Stories on : Alliances & Joint Ventures | Steel | Tata Steel Ltd

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