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Chennai, Aug. 21 Tulsyan NEC Ltd , the flagship company of Rs 680-crore Tulsyan group, signed a joint venture agreement with Budhrani group in Nigeria to set up a steel making and rolling mill. Tulsyan will hold 51 per cent in the joint venture.

A press release from the company said the proposed plant in Nigeria would manufacture long products.

The plant would have an annual capacity of 60,000 metric tonnes of steel at an investment of Rs 68 crore. The turnover for this venture is expected to be around Rs 350 crores.

Budhrani Group has interests in various segments such as commerce, automobiles, constructions, electronics and exports while Tulsyan NEC manufactures Thermo Mechanically Treated (TMT) bars and billets.

Tulsyan NEC’s Managing Director , Mr Sanjay Tulsyan, said, “We chose Nigeria as it has shortage of steel and surplus of raw materials.”

More Stories on : Alliances & Joint Ventures | Overseas Investments | Steel

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