The Hindu Business Line : Tata Steel, BlueScope to float joint venture

NEW DELHI: Aiming to expand its business in mineral-based manufacturing sector, Tata Steel on Thursday announced floating a 50:50 joint venture with global giant BlueScope Steel to produce zinc and aluminum metallic coated, painted and roll formed steel products.

The proposed joint venture agreement, which is to be signed on November 16 in Jamshedpur, also entails an investment of Rs 900 crore for construction of modern metallic coating and painting facility in the same town.

Besides, the new venture would assume ownership and responsibility for the development of three roll forming and PEB (pre-engineered buildings) manufacturing facilities of BlueScope Steel at Pune, Chennai and New Delhi. Moreover, the ownership will be ex tended to BlueScope's roll formed businesses in Sri Lanka.

The company, to be headquartered at Pune, would provide PEB and other building solutions and broaden its business base across India and South Asia, Tata Steel said.

"Tata Steel and BlueScope Steel share a similar approach to value creation in the steel business. Consumers would benefit from the range of solutions that will now be available to the building industry," Tata Steel Managing Director B Muthuraman said. - PTI

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