Arcelor takeover not to impact Tata Metaliks tie-up
French steel major Arcelor's takeover by Mittal Steel will have no impact on its existing technical tie-up with Tata Metaliks for automotive steel.
By PTI |
KOLKATA: French steel major Arcelor's takeover by Mittal Steel will have no impact on its existing technical tie-up with Tata Metaliks for automotive steel.
"The merger of Arcelor will have no impact on the existing technical tie-up with us for steel for the automotive sector," Tata Metaliks chairman T Mukherjee said at the AGM held on Wednesday.
The world's largest foundry grade pig iron company has a tie up with Arcelor for extra-galvanised steel products for automobiles and exports 30,000 tons through former's sales network.
Meanwhile, Tata Metaliks projected quantum jump in turnover to Rs 2500-2800 crore by 2010-11 despite the West Bengal government has failed to offer land to the company for expansion.
"We aim to reach a top-line of around Rs 2,500 to Rs 2,800 crore by 2011 from current turnover of around Rs 441 crore," Mukherjee said.
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"We have yet to get land from the state government for the 0.5 million tonnes steel billet unit at Kharagpur. But, we are confident the government would offer the land but cannot set any time frame," he said.The company had sought 350 acre of land close to existing unit and Chief Minister Buddhadeb Bhattacharjee in March 2005 had announced to offer land to the company in priority basis.
West Bengal Industrial Development Corporation was working for land acquisition and likely to have acquired about 100 acres.
"We can give financial details of the new billet unit once after we get the land, Mukherjee said.
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Meanwhile, the company is going ahead with the third blast furnace at the existing plant. With this furnace and takeover of pig iron unit in Maharastra the production of the company would get doubled from 3.2 lakh tonnes at present.Meanwhile, the company about the Kulti plant of IISCO said they were not been allowed to inspect the facility and thus nothing specific could be said.
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IISCO had recently sought bids through the merchant banker SBI Caps to divest Kulti unit of the company.Start a SIP with as low as ₹500 with ET Money App!
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