Tata Steel enters into JV with Nippon Steel Corp

MUMBAI: Steel major, Tata Steel's board on Thursday approved a framework for a Joint Venture between Tata Steel Limited (TSL) and Nippon Steel Corporation (NSC) for the production and sales of automotive cold-rolled flat products at Jamshedpur, Jharkhand, a company statement said in Mumbai.

TSL will hold 51 per cent and NSC will hold 49 per cent of equity capital of the joint venture company.

The joint venture aims to capture the growing demand for high-grade automotive cold-rolled flat products in India by setting up a continuous annealing and processing line (CAPL) with a capacity of 6,00,000 tonnes.

NSC will transfer its technology for producing high-grade cold-rolled steel sheet for automotive application, including skin panels and high tensile steels, the release said.

The new JV will address the localisation needs of Indian automotive customers for high-grade cold-rolled steel sheet and contribute to further expansion of the Indian automobile industry.