Tata Steel inks pact with Vietnam Steel Corporation
Tata Steel, the world's sixth largest maker of the alloy, today said it has signed an initial agreement with Vietnam Steel Corporation for setting up a cold rolling mill in the South East Asian nation.
By PTI |
MUMBAI: Tata Steel, the world's sixth largest maker of the alloy, today said it has signed an initial agreement with Vietnam Steel Corporation for setting up a cold rolling mill in the South East Asian nation.
A Memorandum of Understanding between the two companies in this regard was signed today, Tata Steel said in a communique to the Bombay Stock Exchange.
Tata Steel already has a joint venture with VSC through its Singapore-based subsidiary NatSteel. The two companies had on May 29 signed an MoU for a steel plant in Vietnam.
"Vietnam with a buoyant economy, significant market and raw material is an attractive destination for steel making," Tata Steel said.
The size, scope and investment in the cold rolling mill would be decided on completion of feasibility studies. Tata Steel would have 65 per cent stake in the project.
Shares in the company were last trading up 1.79 per cent at Rs 914.65 on the BSE.
A Memorandum of Understanding between the two companies in this regard was signed today, Tata Steel said in a communique to the Bombay Stock Exchange.
Tata Steel already has a joint venture with VSC through its Singapore-based subsidiary NatSteel. The two companies had on May 29 signed an MoU for a steel plant in Vietnam.
"Vietnam with a buoyant economy, significant market and raw material is an attractive destination for steel making," Tata Steel said.
The size, scope and investment in the cold rolling mill would be decided on completion of feasibility studies. Tata Steel would have 65 per cent stake in the project.
Shares in the company were last trading up 1.79 per cent at Rs 914.65 on the BSE.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
