Tata-VSC JV gets Vietnam government nod

Vietnam okays Tata-VSC USD 3.5 bn steel plant
NEW DELHI: The Vietnam Government has approved a joint venture between world's cheapest steelmaker Tata Steel and Vietnam Steel Corporation (VSC) to build an integrated steel complex in the country at an investment of $ 3.5 billion (Rs 14,000 crore), the Vietnam News Agency reported on its website.

The government has allowed the Corporation to sign a Memorandum of Understanding with the world's fifth largest steelmaker to build the 4.5 million tonne steel complex at Ha Tinh province, for which it would use iron ore from the Thach Khe mines, the state-owned agency reported.

When contacted, a Tata Steel spokesman, however, said "we are in discussion with the Vietnam Steel Corporation and are keen to invest there."