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Essar eyes shipping, telecom JVs in Vietnam

Essar eyes shipping, telecom JVs in Vietnam
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First Published: Thu, Jul 05 2007. 11 28 AM IST
Updated: Thu, Jul 05 2007. 11 28 AM IST
Mumbai: India’s Essar Group is looking at shipping, telecom and energy joint venture opportunities in Vietnam, Jagdeesh Mehta, president of Essar Vietnam Steel Corp., said on 5 July at an Indo-Vietnam business conference.
Vietnamese prime minister Nguyen Tan Dung is leading a business delegation to India.
The Essar Group and two Vietnamese companies said earlier this year they would establish a $527-million venture to build a hot-rolled steel mill to help reduce the country’s dependence on imports of hot-rolled steel coils.
Indian companies have committed to $133 million of investments in Vietnam from 1988 to 2006, according to figures from Vietnam’s Ministry of Planning and Investment.
Vietnam’s government expects economic growth to exceed 8% this year, driven by the Southeast Asian nation’s accession to the WTO in January.
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First Published: Thu, Jul 05 2007. 11 28 AM IST