Mumbai: Tata Steel has entered into a joint venture with Vietnam Steel Corporation (VSC) to build a plant at the Ha Tinh province in Vietnam.
“The Indian steel firm, through its wholly owned subsidiary in Singapore - Tata Steel Global Holding Pte Ltd, would hold 65% stake in the joint venture and the remaining would be owned by VSC,” Tata Steel said in a regulatory filing to the Bombay Stock Exchange.
“The JV would also enable Tata Steel to extend an equity contribution of 30% in Thach Khe Iron Ore mining project,” it added.
Last year in May, the salt-to-software giant had entered into a Memorandum of Understanding (MoU) with VSC for the said alliance.
“Tata Steel along with VSC had undertaken a feasibility study for the steel project following which the JV has been signed,” the filing said.
Tata Steel, which is already in a joint venture with VSC in rolling mills through Singapore-based Natsteel, had earlier said, the proposed project will have significant economic impact in terms of optimisation of local resources, development of technology and earning foreign exchange.
Shares of Tata Steel were trading at Rs616.90, up 1.47% in the morning trade on the BSE.