New Delhi: Tata Steel, the world’s cheapest steelmaker, today secured the Vietnam government’s approval for floating a joint venture with Vietnam Steel Corporation (VSC) to build a nearly Rs 14,000 crore integrated steel complex in that country.
Confirming receipt of the government’s nod, Tata Steel spokesman Prabhat Sharma told that the company was “in the advanced stage of finalising an MoU with VSC. The estimate and scope of investment will be ascertained after the feasibility studies.”
The government has allowed the VSC to sign the agreement with Tata Steel 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.
“Tata Steel has been looking into opportunities in several countries. Vietnam is a country which we are looking into seriously, as it has both raw material as well as market,” Sharma said.