New Delhi: Tata Steel Ltd is “frustrated” by the delay in getting approvals for a 4.5 million tonnes plant project in Vietnam, vice-chairman B. Muthuraman said on Wednesday.
“Tata project has been held up for five years. Nothing has moved forward,” Muthuraman said on the sidelines of a business forum attended by Vietnamese President Truong Tan Sang.
“I’m going to have a discussion with him (President Sang) later today on the Tata Steel project, so I hope things will move.”
Tata Steel signed an agreement in 2007 with the South-East Asian country to invest $5 billion in an integrated steel plant in Ha Tinh province, including an iron ore mine. But the plan hasn’t taken off owing to bureaucratic delays, competition from Taiwan and land acquisition issues.
In his address, President Sang said the project will be implemented soon, but did not indicate when the approvals will be given.
“We understand the importance of Tata.... The leaders of our two countries are trying their best to kick-start the project,” Sang said.