May 13, 2005 | Business Standard
Tata Steel to set up JV with BlueScopeTata Steel will float a joint venture company with leading steel producer in Australia and New Zealand, BlueScope Steel.
B Muthuraman, managing director, Tata Steel, said the inauguration of its one million tonne expansion project that the new company, Tata BlueScope will be formed in three to four months. "An announcement will be made shortly," he said.
The company would look at setting up a colour coating line. Muthuraman also said that more downstream projects could come up. He, however, refused to divulge more details on the proposed joint venture.
BlueScope had earlier said that it had decided to invest AU$100 million for setting up manufacturing facilities in India, and was exploring the possibility of forming a joint venture with Tata Steel.
The BlueScope announcement was made by the company's CEO and managing director, Kirby Adams, December last year. Adams had said, the feasibility study of the venture would be completed by May 2005.
Muthuraman's comment appears to indicate that the decision to form the joint venture had been made. BlueScope planned to set up three manufacturing facilities in Pune, Chennai and New Delhi. The joint venture would explore the possibility of developing a metal coating and painting facility in India.