January 18, 2010 | The Economics Times
Tata Ryerson gets new name
KOLKATA: Tata Steel on Monday announced that it has changed the name of its fully owned subsidiary Tata Ryerson to Tata Steel Processing and Distribution Ltd (TSPDL).
In 2009, Tata Steel had bought US-based Ryerson Tulls' entire stake in Tata Ryerson, which had been set up as a 50-50 joint venture.
Tata Steel will now invest about Rs 500 crore in the subsidiary to increase its processing capacity by one million tonnes by 2012, said Anand Sen, the company's vice president of the flat products division, who is also chairman of the subsidiary.
"As Tata Steel hikes output of hot rolled products by 2.4 million tonnes by 2012, our processing arm would need to have additional capacity of one million tonnes," Sen reporters here.
TSPDL's current steel processing capacity is 1.3 million tonnes a year.
The subsidiary, which supplies components to Tata Motors for its Nano car, could also set up a processing facility at Sanand in Gujarat, close to the Nano plant.
"We are currently catering to Nano's requirement from our Pantnagar and Pune facilities and are yet to take a call on investment in Sanand," said TSPDL managing director Sandipan Chakraborty.