Tata Iron and Steel Company Ltd will invest nearly Rs 16,000 crores in Orissa. This investment from the steel major will be in three different projects over the next five years. Mr B. Muthuraman, managing director Tisco on Monday said, “We will be investing Rs 8,000 crores in a steel plant in Orissa near Duburi." Duburi in Orissa was in the limelight after a host of corporate houses showed interest in setting up a steel plant. This list included Lord Swaraj Paul of Caparo group. 

“We have submitted the feasibility report to the state government and are waiting for the Orissa government’s final nod in this regard,” Mr Muthuraman said. Tisco has also finalised to develop a mine near Joda in Orissa. The company intends to invest Rs 6,000 crores in this project. This mine will be the primary sourcing base for the proposed steel plant. Tisco is also developing Dhamra Port into a deep draft port in partnership with L&T and an investment of Rs 1,500 crores to Rs 2,000 crores, Mr Muthuraman said. 

This is expected to be ready by 2007. The company may go to the market for raising funds for the Orissa project, he said. Tata Steel is also planning to increase its capacity in Jamshedpur. Tata Iron and Steel Company Ltd has clarified that the price cut announced by the company is only for the official equipment manufacturers. This cut will not be for the retail buyers. The export market, Mr Muthuraman said would not be affected by the price cut. If there is a rise in the international market the company would follow that trend. The price cut for the domestic market.

Tisco’s clients include Ford, Maruti, Bajaj Auto, Hyundai Motors, Ashok Leyland and L&T. Mr Muthuraman said that if these companies wish to pass on this benefit to the consumer they are welcome to.