2 Indian Co's to set up steel plants in Iran

Dubai, May 29: Tata Steel and Essar are planning to set up two separate steel plants in southern Iran within the next four years, Iran's Deputy Minister of industries and mines for economic and international affairs has said.

Mr Mohsen Shaterzadeh yesterday said the companies had bought the land for the steel plants, whose total capacity is estimated at 10 million tonnes per annum (MTPA).

The plant to be set up by the Essar Company is scheduled to become operational within the next three years and will produce two MTPA of steel in its first phase, Tehran Times quoted him as saying.

On the other hand, Tata Steel Company's plant will be built in phases and will have a final capacity of about five MTPA.

It will complete the first phase of its plant within the next three or four years, which will have an initial production capacity of two MTPA, Mr Shaterzadeh added.

The plant is to be located in the port city of Bandar Abbas on the Gulf.

Tata Steel has also signed an MoU with the Iran Mines and Mining Industries Development and Renovation Organisation (IMMIDRO), which is affiliated to the Ministry of Industries and Mines, to facilitate investment in the country.

UNI