Tata Ryerson aims Rs 1500 cr turnover by 2008

Kolkata, Aug 9: Tata Ryerson Limited, the joint venture promoted by Tata Steel and Ryerson Inc of USA, would invest over Rs 100 crore in greenfield projects by 2008 to reach a turnover of Rs 1500 crore and 2 million tonnes value added steel processing capacity in the next two years.

The steel service centre solutions company catering to the industrial customers in India would invest Rs 40 crore to set up a stainless steel processing plant of 0.1 million tons capacity at Pune, managing director Sandipan Chakraborty told reporters.

The company would also set up a 0.2 million tonne capacity rebar processing facilities at Taloja (West India) and Chennai (Tamil Nadu) for integrated steel mills with an investment of Rs 20 crore, Chakraborty said.

Tata Ryerson would also set up a full fledged steel service centre of 0.2 million tonnes to cater to Tata Motor's ''Ace'' producing plant at Pantnagar (Uttaranchal) with an investment of Rs 45 crore, the MD said adding the company had acquired 6.3 acres of land adjacent to the Tata Motors plant for the purpose.

The investment would be funded by internal accruals and borrowings, he said.

The company is aiming at Rs 1000 crore turnover in the current fiscal against Rs 754 crore earned last year. The processing capacity is expected to be at 1.35 million tonnes in the current fiscal from one million tonnes last year.

UNI