Tatas gets Iran's nod to set up a steel plant

Dubai, Aug 27 (UNI) Iran has given a permission to the Indian business house of Tatas to set up a 4 million tonne steel plant, costing 1.5-2 billion dollars.

The plant is slated to come up in Iran's Persian Gulf Special Zone for Metal and Mineral Industries, an official said.

The steel mill would receive the raw materials, gas and ironstone locally, Tehran Times reported an official as saying.

The Tata group, which has more than 90 companies with a turn-over of more than 22 billion dollars last year, has announced plans to invest 26 billion dollars over three to five years to expand its business both in India and abroad.

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