Tata, Asapars sign agreements with Iran

Dubai, Jan 31: Tata Steel has signed agreements for production of five million tonnes of steel and its raw materials with the Iranian Mines and Mining industries Development and Renovation Organisation.

Managing Director of the Persian Gulf Zone for Mineral and Metal Industries (PGZMMI) Bahman Ayar-Rezaei said the permission for production of four million tonnes of steel has been issued by the Organisation for Industries of Hormozgan Province.

He said 500 hectares of land in the special zone will be allocated to the project, where Tatas has been given permission to invest 1.408 billion dollar, Tehran Times reported.

Another agreement was signed with the Indian company Asapars for production of three million tonnes of billets worth 900 million dollar.

UNI