Tata to take majority stake in Vietnam steel plant

Hanoi, May 29: India's Tata Steel Ltd., the world's sixth largest, said on Tuesday it would take a stake of up to 65 percent in a steel plant venture with Vietnam and a 30 percent stake in a nearby iron ore mine.

The steel plant and the iron ore mining firm are parts of a steel complex that Tata and state-run Vietnam Steel Corporation (VSC), the country's top steel maker, would build at an investment of $3.5 billion, the Vietnamese government said.

On Tuesday, Tata signed a memorandum of understanding with VSC to conduct a feasibility study by September 2008 on a complex with a capacity of 4.5 million tonnes of steel products by 2018.

Reuters