Tata Ryerson invest RS 100 cr in Nano project,roll-out before Octobe

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Kolkata, Jan 22 (UNI) Tata Ryerson Ltd, a joint venture of Tata Steel and Ryerson Inc of USA, today unveiled itself as the sole supplier of the six critical components of people's car 'Nano' with an investment of Rs 100 crores at the Singur project.

Tata Ryerson Managing Director Sandipan Chakroborty said here today, ''Tata Ryerson has been chosen as a sole supplier of six critical components for Nano which would be ready for market by October this year.'' ''Work on the 10 acres of land in Singur Vendor Park is progressing in full swing. Parts are being developed in Canada and the operations team would be trained there. Currently four people have been sent,'' he said.

He also added that a planned investment of Rs 100 crores is being made for the project with a boost in its revenue up to Rs 50 crores.

Asked how long will it take for the company to break even, he said ''By the time we produce 2.5 lakh cars we should break even''.

Asked about the difficulties in setting up the project in Singur, Mr Chakroborty said, ''We don't see any difficulty. We see them as challenges. And there are three challenges--meeting the demand of half a million cars, ramping them up and produce them to customer satisfaction. We actually have the provision of producing 7,50,00 cars if necessary.'' Terming the components ''Load Carrying Members'' of the car, Chairman Frank Munoz informed that it was proud to produce the foundation of 'Nano'.

Detailing about the company he said, ''The brand has established industry leadership with a share of 50 per cent of India's organised steel processing. It has surpassed a combined distribution and processing volume of one million tonnes and achieved a turnover of over Rs 1000 crores in the last fiscal, with a projection of Rs 1200 crores this fiscal and another Rs 300 crores in addition to the revenue in 2008-09.'' Talking about the other projects, he said, ''The company is making another combined investment of Rs 90 crore in two projects.

The first project is in Chennai where we are partnering with Fortune 500 company Caterpillar of USA for setting up of a plate burning and fabrication plant in Tada, about 70 kms from Chennai.'' ''The other is at Pantnagar in Uttaranchal where in partnership with Tata Motors we are producing a small commercial vehicle ''Ace'' with an investment of Rs 45 crore,'' he added.


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