Tata Steel inks JV to build steel complex in Vietnam

New Delhi, Aug 13 (UNI) Tata Steel, world's sixth-largest steel maker today said its Singapore-based wholly-owned subsidiary has signed a joint venture (JV) agreement with Vietnam Steel Corporation and Vietnam Cement Industries to set up a 4.5 Mtpa Steel complex in Vietnam with an estimated investment of five billion dollars.

The company will have 65 per cent stake in the above project, besides 30 per cent stake in Thach Khe Iron Ore Joint Stock Company, which would undertake mining in the Thach Khe iron ore mine, and Vicem will hold the remaining stake, it said in a statement.

The plant will be built in three phases with the first phase of the complex (Cold Rolling Mill) to be commissioned by end of 2010.

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