A Tata Steel and Ryerson joint venture plans to spend INR1.9bn ($US48m to build three steel processing plants to meet automaker demand.
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The 50-50 JV Tata Ryerson is spending INR1bn on a processed steel unit at Tata Motors’ facility in West Bengal, managing director Sandipan Chakraborty told Reuters. The car plant will start making the $2,500 Nano ‘people’s car’ later this year.
Tata Ryerson is also building a similar unit at a Tata Motors plant in the northern state of Uttaranchal and another in the southern state of Tamil Nadu at a cost of INR450m each, Chakraborty told the news agency, adding that the investments would be funded through internal accruals and bank borrowings.
All units will be commissioned in the financial year beginning on 1 April, he told Reuters, adding that higher demand for processed steel in the automobile sector is expected to drive revenues to INR12bn in the year to March 2008 and to INR15bn in 2008/09.
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