The Germany-based Mannesman has decided to pull out from Tata Korf Engineering Services, a subsidiary company of Tata Steel.
R C Nandrajog, vice-president (finance) told newspersons at the sidelines of the annual general meeting of Tata Steel, " Mannesman has decided to divest its stake in Tata Korf and we are now scouting for a new partner. Discussions are already on with various parties." However, Nandrajog refused to divulge any names. Tata Korf is a 60:40 joint venture between Tata Steel and the multinational.
Tata Korf has a workforce of about 40 employees and is in the business of supplying mini blast furnace technology.
Also, Tata Steel will be consolidating its associate engineering companies, Tata group chairman Ratan Tata said at the AGM. These companies are Stewarts and Lloyds of India, TRF, Tata Construction and Project and Tata Material Handling Company.
As part of its expansion plans, Tata Steel is looking at setting up a ferro-chrome unit in Australia and Africa. Tata said, "we are evaluating both the possibilities and a final decision will be taken later."
Tata Steel has reported a of 79.75 per cent drop in net profit at Rs 20.53 crore for the first quarter of 2001-02 compared to Rs 101.4 crore in the same period last year.
