Tata Steel in JV for 4.5 mtpa Vietnam steel plant

Tata Steel today announced it has signed a memorandum of understanding (MoU) with Vietnam Steel Corporation (VSC) for a proposed steel project in Ha Tinh province in Vietnam.

According to an official release issued by Tata Steel to the BSE today, it has a joint venture with VSC through its Singapore-based subsidiary NatSteel. It is further strengthening this relationship by partnering with VSC in establishing a steel project in the Ha Tinh province.

The plant is proposed to have an estimated capacity of 4.5 million tonne per annum which will be phased over ten 10 years. The scope and the investment will be estimated after the feasibility studies. Tata Steel will have a minimum stake of 65% in the project, which will be initiated on the successful completion of feasibility study and financial closure.

Besides, Tata Steel also intends to take a stake of 30% in Thach Khe Iron Ore which would undertake mining in the Thach Khe iron ore mine.