Tata Iron&Steel, India’s largest private sector steel producer, plans to invest US$1.15bn-US$1.20bn in various projects in Iran.
“We will first set up a 1.5mn ton steel plant via a joint venture with an Iranian government-aided organisation,” Tata Iron&Steel managing director B Muthuraman has said.
Tata Steel will hold a 49% stake in the proposed joint venture with Iranian Mines and Mining Industries Development and Renovation Organization.
Subsequently, Tata aims to set up another steel plant with capacity of 3mn tonnes a year. It will own 100% of this plant.
These and other investments would add up to between US$1.15bn and US$1.20bn, says Muthuraman.
Tata Steel makes 5mn tonnes of steel and has targeted to raise capacity to 15mn tonnes by 2010.