TISCO invests Rupees 2.5 billion for ferro chrome unit

TISCO invests Rupees 2.5 billion for ferro chrome unit

Market reports state that, in line with its expansion plans in steel business, Indian Tata Iron & Steel Company (TISCO) is going to start setting up a ferro chrome plant in South Africa with an investment of Rupees 2.5 billion (approx. $55 million). The plant which is planned to commence production in 2005, will have a capacity of 120'000 tons in the first phase. Besides, TISCO will expand capacity by 1 million ton in its steel plant in Jamshedpur, from its current level of 4 million tons, by September 2005. Subsequently, the capacity will be raised up to 7 million tons by 2008. TISCO's plans to become a global company in steel business also include mergers and acquisitions in and outside India, particularly in China, Southeast Asia and Far East due to demand expectation.