TISCO plans to increase its sales to Rupees 250 billion

TISCO plans to increase its sales to Rupees 250 billion

According to the industry reports, Tata Iron & Steel Corp (TISCO) is planning to triple its sales to Rupees 250 billion ($5.5 billion) in coming years. The officials of TISCO state that the company is seeking for mergers and acquisitions worldwide to materialize its plan. The target regions for acquisitions are China, Southeast Asia and Far East, as demand for steel is fairly high in these regions and it is expected that demand will continue to increase in coming years. In line with expansion plans, TISCO has started working on to increase capacity of Jamshedpur mill to 5 million tons by 2005, which is expected to cost Rupees 20 billion ($442 million). TISCO has also acquired a small wire rod company in Sri Lanka and as reported by SteelOrbis has formed a strategic alliance with Baosteel. The acquisitions are planned to be funded by internal sources of the company. TISCO has reserves of over Rupees 28 billion ($619 million).