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According to latest market reports, Tata Sponge Iron Ltd. (TSIL), in which Tata Steel has 40% stake, aims to expand its capacity in line with boost sponge iron prices. Company officials expressed that they will invest Rupees 750 million (approx. $16.3 million) for the construction of third batch in order to increase the annual capacity to 390'000 tons from 150'000 tons. The company is scheduled to complete the construction within two years. The plant produced 236'430 tons of sponge iron during 2002, up by 3.5% compared to previous year.