TISCO eyes Iranian steel plant

TISCO eyes Iranian steel plant

Indian steel producer Tata Iron and Steel Corp (TISCO) reportedly wants to take over Hormozgan Steel Plant, which is currently owned by National Iranian Steel Plant. Sources report that the Indian steel producer is in talks to take over the 3 million-ton Iranian steel plant located near the port city of Bandar Abbas. TISCO officials indicate that buying an existing plant would be cheaper than building a new one. Although TISCO executives have visited the plant site, the company insists that the talks are only preliminary. TISCO reportedly plans to engage in a two-stage takeover. The first stage would see TISCO assume control over the plant's management operations. TISCO would then complete the second stage by taking over full ownership of the plant.