TISCO to acquire more steel plants for expansion

TISCO to acquire more steel plants for expansion

Indian steel producer Tata Iron and Steel Corporation (TISCO) is reportedly planning to acquire more steel plants abroad in order to reach its production target of 15 million tons by 2010. As previously reported by SteelOrbis, TISCO acquired Singapore-based NatSteel, which produces 2 million tons of long products per annum. Moreover, TISCO signed an agreement with the Bangladeshi government in October to build power plants and a steel plant in the country. According to the deal, TISCO will invest $700 million to establish power plants, $600 million to establish a fertilizer plant and $700 million to establish a steel plant in the country and Bangladeshi government will supply natural gas to the projects for 20 years. It is reported that following the completion of the feasibility studies conducted by TISCO experts, a final agreement with the Bangladeshi government will be signed. TISCO officials have reportedly selected Iswardi and Sirajganj areas for the steel and power plants. Meanwhile, apart from these overseas projects, TISCO has certain projects in India.