TISCO to increase capacity of Jamshedpur

TISCO to increase capacity of Jamshedpur

Indian steel producer Tata Iron and Steel Corp (TISCO) plans to increase capacity of Jamshedpur, which is currently 2.4 million tons, to 7.5 million tons by 2009. For this project, TISCO will invest Rupees 78 billion ($1.7 billion). At the meeting held on June 30, TISCO officials stated that the investment will be funded both through internal accruals and long-term borrowings, depending on steel prices. Provided that the prices are good, total investment may be funded only through internal accruals, officials added. As previously reported by SteelOrbis, TISCO announced that it plans to increase annual production capacity to 15 million tons by 2010. Half of this amount is planned to be produced at Jampshedpur.