Rediff Logo
Money
Line
Home > Money > PTI > Report
November 13, 2002 | 2154 IST
Feedback  
  Money Matters

 -  Biz News Archives
 -  Corp News Archives
 -  Business Special
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      







 Secrets every
 mother should
 know



 Your Lipstick
 talks!



 Need some
 Extra Finance?



 Bathroom singing
 goes techno!



 
 Search the Internet
         Tips
 Sites: Finance, Investment

Print this page Best Printed on  HP Laserjets
E-Mail this report to a friend

Tata Steel to set up ferrochrome plant in S Africa

Tata steel has decided to set up a multi-million dollar ferrochrome plant in Richards Bay, about 150 Km away from the port town.

Senior management of the company have already visited the town to make a preliminary study of the potential sites for establishing the $ 40-million project, Mayor of Richards Bay Denny Moffat said on Wednesday.

The visit by the managing director of Tata Steel, B Muthuraman, and other senior managers follow 18 months of intensive negotiations between Tata Steel and the local municipality.

A final decision is expected to be made early next year.

"Tata Steel's quest to increase its global market brought them to South Africa and more specifically to the port town," Muthuraman told reporters in Richards Bay.

He said Australia and South Africa had been the final choices for such an investment. The company felt confident in South Africa where it already had links and enjoyed a common cultural understanding.

If a final decision is taken to establish the plant at Richards Bay, high quality chrome ore would be shipped to the port for conversion to ferrochrome. It would then be exported for use in manufacture of stainless steel.

South Africa's Council for Scientific Industrial Research has already been commissioned to undertake an immediate environmental impact assessment.

ALSO READ:
Bill Gates in India
More Money Headlines

Back to top
(c) Copyright 2002 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Tell us what you think of this report

ADVERTISEMENT