New Delhi, October 24: After defeating global mining giant CSN in the takeover battle for Corus, world's sixth largest steelmaker Tata Steel is looking at investment opportunities in CSN's heartland Brazil.
"India's Tata Steel in the next few months is to send a delegation to the Northern Brazilian state of Maranhao in order to evaluate investment opportunities there," Steel Business Briefing (SBB) reported quoting Maranhao Industry and Commerce Secretary Julio Cesar Teixeira Noronha.
During a visit to Maranhao last month Tata Sons Chairman Ratan Tata met its Governor Jackson Lago "where Lago talked with Tata about the possibility of investing in a greenfield project in his state and the executive is said to have expressed interest in the subject," SBB said.
However, a Tata Steel spokesman could not immediately confirm the development.
"Thus he (Tata) promised Lago to send a team here (Brazil) and we are now producing a presentation to show them all the favourable points that justify such an investment," it quoted Noronha as saying.
Among these points are the existence of good locations to construct a plant and low-cost iron ore from Companhia Vale do Rio Doce's (CVRD) Carajas mine as well as nearby ports and railways.
The government of Maranhao has already informed CVRD and the Brazilian state development bank BNDES about Tata's interest, the Secretary said and pointed out "BNDES said it would support big investments in our state such as a possible steel project," SBB said.