Dow Jones Newswires reported that TATA Steel Ltd is investing USD 8 billion between two steel plants and feels comfortable with its current India expansion plans given the rate of steel demand growth in the region.
Mr HM Nerurkar MD of TATA Steel in a press briefing at the annual World Steel Association conference said “We are quite comfortable installing the capacity we've planned, given the need for more steel production in the country. If India's economy grows at 7% to 8% a year, then India's steel demand will grow 9% to 10% a year.
TATA steel has invested USD 3 billion to expand its annual steel production capacity at its Jamshedpur facility to 10 million tonnes from 7 million tonnes with first production expected in the first quarter 2012.
It is also planning to invest USD 5 billion in two stages to build 6 million tonne plant in the northeast Indian state of Orissa with first production expected between 2014 and 2016,
Sourced from DJ