Vietnam gives okay to Tata Steel venture.
Economic Times (New Delhi, India), May, 2007
May 22--MUMBAI, India -- The Vietnam government on Monday gave the go-ahead to Vietnam Steel Corporation to work with Tata Steel to set up a $3.5-billion steel complex in the country's central region. According to ET's earlier report, Essar Steel along with South Korea's Posco and China's Bao Steel was also vying for the project.
This will be the Indian steel major's second major foray in the country after its Singapore subsidiary NatSteel recently bought two steel bar rolling plants for $41 million. Tata Steel already makes 120,000 tonnes of steel through its unit in Vietnam. The company's stock was up 5.3 percent at Rs 622.9 on the BSE on Monday.
A statement on the Vietnam government's website on Monday said that "the government granted its approval...
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