Tata Steel May Be Allocated 725ha to Build Steel Plant in Central Vietnam
The Vung Anh Economic Zone’s Management Board has proposed allocation of 725 hectares of land to India's Tata Steel Group and Vietnamese partners to build a US$5-billion steel project in the central province of Ha Tinh.
Under the proposal, 700ha will be used for the construction of a steel plant with a designed capacity of 4.5 million tons per year, according to Chief Executive of Tata Steel’s South East Asia Projects, Indronil Sengupta.
In 2007, Tata Steel, the world’s sixth-largest steelmaker, inked a cooperation deal with Vietnam Steel Corporation (Vnsteel) and Vietnam Cement Industry Corporation (Vicem) to carry out the project.
Tata will hold a 65% stake in the project, Vnsteel with 30% and Vicem with 5%.
Tata and Vietnamese partners have completed procedures for the project and been waiting for an investment license. (Vietnam Economic Times)
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