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Tata Steel, Nippon JV for automotive steels on track
The proposed joint venture between Tata Steel and Nippon Steel of Japan for manufacturing automotive steels for the growing Indian automotive sector is on track. Discussions to formalise things in this regard are under way.
The proposed joint venture between Tata Steel and Nippon Steel of Japan for manufacturing automotive steels for the growing Indian automotive sector is on track. Discussions to formalise things in this regard are under way.
However, no formal announcement is being made now in view of the Indian steel major's ongoing rights issue of equity shares and cumulative convertible preference shares.
According to informed sources, a proposal to set up a joint venture for manufacture of cold-rolled automotive grade steel products has been under discussion for some time now. Only last month, the Chairman of the Tata Group, Mr Ratan Tata, held a meeting with the President of Nippon Steel, Mr Akio Mimura, in Japan to discuss prospects of the proposed joint venture.
However, no formal announcement is being made now in view of the Indian steel major's ongoing rights issue of equity shares and cumulative convertible preference shares.
