TATA Steel said that it will ink a pact with Japan's Nippon Steel in January 2011 for INR 2,400 crore steel plant, which is likely to start production by February 2013.

Mr HM Nerurkar MD of TATA Steel said that "The Nippon JV will happen early January next year and we will start production within 28 months. The JV plans to invest INR 2,400 crore to manufacture 0.6 million tonne per year for auto grade steel."

Both TATA Steel and Nippon Steel would be equal partners in the JV.

Nippon, as per information, will transfer its technology for producing high grade cold rolled steel sheet for automotive application, including skin panels and high tensile steels.

(Sourced from PTI)