PTI reported that TATA Steel plans to ink an agreement with Nippon Steel Corporation by end of this month to set up INR 2,400 crore steel plant for producing auto -grade steel.

Mr HM Nerurkar MD of TATA Steel told media that “The JV with Nippon will be signed by January this year and we expect to start production from this facility by early 2013.”

The JV with 50:50 holdings would come up at an investment of INR 2,400 crore and the facility's initial capacity would be 600,000 tonne per year. The proposed JV facility is expected to commence operation in the next two years at the TATA Steel's existing unit in Jamshedpur.

The JV aims to capture the growing demand for high tensile auto grade steel in India. Nippon will transfer its technology for producing auto grade steel.

(Sourced from PTI)