Tata & Nippon steel to ink agreement for the steel project

Jamshedpur:Tata Steel plans to ink an agreement Nippon Steel Corporation by the end of this month. It plans to set up a Rs 2,400-crore plant for producing auto-grade steel.

The proposed joint venture (JV) facility is expected to commence operations in the next two years at Tata Steel's existing unit in Jamshedpur.

The JV with Nippon will be signed by the end of January. We expect to start production by early 2013.

The facility's initial capacity would be 0.6 million tonne a year.