Financial Daily from THE HINDU group of publications
Friday, Jul 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jul 23, 2004 |
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Corporate
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Mergers & Acquisitions Tata Steel scouting for acquisitions in Russia, E. Europe Our Bureau
Mr Ratan Tata, Chairman, Tata Steel, Mr Suresh Krishna, Director, and Mr B. Muthuraman, MD, at the AGM in Mumbai on Thursday. — Paul Noronha
Mumbai , July 22 TATA Steel is looking to acquire steel plants in Russia and East Europe ``as and when they become available,'' Mr Ratan Tata, Chairman, said at the company's AGM here on Thursday. It is also studying similar forays on the mining front. While the company is slated to touch seven million tonnes of steel production capacity at Jamshedpur by 2008, its overall capacity by 2010 pegged at a higher 15 million tonnes. The latter includes potential acquisitions. Tata Steel has set an export target of 6,00,000 tonnes for 2004-2005. Of this 1,00,000 tonnes is the likely quantum for shipment to China. The company's foreign earnings are projected to rise 20 per cent this fiscal. Tata Steel will explore marketing and technology alliances to gain entry to select markets. On China, Mr Tata said, the country is expected to drive global demand for steel in the near future, at least till 2008, when the Olympic Games are due to be held in Beijing. Even if that activity fades out, there is the infrastructure development activity along China's east coast to maintain strong steel consumption. Back home, the company expects domestic steel consumption to grow at 7-8 per cent. Mr Tata said there is the need to hike promoter's stake in the company.
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