Tata Steel to invest $150m in Oman
Kolkotta, January 18, 2008
Tata Steel, the world's sixth-largest steel maker, will invest up to $150 million over three years to develop a 10-million-tonne limestone mine in Oman.
Tata Steel said it had signed a joint-venture agreement with Oman's Al Bahja Group to develop limestone deposits in Salalah in the sultanate.
Limestone mined in Oman will be used in the company's plants in India as well as at Corus plants abroad, managing director B Muthuraman said.
'The project will help us get quality limestone as well as save costs,' he said without elaborating.
Tata Steel purchased Anglo-Dutch steelmaker Corus Group for $13 billion last year.
The project would be executed by Al Rimal Mining, in which Tata Steel would hold 70 per cent. The initial phase would involve exploration and detailed feasibility studies. -Reuters