Tata Steel to implement Tata Metaliks’ Karnataka project
September 24th, 2010 - 11:43 pm ICT by IANSKolkata, Sep 24 (IANS) Steel major Tata Steel is likely to implement the three million tonne steel project of Tata Metaliks (TML) in Karnataka, a senior TML official said here Friday.
“If you look at the balance steel size, the project has to be done by someone with financial muscle,” TML’s chief financial officer Koushik Chatterjee said on the sidelines of its annual general meeting.
TML is an associate company of Tata Steel with the later holding 46.66 percent in the company.
This decision has been taken as the parent company has better financial strength.
Tata Metaliks in June signed a pact with Karnataka government for an integrated 3 million tonne steel project at Haveri district during the Global Investors Meet.
“The final configuration of the project and its size would be decided after carrying out a feasibility study,” Chatterjee said.
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Tags: annual general meeting, associate company, chief financial officer, feasibility study, financial muscle, financial strength, global investors, pact, parent company, sidelines, steel project, tata steel, tml