Tulsyan NEC forays into Nigeria
PM News Bureau
Tulsyan NEC Ltd, part of the Chennai-based Tulsyan Group, has
signed an MoU with Burdhrani Group of Nigeria to set up a steel making plant and
rolling mill in that country. A shortage of steel despite a surplus of raw
material in Nigeria has prompted the decision.
Tulsyan NEC will hold 51 per cent in the joint venture with an investment of
around Rs 68 crore. The proposed plant will have a capacity of 60,000 tpa.
Speaking to Projectmonitor, a spokesperson of Tulsyan NEC said that the plant
will make both long and flat products, including TMT (thermo-mechanically
treated) bars that are used for construction.
There are plans to set up similar joint ventures abroad, he said, without
elaborating. Tulsyan NEC features amongst India's largest TMT manufacturers with
a capacity of 2.5 lakh tpa, spread over three locations near Chennai. The
Budhrani Group is a 30-year-old business conglomerate with automobiles,
construction, electronics and trade.
[August 25-31, 2008]