Tata Steel Eyes For Vietnam Plant

Mumbai: Tata Steel, Baosteel of China and Evraz of Russia are in the race to acquire a majority stake in an integrated steel plant in Vietnam. The project, which could attract Rs 14,000 crore investment, will have local enterprises as minority partners. The Vietnam government is hoped to declare the winning bidder for the project next month. Tata Steel, if it wins the bid, will have to shell out over Rs 7,000 crore for the project. The local enterprises such as the state-owned Vietnam Steel Corporation and Ha Tinh Mineral & Trade Co will acquire minority stake in the project, to be established in centra Vietnam''s Ha Tinh province. Details of the Tata Steel proposal for the project could not be ascertained.