Saturday, 09 Jul 2011
Bloomberg reported that TATA Steel Ltd will use the USD 1.14 billion received from selling its stake in Riversdale Mining Ltd to start new projects and expand and upgrade existing ones.
Mr B Muthuraman vice chairman in an interview in Chennai said that the cash will help meet the investment required in its upcoming factory in the eastern state of Orissa.
As per report, part of the funds will be used to modernize TATA Steel’s European factories.
Mr Muthuraman said that TATA Steel doesn’t have plans to raise any more funds this fiscal year.
(Sourced from Bloomberg)
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