New Delhi: India is believed to have asked
Vietnam to clear roadblocks for Tata Steel-led USD 5 billion
project stuck in regulatory hurdles.
Commerce and Industry Minister Anand Sharma raised the
issue during a meeting with his Vietnamese counterpart Vu Huy
Hoang to discuss bilateral trade here, an official said.
Though the Vietnam government has offered over 900
hectares to the joint venture led by Tata Steel for greenfield
unit, the project is facing legal and regulatory issues.
During the meeting, Sharma asked Hoang to expedite the
process of granting all necessary clearances for the Tata
Steel's project in Hatinh Province of the southeast Asian
nation, the official said.
"The company is facing certain regulatory hurdles and the
visiting Vietnamese ministers assured that his government
would take all necessary steps," the official said.
Tata Steel, the world's sixth largest steel maker would
start construction on the proposed 4.5-million tonnes per
annum plant as soon as it gets clearances, said sources.
Tata Steel holds 65 per cent stake in the joint venture
while Vietnam's Steel Corporation and Vietnam Cement
Industries Corporation have 30 and five per cent stake,
respectively.
Tata Steel has plans to set up a cold-rolling mill at the
site. It had earlier thought of commissioning it by 2010-end.
Now, construction for the first phase of the steel project is
likely to be finished by 2012.
PTI
First Published: Monday, December 07, 2009, 20:49