Tata gets nod for 3.5 billion steel plant in Vietnam

The communist government says India's Tata Steel can go ahead with plans to build the mega budget steel plant with a local partner.

Vietnam has given India's Tata Steel Ltd approval to go ahead with plans to build a 3.5 billion dollar steel plant with a local partner, the communist government said on its website on Tuesday.

Prime Minister Nguyen Tan Dung has allowed state-run Vietnam Steel Corporation to sign a memorandum of understanding with the Indian investor on the project in central Ha Tinh province, said the online report.

The complex is expected to have a capacity of 4.5 million tons a year, using raw materials from the Thach Khe iron mine, it said.

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