Tata Steel seeks JV with Vietnam iron ore firm

Tata Steel intends to take a minority stake in an iron ore mine in Vietnam to feed its proposed joint venture steel unit there. Tata Steel will take a 30% share in the Thach Khe iron ore mine that is about 60km from the steel project. The joint venture is expected to secure Tata Steel with raw materials for its global operations. In 2007, the steelmaker entered into an agreement with Vietnam Steel Corporation to set up a mill. Tata Steel will have a 65% stake in the JV.CAMPO