From correspondents in Tamil Nadu, India, 08:40 PM IST

Tulsyan NEC Limited, a flagship company of the Tulsyan group, today signed a Memorandum of Understanding (MoU) with Budhrani Group of Companies to set up a steel making and rolling mill in Nigeria on a joint venture basis (51% by Tulsyan) to manufacture long products. The investment for this partnership would be approximately Rs 68 crores. The production capacity would be around 60,000 metric tonnes per annum. The turnover for this venture is expected to be around Rs 350 crores.

Commenting on the MoU, Mr. Sanjay Tulsyan, Managing Director of Tulsyan NEC Limited, said “We are extremely happy to venture with a well established entity like Budhrani Group, who has their roots in Nigeria for about 30 years. We chose Nigeria as it has shortage of steel & surplus of raw materials. Hence, we made a conscious decision to make its forays into this market.”

Source: Press Release Distribution via India PRwire