Tata Metaliks terminates JV with Japanese firms
Leading pig iron maker Tata Metaliks Ltd, promoted by Tata Steel, Tuesday. said it has terminated joint venture agreement with Japan's Kubota Corporation and Metal One Corporation for the Tata Metaliks Kubota Pipes Ltd (TMKPL).
"The company signed an agreement with Kubota Corporation, Japan and Metal One Corporation, Japan, March 25, 2013, terminating the joint venture agreement executed July 20, 2007 in relation to Tata Metaliks Kubota Pipes Limited, subsidiary of the company," Tata Metaliks informed the Bombay Stock Exchange (BSE).
TMKPL, which came in to existence Oct 16, 2007, inaugurated an 1.1 lakh tonne per annum (TPA) ductile iron pipe facility at West Bengal's Kharagpur in 2009. The 51:44:5 joint venture between Tata Metaliks, Kubota and Metal One had set up the new unit by investing about Rs.185 crore.
Meanwhile, the country's leading pig iron manufacturer also signed a memorandum of settlement (MoS) with the workers' union at its Redi plant in Maharashtra in pursuance of its plans to close down operation there.
The firm initiated efforts to sell its Redi plant last year. It had acquired the plant in 2006 and operated it by purchasing iron ore and coke from the open market.
The company has two manufacturing facilities - Kharagpur in West Bengal and Redi in Maharashtra.
(Posted on 26-03-2013)