Tata Iron and Steel Company Ltd (Tisco) has entered into a 49:51 joint venture (JV) with Thailand’s Sila Eastern Ltd to source limestone. The raw material will be utilised not only by Tisco for its own requirement, but also would be made available to other steel players in India.The company is said to be exploring possibilities of such JVs in the Middle East also to bolster its raw material sourcing points. The chairman of the joint venture company, the managing director and two directors will be inducted by Tata Steel, while three directors will be inducted by the Thai limestone company.The managing director will be Dinesh Shastri who is currently working in the minerals division of Tata Steel. Tisco’s deputy managing director (steel) Dr T Mukherjee will be chairman of the JV.Confirming the developments, a Tata Steel official said that work should begin as soon as all the minor details are ironed out.
