Dubai Investments unit in Indian steel venture

by Reuters Sunday, 27 May 2007

Dubai Investments Co, the UAE's largest diversified holding company by market value, said on Saturday a subsidiary had signed an agreement with an Indian steel firm to set up steel fabrication facilities.

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The first facility will begin operations in early 2008 with capacity of 50,000 metric tonnes per year, rising to 250,000 metric tonnes in three years, Dubai Investments Industries and India's SKS Ispat & Power Ltd. said in a statement.
The project will be located around Lonand, in the state of Maharashtra and would cost $25 million, shared equally between the partners, in the first stage, they said.



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