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SKW, Bhutan firm in tie-up

Durgapur, Nov. 17: SKW Metallurjie AG, parent of the German giant Stollberg GmbH, is considering a joint venture with TAI Industries of Bhutan to produce cored wire required in the continuous casting-based steel making process.

Speaking to newsmen here today, SKW group chairman Berthold Scheiffler said the company was impressed with the business prospects in India. “The Indian steel industry has good potential for growth and the country is a likely destination for future investment.”

The proposed joint venture will produce the raw materials required for cored wire production in Bhutan, as power costs in that country are very low. The raw materials will then be brought to Durgapur for final production. The project will have a production capacity of around 9,000 MTPA.

SKW Metallurgie already has a joint venture with TAI Industries and Tata Stell which manufactures de-sulphurisation compound in Jamshedpur. Scheiffler, however, hinted that the new joint venture may not have the Tatas as an equity partner.

Scheiffler was here at the inaugural ceremony of the state’s first 100 per cent foreign direct investment project set up by Stollberg India.

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