German steel company Thyssenkrupp expects its proposed joint venture with Tata Steel Europe to be finalised by the end of 2018, reports Daily Pioneer.
The plans to combine their European operations and form an equal joint venture, creating Europe’s second largest steel maker, were announced by both companies last September.
“The joint venture is an ongoing process. The talks with UK labour union are on and we expect closure by end of current calendar year,” said Jens Overrath, chairman of the executive board, Thyssenkrupp Electrical Steel.
Thyssenkrupp is expanding its cold rolled grain oriented (CRGO) electrical steel unit at Nashik in Maharashtra.
The company plans to produce 35,000 million tonnes per annum of CRGO electrical steel used in transformers for power sector from the expanded factory, against the current capacity of 10,000 million tonnes.
Source: Daily Pioneer