Tata Steel rises on investment plans

Mumbai : Tata Steel has gained nearly 2% at Rs 440 in morning trades after having announced on Monday plans to invest GBP 2 million in its UK-based Hartlepool tube plant to build a facility for fabricating structures for wind turbines

According to reports, construction of the facility is scheduled to begin in October and will be completed by spring of next year, the Indian steel maker said. The company also said that it signed a supply agreement with German steel tube producer Eisenbau Kramer.

Tata Steel said the investment and supply pact are intended to increase its product and service offerings to the wind energy sector.