In its quest for growth, Tata Steel has taken the first step towards developing a global minerals business. Tata Steel has signed a Shareholders Agreement with M/s Unistretch Limited, a member of G Premjee Group of Companies at Bangkok recently. G Premjee Group of Companies is one of the prominent industrial houses in Thailand, with interests in Shipping, Minerals, Coal and trading in Commodities, etc.

As per the agreement, Tata Steel shall own 49% of the stake in Sila Eastern Company Limited. Sila, is a company registered in Thailand, which shall be engaged in exploration of limestone and development of limestone mines, to source limestone for Jamshedpur Works, on a long-term basis. The management and control of the Company will vest with Tata Steel. Dr. T. Mukherjee, Mr. A.D. Baijal, Mr. N.K.Misra and Mr. Dinesh Shastri shall represent Tata Steel in the Board of the new company as the nominee Directors. Dr. T. Mukherjee shall be the Chairman and Mr Dinesh Shastri has been designated as the Managing Director of the new company. Sila Eastern Company Ltd, the newly formed JV Company has had its first Board meeting held at Bangkok.

One potential site has already been identified and it is expected that 2,00,000 MT of limestone will be sourced from Thailand in FY 05, and plans for further capacity expansion to 1 million MT are being worked out.

On the occasion of signing the Shareholders Agreement, Dr T. Mukherjee and Mr Kirit C Shah reaffirmed their commitment to build upon this beginning and discussed the modalities of a broad level agreement for global co-operation