Clarification of news item titled "Tata Steel SEZ to invest over Rs. 2,000 crore to develop infra"
|The Secretary, Listing Department||The Manager, Listing Department|
|BSE Limited||National Stock Exchange of India Limited|
|Phiroze Jeejeebhoy Towers,||Exchange Plaza, 5th Floor, Plot No. C/1,|
|Dalal Street,||G Block, Bandra-Kurla Complex, Bandra (E),|
|Mumbai - 400 001.||Mumbai - 400051.|
|Maharashtra, India.||Maharashtra, India.|
|Scrip Code: 500470||Symbol: TATASTEEL|
This has reference to your letter/email dated February 15, 2016 seeking clarifications on the news item titled "Tata Steel SEZ to invest over Rs. 2,000 crore to develop infra".
The Gopalpur Industrial Park is being developed by Tata Steel Special Economic Zone Limited (TSSEZ Ud) (a subsidiary company of Tata Steel) in Gopalpur, Odisha. The Industrial Park seeks primarily to attract investments in defence, manufacturing, aerospace engineering, metal downstream industries, engineering, chemicals and other emerging sectors.
The industrial park at Gopalpur is expected to attract significant investments and generate direct and indirect employment opportunities in the region.
The news item in Financial Express with respect to our future investment seems have been quoted out of context. The senior leadership of Tata Steel Special Economic Zone Limited was responding to a generic query on the possible amount that would be required for developing infrastructure in the Gopalpur SEZ. The statement being generic, should not be construed as a decision of direct investment commitment by Tata Steel, and you would note from the article itself that the company (TSSEZ Ud) mentioned multiple avenues to fund this project.
There have been no discussions around the possible future investment in the project by Tata Steel Limited and hence we clarify that currently there is no trigger for disclosure under the SEBI Listing Regulations.
This is for your information and record. Should you need any further information or clarification, request you to please get in touch with the undersigned.
Tata Steel Limited