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India's Tata Steel in JV for ore project in Canada

Mon Nov 9, 2009 4:57am EST

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MUMBAI, Nov 9 (Reuters) - India's Tata Steel (TISC.BO) said on Monday its unit had signed a joint venture with Canada's New Millennium Capital (NML.V) and LabMag for developing a direct shipment ore project in that country.

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Tata said it would take a decision to invest within 180 days after the feasibility study of the project, currently underway, is completed.

The Indian firm plans to take up to 80 percent stake in the joint venture, and will fund the entire cost of C$300 million, it said in a statement. (Reporting by Prashant Mehra)

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