India's Tata Steel raising iron ore output - paper
MUMBAI, Nov 17 (Reuters) - India's Tata Steel Ltd (TISC.BO: Quote, Profile, Research) will invest about 11 billion rupees ($238 million) to raise its annual domestic iron ore production by 55 percent to 17 million tonnes over two years, the Business Standard reported on Tuesday.
The move is aimed at insulating its Indian operations from fluctuating raw material prices, the newspaper said.
"We are expanding iron ore production to meet future requirements," it cited a Tata Steel official as saying.
A Tata Steel spokesman could not be immediately reached for comment. ($1=46.2 rupees) (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)
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