India’s Tata Steel plans to invest $645 million in its European unit, a company official said on Thursday, as it battles slowing demand.
“We will invest 400 million pounds ($645 million) in 2012-13,” Tata Steel’s managing director H.M. Nerurkar told reporters on the sidelines of an industry conference in New Delhi.
“We plan to invest to improve the performance of operations in Europe and in areas which can provide quick returns.”
The investments will be partly funded from internal resources, Nerurkar said, adding the funding process is still to be finalised. Europe accounts for around two-thirds of sales and production for the Indian steelmake.