Tata Steel not to bid for Liberia iron ore project

Tata Steel has scrapped its plans of re-bidding for the $1.6 billion (approx Rs 7,944 crore) iron ore project in Liberia.

As per the industry sources, the displeasing experience the company had during the initial course of bidding for the Western Cluster mineral assets when they were charged of "acts of impropriety" is likely to have resulted into shelving its plans.

In 2008, the company was barred from bidding for the project for its alleged acts of impropriety, as reported in a section of the media. The Liberia Government later cleared the company of the charges and allowed it to re-bid. The Western Cluster project consists of three deposits and two non-functional mines. Tata Steel was considering acquiring the property to cater to the iron ore requirement of its European arm Corus.


Source : ProjectsToday

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