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August 22, 2008

Tata Steel eyes Indonesian power project
One of the world's top steel Industry players, Tata Steel, is considering investing in electricity generation in Indonesia, says an official, reported local daily the Jakarta Post.

Speaking to reporters after a meeting with Vice President Jusuf Kalla in Jakarta on Thursday, Tata Steel director for Southeast Asia Oo Soon Hee said the company would carry out a feasibility study for investing in power plant projects here as suggested by the vice president.

The plan, he said, was part of Tata's goal to invest in many sectors in Indonesia. The company, he said, had other expertise besides steel production such as chemical engineering and power

So far, Tata has invested in Indonesia's coal industry and is also keen on investing in the country's largest steel manufacturing company, PT Krakatau Steel, which is owned by the state.

Many global steel companies have stated their interest in acquiring shares in Krakatau to the government. However, the government decided to privatise the steel company through launching an initial public offering in November.

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