Tata Steel JV with Al Bahja Group

Tata Steel Ltd has informed that the Company and Al Bahja Group, a leading business house of Oman, on January 16, 2008 have entered into a Joint Venture Agreement, for the development of the Uyun Limestone deposits at Salalah in the Sultanate of Oman.

In this regard the Company has issued the following Press Release:

"Tata Steel Ltd, and the members of the Al Bahja Group, a leading business house of Oman have entered into a Joint Venture Agreement (JVA) for the development of the Uyun Limestone deposits at Salalah in the Sultanate of Oman.

The JV Agreement was signed by Mr. Ajit Hamlai, Chairman, Al Bhaja Group and Mr. B Muthuraman, Managing Director, Tata Steel in the presence of H E The Ambassador of India to the Sultanate of Oman, Mr. Anil Wadhwa, Mr. A D Baijal, Group Director (Global Minerals), Tata Steel, and other officials of the Al Bahja Group and Tata Steel. Tata Steel will be holding 70% stake in the existing Company named AL Rimal Mining LLC through its subsidiary, TS Global Minerals Holdings Pte Ltd. Al Rimal Mining LLC will execute the project of developing and operating the Uyun Mine.

Mr. B Muthuraman, Managing Director, Tata Steel said, "Tata Steel is pleased to have signed this Agreement. Tata Steel has nearly 100 years of extensive experience of exploration, modelling, designing and operation of both underground and open cast mines. Tata Steel will continue with its policy of introducing best practices for mining, as well as for management of the environment in the development of the Uyun Limestone Mine in Oman. We value our partnership with the Al Bahja Group, and we are sure that this partnership will play a significant role in the mineral development of the Sultanate of Oman. These investments in mining are the foundations towards achieving Tata Steel's vision of becoming a global benchmark in Value Creation, Corporate Social Responsibility, Environmental Protection and Safety through passionate, talented and motivated employees".

The initial phase will involve exploration and detailed feasibility studies. The project envisages mining of limestone in the Uyun region which lies in the Salalah province of Oman and has large deposits of limestone."