Dutch Government To Support Tata Steel Nederland's Project With EUR 2 Bln Investment

(RTTNews) - Tuesday, Tata Steel Limited (TATLY.PK) announced an intended framework for the integrated project in Tata Steel Nederland.

The company has signed a non-binding Joint Letter of Intent with the Government of the Netherlands and the Province of North-Holland for the first phase of transition to low carbon dioxide steel production and to improve the healthy living environment around the IJmuiden site.

The Dutch government intends to support the project with upto 2 billion euros. Additionally, the company has made an application to the EU Innovation Fund for about 0.3 billion euros.

Meanwhile, the remaining amount is expected to be funded by a combination of the cash generated and contributed by Tata Steel Nederland, project financing debt, and funding procured by Tata Steel Limited over the period of project spend.