Tata and Australian partner in new venture

BANGALORE, India, Sept. 2 (UPI) -- India's giant Tata Group industrial conglomerate will jointly produce steel coating and paints with an Australian partner.

BlueScope Steel, Australia's biggest steelmaker, and Tata Iron and Steel Co. have yet to pick a site.

"We are close to arranging a memorandum of understanding with BlueScope in terms of working together in coating and painting lines in India," Tata chairman Ratan Tata said.

The Tata Group conglomerate comprises 91 operating companies, covering businesses ranging from telecoms to tea.