Tulsyan NEC Limited, a flagship company of the Tulsyan group, has signed a memorandum of understanding (MoU) with Budhrani group of companies to set up a steel-making and rolling mill in Nigeria on a joint venture basis to manufacture long products.

Under the arrangement, Tulsyan NEC will hold 51% stake in new venture while balance stake will stay with Budhrani group of companies.

The production capacity of the proposed plant would be around 60,000 metric tonnes per annum, which would require an investment of approximately Rs 68 crore.

Tamil Nadu-based Tulsyan NEC is one of the leading manufacturers of Thermo Mechanically Treated Bars (TMT) and Billets in the country. The company has the privilege to be the first Licensed Rolling Mill in South India to produce TMT Rebars.