Kolkata-based 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.

According to the sources, the production capacity would be around 60,000 metric tonnes per annum and the turnover for this venture is expected to be around Rs 350 crore.

Both partners intend to pump investment worth Rs 68 crore for the plant.

Tulsyan shares touched a high of Rs 65 on the BSE after the news. But later the stock ended the day at Rs 62, down Rs 2 or 3% over the previous close.