[Ferro-Alloys.Com] PTI reported that TATA Steel will invest in excess of GBP 1.5 billion in its European operations till 2015-16 to spruce up its existing equipment and bring out new products, among others.

Dr Karl Ulrich Kohler CEO & MD of TATA Steel Europe said that "We have given idea that over the five year framework, we want to invest some two billion pounds in European unit. In 2011, we invested GBP 450 million."

Dr Kohler said that the investment would go into sprucing up the equipment, gaining efficiency and getting into development of new products. He said that "We are doing investments not only in getting capability of the existing equipment and the compliance to the environment relations, but also into efficiency gains and into new product capabilities."

The steel major, had earlier this month, said it plans to invest GBP 400 million in the European operation during the current financial year to improve the performance of the unit and in areas which can provide quick returns.