Manganese Ore looks at expanding to South Africa
November 24th, 2010 - 7:43 pm ICT by IANSKolkata, Nov 24 (IANS) State-owned Manganese Ore India has plans to set up operations in South Africa and expand its business in Tamil Nadu, Maharashtra and Karnataka, with an effort to address issues such as logistics and land acquisition, officials said.
“South Africa is a good place for buying land for Manganese Ore operations, but the main problem in South Africa is that of Logistics,” A.K. Mehra, director-commercial for Manganese Ore India told reporters here.
“It will take time for the manganese to be transported from the mines to the port.”
In the case of the three Indian states where the company wants to expand, Mehra said the issue of land had to be addressed. “For these projects around 814 hectare land is needed,” he added.
These plans are part of the strategy to boost the mining capacity from the current 1.1 million tonnes to 1.5 million tonnes by 2015.
The state-run company is also going public, with an offer price of between Rs.340 and Rs.375 per share. On offer are 33,600,000 equity shares of Rs.190 each.
“In all, 20-percent stake will be divested,” Mehra said, adding 10 percent will be shed by the federal government and the remaining equally by the governments of Maharashtra and Madhya Pradesh.
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Tags: 1 million, 5 million, federal government, governments, India, indian states, karnataka, kolkata, land acquisition, logistics, madhya pradesh, maharashtra, manganese ore, mehra, percent stake, south africa, tonnes