Tata Steel, NMDC sign deal to jointly acquire minesJanuary 22nd, 2010 - 5:38 pm ICT by IANS
Kolkata, Jan 22 (IANS) Tata Steel and public sector National Mineral Development Corporation (NMDC) Friday signed an agreement to explore opportunities for acquiring and developing mines in India and overseas.
They also plan to set up integrated steel plants. Tata Steel managing director H.M. Nerurkar and NMDC managing director Rana Som signed a Memorandum of Understanding (MoU) here.
“A joint working group has been set up to decide on the details of the areas of joint business and it would submit its report in two months,” Som said.
The two companies would set up one or more joint venture entities. Som said it is likely that the partners would have equal stakes in those companies.
“Equal stakes would indicate same level of commitment from the partners,” Som said.
While Tata Steel would bring in its expertise to produce steel, NMDC would contribute by way of sharing knowledge in use of low-grade iron ores, Nerurkar said.
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Tags: entities, grade iron, India, integrated steel, iron ores, joint venture, joint working group, managing director, memorandum of understanding, mineral development, nmdc, public sector, sharing knowledge, steel plants, tata steel