West Bengal takes steps to revive MAMC
January 31st, 2012 - 6:05 pm ICT by IANS ( Leave a comment )Kolkata, Jan 31 (IANS) The West Bengal government has urged Bharat Earth Movers Ltd, Damodar Valley Corp and Coal India to sign a shareholders agreement to revive the Mining and Allied Machinery Corp (MAMC) plant in Durgapur, shut down for more than two decades.
Industry Minister Partha Chatterjee Tuesday said the state government had initiated steps to restart the mining firm.
“The government will provide all the support. We have urged them (DVC, Coal India and BEML) to sign immediately the shareholding agreement,” Chatterjee told mediapersons here.
Construction and mining equipment maker BEML would hold 48 percent equity in MAMC, while DVC and Coal India would hold 26 percent stake each.
“The decision of the boards (of the three state-run companies) will come out in a few days,” Chatterjee added.
The DVC-CIL-BEML consortium recently paid Rs.1 billion for taking over the assets of MAMC.
The new owners hope to start production this year.
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