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MMTC, Tata Steel Form JV to Explore, Develop Minerals
10/26/2009 - Tata Steel and MMTC sign an agreement to establish a 74:26 joint venture company for acquiring, development, and operation of mines and processing of minerals and metals.
Tata Steel Ltd. and MMTC Ltd. recently signed an agreement at New Delhi to establish a 74:26 joint venture company for acquiring, development, and operation of mines and processing of minerals and metals.
The JV agreement was signed by Sanjiv Batra, Chairman and Managing Director, MMTC, and H M Nerurkar, Managing Director, Tata Steel, in the presence of other senior executives from both companies.
MMTC and Tata Steel have agreed to cooperate to help satisfy the anticipated raw materials requirement of increasing steel demand and other mineral-based industries. Steel production in India is projected to grow to more than 120 million tonnes by 2015, the companies noted.
Tata Steel is one of the world’s largest producers of iron and steel. It has extensive experience in mining, processing of minerals/metals, and in the operations of integrated steel plants. The company has experience of exploration, modeling, designing, and operation of both underground and open cast mines producing various minerals.
MMTC is India’s largest trading company. It is engaged in international trading of minerals, metals, precious metals, fertilizers, coal and hydrocarbons and agro commodities. MMTC, through its promoted company Neelanchal Ispat Nigam Ltd., has set up a 1.1 million tonne integrated steel plant in the State of Orissa. One of MMTC’s corporate objectives is to consolidate its position further as a leading international and domestic player with focus on minerals and metals. MMTC is also integrating vertically in related fields of infrastructure building by setting up iron ore loading facilities at ports of Ennore and Paradip.
