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22 Oct 2009 15:29
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MMTC AND TATA STEEL FORM JV FOR EXPLORATION AND DEVELOPMENT OF MINERALS
New Delhi, 22nd October, 2009 -Β Tata Steel Limited (Tata Steel) and MMTC Limited (MMTC) signed an agreement at New Delhi today to establish a 74:26 joint venture company for acquiring, development and operation of mines and processing of minerals and metals. The Joint venture agreement was signed by Mr Sanjiv Batra, Chairman and Managing Director, MMTC and Mr H M Nerurkar, Managing Director, Tata Steel, in the presence of other senior executives from both the companies.
Steel production in India is projected to grow to over 120 Million Tonnes by the year 2015. To cater to the raw materials requirement of increasing steel demand and other mineral based industries, MMTC and Tata Steel have agreed to co-operate with each other and are executing this Agreement for setting up a joint venture for the above purpose.Β
Tata Steel is one of the world's largest producers of iron and steel. Tata Steel has extensive experience in mining, processing of minerals / metals and in the operations of integrated steel plants. Tata Steel has vast experience of exploration, modelling, designing and operation of both underground and open cast mines producing various minerals.
MMTC, a Central PSU, 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 Limited" 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.
For investor enquiries contact:Β
Sandip Biswas
Tel : + 91 22 6665 7328/7298
e-mail :Β sbiswas@tata.com
Praveen SoodΒ
Tel : + 91 22 6665 7306
e-mail :Β p,sood@tatasteel.com
For media enquiries contact:
Manzer Hussain
Tel : + 44 20 7717 4597
e-mail:Manzer.Hussain@corusgroup.com
Sanjay ChoudhryΒ
Tel : + 91 657 243 1142
e-mail:Β sanjay.choudhry@tatasteel.com
Bob Jones
Tel : + 44 20 7717 4532
e-mail:Β bob.jones@corusgroup.com
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