NMDC, Severstal for tie-up for Karnataka plant
Quotes

NMDC, Severstal for tie-up for Karnataka plant

Last Updated: Saturday, September 24, 2011, 19:50
 
 Comment 0
 
NMDC, Severstal for tie-up for Karnataka plant
Kolkata: Iron ore major NMDC and Russia's largest steel maker Severstal are looking at a tie-up in order to meet raw material requirements for their proposed JV steel plant in Karnataka.

"Severstal has a small coking coal mine in Russia. They have suggested for transferring it to the JV with a reciprocal arrangement for iron-ore," NMDC Chairman and Managing Director Rana Som told reporters here on the sidelines of an energy seminar.

Som said they are also evaluating the move to acquire another coking coal block in Russia.

"It's a small asset of 70 million tonne. Our team is already in Russia to take stock of the assets. We are expecting to complete the due diligence process and approach the board over next 10-12 days," Som said.

In addition, NMDC is planning a farm pact with Russian steel major Severstal for building a two million tonne steel plant at Karnataka.

"We will convert the MoU into a MOA (memorandum of association) within a month," he added.

PTI


First Published: Saturday, September 24, 2011, 19:50


Comments


comments powered by Disqus
G20 Summit 2014
G20 Summit 2014
2014`s Top People in Business: Fortune
2014`s Top People in Business: Fortune
World Bank`s Top 10 Places for Business
World Bank`s Top 10 Places for Business
India`s top ten billionaires
India`s top ten billionaires
Top 10 billionaire cities- In Pics
Top 10 billionaire cities- In Pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved