Corporate
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Alliances & Joint Ventures
Tata Steel, MMTC form venture to scout for mines
Our Bureau
Kolkata, Oct. 23
Tata Steel and MMTC signed an agreement on Thursday to launch a 74:26 joint venture company for acquisition, development and operation of mines and processing of minerals and metals, according to a Tata Steel press release.
The agreement was singed by Mr Sanjiv Batra, Chairman and Managing Director of MMTC, and Mr H. M. Nerurkar, Managing Director of Tata Steel.
Raw material needs
The steel production in the country is projected to grow to over 120 million tonnes by 2015, and with it, the requirement of raw materials needed to produce steel.
To cater to the projected increase in raw materials requirement not only of the steel sector but also of other mineral-based industries, Tata Steel and MMTC have agreed to cooperate with each other and therefore to float a joint venture for the purpose, the press release adds.
While Tata Steel is one of the world’s largest producer of iron and steel, MMTC, traditionally engaged in international trading of minerals, metals, precious metals, fertilisers, coal, hydrocarbons and agro-commodities, too has forayed into steel making by setting up an 1.1 million tonnes a year capacity integrated steel plant, Neelachal Ispat Nigam Ltd, in Orissa. It is also setting up iron ore loading facilities at ports of Paradip and Ennore.
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