Financial Daily from THE HINDU group of publications
Wednesday, Jun 30, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jun 30, 2004 |
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Corporate
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Alliances & Joint Ventures SAIL to sign MoU with foreign mining company Our Bureau
New Delhi , June 29 STEEL Authority of India Ltd (SAIL) would sign a memorandum of understanding (MoU) with a multinational mining company for setting up a joint venture coking coal mining company abroad. An MoU to this effect is expected to be signed before August 31, said the Union Minister for Steel, Chemicals and Fertilisers, Mr Ram Vilas Paswan, here The SAIL Chairman, Mr V.S. Jain, told newspersons that the joint venture would be based on equity basis and currently discussions are on regarding what each party can offer in exchange to each other and added that the mine is yet to be identified and various qualitative aspects have to be examined. Mr Jain, however, declined to give details of the foreign partner in the proposed joint venture company. SAIL officials told Business Line that talks are on for the proposed joint venture with a group company of the Australian mining multinational BHP group that has substantial interest in coking coal. Mr Jain added that SAIL would invest as much as required for the joint venture and its equity stake would depend on the valuation of the mine. He also stated that SAIL has signed an MoU with Kudremukh Iron Ore Company Ltd (KIOCL) for carrying out mining operations at Taldi iron ore mines in Orissa.
More Stories on : Alliances & Joint Ventures | Steel | Coke & Metalurgical Coke
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