The Hindu Business Line : MSPL eyes mines in Australia, Brazil

The Baldota family-owned MSPL Ltd plans to acquire mines in Australia and Brazil as part of its efforts to consolidate its leadership in ore exports. MSPL, which has a mining lease in the Bellary-Hospet region, currently exports ore to China and is also eyeing newer markets in Korea and Taiwan. China would remain its main market, as it had witnessed steep increase in share of imports from global exports from 13.8 to 30.7 per cent. Though India had a lower volume of exports as compared to the leading exporters, Australia and Brazil, its share has been increasing. MSPL also plans a public offer to raise money to part fund its expansion programmes. The company proposes diluting its promoters' stake through the IPO offering of 1,33,56,522 shares at a face value of Rs 5 each through book building route.

Apart from its main mines at Vysankere and a few smaller ones in Hospet, MSPL would source 3.5 million tonnes of ore from Jharkhand to ramp up its overall capacity. MSPL currently produces 2.5 million tonnes ore from Vysankere while the Jharkhand processing units are expected start production from September.

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