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Mumbai, July 2

Aditya Birla flagship metal company Hindalco Industries has entered into a joint venture with Mahanadi Coal Ltd (MCL) and Neyveli Lignite Corporation (NLC) for coal mining. The tie-up with the two public sector undertakings will be for Talabira II and III coal blocks, Hindalco informed the BSE. In the joint venture company, to be formed in the next three to six months, Hindalco and NCL will have 15 per cent shareholding each, while MCL would hold 70 per cent. The JV compan y is likely to commence mining 20 million tonnes (mt) annually by 2009-2010. At full capacity, it would utilise 3 mt per year for the captive power plant to operate the smelter in its project Aditya Aluminium in Orissa. The agreement is subject to final approval from the government as well as other respective boards, it said. On Monday, Hindalco stock on the BSE closed 1.06 per cent down at Rs 158, while NLC gained 2.51 per cent to Rs 63.30.

— Our Bureau

More Stories on : Alliances & Joint Ventures | Aluminium | Coal | PSU | Hindalco Industries Ltd

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