Business Daily from THE HINDU group of publications
Thursday, Mar 05, 2009
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Business Daily from THE HINDU group of publications Thursday, Mar 05, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Alliances & Joint Ventures BEML in pact with Indonesian firm for mining biz Our Bureau Bangalore, March 4 BEML Ltd, the public sector mining and construction equipment manufacturer, has entered into a partnership with Sumber Mitra Jaya (SMJ) of Indonesia to bid for a contract mining business in India. The two companies have entered into an agreement to meet the qualification to bid for the tender, which is to be opened in April. Eligibility normsUnder the eligibility norms, only a consortium that has mined 10 million tonnes of coal in the last two years can participate in the tender. SMJ, the flagship of Indonesian Group Mitra Jaya, has wide expertise in contract coal mining and production. The consortium approach includes agreement for investments in contract mining, with BEML holding 30 per cent stake in the joint venture. BEML’s investment will include equity participation by way of cash and equipment, spares and services while SMJ will take care of the other responsibilities including planning and execution of contract mining. A formal joint venture would be formed after the outcome of the tender. BEML is also exploring the possibilities of setting up a company in Indonesia to improve the export prospects in association with SMJ, as the local minority partner, looking at the huge business opportunities for mining equipment, spares and services, as also for rebuilding and rehabilitation of equipment. Currently, BEML has export orders worth Rs 180 crore from Indonesia. BEML to set up unit to make defence equipment in Palakkad More Stories on : Alliances & Joint Ventures | Minerals
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