MMTC and Tata Steel form JV for exploration and development of minerals
23 October 2009
To cater to the raw materials requirement for the new capacities being added and other mineral-based industries, public sector Minerals and Metals Trading Corporation (MMTC) and Tata Steel have agreed to co-operate with each other by setting up a 74:26 joint venture for acquiring, developing and operating mines and processing of minerals and metals.
Steel production in India is projected to grow to over 120 million tonnes by 2015.
The joint venture agreement was signed by Sanjiv Batra, chairman and managing director, MMTC and H M Nerurkar, managing director, Tata Steel.
Tata Steel is one of the world's largest producers of iron and steel, with extensive specialisation in mining, processing of minerals / metals and in the operations of integrated steel plants. It has substntial experience exploration, modelling, designing and operation of both underground and open cast mines producing various minerals.
MMTC is India's largest trading company, and is engaged in international trading of minerals, metals, precious metals, fertilizers, coal and hydrocarbons and agro commodities. Through its promoted company Neelanchal Ispat Nigam Limited, MMTC has set up a 1.1-million tonne integrated steel plant in Orissa.
MMTC aims to consolidate its position further as a leading international and domestic player with focus on minerals and metals. MMTC is also integrating vertically in related fields of infrastructure building by setting up iron ore loading facilities at ports of Ennore and Paradip.