Maharashtra Seamless to acquire Indonesian iron ore mining |
By Manish Gangurde, Saturday, June 28, 2008, 11:11 Hrs [IST] |  |
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Category: Non-Ferruos (Aluminium, Copper) | Tags: MSL, iron ore mining firm, steel plant | Share:  |
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Maharashtra Seamless (MSL) is in the race to acquire an Indonesia-based iron ore mining firm for around Rs.300 crore. It is learnt that the Indonesian firm has iron ore reserves of close to 20 million tpa. After finalisation of the deal, MSL will also establish a 1 million-tonne steel plant close to the iron ore deposits in Indonesia with investments of up to Rs.1,200 crore. However, the acquisition of the Indonesian iron ore mining company will help MSL meet iron ore requirements for its proposed steel plant. The steel plant, in turn, will serve as a raw material source for company's seamless pipes and tubes business. |
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