Sadbhav Engineering to buy stake in Ocean Bright Corporation |
By Manish Gangurde, Wednesday, June 11, 2008, 10:45 Hrs [IST] |  |
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Category: Non-Ferruos (Aluminium, Copper) | Tags: Sadbhav Engineering, OBCL, Mozambique, Niassa | Share:  |
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Sadbhav Engineering is likely to acquire 74 per cent stake in the Hong Kong based Ocean Bright Corporation (OBCL), which hold licence and prospecting rights for iron ore and copper in Mozambique. The acquisition value is yet to be known. The company will have a separate set up for its mining operations. Ocean Bright Corporation also has licence or rights for prospecting iron and copper in Tele province; minerals for coal in Manica province; and has applied for prospecting rights for coal in Niassa province. Initially, the company is expected to invest nearly $25 million (approx Rs.100 crore) in Mozambique. |
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