PTI reported that Rashtriya Ispat Nigam,NMDC and MOIL,under the Steel Ministry,are looking to acquire iron ore assets in Brazil,the world's second largest exporter of the steel making raw material.
A source said that NMDC had already started due diligence in a couple of mines in the Amapa province.The Steel Ministry had initiated talks with the Brazilian authority for identifying potential targets for the other two for acquisition.
The source said that all the three were eager to have their presence in the mineral rich Latin American nation,be it by way of acquiring stake in a company having operative mine or outrightly buying a yet to be developed mine.
A delegation,headed by Mr DRS Chaudhary Steel Secretary visited Brazil in November to scout for mines and investment opportunities by Indian companies in the mineral sector.Mr Chaudhury was accompanied by NMDC’s Technical Director Mr NK Nanda and MOIL CMD Mr GP Kundargi,among others.
A senior Steel Ministry official said that''NMDC has the ambition to become a leading global player in the iron ore sector.Hence,it needs to acquire mines in various parts of the world.''
