Pisces Exim India is planning to expand its operations in India and other Asian countries with an investment of Rs10bn ($199m) over the next two years.
The firm will invest around Rs7bn ($139m) to acquire mines in India and will invest around Rs3bn ($60m) to form joint ventures in Malaysia, Indonesia and Thailand.
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Pisces Exim’s managing director Soumit Jena told the Press Trust of India that the firm is planning to capture 20% of the iron ore export market in India, with 10Mt out of 50Mt of annual exports by next fiscal year.
The firm is currently exporting iron ore and ore fines to the Middle East and China through the state-run PEC, and is expecting to increase its export capacity from 5.7Mt to 6Mt this year.
