Indian firms Tata Steel and MMTC say they will acquire, develop and operate mines and mineral metal processing together in the country.
The companies say the 74:26 joint venture (for Tata and MMTC, respectively) is necessary for them to cope with rising raw materials requirements caused by escalating steel demand and other mineral-based industries.
India’s steel production is expected to rise to more than 120 million tonnes by 2015.
Tata Steel, one of the largest iron and steel producers in the world, specialises in exploration, modelling, designing and running underground and open cast mines yielding different minerals.
MMTC concentrates on global trading of minerals, metals, precious metals, coal and hydrocarbons, fertilisers and agro commodities.