India-based iron ore producer, the National Mineral Development Corporation (NMDC), has agreed to acquire majority interest in Brazilian iron ore firm Amplus.
The deal involves an investment of $150m to develop the mine site but NMDC will initially invest about $10m to $15m to acquire a 26% holding and later acquire a 50% stake in the Amplus, the company told the Economic Times.
The acquisition marks the second overseas buy for NMDC, which last year agreed to acquire 50% stake in the Australian iron ore firm Legacy Iron Ore for around $20m.
The firm is now planning to acquire three overseas coal mines in Russia, Mozambique and Australia, a rock-phosphate mine in Australia and an iron ore mine in Brazil.
NMDC had earlier planned to acquire a controlling stake in the Brazilian iron ore firm Greystone Mineracao do Brasil for $1bn but later dropped the plan.