August 13,
NMDC on Thursday said it is looking forward to tie up with Japan-based Kobe Steel for acquiring stake in an iron ore project in Australia which may cost up to $ 1.36 billion.
NMDC has also tied up with Kobe Steel to set up a 0.5 MT Iron nugget plant at Sponge Iron India Ltd (SIIL) facility at Palaoncha in Andhra Pradesh.
Beside this NMDC is in process of making an alliance with ArcelorMittal for a project in Senegal.
NMDC director (finance) S Thiagarajan said there no shortage of fund with NMDC for expansion and acquisition plans. “NMDC has cash reserves Rs 14,000 crore. This year also we are going to make good profits. So there is no problem for cash as such.”
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