September 09,
NMDC plans to join hands with TATA Steel to have a majority control of Australian firm Riversdale Mining.
Mr Rana Som chairman of NMDC said, “We are looking to invest in that company. The idea is to have a majority in the firm along with TATA Steel. It will be good for the country as it has limited coking coal resource.”
Though Mr Som declined to comment on how much NMDC was ready to invest in Riversdale, he hinted at a 10% stake acquisition although he added that “Whatever it takes to have a majority.”
TATA Steel holds 24.21% stake in the Australian firm, which has large coking coal mines in Mozambique. Brazil’s Companhia Siderurgica Nacional has 16.29% stake in Riversdale.
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