Tata Steel and MMTC have formed a 74:26 joint venture to acquire, develop, and operate mines and process minerals and metals, aiming to meet the growing demand for steel in India.
Information on the Target
Tata Steel Limited (Tata Steel) and MMTC Limited (MMTC) have entered into a joint venture agreement to create a 74:26 partnership focused on the acquisition, development, and operation of mines, as well as the processing of minerals and metals. The agreement was signed in New Delhi by Mr. Sanjiv Batra, Chairman and Managing Director of MMTC, and Mr. H.M. Nerurkar, Managing Director of Tata Steel, along with other senior executives from both companies in attendance.
This strategic partnership aims to address the rising demand for raw materials driven by the projected growth of steel production in India, which is anticipated to exceed 120 million tonnes by 2015. The collaboration between MMTC and Tata Steel signifies their commitment to jointly pursue opportunities in the minerals and metals sector to support the expanding steel and mineral-based industries.
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Industry Overview in India
The steel industry in India is set to experience substantial growth, supported by government initiatives and increasing domestic demand. Factors such as urbanization, infrastructure development, and a growing autom
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Tata Steel Limited
invested in
MMTC Limited
in 2013
in a Joint Venture deal