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NMDC looking for more overseas acquisitions

Hyderabad: State-owned NMDC is actively pursuing overseas acquisitions of strategic mineral assets with the objective of meeting its own requirements and also towards raw material security for the country's steel and fertiliser industries, NK Nanda, chairman-cum-managing director (In-charge) said in Hyderabad today.

"After successful acquisition of Legacy (in Australia) NMDC is in an upbeat mood and is laying its hands for more acquisitions in Brazil, Mozambique, Russia, USA and South Africa," Nanda said in a press conference.

 NMDC looking for more overseas acquisitions

Looking for acquisitions. Reuters

NMDC has recently completed the acquisition of 50 percent equity in Legacy Iron Ore Limited and also inducted three directors in Legacy board with NK Nanda being appointed as chairman.

Legacy will serve as a platform to propel acquisition and development of mineral assets in Australia, Nanda further said.

"In Brazil, an iron ore asset, very close to port with reserves more than one billion, has been identified for acquisition. In Russia and in Mozambique, we have identified coking coal assets," he added.

According to him, these assets have more than 50 million tonnes and 150 million tonnes respectively. In Australia, the Indian miner is planning to use Legacy as arm for further acquisitions in that country.

NMDC is in talks with few companies and their projects are being evaluated by the internal team and is also in the process of appointing consultants for their comprehensive due diligence.

At home, the PSU is in active discussion with Tata Steel for setting up a steel plant in Chhattisgarh where they have land and mine.

PTI

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Updated Date: Dec 20, 2014 06:24:30 IST