Tata Steel, MMTC form exploration development JV

Tata Steel Ltd and MMTC Ltd have signed an agreement at New Delhi to establish a 74:26 joint venture company for acquiring, development and operation of mines and processing of minerals and metals. The JV was signed by Mr. Sanjiv Batra, chairman and managing director of MMTC and Mr. H M Nerurkar, managing director, Tata Steel, in the presence of other senior executives from both the companies. Steel production in India is projected to grow to over 120 million tons by the year 2015. To cater to the raw materials requirement of increasing steel demand and other mineral based industries, the companies have agreed to cooperate with each other and are executing this agreement for setting up a joint venture for the above purpose. Tata Steel is one of the world's largest producers of iron and steel. Tata Steel has extensive experience in mining, processing of minerals / metals and in the operations of integrated steel plants. MMTC, a Central PSU, is India's largest trading company. It is engaged in international trading of minerals, metals, precious metals, fertilizers, coal and hydrocarbons and agro commodities.Puma Rihanna