India. Tata Steel, NMDC in mines and steel plants pact

India. Tata Steel, NMDC sign steel deal. Steel giant Tata Steel and state-owned iron ore miner National Mineral Development Corporation (NMDC) have entered into an agreement to explore the possibility of buying and developing mines and setting up steel plants. A working committee has been set up to decide on the details of the areas of joint business and it would submit its report in two months. The two companies would set up one or more joint venture entities. While Tata Steel would bring in its expertise to produce steel, NMDC would contribute by way of sharing knowledge in use of low-grade iron ores, Tata Steel managing director H M Nerurkar said. NMDC chairman and managing director Rana Som said it is likely that the partners would have equal stakes in those companies. “It is premature to say for sure how many of such JVs we could have. It is my presumption that most of them could have equal partnerships as, unless partners are equal, the responsibility is less. Moreover the marketing angle is important, which would also be looked into,” Som said. The joint ventures would enable the companies to assist each other in exploring steel-making opportunities in Chattisgarh and Karnataka. NMDC operates mines in Bailadila in Chattisgarh and Donimalai in Karnataka.