NMDC plans to buyout Aussie mine for $230-mn
NMDC plans to buyout Aussie mine for $230-mn as a part of its overseas expansion plan.
“A non-binding bid of $230 million has been given to the Australian firm for acquiring 70 per cent stake in one of its mines by a consortium comprising NMDC, Saudi Arabia’s ABS Consulting and Australia-based Boulder Steel,” a person in the know of the development told PTI.
According to the bid NMDC will take 15% stake in the mine.
NMDC Chairman and MD Rana Som declined to comment on the proposed venture and said, “It has been our firm corporate strategy to acquire properties especially coal, iron ore, rock phosphate, potash and manganese.”
The acquisition may not be an easier one as a Chinese firm is also in the race for the bid.
Tags: nmdc, nmdc australia mine bid
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