30 May 2012

Acquisition by NMDC

The Minister of Steel, Shri Beni Prasad Verma has said that NMDC has signed an MoU with Amplus Mineracao Ltd, a company having iron ore concessions in Brazil, for acquisition of equity in the project. In absence of due diligence, it is not possible to indicate the expenditure for acquisition of stake in the project at this stage. 

In a written reply in the Lok Sabha today Shri Verma said, NMDC has acquired 50% equity shares in Legacy Iron Ore Ltd., an Australian company, at a total value of Australian Dollar (A$) 18.89 million through subscription of new shares. 

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