MAC: Mines and Communities

Triple Joint Venture

Published by MAC on 2005-12-24
Source: Times of India ()

Triple joint venture

Times of India

24th December 2005

MUMBAI: Aditya Birla group major Hindalco Industries has joined hands with Coal India and Neyveli Lignite Corporation for a coal project in Orissa.

While both Hindalco and Neyveli will hold 15% each in the proposed joint venture, Coal India will hold the majority 70% stake.

While the Hindalco spokesperson declined to comment on this project, sources close to the development said: "The joint venture will apply for coal mining leases in the mineral rich state of Orissa.

The coal will be utilised as feed for the upcoming power projects. Hindalco, which has announced plans to set up mega greenfield projects in Orissa will benefit from this power project."

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