Indian delegation to explore iron ore assets in Br

31 January 2013

In a bid to explore potential iron ore assets for acquisition by state-run companies, India will be sending a high-level delegation to Brazil for the second time in three months.

The delegation is headed by Beni Prasad Verma (Steel Minister) and includes DRS Chaudhary (Steel Secretary), CS Verma (Chairman of National Mineral Development Corporation or NMDC) and NK Nanda (Technical Director of NDMC) to name a few.

The delegation is scheduled to visit Brazil between 4th and 8th of February. The Indian contingent will device efforts to carry talks forward with a few iron ore mine owners with whom state-run miner NMDC has already initiated discussions. They will also be visiting Uruguay.

During November last year, Chaudhary had led a delegation to Brazil to look for investment opportunities in iron ore mines.

In addition Verma's visit, three months after the secretary's previous visit, adds fuels to the speculation fire that a big-ticket acquisition by NMDC may happen sooner than later. Official confirmation has yet to be obtained.

NMDC has also been on the lookout for acquisition and initiated due diligence in a couple of mines in Brazil's Amapa province. The Steel Ministry has also initiated talks with the Brazilian authority for identifying potential targets.

There are two other firms under the Steel Ministry that have expressed willingness to have their presence in Brazil, either through acquiring stake in a company having an operative mine or buying a developed one.