PTI reported that Steel Authority of India Limited and Rashtriya Ispat Nigam Limited JV is in advanced stages of discussions for acquiring 10 per cent stake in Oman based limestone miner, Majan Mining Company for around INR 200 crore.

A source close to the development told PTI that the deal will happen soon.

The source said consultancy firm KPMG has valued MMC at around USD 300 million and based on this valuation, the 10% stake would cost over USD 30 million.

The two PSUs had joined hands in 2008 to jointly explore and develop limestone mine in Oman. This joint venture has been talking to Majan Mining Company to buy 10% stake.

MMC’s limestone mine is located in West Teetam, Salalah in Oman and has 350 million tonnes of reserves. The deposits have low silica content and high reactivity. MMC started commercial production in late 2008 with 2 million tonnes per annum production in the first phase. Plans are afoot to ramp up the production to 5 million tonne and 10 million tonnes per annum in the second and third phases, respectively.


Source - PTI

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