Shareholder agreement between BEML, Damodar Valley Corporation and Coal India to reinstate mining firm MAMC Ltd would be signed soon.

Mr VRS Natarajan CMD of BEML told reporters on the sidelines of Asian Mining Congress that “We have already got 195 acres where the MAMC plant is located in Durgapur. We are waiting for another 100 acres where the staff quarters and directors bungalows are located.”

The consortium (between BEML, DVC and CIL) has already paid INR 100 crore for taking over the assets of MAMC, which is not operational.

Mr Natarajan said while BEML would hold 48 per cent equity in MAMC with management control, Coal India and DVC would hold 26% each. He said initial orders of MAMC would come from DVC and Coal India for supplying spares for underground mining.

He added that BEML would consider manufacturing activity at MAMC to make the operations viable.

(Sourced from BL)