September 07, 2008

Varun Industries foraying into iron ore export business

BS reported that Varun Industries Limited, one of the largest exporters of stainless steel kitchenware and house ware items, is eyeing China and Korea for export of iron ore. The report added that Varun Industries Ltd is awaiting approval for a mining lease for 102.32 acres of land in Karnataka, apart from entering into a mining contract for another 40 acres land in the state.

The report cited Mr Mayur Doshi GM finance of Varun Industries as saying that “We are looking for exports of iron ore from our mines once we get a go ahead for mining lease application. China and Korea are possible markets for such exports, among other potential markets. However, the valuation of exports cannot be predicted unless the mining actually begins.”

Varun Industry’s mining business is run by a division of a group company along with diversified businesses like oil and natural gas drilling work, wind mills and agro products.