December 04, 2008

MMTC board approves new ventures

MMTC Ltd’s board of directors approved on December 14th 2007 seeking consent of members through postal ballot, relating to following areas

1. Amendment to the object Clause (III) of the Memorandum of Association of the Company to enable the Company to carry on the business of setting up of power plant(s) and dealing in power & Certified Emission Reduction (carbon credits).

2. Investment of a sum of INR 32.95 crore in the equity share capital of SICAL Iron ore Terminals Ltd, to set up port with loading facilities at Ennore port.

3. Investment of a sum of INR 26 crore for subscribing & acquiring equity shares of special purpose vehicle being created by India Bulls for setting up of a commodity exchange in India.

4. Investment of a sum of INR 12.48 crore for subscribing & acquiring equity shares of special purpose vehicle being created by Pamp SA for setting up of a project for minting & refining of gold and silver.

5. Investment of a sum of INR 11.70 crore for subscribing & acquiring equity shares of special purpose vehicle being created by Gitanjali Gems Ltd for setting up of a retail chain for jewellery.

6. Increase in the Company's investment from INR 14 crore to INR 16 crores in the equity capital of Haldia Free Trade Warehousing Pvt Ltd, advancing an interest bearing loan not exceeding INR 16 crore within the enhanced equity investment of INR 16 crore and advancing further an interest-bearing loan of INR 2 crore for purchasing land for the project.

7. Investment of a sum of INR 130,000 for subscribing & acquiring equity shares of special purpose vehicle) created by India Bulls Real Estate Ltd for bidding for 1800MW power plant for Talwandi Sabo Power Ltd in Punjab.