Hindalco Industries entered into a joint venture agreement (JVA) with Mahanadi Coal (MCL), a subsidiary of Coal India and Neyveli Lignite Corporation (NLC) in respect of Talabira II and III Coal blocks.
The joint venture company (JVC) is expected to be formed in the next 3-6 months and the firm will have 15% shareholding with MCL holding 70% and NLC holding 15%.
The JVC is expected to commence coal mining of 20 MTY by late 2009 or early 2010. At full capacity, the company will evacuate 3 MTY for end use in the captive power plant to operate the smelter in its project Aditya Aluminium in Orissa.
The JVA is subject to the final approval of the Government of India and the respective boards.
Hindalco Industries on May 16 acquired Novelis. The transaction has made the company (Hindalco) with Novelis, the world`s largest aluminum rolled products company and one of the largest producers of primary aluminum in Asia, as well as being India`s leading copper producer. Novelis will operate as a subsidiary of Hindalco.
Shares of the company are trading up 1.75, or 1.09% at Rs 161.90. Total volume of shares traded at the BSE was 286,097.
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