* * * Jharkhand News * ** ** ** **
* Adhunik Metaliks, which manufactures speciality steels for the auto industry, is in talks with a clutch of private equity (PE) players to offload 10-11% in a fully-owned subsidiary, Orissa Manganese & Minerals (OMML). Adhunik had acquired OMML about a year ago for around Rs 60 crore. "We will be in a position to finalise the PE investor in OMML within a month. A number of them are keen to pick up stakes since the company has six manganese mines and one iron-ore mine," Adhunik Metaliks MD Manoj K Agarwal told reporters on Thursday. OMML's iron-ore mine at Ghatkuri in Jharkhand holds reserves of nearly 80 mt with high 'Fe' content of above 63%. It is located close to the Chiria mines in Jharkhand, estimated to hold the world's second largest reserves of high quality iron ore. "We hope to mine around 1 mt from the Ghatkutri mines, which will be operational in first quarter of 2008-09," Mr Agarwal said. The output from manganese mines would be used by Adhunik Metaliks for captive use in ferro alloys production. Adhunik Metaliks has also firmed up a Rs 422 crore investment plan aimed at expanding capacity at its existing ferro alloys and speciality steels unit, reducing cost and improving productivity. "An essential part of the plan involves reduction in raw material costs from 80% to 40% of total production costs. This will lead to much better profitability in the coming years," Mr Agarwal added. The plan will be implemented over a number of projects, which include, hike in sponge iron making capacity to 3.15 lakh tonne per annum, adding a captive power plant of 17 mw, setting up a sinter plant with 2.67 lakh tonne capacity, hiking ferro alloys capacity by 19,300 tonnes to 60,000 tonne and a lime calcination plant and adding two private railway sidings. These projects are likely to be over by October 2009.. * ** *economictimes.indiatimes.com/News/News_By_Industry/Indl_Goods__Svs/** Adhunik_* *Metaliks_to_sell_stake_in_mining_arm_to_PE_funds/articleshow/2846456.cms* ** ** * *Related Jharkhand Blog* => ** jharkhand-mines.blogspot.com* -- Jharkhand News [EMAIL PROTECTED] Jharkhand Online Network www.jharkhand.org.in/news --~--~---------~--~----~------------~-------~--~----~ Explore http://Jharkhand.org.in 4 Live Chat, i-Messaging, Music Video, News and much more..... Posting Norms - http://www.jharkhand.org.in/posting_norms.htm -~----------~----~----~----~------~----~------~--~---
