Sesa Goa To Pump In Funds

In Liberian Iron Ore Assets

Sesa Goa, in order to consolidate its iron ore business, has announced investment of $2.6 billion (approx Rs 12,870 crore) in its Liberian iron ore assets.

The company will be investing in the development and operation of three Liberian iron ore assets that it acquired in 2011. Sesa Goa had acquired 51 per cent stake in Western Cluster for $90 million (approx Rs 450 crore). Under the Mineral Development Agreement (MDA), valued over $2.6 billion, Western Cluster will construct a railway from Monrovia to Bomi county, build a two-lane road from Tubmanburg to Mano River, develop the old NIOC/Bong Mines Pier at the Freeport of Monrovia, impart job training for Liberians, provide housing, modern public health facilities, water and sanitation.

This apart, International Coal Ventures (ICVL) is planning to acquire a coking coal asset in Bowen Basin of Australia at an investment of around Rs 1,500 crore for acquiring the coal assets. The ICVL board has already approved the acquisition and is awaiting the necessary approvals from the competent authority. Bowen Basin is rich in coal resources and contributes significantly to the overall production of coal in Australia, which meets nearly 40 per cent of India's coking coal imports. ICVL's objectives for the acquisition of coal assets and equity participation in operating coal companies are primarily for sourcing coking coal on a long term sustainable basis for the promoter companies. Similarly, NMDC will also acquire a majority stake in Brazilian iron ore firm, Amplus with an investment of $150 million (approx Rs 747 crore) for development of ore reserves. The mine is located around 150 km close to the coast with reserves of over 1.5 billion tonne.

Ranbaxy Morocco, a wholly owned subsidiary of Ranbaxy Laboratories, has opened its new manufacturing facility at Casablanca, Morocco, giving it a direct business presence in North Africa. With the successful audit of the facility by the Moroccan Health Authorities, Ranbaxy Morocco is now authorised to commence manufacturing of its products at its Casablanca facility.