The SAIL-RINL JV is keen to acquire stake in Majan Mining Company (MMC), a Oman based limestone miner.
The JV holding discussions with MMC to acquire 10 per cent stake for around Rs 200 crore. It is likely to send a merchant banker to Oman for due diligence of the MMC mine.
MMC’s limestone mine is located in West Teetam, Salalah in Oman and has 350 million tonne of reserves. The deposits have low silica content and high reactivity making them ideal for usage in the steel industry.