BHP Billiton, the world’s largest mining company, is entering India through a joint venture with Mumbai-based mineral producer and exporter Ashapura Minechem.
Sources said the broad contours of the agreement suggest that the Australian giant will pick up 51 per cent in Ashapura Minechem’s Rs 2,500-crore alumina refining project in Orissa. Ashapura will hold the remaining 49 per cent.
Although BHP, which has a presence in 25 countries, has been doing business in India for over 30 years, it does not have an equity interest in any domestic project.
Recently, BHP had shown interest in acquiring Sesa Goa, the country’s second largest iron ore exporter, when its Japanese parent Mitsui put it on the block. It was later acquired by Anil Agarwal-controlled Vedanta Resources.
(Source: Business Standard)
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