NLC, NMDC to sign MoU with Australian firm for steel production – Business Line
24 May 2018 | Business Line | M Ramesh
In a few days, SK Acharya, Chairman and Managing Director of the public sector lignite mining-cum-power production company NLC, will fly to Australia to sign an agreement with Environmental Clean Technologies Ltd (ECT), an Australian company. The agreement will effectively lay the foundation for NLC to enter into steel production in a few years.
The agreement is unique in two ways. First, it is for setting up a joint venture between an Australian private sector company (whose biggest asset is technology for using lignite for making steel) and two Indian PSUs, NLC and NMDC. The Australian company will hold 49 per cent in the JV, and the two Indian PSUs will equally own the rest.