Oz to ease M&A norms for Indian steel cos

City Name: 
New Delhi
Newspaper Name: 
The Economic Times
Release Date: 
Sat, 06/30/2007 - 03:10

The Australian government has assured India to expedite the process of stake buy in coking coal firms and mines by Indian steel giants SAIL, RINL and NMDC to ensure their raw material security, Steel Minister Ram Vilas Paswan said today. 

"Australian Federal Minister for Industry, Tourism and Resources Ian McFarlane has assured me all possible help in fast-tracking these acquisition ventures, which are critical for India's capacity-expansion in the steel sector," Paswan, who is currently leading a high-level delegation in Australia told the media over telephone. 

The proposal by these steel companies to jointly acquire stake in Australian coal properties has received a filip with this visit and "they are likely to shortly buy equity in these properties or acquire mineral properties in Australia," the Minister said. 

"Australian mining giants BHP Billiton and Rio Tinto and other mining companies expressed their keen desire to invest in Indian mineral sector. I assured the Australian government and these companies of requisite assistance within the boundaries of India's investment policies and our mineral exploration policy," Paswan said. 

Both the nations also agreed to constitute teams of officials to carry forward this dialogue and to concretise the decision taken during this visit.

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