Spice Minerals & Metals signs MoU with NMDC

May 30, 2008

May 30 (Moneycontrol) – The NMDC limited (NMDC) – a Government of India Enterprise and Spice Minerals & Metals; an initiative of the Spice Energy group have signed a Memorandum of Understanding today at Hyderabad.


This MoU is one of the few private partnership entered by the NMDC which chose Spice Minerals & Metals from 35 other reputed national and international companies to create a JV in 50:50 partnership. The JV will be called NMDC Spice International.


Mr. Ravi Chilukuri, CEO, Spice Energy  said, “We are extremely happy & honoured to join hands with an enterprise of such high national repute as NMDC. Leveraging from NMDC’s expertise and skills in the minerals and mining sector combined with Spice Energy’s global reach and logistical prowess; we aim to penetrate the international markets and make a mark for us on the global map.”


The signing of this MoU also marks the beginning of a long term a strategic partnership for planning, acquisition, development and management of metal & mineral projects outside India, executable through specific Joint Ventures. The first project under consideration is in Armenia where mining assets in Iron Ore are proposed to be developed by both the Companies, working in synergy.


This MoU  is in line with  the emerging trend of public-private partnership (PPP), which enjoys support from the Govt of India. This approach is particularly relevant to acquisition and development of new mining concessions overseas, wherein Indian companies are pitted against very established foreign entities.


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