Advertisement

Help
You are here: Rediff Home » India » Business » Report
Search:  Rediff.com The Web
Advertisement
  Discuss this Article   |      Email this Article   |      Print this Article

Angolan firm seeks tie-up with Tatas
Yoshita Singh Luanda in Angola
 
 · My Portfolio  · Live market report  · MF Selector  · Broker tips
Get Business updates:What's this?
Advertisement
April 01, 2008 14:38 IST

Endiama, Angola's largest diamond mining company, has sought help from the Indian government for sewing up a partnership with the Tatas for diversification into manufacture of commercial vehicles and helicopters.

President of the state-run Endiama, Manuel Aranaldo de Sousa Calado, discussed the proposal to form a joint venture with the Tatas with India's Minister of State for Commerce Jairam Ramesh in Angola on Monday evening.

Endiama wants to set up the manufacturing facility in Angola in partnership with the Tatas. "They (Endiama) want to get into a joint venture with the Tatas and the Indian government will take this forward," Ramesh told PTI after his meeting with Calado.

The company also plans to set up its office in Mumbai to deal directly with Indian buyers of rough diamonds. It will be sending a delegation to Mumbai in the next few days to examine the feasibility of establishing an Indian outfit. The office, expected to be set up in 2008, will open the doors for direct diamond selling from Endiama to Indian buyers in 2009, Ramesh said.

He said the Angolan government has expressed the desire to attract investment from leading Indian private firms such as Reliance [Get Quote], Satyam [Get Quote], Tatas, Mahindras and the Bharati. Endiama, the country's fourth largest producer of diamonds, is involved in exploration, mining and marketing of the precious stone. 


© Copyright 2008 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 Email this Article      Print this Article

© 2008 Rediff.com India Limited. All Rights Reserved. Disclaimer | Feedback