Aditya Birla flagship Hindalco Industries [Get Quote] on Monday said it has entered into a joint venture with Mahanadi Coal Ltd and Neyveli Lignite Corporation [Get Quote] for carrying out mining activities. Hindalco Industries has entered into a joint venture agreement with MCL, a subsidiary of Coal India, and NLC for Talabira II and III coal blocks, the company said in a communique to the Bombay Stock Exchange.
The joint venture company is expected to be formed in the next three to six months. Hindalco Industries and NCL would have 15 per cent shareholding each, while MCL would hold 70 per cent in the proposed venture.
The proposed company is likely to commence coal mining of 20 Million Tonne per Year by 2009-2010.
At full capacity, it would utilise 3 MTY for the captive power plant to operate the smelter in its project Aditya Aluminium in Orissa.
The agreement is subject to final approval from the government as well as other respective boards, it said.
Earlier in May, Hindalco acquired the US-based Novelis Inc for around six billion dollar, becoming the world's largest aluminium rolled products company.
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