- Issue Time
- Mar 13,2013
Indian Tata Steel spend 30 million Canadian dollars (about 16.3 billion rupees), the acquisition of subsidiaries by Tata Steel Minerals Canada (TMSC) 51% stock in Canada's Labrador Iron Ore Company (LIM), from the existing mines of Canada direct shipping iron ore through railways and ports to British Steel, which is also served as president of the Tata Group, the first acquisition in CyrusMistry.
According to the agreement signed by the Tata Iron and Steel Company and the LIM, which will be the transfer of its 51% equity interest in the Howse deposit to TMSC Howse deposit reserves of 28 million tons. In turn, the transfer of Tata Steel reserves of 170 million tons of Timmins4 to LIM. Meanwhile, Tata Iron and Steel Company has invested 25 million yuan Howse mine stake to 70 percent option. In addition, the agreement also includes bilateral cooperation in the development of the logistics, support each other, and rail. TSMC's mining operations and the LIM adjacent to the former but the latter does not allow the use of its site transportation of raw materials, through the acquisition of rail transport headache problem is resolved.