MUMBAI: Tata Steel, the world's sixth largest steel maker, on Wednesday said it has entered into a joint venture agreement with Oman-based Al Bahja Group for the development of limestone deposits in Oman.
Tata Steel would hold 70 per cent stake in Al Rimal Mining LLC, which would execute the project of developing and operating the Uyun mine, the company informed the Bombay Stock Exchange.
The limestone deposits at Salalah will meet the company's production requirement to a considerable extent, a Tata Steel spokesperson said. Limestone is a key input for making corrugated steel.
Tata Steel would hold the stake in the Oman-based firm through its subsidiary TS Global Minerals Holdings Pte Ltd.
The initial phase would involve exploration and detailedfeasibility studies and the project envisages mining of limestone in the Uyun region which lies in Salalah province.
"We value our partnership with the Al Bahja Group and we are sure that this partnership will play a significant role in the mineral development of the Sultanate of Oman," Tata Steel managing director B Muthuraman said.
The JV agreement was signed by Al Bahja Group Chairman Ajit Hamlai and Muthuraman.
Shares of the company closed at Rs 818.55, down 3.91 per cent on the BSE.
