Monday, 10 Oct 2011
PTI reported that iron ore exporter Pisces Exim India has drawn up a INR 1,000 crore expansion plan that envisages the acquisition of mines in the country as well as abroad with a view to increase its share of India’s export market.
Mr Mr Soumit Jena MD of Pisces Exim told PTI “We are looking at an investment of INR 1,000 crore over the next two years for our expansion. We will invest around INR 700 crore in buying domestic mines and INR 300 crore in joint ventures for mining in Malaysia, Indonesia and Thailand.”
Mr Jena explained “We expect to capture 20% of the iron ore export market from the country, at 10 million tonnes, out of 50 million tonne annual exports by the turn of the next fiscal. To achieve our target of 10 million tonnes exports, we require our own mines and need to invest approximately INR 1,000 crore.”
At present, the Pisces Group operates a small mine in Goa, which holds reserves of around 20 million tonnes, besides another in Indonesia. Pisces Exim exports iron ore and ore fines t through state-run undertaking PEC and had exported 5.7 million tonnes iron ore last fiscal. The company hopes to export 6 million tonnes this fiscal.
(Sourced from PTI)
PTI reported that iron ore exporter Pisces Exim India has drawn up a INR 1,000 crore expansion plan that envisages the acquisition of mines in the country as well as abroad with a view to increase its share of India’s export market.
Mr Mr Soumit Jena MD of Pisces Exim told PTI “We are looking at an investment of INR 1,000 crore over the next two years for our expansion. We will invest around INR 700 crore in buying domestic mines and INR 300 crore in joint ventures for mining in Malaysia, Indonesia and Thailand.”
Mr Jena explained “We expect to capture 20% of the iron ore export market from the country, at 10 million tonnes, out of 50 million tonne annual exports by the turn of the next fiscal. To achieve our target of 10 million tonnes exports, we require our own mines and need to invest approximately INR 1,000 crore.”
At present, the Pisces Group operates a small mine in Goa, which holds reserves of around 20 million tonnes, besides another in Indonesia. Pisces Exim exports iron ore and ore fines t through state-run undertaking PEC and had exported 5.7 million tonnes iron ore last fiscal. The company hopes to export 6 million tonnes this fiscal.
(Sourced from PTI)
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