Rashtriya Ispat seeks partners to buy mines

Rashtriya Ispat seeks partners to buy mines

Mumbai: Rashtriya Ispat Nigam Ltd, an Indian steel maker in which the government plans to sell a stake, is seeking partners to buy iron ore and limestone mines in India and overseas as part of a plan to more than quadruple capacity.

The Visakhapatnam-based company has invited proposals from potential partners, according to an announcement on its website. The firm didn’t give a timeframe. Rashtriya Ispat, whose sales reached $2.1 billion in the year ended 31 March, plans to raise its annual production capacity to 16 million tonnes (mt) by 2020 from the current 3.6 mt, the website said.

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