NMDC eyes four more overseas buys each in Russia, Brazil, Mozambique and Australia

India's largest iron ore producer NMDC, which has acquired a 50% stake in the Australian iron ore firm Legacy Iron Ore recently, is set to begin due diligence process to acquire four more overseas mines, one each in Russia, Brazil, Mozambique and Australia. "The four mines include one coking coal mine each in Russia, Mozambique and Australia and an iron ore mine in Brazil. Along with the rock phosphate mine of Minemakers in Australia for which negotiations have already began, we are currently pursuing five foreign acquisitions," the NMDC CMD NK Nanda told ET. Refusing to identify the overseas coal and iron ore firms that NMDC is looking to acquire, Nanda said, "We have signed non-disclosure agreements with these companies and the due diligence process is going to begin shortly."

Source: Economic Times