NMDC is planning to acquire Mozambique asset which belongs to Nagpur-based Sunflag Iron and Steel Company Limited and the other asset is in Brazil.
NMDC already has MoU to acquire 15% stake in Sunflag Iron and Steel’s iron ore mines in the Africa. The Brazil property has a resources of one Bn tonnes, for which the due diligence is over.
NMDC expects to conclude the deals this year.
Last month, NMDC had signed MOU to acquire Amplus, a Brazilian iron ore company. It will initially invest around $10-15 Mn to acquire 26% holding and buy up to 50% subsequently. Amplus mine is located around 150 km close to the coast with reserves of over 1.5 bn tonne.
Bangalore based techno-logistics startup Letstransport.in has raised $1.3 Mn in a funding round led by Singapore-based Japanese venture capital firm Rebright Partners along with participation from serial entreprenuers Ankush Nijhawan, Gaurav Bhatnagar and Manish Dhingra.