Ratan Tata's Tata Steel has entered into a 74:26 JV with MMTC for acquisition, development and operation of mines and processing of minerals and metals.

Tata Steel is one of the major producer of steel products.Tata Steel annually produces 18 million tonnes of steel in India and 52.32 million tonnes overseas.

MMTC, a Central PSU, is India’s largest trading company. It is engaged in international trading of minerals, metals, precious metals, fertilizers, coal and hydrocarbons and agro commodities. MMTC, through its promoted company “Neelanchal Ispat Nigam Limited” has set up a 1.1 million tonne integrated steel plant in the State of Orissa.

One of MMTC’s corporate objectives is to consolidate its position further as a leading international and domestic player with focus on minerals and metals. MMTC is also integrating vertically in related fields of infrastructure building by setting up iron ore loading facilities at ports of Ennore and Paradip.

Steel production in India is projected to grow to over 120 mn Tonnes by the year 2015. To cater to the raw materials requirement of increasing steel demand and other mineral based industries, MMTC and Tata Steel have agreed to co-operate with each other and are executing this Agreement for setting up a joint venture for the above purpose, according to a Tata Steel press release.