BHP exits venture with Usha Martin
The Telegraph reported that BHP Billiton has pulled out of the mining JV with Usha Martin, which was inked in early 2006 for mining and downstream activities in Jharkhand.
Consequently, Usha Martin now owns 100% of Bharat Minex Pvt Ltd, JV formed with BHP Minerals Holdings Pty Ltd, a subsidiary of BHP Billiton.
Mr Rajeev Jhawar MD of Usha Martin announced that BHPB sold its holding to Usha Martin earlier this year. He said that “The decision followed the global economic meltdown in October. It was a resetting of priorities.”
Mr Prashant Jhawar vice chairman of Usha Martin said Bharat Minex did not have any asset and his company paid INR 500,000 to buy the shares.
Thursday, July 30, 2009
BHP exits venture with Usha Martin
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