BEML enters into joint venture with two private parties

Hyderabad, May 24 (UNI) Bharat Earth Movers Limited (BEML), a Mini Ratna Company under the Ministry of Defence, entered into a joint venture with two private parties and launched a company under the banner BEML Midwest Limited to expand its mining activities.

V R S Natarajan, Chairman and Managing Director of BEML and Chairman of the newly-launched BEML Midwest Limited, said the Joint Venture company was professionally well-knit with BEML having 45 per cent share and Midwest Granite Private Limited and P T Sumber Mitra Jaya of Indonesia as partners with 55 per cent share.

He said BEML would be responsible for supply of equipment, spares and services required for mining, whereas Midwest Granite would be responsible for exploration, planning, development and production and P T Sumber Mitra Jaya for providing expertise in large scale coal mining.

He said the Board would comprise of three Directors of BEML and four Directors from Midwest and Mr P T Sumber Mitra Jaya.

He said the equity of the company was Rs 100 crore. The company would be targeting development of opencast mines in the range of 10 million tonnes. The Business from contract mining was expected to be about Rs 500 crore in the next four to five years.

Midwest Granite Private Limited Chairman and Managing Director K Raghava Reddy said his company, based in Hyderabad, was a leading player in the area of exploration, mining, processing and export of natural stones. With Global marketing headquarters in US, it had a distribution network and operations spread across India, Sri Lanka, Turkey, Zimbabwe, Australia and Europe.

P T Sumber Mitra Jaya Chairman and Managing Director G Govinda Swamy said his Company, with wide expertise in contract coal mining and production, was the flagship of the Mitra Jaya Group which was founded in 1982 with headquarters at Jakarta, Indonesia. UNI