Angolan diamond firm seeks tie-up with Tatas in automobile

ANGOLA: Endiama, Angola's largest diamond mining company, has sought help from the Indian government for sewing up a partnership with the Tatas for diversification into manufacture of commercial vehicles and helicopters.

President of the state-run Endiama, Manuel Aranaldo de Sousa Calado, discussed the proposal to form a joint venture with the Tatas with India's Minister of State for Commerce Jairam Ramesh here last evening.

Endiama wants to set up the manufacturing facility in Angola in partnership with the Tatas.

"They (Endiama) want to get into a joint venture with the Tatas and the Indian government will take this forward," Ramesh told media after his meeting with Calado.

The company also plans to set up its office in Mumbai to deal directly with Indian buyers of rough diamonds. It will be sending a delegation to Mumbai in the next few days to examine the feasibility of establishing an Indian outfit.

The office, expected to be set up in 2008, will open the doors for direct diamond selling from Endiama to Indian buyers in 2009, Ramesh said.

He said the Angolan government has expressed the desire to attract investment from leading Indian private firms such as Reliance, Satyam, Tatas, Mahindras and the Bharati.

Endiama, the country's fourth largest producer of diamonds, is involved in exploration, mining and marketing of the precious stone.