Ashapura Minechem rubbishes talk of JV with Billiton
Reacting to reports suggesting a joint venture with BHP Billiton, Ashapura Minechem has said they are “purely of a speculative nature” and that the company has no such plans at this point of time.
By INDIATIMES NEWS NETWORK |
MUMBAI: Reacting to reports suggesting a joint venture with BHP Billiton, Ashapura Minechem has said they are “purely of a speculative nature” and that the company has no such plans at this point of time.
The Ashapura share, however, was unfazed by the company’s clarification to the Bombay Stock Exchange. It was nearly 5 per cent higher at Rs 358.65, with traded volume at 2,25,766 shares against the two-week average of 2,02,161.
According to media reports, the Australian mining giant is expected to pick up 51 per cent in Ashapura Minechem's Rs 2,500-crore alumina refining project in Orissa. The two were expected to invest Rs 800 crore towards equity and the balance Rs 1,700 crore mobilised through debt.
BHP, with a presence in 25 countries, has been doing business in India for over 30 years, but does not have an equity interest in any domestic project.
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