IMME hopes to boost biz this year
The 8th International Mining and Machinery Equipment (IMME), the country’s only international mining industry meet, is estimated to generate a substantial hike in business this year.
By TNN |
KOLKATA: The 8th International Mining and Machinery Equipment (IMME), the country’s only international mining industry meet, is estimated to generate a substantial hike in business this year.
The previous IMME held in 2004 had led to business worth Rs 650 crore. Australia has been selected as the partner country in the upcoming meet to be held in the city between November 22 to 25.
“With coal, steel and non ferrous metals expanding capacity, the mining industry on an upswing. We estimate a jump in business generated this year. Two years back, when we were still talking about the potential of the mining industry. We ended up generating business worth Rs 650 crore in a span of two days,” Mr VRS Natarajan, chairman and managing director, Bharat Earth Movers Ltd (BEML) and chairman, mining & construction equipment division, Confederation of Indian Industry said at a press meet on Wednesday.
The upcoming mining policy is expected to promote foreign direct investment and usage of modern technology in the mining sector. The meet would offer participants a chance to meet and discuss potential joint ventures, technology transfer agreements and strategic alliances.
“The country’s emergence as a global outsourcing hub in manufacturing could also lead to ventures for servicing and assembling of mining equipment,” Mr Natarajan added.
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Some 24 countries are scheduled to take part in IMME 2006. Mr Natarajan, said about 40 Australian companies would participate in the fair to showcase mining technology, equipment and services. Global companies like Thyssen Krupp, Rio Tinto, Caterpillar are due to take part in the meet. Major Indian companies participating in the fair are Coal India Limited, Hindalco Industries, Coal India Limited, BEML, Tata Steel, National Mineral Development Corporation, Steel Authority of India Ltd, Jindal Stainless, L&T, Volvo and Telcon.
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