Chairman of Maharatna Steel Authority of India Limited (SAIL) and Chairman, International Coal Ventures Private Limited (ICVL), Mr C.S. Verma, signed a Memorandum of Understanding (MoU) with Governor of Central Kalimantan, Indonesia, H.E. Mr Agustin Teras Narang for development of mineral deposits, setting up of mineral processing facility, steel plant and required infrastructure in the province of Central Kalimantan here today. The MoU was signed in the presence of President of Indonesia, H.E. Susilo Bambang Yudhoyono, Minister of Commerce & Industry, Govt of India, Mr Anand Sharma, Minister of State for External Affairs Mr E. Ahamed, and senior officials of the Government of Indonesia.
The MoU envisages setting up of steel plant and mineral processing facility by optimization of large natural resources of Province of Central Kalimantan, such as coking and thermal coal, iron ore and other minerals for economic development of the Province and meeting the requirement of coal of the promoter companies of ICVL through mutual partnership. While the province will provide ICVL with necessary maps and licenses, ICVL will undertake preliminary survey and exploration activities to find the location and suitability of the quality of minerals and the size of reserves both for domestic use in Indonesia and for exports. A techno-economic feasibility study will be undertaken jointly by the two institutions to explore construction and development of mineral processing facility and steel plant of suitable capacity in the region.
Speaking on the occasion, H.E. Susilo Bambang Yudhoyono said, ÔÇ£Indonesia is rich in coal and other minerals, we can see great cooperation between India and Indonesia to explore opportunities for processing of iron ore and other minerals.ÔÇØ Mr Anand Sharma hailed the MoU as a ÔÇÿsignificant and defining relationshipÔÇÖ between the two institutions. He invited close cooperation in multilateral forum between India and Indonesia, the latter being ÔÇÿa growing hub of economic activityÔÇÖ. Underlining the importance of the deal, Mr C.S. Verma said, ÔÇ£The MoU marks the beginning of our mutual intent for long term engagement with each other in the area of economic cooperation between both the institutionsÔÇØ.
ICVL is a Joint Venture of SAIL, Coal India Limited (CIL), Rashtriya Ispat Nigam Limited (RINL), NMDC Limited (NMDC) and NTPC Limited (NTPC). The MoU is a vital step forward in capitalizing on the synergies between the two institutions for mutual benefit and growth. It is hoped that this will be a beginning of a long-term collaboration for efficient execution of sustainable projects.
SAIL Chairman signs MoU with Governor
SAIL and ICVL Chairman Mr C.S. Verma (left) with Governor of Central Kalimantan, Indonesia, H.E. Mr Agustin Teras Narang at the MoU signing ceremony at New Delhi
