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Joint venture agreement favorable for Tata Steel & SODEMI

Joint venture agreement favorable for Tata Steel & SODEMI

Tata Steel was established in 1907 as Asia’s first integrated private sector steel company, in 2006 on a combined basis is the world’s sixth largest steel producer in terms of actual crude steel production with geographic footprints in India, South East Asia, UK and Europe. With the recent acquisition of Corus Limited, the combined enterprise has an aggregate crude steel production capacity of around 28.1 million tons with approximately 82,700 employees across the four continents.

SODEMI is a 100% state owned company formed for the development of the mineral resources in the country. It already has a manganese mining operation in Ivory Coast and a partnership for gold mining and another for drilling.

Tata Steel and SODEMI have announced that they have entered into joint venture agreement for development of Mount Nimba Iron ore deposits in Ivory Coast (West Africa).

The initial phase will involve exploration and detailed feasibility assessments followed by construction of the mine and beneficiation facilities. The iron ore from this project will be supplied to Tata Steel Group facilities especially those located in the United Kingdom and Netherlands. The Mt Nimba deposit, spread over 3 countries – Liberia, Guinea and Ivory Coast, is one of the biggest in the West Africa.

The company made this announcement during the trading hours today, 12 December 2007.

Ganesha sees Capricorn rising Ascendant with 19.17 degrees with Taurus Navamansha at the time of dealing. Lord of first house is posited with Ketu in eighth house which is disappointing but it is under aspect of Jupiter’s major benefic planet. This deal shall bring fruitful results for both because of its Taurus rising Navamansha. The major factor which brings good favor is conjunction of Venus and Mercury in tenth house in Navamansha. But position of Sun over there is once again unsatisfactory. The placement of Yogakaraka planet Venus in tenth house is propitious and produces favorable results. The promulgation of laws by the government turns out to be favorable. It ushers in general prosperity and creates an environment of happiness. Transiting Mars is retrograde in sixth house and is harmful but it receives benefic aspect of Jupiter, sees Ganesha.

Ganesha wishes the companies success from this venture.

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With Ganesha’s Grace,
Malav Bhatt,