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Shareholder agreement between BEML, Damodar Valley Corporation (DVC) and Coal India to reinstate mining firm MAMC Ltd would be signed soon, a top BEML official said on Sunday.
“We have already got 195 acres where the MAMC plant is located in Durgapur. We are waiting for another 100 acres where the staff quarters and directors bungalows are located,” BEML Chairman and Managing Director Mr V R S Natarajan told reporters on the sidelines of Asian Mining Congress here.
The consortium (between BEML, DVC and CIL) has already paid Rs 100 crore for taking over the assets of MAMC, which is not operational.
Mr Natarajan said while BEML would hold 48 per cent equity in MAMC with management control, Coal India and DVC would hold 26 per cent each.
He said initial orders of MAMC would come from DVC and Coal India for supplying spares for underground mining.
BEML would consider manufacturing activity at MAMC to make the operations viable, he added.
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