Home > News > Business India News
Posted on Feb 11, 07:18PM | IBNS
New Delhi, Feb 11 : The Ministry of Steel on Monday said it is taking initiatives to strengthen cooperation in steel and mining with Brazil.
Union Steel Minister Beni Prasad Verma recently led a delegation to Brazil to strengthen cooperation between the two nations in steel and mining.
"During the visit, a Letter of Intent (LoI) was signed by the Secretary, Ministry of Steel on behalf of Government of India and by the Executive Secretary (Mines and Energy) on behalf of the Government of Brazil on 7th February," said the ministry on Monday.
"The LoI inter-alia aims to promote and expand bilateral relations between the two countries in the mineral sector with focus on strengthening the supply chain for the growth of the steel industry in both the countries," it said.
The Letter of Intent aims to encourage investment opportunities in iron and steel related businesses by the Indian and the Brazilian companies in India and Brazil, facilitate exchange of technical know-how in developing the iron and steel production and other steel related raw materials, including pelletisation plants and other associated industries.
"Both the Governments would jointly work for developing the steel industry and to exchange technically qualified manpower for sustainable growth of the iron and steel industry," said the ministry.
The possibility of signing a Memorandum of Understanding during the forthcoming visit of the President of Brazil to India is also being explored, it said.
"Both India and Brazil have been showing robust growth in the consumption of steel and are globally viewed as the two large emerging markets after China in terms of their growth potential," said the ministry.
The Minister of Steel was accompanied by D.R.S. Chaudhary, Secretary, Ministry of Steel, UP Singh, Joint Secretary, Ministry of Steel, C.S. Verma, Chairman, SAIL and NMDC and other senior officials.