Adani Forms Subsidiary For Iron Ore Mining Project
2018-09-21 Announcements Mining Western India
Adani Enterprises Limited (AEL) has incorporated a wholly owned subsidiary namely, "Bailadila Iron Ore Mining Private Limited" ("BIOMPL"). AEL being (including but not limited to, a successful bidder for selection of disclosure of reasons for Mine Developer - Cum - Operator acquisition of target entity, if its (MOO) for Bailadila Iron Ore Deposit business is outside the mainline No. 13, Kirandul, Dantewada District, of business of the listed entity) Chhattisgarh, India by NMDC-CMDC Limited (NCL). As per Tender, Iron Ore Mining Services Agreement (IMSA) has to be signed within 60 days from issuance of LOA and AEL may form 100% owned Special Purpose Vehicle (SPV) to act as the MOO and sign the IMSA with NCL and such SPV shall be formed within 30 days from the date of issue of the LOA by NCL. Accordingly, Bailadila Iron Ore Mining Private Limited is formed as SPV of AEL for execution of IMSA with NCL.