Rio Tinto has entered into fresh discussions with Orissa Mining Corporation to finalise a detailed agreement on iron ore mining in the state. If approvals come through, this would be the first foreign investment in iron ore mining in the country.
Incidentally, Rio Tinto India had signed a 51:49 joint venture with OMC in 1995. But the joint venture never took off.
“We are in talks for a subsequent agreement with OMC and are awaiting government approvals on this,” said Siddharth Jain, commercial director at Rio Tinto India.