Ferro alloy producer Rohit Ferro Tech Ltd (RFTL) plans to diversify as a mining player in the next couple of years.
The company, which recently acquired coal mines in Indonesia, is on the lookout for chrome ore and manganese mines in Iran and Oman and in the domestic market in India.
Ankit Patni, joint managing director, RFTL, said, “We have entered mining through our acquisition in Indonesia and looking at having a sustainable and sizeable interest in mining business in some years.”
He said the company is targeting a 100% raw material security in the next five to six years and will look at opportunities both in India and abroad. Though RFTL has not earmarked standard set of funds for investing in the mining business, Patni said the company is well positioned to grasp any upcoming opportunity.
He said RFTL is looking beyond captive consumption of raw materials and would like to sell off-takes in the open market as well. Currently, the company has expressed interest in some chrome ore and manganese ore mines in India; the application is pending with the government.
“We will look at acquiring mines wherever we can see some synergy with our present business and our future plans,” Patni said.
Source: Daily News and Analysis, Mumbai
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