India seeks Australian Govt help for Indian Cos in acquiring local assets

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India seeks Australian Govt help for Indian Cos in acquiring local assets By TII News Service Dec 16, 2011 , New Delhi
THE Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Government of Australia, Mr Bill Shorten called on the Union Minister for Steel, Mr Beni Prasad Verma, here yesterday. They discussed cooperation in the Mineral and Mining sector. During the meeting, Mr Verma said that 80% of coking coal used by Indian Steel Industry is imported from Australia. He said that Australia a very important partner for the India, which contributes significantly to India’s growth. He urged Mr. Shorten for support to Indian Iron and Steel Industry to acquire coking coal and iron ore assets in Australia. Mr. Bill Shorten, assured all help to the Indian companies to set up a base in Australia. During his interaction with the foreign delegation, the Secretary Steel, Mr P.K. Misra, sought the help of Australian Government in verifying that the mineral properties being acquired by Indian companies are encumbrance free. Replying to the secretary’s questions Mr. Shorten said that such aspects could be looked into.

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