28 JUN, 2012, ANURADHA HIMATSINGKA, ET BUREAU
KOLKATA: MP Birla group flagship Birla Corporation has obtained 'exploration' licence for limestone mines in Ethiopia. The company has also applied for coal mines exploration licence over there and hopes to receive the same shortly.
Addressing shareholders at the company's 92nd annual general meeting held in Kolkata on Thursday, Birla Corp chairman Harsh V Lodha said the company has floated a wholly owned subsidiary in Ethiopia christened Birla Corporation Cement Manufacturing Plc to take up exploration of limestone and other minerals as well as set up cement and other captive power plants.
Meanwhile, the company is also looking at acquiring coal mines abroad but nothing has firmed up yet as the market is too volatile.
With regard to its Chanderia operations, Lodha said the company may seek legal opinion against the stay on limestone mining over there. According to a Jodhpur high court judgement, no mining activities and blasting can take place within 10 kms from Chittorgarh fort wall. He said work at Chanderia has been hit due to this directive from court. The Chanderia incident has cost the company Rs 120 crore, he said.
Incidentally, Birla Corp shareholders' put all the resolutions including re-appointment of Harsh V Lodha as the company's chairman, to vote at the end of the general body meeting.
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