BHP Billiton finalises JV plans with SAIL

BHP Billiton, the $19 billion Anglo-Australian world's largest diversified miner, today said it has finalised its proposal to set up joint venture companies with Steel Authority of India (SAIL) in Australia and Indonesia.

BHP was also looking at possible equity stakes in mining infrastructure companies for the steel and the coal sector.

Talking to news persons on the sidelines of Metals 2004, organised by the Bengal Chamber of Commerce & Industries, Don A Carrol, country president BHP-Billiton, said, "The joint venture with SAIL will undertake mining activities in mines owned by our company. This will be a separate joint venture company where SAIL and BHP will have stakes."

Asked whether BHP was willing to give away majority stake to SAIL, Carrol said, "This issue was yet to be settled. At present we are busy studying prospects of coal mines in Indonesia and Australia. Study at the Indonesian mine was at a very advanced stage, and we would firm up details of the joint venture when the study was completed." BHP was also yet to decide on the equity size of the company.