Project today reported that JV of BEML, Coal India and Damodar Valley Corporation are close to finalizing the proposal for asset takeover and reopening of Durgapur based Mining & Allied Machineries Corporation. The package will shortly be placed before the Calcutta High Court for due approval.
In the proposed facility, BEML will hold 48% controlling stake whereas CIL and DVC will hold 26% participatory interest each. The State Bank of India has agreed to restrict the total liability to INR 120 crore down from approximately INR 430 crore. Operation is expected to start in the H1 of 2008-09.
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