NMDC carrying due diligence to buy stake in Brazilian firm

State-owned miner NMDC today said it was carrying out due diligence with the intention of buying stake in Brazilian mining firm Greystone Mineracao do Brasil.

"We are talking. Let's see what happen. We are carrying out due diligence," NMDC Chairman and Managing Director Rana Som told reporters on the sidelines of an event here.

Asked whether it would buy a majority stake in the firm, Som said, "No. I don't think it will be a majority stake."

Greystone Mineracao do Brasil is owned by London-based tarder Pramod Agarwal. Greystone owns six licences in Brazil.

"We are a mining company. We are not an investor. When we talk about buying stake, we aim to become a strategic partner. India is a better place to invest," he said.

Som, however, declined to give any further details on the proposed deal saying NMDC was bound by the confidentiality agreement.

"We have tied-up with a deal of confidentiality. We will come out with something. We are talking. What we are talking about and what is the stake - all those will be disclosed later. Time is not right to talk on the deal," he said.

Meanwhile, Som said that NMDC was additionally looking for buying iron ore assets in the US, Russia, Brazil and Australia.