The company is the country's leading private sector iron ore producer and exporter, with mining and processing facilities at various locations in India. It currently has access to 240 million metric tonne (MMT) reserves of iron ore. It is part of the Vedanta group's diversified global business interests in metals and mining industry with operations in India, Australia and Zambia.
Given the slowdown in the global economy, it is not surprising that the steel industry witnessed a sharp drop in demand during the second half of 2008-09. This led to a sharp reduction in steel production and hence contraction in demand for iron ore.
However, the company has a strong cash position and is actively exploring opportunities for acquiring mines to add to its resource base - both organically and inorganically - at a time when the depressed global economic scenario offers cost-effective opportunities.
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