To jointly develop iron ore mining in Sumatra
BANGALORE: The GJR Group, with mining interests in Andhra Pradesh and Karnataka, has signed an agreement with PT Earthstone Resources of Indonesia, engaged in large scale mineral exploration and mining in Africa and Asia.
G. Janardhan Reddy, Chairman and Managing Director, told reporters here on Monday that the partnership would lead to GJR investing $30 million to acquire a 50 per cent stake in a 438 hectare iron ore mining area in Sumatra, Indonesia, to be developed jointly with Earthstone.
Mr. Janardhan Reddy is Karnataka’s Tourism Minister; and the group headed by him owns Obulapuram Mining Company in Andhra Pradesh, and Brahmani Industries, which is setting up a 10 million tonnes a year integrated steel plant in Jammalamadugu (Andhra Pradesh), with an investment of Rs. 7,750 crore.