As uncertainty continues over mining operations in the state, Goa’s second largest iron ore exporter, the Fomento Group, has begun exploring other business opportunities outside the country and the state. The Fomento group is in the process of starting mining operations in Brazil and Mozambique. “The operations will begin within two years,” Audhut Timblo, chairman and managing director of Sociedade de Fomento Industrial Pvt Ltd told Times of India.
‘Fomento to set up steel plant in Gulf’
Times of India, 16.1.2013
PANAJI: As uncertainty continues over mining operations in the state, Goa’s second largest iron ore exporter, the Fomento Group, has begun exploring other business opportunities outside the country and the state.
The Fomento group is in the process of starting mining operations in Brazil and Mozambique. “The operations will begin within two years,” Audhut Timblo, chairman and managing director of Sociedade de Fomento Industrial Pvt Ltd told TOI.
“We will invest around 300 million dollars to set up a steel manufacturing plant in the Persian Gulf and the site has been already allotted at the free trade zone at Kizarf,” Timblo said. The group has identified its technology partner Midrex from United States of America (USA) and Sumitomo from Japan for setting up the plant.
Besides operations abroad, Fomento has started shifting its white collar staff to Rajasthan. Fomento has bagged a contract for excavation of lignite stone near Jodhpur. “We have shifted machinery and white collar staff to Rajasthan,” Timblo said.
He said that they have started mining operations in Karnataka after the Supreme Court lifted the ban there. “We have started operating our steel plant at Bellaryin Karnataka but it is still not a viable project,” Timblo said. Fomento has so far laid off around 300 white collar employees after the mining operations came to a halt in September 2012, in Goa.
In 2011-12, 38 million tonnes of Goan iron ore was exported. Fomento group which exports iron ore under the banner of Soiedade de Fomento Industrial Private Limited, Prime Mineral Exports Private Limited, Fomento Exports Private Limited, Re-Sort and Exports and Infrastructure Logistic Private Limited has exported over 7 million tonnes of Goan iron ore during the last financial year.
