Tata to Explore for Diamonds and Gold in Africa

Tata Steel, a subsidiary of Indian industrial conglomerate Tata, plans to form a joint venture with government-owned export house MMTC to explore and mine for diamonds in Africa. According to Minister of State for Commerce Jairam Ramesh, Tata will hold a 74 percent stake in the venture, with the rest held by MMTC.

The company will “jointly bid for mining projects in Africa and explore opportunities in diamond, gold, iron ore and coal mining,” Ramesh was quoted as saying by the local press. The minister, who visited Angola, said the Angolan government has offered India “opportunities in gold and diamond mining” in the country.

Tata, known for its flourishing car and truck manufacturing business, also owns jewelry store chain Tanishq that operates 88 boutiques in 64 Indian cities, making it the country’s largest retail jewelry chain.