India’s Tata announces readiness to invest in Iran’s mine, energy sectors

Oil&Gas Materials 15 March 2014 11:06 (UTC +04:00)

Baku, Azerbaijan, March 15

By Fatih Karimov - Trend:

India's Tata Group has announced readiness to invest in Iran's mine and energy sectors, the Mehr News Agency reported on March 15.

Madhu Kannan, Tata's Head of Business Development, and Janaki Chaudhry, the group's head of strategy and business development, met with Mehdi Karbasian, the head of the Board of Directors of Iranian Mines and Mining Industries Development and Renovation, known as IMIDRO, in Tehran.

Kannan said Tata is looking for an Iranian trade partner to carry out projects jointly in the long term.

Karbasian, for his part, said that Tata can launch joint ventures for establishing steel plants and carrying out mining exploration projects.

Tata Group is an Indian multinational conglomerate company headquartered in Mumbai. It encompasses seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. Tata Group was founded in 1868. It has operations in more than 80 countries across six continents.

India's oil imports from Iran more than doubled in January compared to a month earlier, with one state refiner returning from a three-month break as a buyer after sanctions on Tehran were eased due to the interim deal on its nuclear program, Reuters reported.

India's oil purchase from Iran in January surged to 412,000 barrels per day (bpd), up from 189,100 bpd in December and 44 percent higher than a year ago, data compiled by Reuters showed.

January shipments from Iran were the highest since February 2012, shortly after new toughened sanctions from the United States and Europe went into effect, the data also showed.

Iran was also India's second biggest supplier for a month for the first time since March 2012, the data showed.