Tata Chemicals Limited and Tata International Limited have entered into two memoranda of understanding (MOUs), one for imports of fuels and raw materials for Tata Chemicals and the other for overseas marketing of Tata Chemicals' products.
Prasad Menon, managing director, Tata Chemicals and Sudhir Deoras, managing director, Tata International on 25 March 2005 at Bombay House, signed the MOUs.
Under the Imports MOU, Tata International and its overseas subsidiaries will organise the imports of the entire requirements of Thermal Coal and Anthracite of Tata Chemical's Mithapur plant, the entire Sulphur requirements of Tata Chemical's Haldia plant, while imports of rock phosphate will be for quantities not covered under JVs that Tata Chemicals may have with overseas suppliers.
The overseas marketing MOU provides for exports of soda ash, sodium bicarbonate, etc to specified markets.
Menon emphasised the need to look at additional opportunities of businesses for benefit to both the companies. Deoras desired that Tata International and Tata Chemicals look at providing a strategic basis to the cooperation.
The MOUs will further strengthen the relationship between the two companies and provide for a systematic working to attain the objectives. A steering committee has been set up to guide and review the performance of the companies. The steering committee will report to both the MDs.
The MOUs cover an annual sales turnover estimated at over Rs 290 crore at the current levels of prices.
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