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Steel major Tata Steel and the public sector procurement and trading agency MMTC have formed a 74:24 joint venture company for acquisition, development and operation of mines and procession of minerals and metals. Steel production in India is estimated to grow to over 120 million tonne by 2015, an official release said. The joint venture will help in catering to increased raw material requirement of steel and other mineral-based industries, it added.

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