Ann: Strategic EPC Cooperation Agreement, page-106

Hi amok. It may not be accurate, but I was only going off the NSL website where they say "NSL is the only foreign company to own and operate iron mines in India". Perhaps it is one of very few. There may be some creative license taken in what defines a foreign company and what constitutes ownership. However, the point remains that it is a relatively uncommon and hard won status to be a foreign company with ownership in India's mining sector. A process, that would create some advantages of incumbency not shared by new entrants into someone else's backyard.

By the way, IRL is an Indian company in every way other than where it is listed. It would not be alone in using the ASX like many shipping companies use Panama. On a tangential note, Land Rover would not be considered an Indian company by most, even though it is wholly owned by Tata Sons, and has been for a while.