India’s Lloyds Metal and Energy Limited (LMEL) has floated Virtus Lloyds Resources FZCO, a step-down subsidiary in Dubai, to expand its international footprint, a company statement said on Thursday, February 19.
Virtus Lloyds Resources FZCO has been incorporated at the Dubai Multi Commodities Centre Zone, United Arab Emirates, the company said.
The newly incorporated entity will focus on investment and trading in metals and mining activities. The primary objective is to expand Lloyds Metals and Energy Limited's business operations in the United Arab Emirates, specifically within Dubai's Multi Commodities Centre Zone. Additionally, the subsidiary aims to facilitate strategic partnerships with metals and minerals developers from the United States of America.
The entity's focus will be on establishing partnerships with US-based metals and minerals developers, indicating LMEL’s intent to expand its global footprint and access new markets in the metals and mining industry, it said.
LMEL is engaged in iron ore mining, direct reduced iron (DRI) production and power generation, operating three verticals of sponge iron, mining and power generation in Maharashtra.