NMDC floats JV with Chhattisgarh gov
Hyderabad-based PSU National Mineral Development Corporation has floated a joint venture with Chhattisgarh government to tap the mineral resources of the region.
By PTI |
RAIPUR: Hyderabad-based PSU National Mineral Development Corporation has floated a joint venture with Chhattisgarh government to tap the mineral resources of the region.
"It is a historic moment for the country as the NMDC signs a Memorandum of Understanding with the Chhattisgarh government to form a joint venture company to mine iron ore from the Bailadila reserve in Dantewada district, which has the best quality iron ore in the world," state Chief Minister Raman Singh told reporters here on Monday.
NMDC would have 51 per cent share in the JV, he said.
The MoU was signed by technical director of NMDC P C Upadhyaya and Chhattisgarh Mineral Development Corporation (CMDC) managing director P K Mishra at a function held on Monday.
The joint venture has been formed for the iron ore Deposit Number 13, which has a mineral deposit of 350 million tonnes, Chairman-cum-Managing Director of the NMDC B Ramesh Kumar said.
As per the MOU, the aim of the JVC would be to provide raw materials to the domestic sponge iron, steel and pallets plants as per their requirements and the excess materials could be provided to units located outside the state.
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