NMDC forms JV with CMDC |
By Manish Gangurde, Thursday, June 26, 2008, 10:22 Hrs [IST] |  |
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Category: Non-Ferruos (Aluminium, Copper) | Tags: NMDC, CMDC, Bailadila | Share:  |
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NMDC has formed a new JV company with Chhattisgarh Mineral Development Corporation (CMDC) for the development of Bailadila Iron Ore in Chhattisgarh.
The new JV company - NMDC-CMDC will develop Bailadila iron ore deposit No. 13 into a modern mine. NMDC will hold 51 per cent, while CMDC proposes to hold 49 per cent in the venture. In case, CMDC is unable to bring in its equity contribution, NMDC will pump in the required equity and up its holding in the venture as per the agreement. The investment required for mine development is estimated at around Rs.1,500 crore. |
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