JSMDC form joint venture mining company

National Mineral Development Corporation (NMDC) today said it has formed a joint venture company with Jharkhand State Mineral Development Corporation  Pursuant to approval of the board, the company has incorporated a joint venture company between NMDC and JSMDC by the name of the Jharkhand National Mineral Development Corporation Limited (JNMDC) on August 06, 2012.

NMDC holding 60 per cent of equity in the joint venture company i.e. JNMDC, it said in a filing to the stock exchange. Earlier, former JSMDC Managing Director Arun Kumar Shukla had said that both the public sector units would form a joint venture company to develop a 115-hectare iron ore mine in West Singhbum district in Jharkhand. In September 2011, the Union Ministry of Coal cleared hurdles for mine allocation. The joint venture is expected to undertake exploration work and subsequently apply for mining lease and license, the official had said. NMDC shares closed at Rs 183.15 a piece today on the BSE up by 0.22 per cent over previous close.

- PTI