NMDC Limited and NLC India Limited (formerly Neyveli Lignite Corporation) may invest over USD 26 million for setting up an R&D facility for developing innovative technologies in iron and steel making.
Senior executives of NMDC Limited and NLC India Limited are expected to visit Australia to sign a joint R&D agreement with Environmental Clean Technologies Limited (ECT), an Australian company expert in commercialising leading-edge coal and iron-making technologies, sources close to the development said.
“NMDC has a Board meeting on May 28. A final decision will be taken with regard to the signing of MoU with ECT.”
“A Special Purpose Vehicle (SPV) will be created upon completion of the R&D phase of the project, with ECT 49 per cent, NLC 25.5 per cent and NMDC 25.5 per cent stakes,”sources told PTI. Read More