National Mineral Development Corporation (NMDC), a state-run iron ore miner, has entered into a memorandum of understanding (MoU) with Akron to buy a stake in a potash mine in Russia. NMDC will have 15% stake in the project, the remaining 15% will be shared among Rashtriya Chemicals and Fertilizers (RCF), Kribhco, FACT and National Fertilizers.
The transaction was signed after a summit meeting between Prime Minister Narendra Modi and Russian President Vladimir Putin in the national capital.
NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.
