State-run miner NMDC has incorporated a joint venture company (JVC) with Jharkhand State Mineral Development Corporation (JSMDC) by the name of Jharkhand National Mineral Development Corporation (JNMDC). The company has taken this step pursuant to the board’s approval and incorporated JVC on August 06, 2012. The company holds 60% of equity in JVC while the remaining 40% is held by JSMDC.
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.
On standalone basis, the company has reported a rise of 5.82% in its net profit at Rs 1906.00 crore for quarter ended June 30, 2012, as compared to Rs 1801.15 crore for the same quarter in the previous year. Total income of the company has increased by 5.25% to Rs 3392.49 crore for the quarter under review as compared to Rs 3223.30 crore for the quarter ended June 30, 2011.
