NMDC, Tata Steel sign MoU on possible JV

State-owned iron ore producer NMDC and Tata Steel signed MoU to examine the possibility of a strategic alliance for acquisition, exploration and development of mines and setting up integrated steel plants. It would be converted into a joint venture company later.
 
The two companies would set up a working group to explore and finalise the areas of cooperation and submit its report to a steering committee. Thereafter a decision to enter into joint venture would be taken. 
 
In the current scenario, in which the country's steel policy envisaged doubling of steel-making capacity over the next decade, an opportunity has come for both the companies to work together towards this goal.