India's state-run miner National Marine Dredging Company (NMDC) has signed a memorandum of understanding (MoU) with Global miner Rio Tinto to consider investment and development opportunities in India and globally.

NMDC and Rio Tinto will hold a 50% equity stake each in the proposed joint venture.

Under the arrangement, NMDC will have access to Rio Tinto's technologies. The JV company will initially mine Iron and is likely to explore and mine other mineral reserves globally as well.

NMDC has already signed an agreement with Rio Tinto to import its "high smelt technology" for iron ore mining.

The Union Cabinet today gave its approval to the merger of State Bank of Saurashtra with its parent State Bank of India, India's largest lender controlling more than one-fourth of banking assets.