Minerals major, National Mineral Development Corporation (NMDC) has made announcement that the company has signed up a joint venture agreement (JV) with Chhattisgarh Mineral Development Corporation (CMDC) for the development of Bailadila Iron Ore, Chhattisgarh.

In the new JV company( NMDC-CMDC ), NMDC will hold 51 per cent share while CMDC will own 49 per cent share, under the companies act, 1956.
The company ( NMDC) is involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc.

In order to brisked up its business, the company plans to develop more innovative projects in the coming quarters.

The company has posted a net profit of Rs1016 crore for quarter ending March 2008, and Rs 2320 crore for annual ending March 2007.

Shares of the company declined -4.14%, to settle at Rs 305.95 on National Stock Exchange. The total volume of shares traded was 44,533 at the Bombay Stock Exchange.