Hyderabad: State-owned Rashtriya Ispat Nigam Ltd (RINL) and Andhra Pradesh Mineral Development Corporation (APMDC) have entered into a pact to explore and extract Magnetite iron ore in West Godavari district.
The mineral extracted will be processed by APMDC and will be consumed by RINL for its steel making, a press release issued by the state government said.
A senior APMDC official said after fulfilling the terms and conditions of the MoU, a joint venture company will be floated for the purpose in which the state government entity will have 51 percent while the steel maker will hold 49 percent stake.
The AP government has requested the Centre to allow mining of the mineral by the APMDC, the release added.
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