Current Affairs - Miscellaneous - Discussion

NMDC (National Mineral Development Corporation) Limited and NLC India Limited (formerly Neyveli Lignite Corporation) may invest over USD 26 million for setting up an research & development (R&D) facility for developing innovative technologies in iron and steel making. NMDC's and NLC's investment for this purpose will be through a joint R&D agreement with an Australian company named Environmental Clean Technologies Limited (ECT). ECT is an expert in commercialising leading-edge coal and iron-making technologies. The agreement envisages creation of a Special Purpose Vehicle (SPV) upon completion of the R&D phase, in which ECT will hold 49 per cent stake while NLC and NMDC will hold 25.5 per cent stake each.