India's National Mineral Development Corporation (NMDC) and Monnet Ispat & Energy will establish a joint venture to acquire and develop coal blocks in India.
NMDC will acquire a 51% stake in the venture and will bid for mines with about 300 million ton reserves, according to The Economic Times.
As part of a memorandum of understanding signed on 8 June, Monnet will provide technology and coal mining expertise.
The coal may be used for captive purposes to feed power projects the JV may propose in future or be sold commercially.
The JV, expected to be set up in the next few months, may also explore and develop mines for other companies.