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Money News

NMDC to acquire stake in Kudremukh Iron Ore

MUMBAI (Reuters) - State-owned NMDC Ltd will acquire a majority stake in Kudremukh Iron Ore Co Ltd (KIOCL), federal steel minister Virbhadra Singh said on Wednesday.

“This partnership acquisition will ensure continuous supply of iron ore to KIOCL from NMDC,” he told reporters at a press conference.

KIOCL will also acquire a stake in NMDC, he said.

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