Indian state-owned miner National Mineral Development Corporation (NMDC) has announced its financial results for the financial year 2015-16 ended March 31, posting a net profit of INR 29.69 billion ($443.2 million), decreasing by 53 percent compared to the previous financial year. Sales revenues in the given period amounted to INR 64.55 billion ($963.7 million), down 48 percent year on year.
The company also announced that it has incorporated a subsidiary company by the name of NMDC-SAIL Limited with Indian state-owned steel producer Steel Authority of India Limited (SAIL), in order to develop and explore sale/supply of iron ore from the allocated mining resource in the State of Chhattisgarh. In the new company, NMDC will hold a 51 percent stake, while SAIL will have a 49 percent stake.