NMDC Limited has entered into a strategic partnership with Gujarat Mineral Development Corporation Limited (GMDC) through a non-binding Memorandum of Understanding executed on 16.03.2026. The collaboration focuses on Rare Earth Elements (REE) and associated minerals, marking a significant step towards strengthening India's critical mineral supply chain.

Partnership Details

The MoU brings together two major government enterprises to explore opportunities in the rare earth sector. NMDC Limited, a Government of India enterprise, has partnered with GMDC, a Government of Gujarat enterprise, to leverage their combined expertise and resources in mineral development.

Strategic Objectives

The collaboration aims to strengthen cooperation towards securing India's critical mineral supply chain through comprehensive development of rare earth resources. The partnership focuses on creating an integrated approach to rare earth element development across multiple stages of the value chain.

Integrated Value Chain Development

The MoU encompasses the development of an integrated rare earth value chain in India covering several key areas:

• Exploration: Identifying and assessing rare earth mineral deposits
• Mining: Extraction of rare earth elements and associated minerals
• Processing: Converting raw materials into usable forms
• Separation: Isolating individual rare earth elements
• Downstream Manufacturing: Producing end-use products and applications

Regulatory Compliance

NMDC Limited disclosed this partnership under Regulation 30 of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made to BSE Limited, National Stock Exchange of India Limited, and The Calcutta Stock Exchange Limited on 16.03.2026.

Market Significance

This collaboration represents a strategic move to enhance India's self-reliance in critical minerals, particularly rare earth elements which are essential for various high-technology applications. The partnership between two established government enterprises provides a strong foundation for developing domestic capabilities in this strategically important sector.

NMDC Limited has received formal approval from the Department of Investment and Public Asset Management (DIPAM) for establishing a wholly owned subsidiary in GIFT City, Gandhinagar, Gujarat. The mining major announced this significant development through a regulatory filing dated 13th March 2026.

Regulatory Approval Process

The Administrative Ministry, Ministry of Steel, has conveyed DIPAM's concurrence and formally requested NMDC Limited to proceed with the incorporation process. This approval represents a crucial milestone in the company's expansion strategy.

Strategic Development

This development builds upon NMDC's earlier announcement dated 12th August 2025, indicating the company's sustained efforts toward establishing operations in GIFT City. The approval from DIPAM, which oversees disinvestment and public asset management policies, demonstrates government support for the initiative.

Next Steps

With the regulatory concurrence now in place, NMDC Limited has been directed to take the necessary steps for the formal incorporation of the wholly owned subsidiary. The establishment of operations in GIFT City, India's premier financial services hub, positions the company to leverage the special economic zone's benefits and strategic location.

Corporate Communication

The announcement was made through a formal communication to stock exchanges including BSE Limited, National Stock Exchange of India Limited, and The Calcutta Stock Exchange Limited. Company Secretary and Compliance Officer Pravin Shekhar signed the regulatory filing, ensuring compliance with disclosure requirements under Regulation 30.