NMDC denies plan for joint bid for Canada's Potash Corp

National Mineral Development Corporation (NMDC), India's largest iron ore miner, today denied plans for a joint bid with China's state-owned Sinochem for Canada's Potash Corp.

Media reports quoting chairman of the state-run Chinese firm, Sinochem, today said it was planning a joint bid with India's NMDC for acquiring Potash.

NMDC, however, denied any such plan.

Also, NMDC said, it did not consider Potash worth the money. "In any case this is a very expensive property," reports quoted Rana Som, chairman of NMDC, as saying.

Meanwhile, Western media reports said Sinochem and a Canadian pension fund are working on separate plans to fund the potentially $39 billion worth acquisition of Potash.

Reports said Canada's Ontario Teachers Pension Plan is in talks with Singapore's sovereign investment fund Temasek for launching an offer for Potash Corp, possibly with Canadian miner Teck Resources.