Business

Government Invites Bids To Sell 50.79% Stake In NMDC’s Nagarnar Steel Plant

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NMDC is a central public sector enterprise, under the administrative control of the Ministry of Steel. It is involved in the exploration and mining of iron ore as well as other minerals.

The NMDC Iron and Steel Plant at Nagarnar, near Jagdalpur in Chhattisgarh, has a capacity of 3 million tonne per annum and is likely to be commissioned by March 2023. The estimated project cost for the plant is Rs 21,940 crore, with NMDC spending Rs 20,514.48 crore towards construction till March 31, 2022.

In October 2020, the Cabinet had given its in-principle approval to demerge NMDC Iron and Steel Plant from NMDC and sell the entire stake of the parent public sector enterprise.

At the end of trading on Nov. 30, 2022, the share price of NMDC on the BSE was Rs 117.65 and market capitalisation was at Rs 34,479 crore.



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