The country's top iron ore miner National Mineral Development Corporation said that it has incorporated a special purpose vehicle company for setting up a power plant in Chhattisgarh for captive supply to its under construction steel plant in the state.

The state run company said in a filing to the BSE said that “The company has incorporated a SPV company by the name of NMDC Power Ltd for the purpose of setting up a power plant for captive power supply to the 3 MTPA integrated steel plant being constructed at Nagarnar.”

The company is a wholly owned subsidiary of NMDC at present and by virtue of the Companies Act, 1956, it is also a government company.

The statement added that "Certificate of commencement of business was issued on December 29th 2011.”

The miner's first steel venture, the plant at Chhattisgarh is being constructed at a cost of about INR 15,500 crore and is is expected to be operational by 2014.

(Sourced from ET)