Indian Government’s Department of Investment and Public Asset Management has received in-principle approval from the BSE on 30 December 2022 for listing of NMDC Steel Ltd. DIPAM said “The listing process of NMDC Steel Ltd is ongoing. In principle approval from BSE for listing of 29.30 million equity shares of INR 10 each pursuant to Scheme of Arrangement between NMDC Ltd and NSL has been obtained on 30 December 2022.”Currently, the Indian Government holds 60.79% stake in NMDC Steel Ltd, which is the steel manufacturing facility of India's largest iron ore producer NMDC located in Nagarnar in Chhattisgarh. NMDC Steel Ltd is up for privatization with the government looking to sell 50.79% of its shareholding, along with management control. The balance 10% stake of the government would be offered to NMDC after the strategic buyer for 50.79% stake is selected.Time LineOctober 2020 – CCEA approval for demerger & strategic disinvestment of the resulting entity by selling entire stake of the Government of India6 October 2022 - Ministry of Corporate Affairs sanctions the Scheme of Arrangement between NMDC & NMDC Steel13 October – NMDC Board approves for demerger1 December 2022 – DIAPM invites bids27 January 2023 – Bid submissionSubsequent to demerger, shares of NSL will be listed on BSE, National Stock Exchange of India Limited and Calcutta Stock Exchange.DIPAM has engaged SBI Capital Markets as the Transaction Advisor, J Sagar & Associates as the Legal Advisors and Protocol Insurance Surveyors as the Asset Valuers for providing advisory services and managing the transaction.Government of India under Ministry of Steel is setting up a 3 million tonne per annum capacity greenfield Integrated Steel Plant based on Hi-Smelt technology in Nagarnar, located 16 km from Jagdalpur in Chhattisgarh state with an estimated outlay of INR 21500 crore. MECON is providing Procurement Services, Basic Engineering Services, Detailed Engineering Services, Designer’s Supervision Services, Inspection Services, Assistance in Commissioning Services and other General Services. The entire plant is being installed in less than 1,800 acres of land and has the following major facilitiesCoke Oven & By Product Complex – 2 x 7 meter Tall BatteriesSinter Plant- 460 square metersBlast furnace complex - 4,506 cubic metersSteel Melting Shop - 2 x175 tonne BOF ConvertersLadle furnace - 2 x 175 tonnesRH-OB - 2 x 175 tonnesThin Slab caster - 2 Strand CCHSM
Indian Government’s Department of Investment and Public Asset Management has received in-principle approval from the BSE on 30 December 2022 for listing of NMDC Steel Ltd. DIPAM said “The listing process of NMDC Steel Ltd is ongoing. In principle approval from BSE for listing of 29.30 million equity shares of INR 10 each pursuant to Scheme of Arrangement between NMDC Ltd and NSL has been obtained on 30 December 2022.”Currently, the Indian Government holds 60.79% stake in NMDC Steel Ltd, which is the steel manufacturing facility of India's largest iron ore producer NMDC located in Nagarnar in Chhattisgarh. NMDC Steel Ltd is up for privatization with the government looking to sell 50.79% of its shareholding, along with management control. The balance 10% stake of the government would be offered to NMDC after the strategic buyer for 50.79% stake is selected.Time LineOctober 2020 – CCEA approval for demerger & strategic disinvestment of the resulting entity by selling entire stake of the Government of India6 October 2022 - Ministry of Corporate Affairs sanctions the Scheme of Arrangement between NMDC & NMDC Steel13 October – NMDC Board approves for demerger1 December 2022 – DIAPM invites bids27 January 2023 – Bid submissionSubsequent to demerger, shares of NSL will be listed on BSE, National Stock Exchange of India Limited and Calcutta Stock Exchange.DIPAM has engaged SBI Capital Markets as the Transaction Advisor, J Sagar & Associates as the Legal Advisors and Protocol Insurance Surveyors as the Asset Valuers for providing advisory services and managing the transaction.Government of India under Ministry of Steel is setting up a 3 million tonne per annum capacity greenfield Integrated Steel Plant based on Hi-Smelt technology in Nagarnar, located 16 km from Jagdalpur in Chhattisgarh state with an estimated outlay of INR 21500 crore. MECON is providing Procurement Services, Basic Engineering Services, Detailed Engineering Services, Designer’s Supervision Services, Inspection Services, Assistance in Commissioning Services and other General Services. The entire plant is being installed in less than 1,800 acres of land and has the following major facilitiesCoke Oven & By Product Complex – 2 x 7 meter Tall BatteriesSinter Plant- 460 square metersBlast furnace complex - 4,506 cubic metersSteel Melting Shop - 2 x175 tonne BOF ConvertersLadle furnace - 2 x 175 tonnesRH-OB - 2 x 175 tonnesThin Slab caster - 2 Strand CCHSM
