NMDC Board Approves Demerger of Steel Business
Indian iron ore giant NMDC Ltd announced that its board of directors has approved the Scheme of Arrangement for Demerger between NMDC Limited and NMDC Steel Limited and their respective shareholders, pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act 2013. The said Scheme is subject to necessary statutory and regulatory approvals including the approval of the Securities and Exchange Board of India, Stock Exchanges, Ministry of Corporate Affairs, Government of India and respective shareholders and creditors, if any, of each of the companies involved in the Scheme.
NMDC Steel Limited is a wholly-owned subsidiary of NMDC Limited. NMDC Steel Limited currently does not have any business operations. It is authorized by its Memorandum of Association to carry on the business of, amongst others, manufacturing, prospecting, raising, operating, buying, selling, importing, exporting or otherwise dealing in various categories of steel and iron ore