NMDC & Nagarnar Steel Plant Demerger Likely in Aug-Sep
PTI quoted a source as saying that the demerger process of NMDC's Nagarnar Steel Plant in Chhattisgarh into a separate entity is expected to be completed by August-September 2021. The source said "Several regulatory approvals including that of Sebi are required to complete the demerger process. It also goes to the Ministry of Corporate Affairs for clearances.”
In August 2020, NMDC informed that its board of directors gave an in-principle approval to the proposal to demerge its steel plant in Nagarnar in Chhattisgarh. Subsequently in October, the Union Cabinet also approved demerger of the plant from NMDC, and its strategic disinvestment by selling the entire stake of the Centre to a strategic buyer. Following the demerger, NSP shall be a separate company and the managements of NMDC and NSP shall be accountable for their respective operations and financial performance
Naganar Steel Plant is a 3 million tonne per annum integrated steel plant being set up by country's largest iron ore miner NMDC at Nagarnar in Chhattisgarh over an area of 1,980 acres at a revised estimated cost of INR 23,140 crore.