NMDC Narnagar Steel Plant Demerger to be Completed in Q3
Indian state owned iron ore giant NMDC in earnings call said the Board of Directors of the company is expected to give its approval to the draft demerger scheme by July 31 and once that happens, and then it will be taken to SEBI and Competition Commission of India for necessary approvals. NMDC Director Finance Mr Amitava Mukherjee told “By all accounts, this is the process after the Board approval could take anything between 100 to 160 days, depending on how much time SEBI takes, how much time MCA other people take. So from, if I start from August 1, so it could be anything between 100 days from August to 160 days from August. NMDC Limited is expecting the demerger of its three-million tonne per annum capacity steel plant being set up in Chhattisgarh to be completed by the third quarter of the current fiscal.”
NMDC CMD Mr Sumit Deb said the commissioning of the steel plant would be during the third quarter. Mr Deb said the total capital expenditure for the current financial year is around INR 3,700 crore out of which INR 1,500 crore will be spent on the steel plant.