The shareholders and creditors of India’s state owned iron ore miner NMDC have approved the demerger of the company's under-construction Nagarnar Steel Plant. NMDC CMD Mr Sumit Deb told PTI "We have got the company's shareholders and creditor’s approval for the demerger process," he said replying to a question related to the demerger. The approval was given on 28 June 2022. Post demerger, Nagarnar Steel Plant will be a separate company.”The steel ministry had convened two separate meetings of shareholders and creditors of NMDC to expedite the process of demerging the company's Nagarnar Steel Plant.NMDC, the country's largest iron ore mining company, is setting up a 3 million tonne per annum steel plant at Nagarnar near Bastar in Chhattisgarh. The unit is being constructed over 1,980 acres at an estimated cost of INR 23,140 crore.In October 2020, the Union Cabinet approved the demerger of Nagarnar Steel Plant from NMDC, and sale of the Centre's entire stake to a strategic buyer.
The shareholders and creditors of India’s state owned iron ore miner NMDC have approved the demerger of the company's under-construction Nagarnar Steel Plant. NMDC CMD Mr Sumit Deb told PTI "We have got the company's shareholders and creditor’s approval for the demerger process," he said replying to a question related to the demerger. The approval was given on 28 June 2022. Post demerger, Nagarnar Steel Plant will be a separate company.”The steel ministry had convened two separate meetings of shareholders and creditors of NMDC to expedite the process of demerging the company's Nagarnar Steel Plant.NMDC, the country's largest iron ore mining company, is setting up a 3 million tonne per annum steel plant at Nagarnar near Bastar in Chhattisgarh. The unit is being constructed over 1,980 acres at an estimated cost of INR 23,140 crore.In October 2020, the Union Cabinet approved the demerger of Nagarnar Steel Plant from NMDC, and sale of the Centre's entire stake to a strategic buyer.
