Moneycontrol reported that NMDC expects the demerger of 3 million tonnes integrated steel plant Nagarnar to be completed by the July-September quarter of 2022.NMDC CMD Mr Sumit Deb told Moneycontrol “We expect the demerger to take place before the end of September 2022 since the plant would have to undergo various clearance including the ones from Ministry of Corporate Affairs, however, the divestment which is driven by the government would unfold at its own pace.”NMDC had informed board of director’s decision to approve the proposal of demerges the plant in August 2020. Subsequently in October 2020, the Union Cabinet also approved the demerger of the under-construction steel plant from NMDC, and its strategic disinvestment by selling the entire stake of the Centre to a strategic buyer. The shareholders and creditors only approved the merger in June 2022.India’s largest iron ore miner NMDC is setting up a 3 million tonne per annum steel plant at Nagarnar near Bastar in Chhattisgarh. The unit being constructed over 1,980 acres at an estimated cost of INR 23,140 crore.
Moneycontrol reported that NMDC expects the demerger of 3 million tonnes integrated steel plant Nagarnar to be completed by the July-September quarter of 2022.NMDC CMD Mr Sumit Deb told Moneycontrol “We expect the demerger to take place before the end of September 2022 since the plant would have to undergo various clearance including the ones from Ministry of Corporate Affairs, however, the divestment which is driven by the government would unfold at its own pace.”NMDC had informed board of director’s decision to approve the proposal of demerges the plant in August 2020. Subsequently in October 2020, the Union Cabinet also approved the demerger of the under-construction steel plant from NMDC, and its strategic disinvestment by selling the entire stake of the Centre to a strategic buyer. The shareholders and creditors only approved the merger in June 2022.India’s largest iron ore miner NMDC is setting up a 3 million tonne per annum steel plant at Nagarnar near Bastar in Chhattisgarh. The unit being constructed over 1,980 acres at an estimated cost of INR 23,140 crore.
