NMDC Plans To Sell Nearly 49% Stake In Its Chhattisgarh Steel Plant


NMDC Plans To Sell Nearly 49% Stake In Its Chhattisgarh Steel Plant

India’s top iron ore miner NMDC Ltd. is looking to sell a stake of at least 49% in its Chhattisgarh steel plant, as it prepares to begin production at the 3-million-ton facility in three to six months, according to a company official.

The state-run miner is seeking a partner for its first steel venture, which has been eight years in development, to infuse working capital and provide steel-making expertise, the official said on Monday, declining to be named in line with company policy. NMDC has appointed an adviser to help find an investor, the official said.

The government has urged the company to accelerate its plans to begin production at the plant, the official said, as India’s mills ramp up output to record levels to fuel Prime Minister Narendra Modi’s infrastructure boom. Read More…

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