The government’s 2.52 per cent stake sale in state-owned miner NMDC saw robust response from investors with the retail portion getting over-subscribed by 5.40 times today.
NMDC was trading 4% lower at Rs 155 on BSE in early morning trade as the government 1.5% stake sale programme in mining company commenced today.
From doubling its iron ore output in five years to seeking more diamond mines in Madhya Pradesh as well as planning a joint venture foray in Vietnam for tungsten mines, NMDC Ltd is pursuing a multiple-pronged growth strategy.
State-run miner NMDC is likely to soon sign an MoU with Vietnam-based Masan Resources for a possible acquisition of a minority stake in a tungsten mine in the Southeast Asian nation, a top company official said today.
The 445-km Kothavalasa-Kirandul line, popularly called the KK line, runs through the dense mountains of the Eastern Ghats.
State-owned National Mineral Development Corporation (NMDC) is awaiting the Union Cabinet’s approval to acquire a minority stake in a tungsten mine in Vietnam as part of India’s effort to reduce dependence on China for this key raw material used for defence purposes.
State-owned NMDC Ltd today said that Bastar Railway Private Ltd (BRPL) and IRCON have signed a project execution agreement, under which the latter will construct a 140-km long railway line between Jagdalpur to Rawghat in Chattisgarh.
The process for strategic divestment of NMDC’s Nagarnar Steel plant in Chhattisgarh has kicked-off, the company said today.
DELHI: India’s largest iron ore miner NMDC today said it produced 8.52 million tonne ore in the April-June quarter.
The steel ministry is considering an advisory group for public sector miner NMDC to rein in any potential price surge in iron ore, sources said.