Strategic Divestment Process Begins For NMDC’s Nagarnar Plant

Strategic Divestment Process Begins For NMDC’s Nagarnar Plant

The process for strategic divestment of NMDC’s Nagarnar Steel plant in Chhattisgarh has kicked-off, the company said today.

“Very preliminary activities viz. appointment of Transaction Advisor, Legal Advisor and Asset Valuer for NMDC’s Steel Plant (NISP), Nagarnar, Chhattisgarh, has been completed and they have started collecting details,” the company said in a filing to BSE.

The Department of Investment and Public Asset Management (DIPAM) has prepared strategic divestment plan as per the decision of the Cabinet Committee on Economic Affairs (CCEA) for strategic divestment of various public sector enterprises (PSEs), including Nagarnar Steel plant.

The country’s largest iron ore miner, NMDC, is setting up a 3 million tonnes per annum (MTPA) integrated steel plant in Nagarnar in Bastar district of Chhattisgarh.

NMDC — engaged in mining of iron ore, magnesite and diamonds — is the country’s single largest iron ore producer, presently producing and selling about 35 million tonnes (MT) of iron ore from three mines in Chhattisgarh and Karnataka.

The company is diversifying into steel making and has undertaken several projects to modernise and increase capacities to retain its domestic leadership and has also forayed overseas.

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