Indian cabinet approves demerger and strategic sale of NMDC greenfield steel mill project

Thursday, 15 October 2020 17:08:40 (GMT+3)   |   Kolkata

India’s cabinet of ministers has approved the demerger and subsequent disinvestment of state-run iron ore miner NMDC Limited’s 3 million mt per year greenfield steel mill project scheduled to go into commercial production next year, a government statement said on Thursday, October 15.

“The Cabinet Committee for Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has given the approval for demerger of Nagarmar Steel Project of NMDC and strategic disinvestment of the demerged company by selling the entire stake of the government to a strategic buyer,” the government statement said.

The entire process is scheduled to be completed by September 2021.

Following the demerger, NMDC will focus on its core activities of mining, the statement added.

Most Recent Related Articles

India’s KIOCL plans downstream projects for new iron ore mine

Indian tribunal approves JSW’s acquisition of bankrupt Asian Color Coated Ispat

SAIL to begin commercial production of HH steel rails in FY 2020-21

SAIL posts 31.3 percent growth in sales for Q2

NMDC greenfield steel mill project completion delayed to July 2021 due to pandemic