The Indian government is scheduled to start receiving bids in December this year in the sale of the 3 million mt greenfield steel mill of state-run iron ore miner NMDC Limited which is nearing completion, government sources said on Wednesday, September 21.
The sources said that the ministry of corporate affairs and the Department of Public Investments and Asset Management (DIPAM) have commenced the process of sale of the steel project and the demerger of the mill from NMDC will be completed within the next two months.
Industry sources said that domestic steel majors like ArcelorMittal Nippon Steel Limited (AMNS), JSW Steel Limited, POSCO and Jindal Steel and Power Limited (JSPL) are likely to participate in the bidding process, although no such confirmation was available from the companies.
The sources said that the government expects a valuation of around $2.66 billion for the greenfield steel mill nearing completion and ready for trial production, located in Chhattisgarh state.