Mr. Shri Rana Som, chairman and managing director of India's largest iron ore producer and exporter National Minerals Development Corporation (NMDC), has announced that the company will invest $4.5 billion in the next five years to increase its capacity to 50 million mt, and that it will focus on investigation and exploration, applying for a prospective license in order to increase its capacity.
Mr. Shri Rana Som also said that NMDC intends to diversify and increase its capacity in minerals other than iron ore, while retaining its leadership in iron ore mining.
Meanwhile, India's minister for steel, chemicals and fertilizers, Shri Ram Vilas Paswan, stated that 80 percent of the iron ore available in the country is low grade and that the industry aims to convert this low grade ore into high grade by employing new technology.