Sunday, August 7, 2022

NMDC shareholders, creditors approve Nagarnar Steel Plant demerger: CMD

The shareholders and creditors of NMDC have approved the demerger of the company's under-construction Nagarnar Steel Plant (NSP)

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New Delhi: The shareholders and creditors of NMDC Limited have approved the demerger of the company’s under-construction Nagarnar Steel Plant (NSP), its CMD Sumit Deb said.

The demerger of NSP from NMDC is progressing, Deb who was in the national capital, told PTI.

“We have got (the company’s) shareholders and creditors approval for the demerger process,” he said replying to a question related to the demerger.

The approval was given on Tuesday, the CMD said.

The steel ministry had convened two separate meetings of shareholders and creditors of NMDC to expedite the process of demerging the company’s Nagarnar Steel Plant.

NMDC, the country’s largest iron ore mining company, is setting up a 3 million tonne per annum steel plant at Nagarnar near Bastar in Chhattisgarh. The unit is being constructed over 1,980 acres at an estimated cost of Rs 23,140 crore.

In October 2020, the Union Cabinet approved the demerger of NSP from NMDC, and sale of the Centre’s entire stake to a strategic buyer.

Post demerger, NSP will be a separate company.

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