Financial bids for NMDC Steel’s new plant is expected in August
Steel

Financial bids for NMDC Steel’s new plant is expected in August

The Indian government is set to invite financial bids for a 50.79% stake in NMDC Steel, a subsidiary of NMDC (National Mineral Development Corporation), following the completion of the company's new plant in Chhattisgarh. The plant is expected to be fully commissioned by June, after which the government aims to expedite the strategic disinvestment process.

Key players in the steel industry, including Tata Steel, JSW Steel, Jindal Steel and Power, Adani Group, and Vedanta Group, have shown interest in acquiring the stake. The government, holding a 60.79% stake, plans to offer 10% to NMDC and retain the remaining 50.79% for sale. The strategic sale of NMDC Steel is part of the government's disinvestment target for the fiscal year 2023-24, as it focuses on divesting from identified companies like IDBI Bank, SCI, and IREDA.

The Indian government is set to invite financial bids for a 50.79% stake in NMDC Steel, a subsidiary of NMDC (National Mineral Development Corporation), following the completion of the company's new plant in Chhattisgarh. The plant is expected to be fully commissioned by June, after which the government aims to expedite the strategic disinvestment process. Key players in the steel industry, including Tata Steel, JSW Steel, Jindal Steel and Power, Adani Group, and Vedanta Group, have shown interest in acquiring the stake. The government, holding a 60.79% stake, plans to offer 10% to NMDC and retain the remaining 50.79% for sale. The strategic sale of NMDC Steel is part of the government's disinvestment target for the fiscal year 2023-24, as it focuses on divesting from identified companies like IDBI Bank, SCI, and IREDA.

Next Story
Products

Utility-Scale Inverter

Polycab’s UT 1500V Series (350kW) three-phase string inverter features 15/12 MPPTs, supports bifacial 182mm/210mm modules, includes optional Anti-PID and PID-recovery, operates in -35°C to +60°C, and ensures high efficiency, safety, and cost-effective utility-scale PV performance.Contact: PolycabWebsite: https://polycab.com/ ..

Next Story
Resources

Shyam Metalics CMD Brij Bhushan Agarwal Elected ICC President

Brij Bhushan Agarwal, Chairman and Managing Director of Shyam Metalics, has been elected President of the Indian Chamber of Commerce (ICC), after serving as Senior Vice President. Agarwal brings decades of experience in the metals and mining sector and has guided Shyam Metalics into a leading integrated metal producer with strong steel, ferro alloys, and aluminum operations. He has also been active in social initiatives spanning education, healthcare, rural development, and skill enhancement. As ICC President, he aims to strengthen the Chamber’s role in supporting sustainable growt..

Next Story
Products

Smart Hot Water

Kenstar unveils its new water heater range with SwirlHeat, German Blue Sapphire Technology, and High-Density PUF insulation, offering faster heating, longer heat retention, up to 20 per cent more hot water, 5-star BEE rating, 7-year warranty, and robust 7-Level Safety Shield for safe, efficient, and stylish baths. Contact: Kenstar Website: https://kenstar.in/  ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?