Government seeks proposals to privatise NMDC's Steel Plant

05 Dec 2022 CW Team

The government released a solicitation for the strategic sale of the Nagarnar Steel Plant owned by NMDC. According to the Department of Investment and Public Asset Management (DIPAM), the deadline for NMDC Steel Ltd. offers is January 27, 2023, while the deadline for questions is December 29, 2022.

NISP is now being separated from NMDC and incorporated as NMDC Steel Ltd. (NSL). Shares of NSL will be listed on BSE, National Stock Exchange of India Limited, and Calcutta Stock Exchange following the demerger.

Government of India (GoI) shareholding will be 60.79 percent and public shareholding will be 39.21 percent for NSL, mirroring NMDC's shareholding.

After that, the GoI will use a two-stage competitive bidding process to sell its 50.79 percent ownership of NSL to a strategic buyer along with management control.

On October 6, 2022, the Ministry of Corporate Affairs (MCA) already approved the demerger scheme.

According to the DIPAM, the GoI is initially seeking expressions of interest from potential buyers for the sale of its 50.79 percent stake in NSL.

A 3-million tonne per year (MTPA) NMDC Iron and Steel Plant (NISP) is being built by NMDC in Chhattisgarh near Jagdalpur. The NISP is currently under construction and should be operational by March 2023.

The demerger of NISP from NMDC and strategic disinvestment of the emerging business by selling the entire interest of the Indian government were both approved by the Union Cabinet in principle in October 2020.

As a result, GoI decided to sell its 50.79 percent stake in NMDC Steel Ltd, as well as management control. Furthermore, after the strategic buyer is identified through the bidding process, the GoI will offer NMDC a 10% stake in NMDC Steel.

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