Work on NMDC's Chhattisgarh plant in full swing: Chairman

Country's top iron ore miner NMDC today said work at its three million tonne steel plant at Nagarnar in Chhattisgarh is in full swing and Rs 5,057 crore has been invested in the plant till August.
The Rs 15,525 crore plant is likely to become operational by next year.
"The company's ambitious 3 MTPA integrated greenfield steel plant being set up at Nagarnar involving an investment of Rs 15,525 crore is in full swing," NMDC Chairman Narendra Kothari said in statement.
All the nine major technological packages are awarded, Kothari said, adding that the structural erection and equipment erection work are progressing at the site.

"The cumulative expenditure till August 2014 in the steel plant stands at Rs 5,057 crore. The budgeted expenditure for 2014-15 in respect of steel plant is about Rs 2,280 crore. The total value of works awarded by NMDC is around 13,716 crore," he said.
NMDC is developing two new mines - Deposit-11B iron ore project and Kumaraswamy iron ore mine - as part of its ongoing expansion programme.

Talking about Deposit-11B iron ore project, the company said, the project is likely to be commissioned by March next year.
"As part of the plan to enhance production, construction of Deposit 11 B mine with a capacity of 7 million tonnes of ROM (Run of Mine) per annum involving a capital outlay of Rs 607 crore has been taken up. All the packages have been ordered and the works are in various stages of completion," NMDC said.

It further said that Kumaraswamy Iron Ore Project may also be commissioned by March next year.
The company added that its Rs 572 crore pellet plant at Donimalai in Karnataka will also be commissioned in 2015.
Commenting on the industry outlook, it said steel prices are likely to be under pressure which would impact raw material prices also.
It exuded confidence that the change of guard at the Centre will improve country's investment climate.
"The decisive mandate of the recently elected new government shall go a long way in promoting development and good governance.