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NMDC shareholders, creditors approve Nagarnar Steel Plant demerger: CMD

The demerger of NSP from NMDC is progressing, Mr Deb who was in the national capital, said

NMDC | Delhi | steel ministry

Press Trust of India  |  New Delhi 

NMDC Chairman and Managing Director Sumit Deb
NMDC Chairman and Managing Director Sumit Deb

The shareholders and creditors of have approved the demerger of the company's under-construction Nagarnar Steel Plant (NSP), its Chairman and Managing Director Sumit Deb said.

The demerger of NSP from is progressing, Mr Deb who was in the national capital, said.

"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 Chairman said.

The had convened two separate meetings of shareholders and creditors of 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 ₹ 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, June 29 2022. 14:52 IST