The shareholders and creditors of NMDC Ltd. have approved the demerger of the company's under-construction Nagarnar Steel Plant, Chairman Sumit Deb said.
"We have got (the company's) shareholders and creditors approval for the demerger process," Deb, who is also the managing director of the state-run miner, told PTI in New Delhi on Wednesday. The approval was given on Tuesday. The Union Steel Ministry had convened two separate meetings of shareholders and creditors of NMDC to expedite the process of demerging the Nagarnar Steel Plant.
The Union Cabinet had in October 2020 approved demerger of Nagarnar Steel Plant, and sale of the Centre's entire stake to a strategic buyer.
NMDC, the country's largest iron ore mining company, is setting up a three million tonne per annum steel plant at Nagarnar near Bastar, Chhattisgarh. The unit is being constructed over 1,980 acres for an estimated Rs 23,140 crore.
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