FCC

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

2023-05-31

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.