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India


Cabinet approves demerger of Nagarnar Steel Plant from NMDC Ltd

Cabinet approves demerger of Nagarnar Steel Plant from NMDC Ltd

New Delhi, Oct 14 (UNI) The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, on Wednesday gave its ‘in-principle’ approval to the demerger of Nagarnar Steel Plant (NSP) from National Minerals Development Corporation (NMDC) Ltd. and strategic disinvestment of the demerged company (NSP) by selling entire Government of India stake in it to a strategic buyer, Information and Broadcasting Minister Prakash Javadekar said.

NSP is a three million ton per annum (MTA) Integrated Steel Plant being set up by NMDC at Nagarnar, Bastar District, Chhattisgarh in an area of 1980 acres at revised estimated cost of Rs.23,140 crore (as on 14.07.2020).

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