NMDC has created a wholly owned subsidiary vesting iron and steel plant with the arm.
The subsidiary has been formed for the purpose of transferring NMDC's iron and steel plant (NISP) into a wholly owned subsidiary by the name of NMDC Steel.
At Nagarnar, Chhattisgarh, NMDC plans to set up a three million tpa steel plant with an investment of Rs 15,525 crore. Also, it is in the process of acquiring 3,000 acre of land in Karnataka for setting up its second steel plant with the same capacity, at a cost of around Rs 18,000 crore.
However, NMDC has not mentioned whether if would transfer only the Nagarnar unit or also the Karnataka unit in future, to the newly created subsidiary, NMDC Steel.
More Project Info:
Steel (Bellary) Project
Integrated Steel (Nagarnar) Project