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NMDC Board sanctions demerger of iron and steel plant in Chhattisgarh

Friday, 28 Aug 2020
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The Board of Directors of NMDC at their meeting held on 27 August 2020, interalia, accorded in-principle approval to the proposal to demerge its NMDC Iron & Steel Plant (NISP) in  Chhattisgarh. 
 
The Board sanctioned the demerger of its three million tonne iron and steel plant in Nagarnar. 
 
The Nagarnar steel plant was under-construction stage with an investment of over Rs 20,000 crore, being completely funded by NMDC. The company had been raising non-convertible debentures for completing the steel project. 
 
After the demerger, all incremental capital expenditure for the steel plant can be self-funded by the demerged entity. 
 
The company’s reported 55 percent decline in net profit at Rs 532.90 crore during Q1/FY21, as against a profit of Rs 1,179.28 crore in Q1/FY20. The company registered a loss of around 18.23 lakh tonne of production and 23.94 lakh tonne of sales.This has resulted in a loss in sales revenue of around Rs 737 crore in Q1/FY21.
 
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