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NMDC to ramp up capex funds in FY14

Wednesday, 26 Jun 2013
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NMDC, a state-owned iron ore miner, is planning to ramp up its capex by Rs 2,720 crore in FY14.


Of the total revamped capex fund, NMDC plans to invest Rs 1,880 crore on the Chhattisgarh steel plant in FY14; Rs 251 crore on expansion and modernisation of its mining units; Rs 100 crore on doubling of railway line between Kirandul and Jagadalpur, among others.


The company is setting up a steel plant with three million tpa capacity at Nagarnar in Chhattisgarh. The steel unit is estimated to cost Rs 15,525 crore. The company had invested Rs 1,092 crore in the plant in FY13.


NMDC has also earmarked Rs 607.17 crore for Baildalia iron ore project, and Rs 898.55 crore for Kumaraswamy iron ore project to raise the iron ore production capacity. Its Rs 572 crore investment on Donimalai pellet plant is nearing completion. All these projects are set to be commissioned in the current year.


As part of this, the company is also planning to invest Rs 100 crore in FY14 in business development. It is in the process of selecting a Mine Developer-Cum-Operator for two coal blocks in Madhya Pradesh. As per approved mining plans, coal production will start by December 2014.

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