MCA okays demerger of NMDC steel plant from NMDC

Hyderabad: The Ministry of Corporate Affairs (MCA) has approved the demerger of NMDC Steel, a 3-million tone steel plant in Chhattisgarh, from NMDC Ltd.

In a communiqué to BSE, NMDC said: "This is to inform you that the company is in receipt of the MCA Order dated 6.10.2022 received on 11.10.2022 sanctioning the Scheme, and the same is annexed to this letter. Request you to kindly take the same on record and oblige."

NMDC is in the process of demerging its three-million Greenfield steel plant it built at Nagarnar in Chhattisgarh with an investment outlay of over Rs20,000 crore.

The company is in the process of complying with the requirements as envisaged in the MCA order and the observation letters received from Bombay, Calcutta and National Stock Exchanges, NMDC said in the statement.