Construction Industry News
The government has issued an invitation for the strategic sale of the Nagarnar Steel Plant owned by NMDC. According to the Department of Investment and Public Asset Management (DIPAM), the deadline for offers from NMDC Steel Ltd. January 27, 2023, while the deadline for questions is December 29, 2022.
NISP is now separated from NMDC and incorporated as NMDC Steel Ltd. (NSL). NSL's shares will be listed on BSE, National Stock Exchange of India Limited and Calcutta Stock Exchange after the demerger.
Government of India (GoI) shareholding will be 60.79 percent and public shareholding will be 39.21 percent for NSL, mirroring NMDC's shareholding.
Thereafter, the Indian government will use a two-stage competitive bidding process to sell its 50.79 percent ownership of NSL to a strategic buyer, along with management control.
On October 6, 2022, the Ministry of Corporate Affairs (MCA) has already approved the unbundling scheme.
According to the DIPAM, the Indian government is initially seeking expressions of interest from potential buyers for the sale of its 50.79 percent stake in NSL.
A 3 million tonnes per annum (MTPA) NMDC Iron and Steel Plant (NISP) is being built by NMDC at Chhattisgarh near Jagdalpur. The NISP is currently under construction and should be operational by March 2023.
The spin-off of NISP from NMDC and the strategic divestment of the emerging company by selling the entire interests of the Government of India were both approved in principle by the Union Cabinet in October 2020.
As a result, the Indian government decided to sell its 50.79 percent stake in NMDC Steel Ltd, as well as management control. In addition, after the strategic buyer is identified through the bidding process, the Government of India will offer NMDC a 10% stake in NMDC Steel.
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