Nagarnar Steel Plant demerger approved by NMDC creditors and shareholders: CMD Sumit Deb

According to NMDC’s Chief Managing Director Sumit Deb, the company’s under-construction Nagarnar Steel Plant (NSP) has received approval from its shareholders and creditors to demerge. Deb, who was in the national capital, said that the demerger of NSP from NMDC is proceeding.
CMD Sumit Deb, who was in the capital, told Press Trust of India that the demerger of NSP from NMDC is proceeding as planned.

In response to a question on the demerger, he stated, “We have received approval from (the company’s) shareholders and creditors for the demerger process. The CMD said that the approval was given on Tuesday.

To hasten the demerger of NMDC’s Nagarnar Steel Plant, the steel ministry called two separate meetings of the company’s shareholders and creditors.

The largest iron ore mining business in the nation, NMDC, is constructing a 3 million tonne per year steel plant in Chhattisgarh’s Nagarnar region, close to Bastar. At an estimated cost of Rs23,140 crore, the complex is being built over 1,980 acres.

The demerger of NSP from NMDC and sale of the Center’s complete stake to a strategic bidder were approved by the Union Cabinet in October 2020. NSP will remain a separate business after the demerger. NSP will remain a separate business after the demerger.