: Centre considers NMDC Steel divestment; financial bids likely to be later this month #FinanceIndia #StockMarketNEWS Centre considers NMDC Steel divestment; financial bids likely to be later this month

@StockMarketNEWS Mon 10 Apr, 2023

Posted in: #FinanceIndia #StockMarketNEWS

Centre considers NMDC Steel divestment; financial bids likely to be later this month #FinanceIndia #StockMarketNEWS
Centre considers NMDC Steel divestment; financial bids likely to be later this month Nagarnar, Apr 10 (KNN) The central government has plans to divest its 50.79 per cent shareholding in National Mineral and Development Cooperation (NMDC Steel) Nagarnar Steel Plant (NSL) which is NMDC’s 3 MTPA integrated steel plant at Nagarnar in Chhattisgarh.

The government is likely to seek financial bids for it in this month and looks to complete the strategic sale of the company by September.

Currently, the union government holds a 60.79 per cent stake in NSL.

It is the steel manufacturing facility of Indias largest iron ore producer NMDC, with the plant at Nagarnar, Chhattisgarh.

The government also plans to get rid of management control to a strategic buyer through a two-stage competitive bidding process.

Sources said the strategic sale of NMDC Steel is estimated to fetch around Rs 11,000 crore to the government — the second selloff in the sector after Neelachal Ispat Nigam Ltd last year.

Earlier this year, the Centre said it had received multiple expressions of interest for NMDC Steel.

Tata Steel, Jindal Steel and Power, JSW Steel, Adani Group and Vedanta Group are likely to have bid for the government’s stake in the company. (KNN Bureau)