Team News Riveting
Raipur, August 29
The National Mineral Development Corporation (NMDC) Limited today hinted that the process for commissioning the steel plant in Chhattisgarh’s Nagarnar will start from next month.
The NMDC Ltd is in the process of demerger of its steel business — NMDC Steel Limited — from the company, thereby paving the way for the demerger of Nagarnar Steel Plant. “Our strategic reorganization of businesses in the form of demerger of the 3 million tonne NMDC Iron and Steel Plant at Nagarnar into NMDC Steel Limited is progressing well,” Chairman-cum-Managing Director of NMDC Sumit Deb said at the 64th Annual General Meeting held today.
The company had received a non-objection certificate from the stock exchanges and the application for demerger has been approved by the ministry of corporate affairs. “We have held a meeting with the unsecured creditors and shareholders on June 22 and expect to complete the demerger in the current financial year 2022-23 (FY23),” Deb said.
The steel plant was obviously delayed, he said, adding it is a huge complex plant with 3 million tonnes capacity making flat products. “The company is getting demerged but we have to start commissioning of the plant and the process has already started,” the NMDC CMD said.
Deb hinted that the heating of the coke oven battery, which is the start of the plant, is likely to start in September. Going forward, the blast furnace, steel melting shop and mills will be commissioned subsequently.
“The process has started and hopefully we will commission the plant in this financial year,” Deb said.
