PSU PRESS RELEASE
NMDC may offer POSCO majority stake in Rs 15525 cr steel unit
New Delhi. NMDC is likely to offer majority stake in its upcoming R15,525-crore steel plant at Nagarnar in Chhattisgarh to a strategic partner having expertise in making steel using the latest technology.
Confirming the move, a senior steel ministry official said that the stake sale would be subject to the PSU being able generate good value for the investments made. Stating that the prospective partner would also have to run the plant, the official, however, added that NMDC was “in no hurry” to offload the stake and would rather wait until a suitable buyer turned up.
Sources in NMDC, however, said the firm was also toying with the idea of offering the maintenance and operational contract for the 3-million-tonne plant to PSU steel maker Rashtriya Ispat Nigam in lieu of sharing a fixed percentage of annual profit.
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