Government plans for Strategic Merger of KIOCL and NMDC
The proposed merger aims to enhance operational efficiency and address the financial challenges faced by KIOCL.
Government plans for Strategic Merger of KIOCL and NMDC
The government is considering a merger between KIOCL and NMDC as a strategic move to alleviate KIOCL's financial losses. Union Steel Minister HD Kumaraswamy announced this development during a press conference, during which he discussed the revival plans for Rashtriya Ispat Nigam Ltd, which is valued at Rs 11,440 crore.
KIOCL, an important entity under the Ministry of Steel, operates a 3.5 million tonne per annum iron-oxide pellet plant and a pig iron blast furnace unit in Mangaluru, Karnataka. A lack of cooperation from the Karnataka state government has complicated the company's situation. Meanwhile, NMDC, also under the Steel Ministry, plays a vital role in meeting 20 percent of India's iron ore demand.
The proposed merger aims to enhance operational efficiency and address the financial challenges faced by KIOCL.
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