By the end of March, the Indian government is anticipated to release a request for proposals for the strategic sale of NMDC's Nagarnar Steel Plant, according to a source cited by PTI.
The Chhattisgarh-based NMDC steel mill, currently under construction, is anticipated to start up this month. The Department of Investment and Public Asset Management (DIPAM) will start the privatisation process for Nagarnar Steel Plant after the completion of demerger process.
"The demerger of NMDC and Nagarnar Steel Plant (NSP) is in the final stages, and the plant is expected to commence operation this month. We will proceed with appointing merchant bankers thereafter”, as quoted from an official.
The official also stated that bidders would likely be asked for preliminary bids or expressions of interest by the end of March.
The sale will take place during the upcoming fiscal, starting in April 2023.
The nation's largest iron ore mining corporation, NMDC, is constructing a 3 million tonne per year steel factory in Nagarnar near Bastar in Chhattisgarh.
Nagarnar Steel Plant will become a separate entity after the demerger.
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