Shareholders and Creditors of NMDC give their approval

Jagdalpur, (thestates.news)| The shareholders and creditors of NMDC have given their approval for the demerger of Nagarnar Steel Plant of Mineral Development Corporation in Chhattisgarh. In such a situation, it has now been decided that Nagarnar Steel Plant will be separated from NMDC and established as a separate company. According to sources, the shareholders and creditors of NMDC met in Delhi on Tuesday, in which they gave their consent to demerge Nagarnar Steel Plant from NMDC. After this, now the process of demerger of the plant will be accelerated. Here, it is also being claimed to start production at the steel plant from September. In this sequence, different parts of the plant are also being commissioned. After a delay of nearly 7 years, NMDC’s 3 million tonne per annum greenfield steel plant at Nagarnar is likely to be commissioned by the end of September. By May this year, after the expenditure of Rs 20240 crore, about 1700 crores more is likely to be spent in commissioning, which has increased the cost of the project to 7000 crores.