Metal and mining public sector undertakings (PSUs) NMDC, Steel Authority of India (SAIL), and Rashtriya Ispat Nigam (RINL) are planning to invest Rs 15,069 crore this fiscal towards expansion and modernization, Rs 700 crore less than the actual outlay for the last financial year. Of total, SAIL will spend Rs 9,000 crore in current fiscal, followed by iron ore miner NMDC Rs 4,345 crore and RINL Rs 1,724.17 crore.
The three firms, under the Steel Ministry, had spent Rs 15,769 crore towards modernisation and expansions in 2013-14.
Recently, NMDC announced that it may spend nearly AUD 12.1 million to subscribe a rights issue planned by its Australian arm Legacy Iron Ore. Legacy reportedly is planning to raise AUD 25 million by way of rights issue and the Indian miner -NMDC- as majority shareholder is expected to acquire shares under the 'entitlement offer' equivalent to its 48.8% stake.
NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.
| Company Name | CMP |
|---|---|
| Coal India | 438.70 |
| NMDC | 89.78 |
| GMDC | 733.40 |
| Sandur Manganese | 218.35 |
| MOIL | 327.60 |
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