National Mineral Development Corporation (NMDC) is planning to deploy a capital expenditure of Rs. 3,600 crore this year and Rs. 4,000 crore next fiscal, as part of its long-term plans to invest Rs. 40,000 crore for expansion and diversification by 2022.
Further, the company has also begun discussions with some buyers in Japan to enter into long-term export contracts. The existing arrangement for supply of ore expired in March 2015, where about 10 per cent of the produce was exported.
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.