National Mineral Development Corporation (NMDC) is in the process of investing about $1 billion on infrastructure in the next three years to help ramp up iron ore production.
The cost of the upcoming three-million tonne capacity steel plant would go up to Rs 19,000 crore against the estimated Rs 15,500 at the time of conception. The iron ore miner has already invested nearly Rs 14,500 crore on the plant.
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.
