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NMDC to acquire Australia's Legacy Iron Ore

22 Sep 2011 Evaluate

NMDC, country’s largest iron ore producer is likely to acquire 50% stake in Australia's Legacy Iron Ore for A$18.89 million. A new company will be the developer of the Mt Bevan JV project, if shareholder and regulatory approval is obtained. The acquisition and deal will represent the first overseas acquisition by India’s NMDC. It has A$4 billion war chest for acquisitions in bulk commodities.

For its part NMDC will undertake an investment in Legacy and receive 50% of the equity in Legacy, in return for A$19 million investment. Legacy Iron Ore will become NMDC’s exclusive investment vehicle in Australia.

Recently, NMDC had signed the contract with BHEL on September 03, 2011 for raw material handling system package for the upcoming 3 MTPA integrated steel plant at Nagarnar. NMDC’s proposed 3 MTPA steel plant would be the fastest moving steel plant project among all green filed or brown field projects in the country.

NMDC Share Price

89.78 2.60 (2.98%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
Coal India 438.70
NMDC 89.78
GMDC 733.40
Sandur Manganese 218.35
MOIL 327.60
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