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NMDC may not cede controlling stake in Nagarnar Steel Plant JV: Report

22 May 2013 Evaluate

NMDC reportedly may not cede controlling stake in Nagarnar Steel Plant Joint venture (JV). The company may seek 50:50 JV with strategic partner for the plant. The company’s Expression of Interest (EoI) for the steel plant was for 51:49 JV. Revision of EoI for the JV is likely to be taken up soon.

The company’s board may revise JV EoI for Nagarnar Steel Plant. The company, so far, has invested Rs 3,500 crore on the plant and will spend Rs 1,500 crore in FY14.

Peers
Company Name CMP
Coal India 422.55
NMDC 81.58
Ashapura Minechem 526.10
Sandur Manganese 183.40
GMDC 559.55
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