Multiple bids line up for buying a majority stake in NMDC Steel: DIPAM
- IBJ Bureau
- Jan 28, 2023
The government received multiple Expressions of Interest (EoIs) for the proposed strategic disinvestment of NMDC Steel (NSL), the Department of Investment and Public Asset Management (DIPAM) said on Friday.
The transaction would now move to the second stage, DIPAM Secretary Tuhin Kanta Pandey said in a tweet.
The government had on December 1, 2022, invited preliminary bids or EoIs for strategic sale of NSL – the steel manufacturing facility of India’s largest iron ore producer NMDC, located in Nagarnar, Chhattisgarh. The last date for putting in bids was January 27.
The Centre holds a 60.79 per cent stake in NSL. It is looking to sell 50.79 per cent shareholding in the company along with management control.
The Ministry of Corporate Affairs had in October last year approved the demerger of the steel manufacturing unit in Nagarnar from NMDC. Subsequent to the demerger, shares of NSL would be listed on BSE, NSE and Calcutta Stock Exchange. According to the current estimates, the targeted date for commissioning of the steel manufacturing plant, NSL, was March 31, DIPAM said.