The country's top iron ore miner National Mineral Development Corporation (NMDC) today said it has incorporated a special purpose vehicle company for setting up a power plant in Chhattisgarh for captive supply to its under-construction steel plant in the state.
The SPV was floated for the purpose of setting up a power plant for captive power supply to the 3 million tonne per annum integrated steel plant being constructed at Nagarnar in Chattisgarh, according to a company release.
NMDC Power will be a wholly-owned subsidiary of the public sector undertaking by virtue of the Companies Act, 1956, it is also a government company, it said.
"Certificate of commencement of business was issued on December 29, 2011," the statement added.
The miner's first steel venture, the plant at Chhattisgarh is being constructed at a cost of about Rs 15,500 crore and is is expected to be operational by 2014.
Yesterday, NMDC announced it has signed a pact with a consortium led by Shriram EPC Ltd (SEPC) for a Rs 509-crore by-product complex at its steel plant at Nagarnar, in Chattisgarh.
NMDC's scrip is currently trading at Rs 174.75 on BSE, 1.25% up from the previous close of Rs 172.60.
