NMDC to seek major investor in its first steel plant

The shares extended gains to as much as 2.9 per cent at Rs 124 in Mumbai, the biggest intraday jump in more than two weeks

Top iron ore miner NMDC is looking to sell a stake of at least 49 per cent in its Chhattisgarh steel plant, as it prepares to begin production at the 3 million tonnes (mt) facility in three to six months, according to a company official.
 
The state-run miner is seeking a partner for its first steel venture, which has been eight years in development, to infuse working capital and provide steel-making expertise, the official said Monday, declining to be named in line with company policy. NMDC has appointed an advisor to help find an investor, the official said.