Iron ore miner NMDC has incurred its highest capital investment in a single year at Rs 2,518 crore in 2013-14 on various expansions and modernisation plans.
"Pursuing its capital investment schemes, as against an envisaged target of Rs 2,720 crore for 2013-14, the company has incurred Rs 2,518 crore for its various expansion and diversification projects," NMDC said in a statement today.
Incorporated in 1958, India's largest iron ore producer NMDC's 2013-14 capital investment was higher by 57 per cent over the previous fiscal.
The company spent Rs 1,607 crore capital investment in the previous fiscal. In current fiscal, it plans to spend Rs 4,345 crore.
NMDC is developing two new mines - Deposit-11B iron ore project and Kumaraswamy iron ore mine - as part of its ongoing expansion programme.
It is also setting up a three million tonnes per annum (mtpa) greenfield steel plant at Nagarnar in Chhattisgarh. All are at various stages of execution.
Meanwhile, production of the company during 2013-14 also touched a record at 30.18 mtpa, 11 per cent more than the previous year. Sales also grew by 16 per cent to 30.50 mtpa.
The production of diamonds from the Panna mine in Madhya Pradesh also registered a 17 per cent growth at 37,047 carats in 2013-14 over 31,533 carats a year ago.
