Govt gets multiple initial bids for NMDC Steel disinvestment

Govt gets multiple initial bids for NMDC Steel disinvestment

The government has received multiple bids for the privatization of NMDC Steel Ltd (NSL), according to DIPAM Secretary Tuhin Kanta Pandey.

The government currently holds a 60.79% stake in NSL, which is a steel manufacturing facility owned by India’s largest iron ore producer, NMDC, located in Nagarnar, Chhattisgarh.

The government plans to sell 50.79% of its shareholding in NSL, along with management control, through a strategic sale. The government invited preliminary bids or expressions of interest (EoI) on December 1, 2022, with a deadline of January 27.

“Multiple Expressions of Interest (EoI) received for the Strategic Disinvestment of NMDC Steel Ltd (NSL),” Pandey tweeted.

The Department of Investment and Public Asset Management (DIPAM) previously announced that the Ministry of Corporate Affairs approved the demerger of the steel manufacturing unit at Nagarnar from NMDC on October 6, 2022. The demerged entity is NMDC Steel Ltd (NSL).

Following the demerger, shares of NSL will be listed on BSE, National Stock Exchange of India Limited and Calcutta Stock Exchange.

The targeted date for commissioning of the steel manufacturing plant NSL is March 31, as per DIPAM statement.

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