your password has been reset successfully, Please login again.

NMDC Sows About $1 Billion on Upcoming Iron Ore Plant

National Mineral Development Corporation Ltd (NMDC), government-owned mineral producer plans to invest nearly $1 billion on infrastructure in the following three years to increase iron ore production
BY BEx Bureau
BusinessEx
May 15, 2019

National Mineral Development Corporation Ltd (NMDC), government-owned mineral producer plans to invest nearly $1 billion on infrastructure in the following three years to increase iron ore production, a Senior Official told the Indian daily news, Business Standard.

Amitava Mukherjee, Director of NMDC, said the expenditure of creating new three million steel plant will go up to INR 19,000 crore against the estimated amount INR 15,500 crore.

Till now, the government-owned miner has invested up to INR 14,500 crore on the plants production.

"The mine capacity is also being increased. We are investing about $1 billion...The production of steel-making would go from the current capacity of 146 million tonnes per annum to 300 MTPA, and I see a market in future in domestic ore consumption," Mukherjee told the Indian daily news, Business Standard.

About $200 millions have already been invested in different projects. We expect all this (investment) to be completed by 2022 to 2023," Mukherjee told the Indian daily news, Press Trust of India.

In Bailadilla, Chandigarh, the mining company is forming a wagon-loading system for establishing up a slurry pipe. Further, it has begun the process of increasing railway line twofold between Kothavalasa and Kirundul, Mukherjee told.

Please add your Comment
SIMILAR News
May 24, 2019
Biofourmis will deploy the funds to expand its business in the US as well as Asian markets. ...More
By Jaspreet Kaur
May 24, 2019
Reliance Capital Ltd, the investment arm of Reliance Group, is making its departure from mutual fund ...More
By Jaspreet Kaur
May 22, 2019
Spinny will be deploying the fresh capital to widen its footprint in Bengaluru. ...More
By Jaspreet Kaur
May 22, 2019
Edelweiss Insurance Brokers, a subsidiary of Edelweiss Financial Services, will sell a small portion ...More
By Jaspreet Kaur
May 21, 2019
According to the strategic partnership, Padukone will possess equity in the company ...More
By Jaspreet Kaur
May 21, 2019
Livspace will be utilizing funds in various domains such as in creating novel home interior solution ...More
By Jaspreet Kaur
May 20, 2019
The Indian infra firm, IL&FS (Infrastructure Leasing and Financial Services) proclaimed that Japanes ...More
By Jaspreet Kaur
May 18, 2019
 Nippon Life will disburse nearly INR 4,484 crore to obtain a major stake of Reliance Capital in the ...More
By Jaspreet Kaur
May 18, 2019
Brookfield Asset Management’s CEO wishes Howard Marks, Co-founder of Oaktree Capital, to continue do ...More
By Jaspreet Kaur
May 15, 2019
Innoven Capital proclaimed that the company obtained an extra $200 million capital investment from s ...More
By Jaspreet Kaur
May 14, 2019
Global PayEx proclaimed that JP Morgan has done strategic investment in the company so the company c ...More
By Jaspreet Kaur
May 14, 2019
With the investment in Simi Reality Motion, ZF will increase in proficiency beyond the current occup ...More
By Jaspreet Kaur