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India’s Ministry of Steel likely to invite bids for privatization of NMDC Steel

Friday, 30 August 2024 09:40:32 (GMT+3)   |   Kolkata
       

India’s Ministry of Steel is likely to invite financial bids for NMDC Steel Limited (NSL), within the next two months, in a bid to revive privatization of government run asset, government sources said on Friday, August 30.

The revival of privatization of the 3 million mt per year capacity NSL, a subsidiary of government run iron ore miner NMDC Limited, is significant because in run-up to the national elections earlier this year, the government reportedly abandoned its privatization considering that sale of government assets and companies is politically sensitive.

The sources said that NSL is a ‘fit candidate for privatisation as it would unlock value for shareholders’.

In October 2022, NSL was demerged from NSL and converted into an independent subsidiary, as a precursor to privatization of the mill which commence commercial production last year.

Incidentally, reports of revival of privatization of NSL has triggered protests from opposition political parties alleging reneging of the government’s electoral promise in Chhattisgarh where the mill is located, that the asset would not be sold to private investors.


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