State-owned iron ore miner NMDC Ltd. is planning to raise Rs.10,000 crore from sale of its 50 percent stake in upcoming three million tonne per annum steel plant at a cost Rs.16,000 crore in Nagarnar in Chhattisgarh to a strategic partner, reports said.
The company wants the partner to bring in necessary technologies capable of producing high-end steel products, such as CRGO, CRNO and auto-grade steels which India mostly relies on imports to meet the domestic demand, a steel ministry source said.
It already sought expression of interest (EOI) from interested parties and the response so far has been very encouraging. the source said.
Work on NMDC's steel plant at Nagarnar is almost half way through and the project is expected to commence production within the next couple of years.
Firms such as Tata Steel, SAIL, JSW Steel, RINL, Jindal Steel and Power, Essar Steel can also participate.
After evaluation, only 2-3 firms will would be called for financial negotiation after seeing presentation of all the participants, the source said.
The company which would ensure uninterrupted coking coal supply would be given preference, he said.
NMDC had conceived the Nagarnar steel plant in 2009-10 with the idea of value-addition and diversifying business to hedge itself from the volatility of iron ore prices.
Another source said Steel Minister Beni Prasad Verma also gave his nod for the stake sale in the steel plant, mainly keeping in mind the need for better technology and steel products in the country.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.