NMDC plans Rs 27 bn investment in FY14
In 2013-14, NMDC aims to invest Rs 2,720 crore or about 70 per cent more than the Rs 1,607 crore it invested on expansion projects in 2012-13.
Of the Rs 2,720 crore, a major part would be spent on its upcoming steel project in Chhattigarh. During the current financial year, the state-run iron ore miner plans Rs 1,880 crore investment on the steel plant. It is setting up a 3 million tonne per annum steel plant at Nagarnar with an investment of Rs 15,525 crore. In 2012-13, the company invested Rs 1,092 crore in the plant.
Further, it plans to invest Rs 251 crore on expansion and modernisation of its mining units, Rs 100 crore on doubling of railway line between Kirandul and Jagadalpur among others. The company informed this in a recent presentation to analysts.
The company has also embarked on a Rs 607.17 crore outlay on Baildalia iron ore project, Rs 898.55 crore on Kumaraswamy iron ore project to raise iron ore production capacity. Its Rs 572 crore investment on Donimalai pellet plant is nearing completion.
The company plans to complete these projects in the current financial year. NMDC also plans to invest Rs 100 crore in 2013-14 on business development. It is in the process of selecting a Mine Developer-Cum-Operator operator for two coal blocks in Madhya Pradesh.