The shareholders and creditors of the company's under-construction Nagarnar Steel Plant NSP have approved the demonetization of its CMD Sumit Deb, said the CMD of the company's under-construction Nagarnar Steel Plant NSP.
Deb, who was in the national capital, told PTI that the demonetization of NSP from NMDC is progressing.
We have got the company's shareholders and creditors approval for the deger process,'' he said, replying to a question related to the demerger.
The approval was given on Tuesday, according to the CMD.
The steel ministry had convened two separate meetings of shareholders and creditors of NMDC to expedite the process of demerging the company's Nagarnar Steel Plant.
NMDC, the country's largest iron ore mining company, is putting up a 3 million tonne per annum steel plant in Nagarnar near Bastar in Chhattisgarh. The unit is being built over 1,980 acres at an estimated cost of Rs 23,140 crore.
In October 2020, the Union Cabinet approved the demonetization of NSP from NMDC and the sale of the Centre's entire stake to a strategic buyer.