Deals
India's NMDC Seeks Major Investor for First Steel Plant
- Chhattisgarh facility to begin producing within six months
- Miner competing with distressed steel assets for investment
A worker works while sparks fly as molten steel is poured from a ladle at an arc furnace in a steel plant in Chhattisgargh.
Photographer: Udit Kulshrestha/BloombergThis article is for subscribers only.
India’s top iron ore miner NMDC Ltd. is looking to sell a stake of at least 49 percent in its Chhattisgarh steel plant, as it prepares to begin production at the 3-million-ton facility in three to six months, according to a company official.
The state-run miner is seeking a partner for its first steel venture, which has been eight years in development, to infuse working capital and provide steel-making expertise, the official said Monday, declining to be named in line with company policy. NMDC has appointed an adviser to help find an investor, the official said.