NMDC to set up 3 MT/year steel plant in Karnataka
08/07/2015 10:53

Mining giant, NMDC has said that it is planning to establish three million tonnes per annum steel plant in Karnataka in collaboration with the state government at an estimated investment of Rs 18,000 crore, certain sections of the media reported.

Commenting on the development, Union Steel and Mines Minister Narendra Singh Tomar told the media, “In order to augment the national steel production to 300 million tonnes per annum by 2025, the central government has proposed to set up four mills through NMDC, SAIL and RINL in Chhattisgarh, Odisha, Jharkhand and Karnataka.”

"NMDC will initially install three million tonnes per annum and scale it up to six million tonnes at a later stage," he added.

The Government has taken various measures to increase exploration of minerals in the country through the Geological Survey of India and Mineral Exploration Corporation of India. It has also directed the state governments to expedite the process of setting up district mineral fund in all the states.

Meanwhile, shares of the company were trading at Rs 113.05 a piece, down 1.99 per cent from the previous close at 10:52 hours on BSE.