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NMDC on acquisition mode
- NMDC decided to use the cash pile for overseas purchase of iron ore and coking coal assets.
- It completed acquisition of 50 per cent equity in Legacy Iron Ore Limited of Australia and is confident that this buy will propel acquisition and development of mineral assets in Australia.
- The company was closing in on acquisition of an iron ore asset close to the port in Brazil with an estimated billion tonne reserve.
- Coking coal reserves of 50 million tonnes and 150 million tonnes, respectively, had been identified for acquisition in Russia and Mozambique while the rock phosphate asset being followed for some time, was now under due diligence process.
- NMDC was planning a 10 million tonnes pipeline for evacuation of iron ore from Bailadila to Visakhapatnam with a loop line of 2 million tonnes per annum capacity at Nagarnar to cater to the steel plant.
- The company aggressively took up the proposal for steel plant in Karnataka in a 50:50 joint venture with Severstal of Russia.
- As part of forward integration and value addition, a three million tonnes per annum steel plant was being set up at Nagarnar in Chhattisgarh.
