NMDC board approves de-merger of NMDC Steel

State-owned NMDC on Tuesday said its board has approved the de-merger of NMDC Steel Limited. In a BSE filing, NMDC said NMDC Steel is its wholly owned subsidiary, which currently does not have any business operations.

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"The board of directors of NMDC Limited, at its meeting held today, approved the Scheme of Arrangement for Demerger between NMDC Limited (Demerged Company) and NMDC Steel Limited (Resulting Company) and their respective shareholders...," the miner said.

NMDC, under the Ministry of Steel, is country's largest iron ore mining company.

Besides iron ore, the company is also engaged in the exploration of copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands.