NMDC Demerger Zee Business Exclusive: Crucial meeting of core group of secretaries on divestment on THIS date - Details

NMDC Demerger: The Ministry of Corporate Affairs (MCA) has approved the demerger of NMDC Steel, a three-million tone steel plant in Chhattisgarh, from NMDC Ltd. According to Zee Business exclusive report, a crucial meeting of the core group of secretaries on divestment is scheduled to take place on November 10.

"The core group of secretaries on divestment will meet on November 10. In the meeting, all the secretaries who play an important role in divestment will participate. Cabinet Secretary too will be part of the meeting," the exclusive report said. 

The discussion will be mostly on merchant bankers and appointment of law firms, Zee Business quoted sources as saying. 

Following that, there are chances that the expression of interest (EoI) of the steel plant will also be discussed in the meeting. 

This indicates, the divestment process has picked pace and the core group of secretaries will take further decisions. 

The state-owned company under the Ministry of Steel, which is headquartered in Hyderabad, is the country's largest iron ore producer.

#ZBizExclusive | NMDC से जुड़ी बड़ी खबर

NMDC स्टील प्लांट के डीमर्जर पर अहम बैठक

विनिवेश पर बनी कोर ग्रुप ऑफ सेक्रेटरीज की बैठक

10 नवंबर को #Demerger के लिए होगी बैठक

लीगल असिस्टेंट, मर्चेंट बैंकर को लेकर चर्चा संभव

जानिए पूरी डिटेल्स तरुण शर्मा से@talktotarun pic.twitter.com/hq6UX1v9Y6

— Zee Business (@ZeeBusiness) October 31, 2022

NMDC Demerger Scheme 

As a part of the demerger scheme, approved by the Ministry of Corporate Affairs (MCA) recently, NMDC's assets worth Rs 18,650 crore and liabilities worth over Rs 1,600 crore will be demerged to NMDC Steel. The Ministry of Steel had in March this year approved the demerger.

The company has explored into a wide range of minerals since its inception. Shares of NMDC dropped over 2 per cent on Tuesday to Rs 128.15 before marking some recovery. The scrip settled at Rs 130.95 in the previous session.

Click Here For Latest Updates On Stock Market | Zee Business Live

According to an inter-ministerial group meeting, the revised date for commissioning the steel plant has been fixed around March 2023.