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.

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