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NMDC CMD Denies Disinvestment Rumours

Steel News - Published on Tue, 14 Jan 2020

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PTI reported that NMDC has informed the steel ministry about the confusion being created that the state-owned miner is being disinvested. NMDC Chairman Mr N Brijendra Kumar tweeted "Still confusion is being created by some ppl regarding disinvestment in #NINL, a joint venture company of central and state PSUs in the State of Odhisha. The present decision is not for the disinvestment of @nmdclimited. I repeat No Disinvestment of #NMDC by the present decision.”

He also clarified that NMDC itself is just a stakeholder in Neelachal Ispat Nigam Ltd

He also said people must read the government's decision with regard to NINL and understand that the decision is not related to divestment of NMDC.

Last week, the government gave in-principle approval for strategic sale of NINL by allowing PSU shareholders to sell their stake in the steel company. MMTC holds 49.78 per cent share in NINL, followed by OMC 20.47 per cent, IPICOL 12 per cent, NMDC 10.10 per cent. MECON and BHEL hold 0.68 per cent stake each in the company. The strategic buyer for NINL will be identified through a two-stage auction procedure, an official statement had said.

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Posted By : Rabi Wangkhem on Tue, 14 Jan 2020
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