NMDC Ltd., India’s largest iron-ore producer, said it plans to invest $5 billion in the next five years to expand capacity and enter the steelmaking business. The company plans to lift output 67 percent to 50 million metric tons in three years,

Chairman Rana Som said today in an interview. NMDC, which aims to
construct a 3 million ton factory in the eastern state of Chhattisgarh,
is also planning to build another factory in the southern state of
Karnataka, he said.
NMDC is expanding as steelmakers increase production to supply to
automobile companies and rural and urban public works projects. The
government has allocated 1.79 trillion rupees ($37 billion) in the
budget year ending March 31 to build networks of roads, telephones,
electricity and irrigation.
NMDC shares rose in Mumbai trading today after the steel ministry
approved a plan to sell a stake in the company. The shares rose as much
as 5 percent to 386.35 rupees and traded at 383.90 rupees, up 4.3
percent, as of 11:27 a.m. local time.
India’s government plans to sell 8.38 percent of NMDC, steel secretary
Pramod Rastogi said yesterday. The stake sale will fetch 120 billion
rupees at current prices, he said.
First-quarter profit fell to 7.74 billion rupees in the three months
ended June 30 from 9.81 billion rupees a year earlier, the company said
on July 29. Net sales fell to 12.8 billion rupees from 16.7 billion
rupees.

Source: Bloomberg

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