10 % disinvestment in NMDC approved

October 27, 2012

The Cabinet Committee on Economic Affairs (CCEA) gave its nod to a 10% stake sale of the Centre’s equity holding in NMDC (National Mineral Development Corporation) through the ‘offer for sale’ route. The sale is expected to fetch about Rs.7,000 crore.

The selling will be through ‘Offer for the sale through stock exchange’ (OFS) method, as per SEBI Rules and Regulations. The step is in line with government’s aim to achieve disinvestment Govt target of Rs.30,000 crore for 2012-13.

About NMDC

India’s largest iron ore producer and exporter.
Operates from 3 fully mechanized mines in Chhatisgarh and Karnataka.
Operates the only mechanised diamond mine in Asia at Panna in Madhya Pradesh.