NMDC may divest 50% in Chhattisgarh plant, stock up 2%

State-owned mineral producer NMDC rose more than 2 percent in initial trade on Wednesday on the back of media reports that the company may divest 50 percent stake in Chhattisgarh plant. But shares could not sustain those gains for long.

According to the report, the company is eyeing Rs 8,000-10,000 crore from the sale of its 50 percent stake in the upcoming three million tonne per annum steel plant in Chhattisgarh to a strategic partner.

The company expects that the partner to bring in necessary technologies capable of producing high-end steel products like CRGO, CRNO and auto-garde steels which India mostly relies on imports to meet the domestic demand, a Steel Ministry source said.

Work on NMDC's steel plant, estimated to cost Rs 16,000 crore, at Nagarnar in Chhattisgarh is almost half way through. The project is slated to start production within the next couple of years.

At 12 hours IST, shares declined 0.31 percent to Rs 144.70 on Bombay Stock Exchange.

(With inputs from PTI)

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