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NMDC Board Approves Demerger of NMDC Steel

State-owned National Mineral Development Corporation (NMDC) has approved the de-merger of NMDC Steel Limited from the parent company NMDC Ltd in a board meeting held on 13th July 2021.

NMDC Steel is NMDC’s wholly-owned subsidiary, which currently does not have any business operations.

NMDC’s statement further stated “It (NMDC Steel Ltd.) is authorized by its Memorandum of Association to carry on the business of manufacturing, prospecting, raising, operating, buying, selling, importing, exporting or otherwise dealing in various categories of steel and iron ore“.

NMDC, under the Ministry of Steel, is India’s largest Iron Ore mining company.