The government has received multiple Expressions of Interest (EoI) for the proposed strategic disinvestment of NMDC Steel Ltd. (NSL), the Department of Investment and Public Asset Management (Dipam) said recently.
The transaction will now move to the second stage, Dipam secretary Tuhin Kanta Pandey said in a tweet.
The government had on December 1, 2022, invited preliminary bids or EoIs for strategic sale of NSL - the steel manufacturing facility of India's largest iron ore producer NMDC, located in Nagarnar, Chhattisgarh. The last date for putting in bids was January 27.
The Centre holds a 60.79% stake in NSL. It is looking to sell 50.79% shareholding in the company along with management control.
The Ministry of Corporate Affairs had in October last year approved the demerger of the steel manufacturing unit at Nagarnar from NMDC. Subsequent to the demerger, shares of NSL will be listed on the BSE, NSE, and Calcutta Stock Exchange. As per current estimates, the targeted date for commissioning of the steel manufacturing plant NSL is March 31, Dipam said.
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