NMDC Gears Up for Global Expansion with New Overseas Investment Arm.

The National Mineral Development Corporation (NMDC) is set to launch a new, wholly-owned subsidiary at Gujarat International Finance Tec-City (GIFT City), which will serve as its dedicated overseas investment arm. Expected to be operational within a few months, the new entity will likely be named NMDC Global.

"We have all necessary approvals in place. We are very clear it will be a fully owned subsidiary of the parent, NMDC. We have also identified the place at the GIFT City. We hope to complete the formalities soon," stated Amitava Mukherjee, Chairman and Managing Director of NMDC, in an interview with businessline.

This move underscores NMDC's intensified focus on acquiring international mineral assets. Mukherjee highlighted the company's "very structured approach" to potential acquisitions. "We have been looking at 22-23 assets; some of them have sort of faded away, some of them have crossed a few levels of assessment," he added, indicating a rigorous evaluation process for its global investment ambitions.