NMDC to have SPVs with State govts for steel plant

NMDC is planning to have Special Purpose Vehicles (SPVs) with the State governments of Jharkhand and Karnataka to set up steel factories.

The public sector mining major’s annual report has confirmed the development. While its SPV in Jharkhand has already selected the site and applied for allocation of land, water and power, NMDC has acquired around 2,800 acres in Karnataka.

It has also sought from the Central government iron ore allocation in Jharkhand and Karnataka for this purpose.

After land acquisition, water and power allocation and iron ore linkage, the SPV will invite a strategic partner to develop and construct the steel plant.

Image Credit : images.financialexpress.com

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