Public sector iron ore miner NMDC, which plans to set up a 3 million tonne (mn t) steel plant at Nagarnar in Chhattisgarh, is looking out for an equity partner for the project.
The project reportedly faces delay because NMDC whose core competency lies in iron ore mining could not proceed owing to unavailability of a steel maker as a partner.
NMDC, which planned the project around five years ago, floated global tenders to seek the 50 percent JV partner to begin work on the project.
The equity partner, preferably a foreign steel making entity, is also expected to supply coking coal for the project.
It is learnt that NMDC is seeking the best in the business to partner with secondly the move was thought of after both Steel Authority of India (SAIL) and Rashtriya Ispat Nigam (RINL) failed to come to the iron ore miner’s help.
At a recent board meeting of NMDC, it was decided to float an expression of interest (EoI) from foreign steel firms to partner the project.
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