Business Daily from THE HINDU group of publications
Saturday, Aug 18, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Aug 18, 2007 ePaper |
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Agri-Biz & Commodities
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Minerals NMDC plans hiking iron ore output
Our Bureau Hyderabad, Aug. 17 National Mineral Development Corporation Ltd (NMDC), the country’s single largest producer of iron ore, has plans to increase iron ore production from the present 27 million tonnes per annum to 50 mt by the year 2015-16, according to Mr B. Ramesh Kumar, Chairman-cum-Managing Director. The PSU has also signed a Memorandum of Discussions with Steel Authority of India Ltd and Rashtriya Ispat Nigam Ltd to forge a strategic business relationship for setting up an integrated iron and steel plant in Chhattisgarh. The three PSUs, after getting necessary clearances, will enter into a Memorandum of Understanding and then form a joint venture company to produce 3 mt of steel initially. In addition, NMDC is also entering into coal mining overseas along with NTPC, RINL, SAIL and Coal India, Mr Kumar said during his Independence Day address to the employees. Mr Kumar congratulated the employees for their hard work in achieving unparalleled performance in 2006-07 in spite of the Maoist activities in Bastar region. Stating that NMDC would play an important role in the production of iron ore to meet the increasing demands of steel producers, he said the Government is targeting production of 110 mt of steel by 2020. The demand for iron ore would be to the extent of 190 mt.
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