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New Delhi, Dec. 1 Public sector mineral giant NMDC Ltd would be investing around Rs 18,000 crore to ramp up its production capacity to 50 million tonnes (mt) and also to conduct fresh explorations in the next five years.

“To meet the growing demands of domestic steel producers, we are looking at ramping up our production capacity to 50 mt. Also we are keen to conduct fresh explorations and the total investment required to be invested will be around Rs 18,000 crore,” Mr Rana Som, Chairman and Managing Director of NMDC, said here.

NMDC will be producing around 3.1 lakh tonnes of iron ore this year and is also chalking out plans to acquire mines both within and outside the country.

“NMDC is looking to be a global company and we will have to expand in a massive way to cater to the growing needs of domestic steel majors,” Mr Som said.

The company along with Steel Authority of India Ltd and Rashtriya Ispat Nigam Ltd is building a 4-mt steel plant in Chhattisgarh at a cost of Rs 1,244 crore.

“The draft Detailed Feasibility Report (DRF) has been prepared and the final DPR is under consideration. The construction would be completed within 30 months from the date of starting construction,” he said.

The mining giant will also be setting up two pellet plants of one million tonne each at Donimalai in Karnataka at a cost of Rs 700 crore.

The plants are expected to be constructed in about 24 months from the date of commencement of construction.

Mr Som said that NMDC was actively considering setting up a mini-steel plant in Nagarnar, Chhattisgarh.

Earlier, the company paid the highest first interim dividend of Rs 130 crore to the Government. Mr Som presented the cheque to the Minster of Steel, Chemicals and Fertilisers, Mr Ram Vilas Paswan, here on Friday.

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