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The Board of Directors of NMDC Limited, at its meeting today approved the Scheme of Arrangement for Demerger between NMDC Limited (demerged company) and NMDC Steel Limited (resulting company') and their respective shareholders, as applicable provisions of the Companies Act, 2013.
The Scheme of Demerger is subject to necessary statutory and regulatory approvals including the approval of the Securities and Exchange Board of India, Stock Exchanges, Ministry of Corporate Affairs, Government of India and respective shareholders and creditors, if any, of each of the companies involved in the Scheme.
The State-owned iron ore mining major is at advanced stage of completing the greenfield steel plant.
With the Government focusing on divestment of some assets, the demerger move gains importance.
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