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The National Mineral Development Corporation (NMDC) is all set to commission its coke oven plant at the upcoming Nagarnar steel plant in Chhattisgarh later this month, and its blast furnace by March.
The NMDC’s first steel is set to roll out by May-June 2019.
With the Centre putting on hold its plans to divest the NMDC's forward integration Nagarnar steel plant, the iron ore mining major is going all out to complete the Rs 15,500 crore, 3 million tonnes per annum steel plant, which has been delayed by couple of years.
N Baijendra Kumar, chairman and managing director of NMDC, said, “The coke oven plant is set for commissioning on September 28 and this far, Rs 14,182 crore has been spent on the project. There have been proposals to further increase investment on the project to Rs 22,500 crore.”
Addressing the company's 60th annual general meeting, he said that the FY-18 has been special year with respect to the company performance and it achieved iron ore production of 35.6 million tonnes and sales of 36 MT, both recorded all time highs.
The mining company, which had deployed capex of Rs 2800 crore in financial year 2018, has set apart a capex of Rs 3,185 crore for FY 2019 and Rs 3,290 crore for FY 2020, the CMD said. Of this, Rs 2,500 crore is proposed to be deployed in the steel plant during FY 2019 and FY 2020.
The revenue from operations during FY 2018 was Rs 11, 615 crore, which is up 32 per cent and profit after tax was up at Rs 3,806 crore, that is up 47 per cent. Net worth of the company was Rs 24,354 crore as of March 31, 2018.
During the AGM, some shareholders demanded special dividend on the Diamond Jubilee Year of the company and a record performance.
The company had declared a dividend @430 per cent, Rs 4.30 per share for FY 2018, involving an outgo of Rs 1,360 crore.
NMDC became the first PSU in the country to successfully bid for a gold mine in Andhra Pradesh. The block is located in Chigargunta-Bisanathm Gold Mining Block lease in Chittoor district on the AP-Karnataka border.
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