State-run National Mineral Development Corporation (NMDC) is planning to invest Rs 18,000 crore to double its production capacity to 50 mt in next five years.
The public sector company would also take up fresh explorations in coming years.
?Requirement of the steel sector is increasing at a very fast pace and domestically there is huge investment plans by various companies.
To fulfill the requirement of domestic companies we are planning to invest roughly Rs 18,000 crore to double production capacity from 25-mt of iron ore, besides conducting fresh explorations,? NMDC CMD Rana Som said.
For this purpose the company also plans to acquire iron ore mines both within and outside the country, he added.
NMDC along with Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL) has proposed to set up a 4-tm steel plant in Chhattisgarh at an estimated cost of Rs 1,244 crore.
The companies are hopeful of completing construction of the proposed plant within 30 months from the date of commencement.
NMDC is also planning to set up two pellet plants of 1 mt each at Donimalai in Karnataka and Bailadila in Chhattisgarh at a total cost of Rs 700 crore.
The plant would be constructed with 24 months from the date of commencement of construction.
Meanwhile, the company paid the highest ever first interim dividend of Rs 130 crore to the government.
The cheque was presented to steel minister Ram Vilas Paswan by Som.
Paswan, while expressing satisfaction on the performance of the public sector giant, urged the PSU to perform to its fullest potential and expand the area of coverage under its corporate social responsibility.
