New Delhi: State-run mineral giant NMDC Ltd will invest about Rs18,000 crore to ramp up its production capacity to 50 million tons and conduct fresh explorations within the next five years.
“We would invest about Rs18,000 crore in the next five years to ramp our production capacity to 50 million tons of iron ore, besides conducting fresh explorations. We are keen to expand our operations in a big way to meet the growing requirements of the domestic steel producers,” NMDC chairman and manging director Rana Som told PTI here today.
Som said the organisation would produce 3.10 lakh tons of iron ore this year and was chalking out plans to acquire mines both within and outside the country. “NMDC will be a global company. We will have to expand in a massive way to cater to the growing needs of the domestic steel majors,” he said.
NMDC along with Steel Authority of India Ltd and Rashtriya Ispat Nigam Ltd is building a 4-million-tonne steel plant in Chhattisgarh at the cost of Rs1,244 crore, he added.
The draft Detailed Feasibility Report has been prepared and the final DPR was under consideration and the construction would be completed within 30 months from the date of starting construction, he said
Besides, the mineral giant would be setting up two pellet plants of one million tonne each at Donimalai in Karnataka at a cost of Rs700 crore, he said, adding that the plant would be constructed with 24 months from the date of commencement of construction.