NMDC eyes Rs18,000 cr expansion plan

NMDC eyes Rs18,000 cr expansion plan

New Delhi:The public sector mining giant National Mineral Development Corp (NMDC) will invest Rs18,000 crore over the next 10 years for business expansion and said it will enter the spot market within the next two months for selling some of its iron ore.

“We will invest about Rs18,000 crore within the next 10 years to augment our production, besides setting up sponge iron and pellet plants along with others," NMDC chairman and managing director B. Ramesh Kumar said on Monday.

“Moreover, we are planning to enter the spot market for trading some portion of our iron ore within the next two months," Kumar said. He, however, did not specify as to how much ore would be earmarked for spot market trading.

NMDC recorded a profit of Rs3,498 crore last year.