NMDC incorporates SPV company for power plant at Chhattisgarh

The country’s top iron ore miner National Mineral Development Corporation (NMDC) today said it has incorporated a special purpose vehicle company for setting up a power plant in Chhattisgarh for captive supply to its under-construction steel plant in the state.

“… The company has incorporated a SPV company by the name of NMDC Power Ltd… for the purpose of setting up a power plant for captive power supply to the 3-MTPA integrated steel plant being constructed at Nagarnar,” the state-run company said in a filing to the BSE.

The company is a wholly-owned subsidiary of NMDC at present and by virtue of the Companies Act, 1956, it is also a government company, it said.

“Certificate of commencement of business was issued on December 29, 2011,” the statement added.

The miner’s first steel venture, the plant at Chhattisgarh is being constructed at a cost of about Rs 15,500 crore and is is expected to be operational by 2014.

Yesterday, NMDC announced it has signed a pact with a consortium led by Shriram EPC Ltd (SEPC) for a Rs 509 crore by-product complex at its steel plant at Nagarnar, in Chattisgarh.

Source: ET
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