NMDC plans to foray into consultancy biz
Iron ore miner National Mineral Development Corporation (NMDC) is planning to foray into mining consultancy business.
The consultancy firm will be an extension to its Research and Development centre at Hyderabad. “Our R&D centre has competence of undertaking technology development mission related to mineral processing, flow sheet development, minerological studies and project development. Experts of this centre would be involved in our new business. Our global expansion would help us in reaching out to prospective clients,” he said.
The company is also planning to set up two steel plants in India - 1. 3 million tonnes plant at Baladila in Chhattisgarh and 2. 2 million tonnes steel plant at Bellary in Karnataka – with an investment of Rs 17,000 crore. “We have a cash reserve of Rs 12000 crore. We intend to raise over 13000 crore through this FPO to drive our expansion plans,” Mr. Rao said.
The navaratna PSU, with total iron reserves of 1.5 billion tonnes, is aiming to ramp up its annual production capacity from 28 million tonnes to 50 million tonnes by 2015.