NMDC to spend Rs 3,309 crore in capacity expansion

NEW DELHI: Country's top iron ore producer NMDC plans to invest Rs 3,309 crore on expansion projects in 2011-12, and a bulk of the amount will be spent on building the 3 million tonnes steel plant in Chhattisgarh.

According to the Budget proposals, 2,615 crore has been earmarked for NMDC's Chhattisgarh plant this fiscal. "Work on the (Chhattisgarh) plant is on full stream and it will be constructed on time. It will be the fastest developed steel plant in the country," National Mineral Development Corporation (NMDC) Chairman Rana Som said. Last week, NMDC had signed a 760-crore agreement with a consortium of four firms-Siemens VAI, Austria, SVAI India, and NCC Ltd-for turnkey execution of the sinter plant. The 15,500-crore project is slated to be completed by 2014.