NMDC to invest $1 billion on infrastructure

National Mineral Development Corporation Limited (NMDC Ltd) is in the process of investing about $1 billion on infrastructure in the next three years to help ramp up iron ore production.
Director (finance) of the company Amitava Mukherjee said the cost of the upcoming three-million tonne capacity steel plant would go up to Rs 19,000 crore against the estimated over Rs 15,500 at the time of conception. The iron ore miner has already invested nearly Rs 14,500 crore on the plant. The production of steel-making would go from the current capacity of 146 million tonnes per annum to 300 MTPA. “About $200 millions have already been invested in different projects. We expect all this (investment) to be completed by 2022 to 2023,” he said.
At Bailadilla in Chhattisgarh, the company is creating a rapid wagon-loading system for evacuation and setting up a new slurry pipeline. It is also doubling in the process of doubling the railway line between Kirundul and Kothavalasa (KK line). The PSU is also setting up screening plants in Karnataka and Chhattisgarh. On the upcoming steel plant in Chhattisgarh, the company is investing Rs 2,000 crore and its commissioning is expected before the end of this fiscal.
Mecon is doing the revised estimation.