While NMDC Limited, a Navratna CPSE, is India’s largest iron ore producer. In the financial year 2023-24, NMDC achieved a turnover of Rs 21,294 crore.
However, the biggest producer of the iron ore in India is NMDC Limited, a Navratna CPSE. The NMDC’s revenue is for the fiscal year 2023–2024 was Rs 21,294 crore.
The Ministry of Steel has been suggested combining NMDC Limited and KIOCL Limited in an effort to streamline public sector activities in the steel sector. The idea was sent to the Ministry of Finance around a month ago, according to a government source.
“The proposal to merge NMDC and KIOCL has been sent by the Steel Ministry to the Department of Public Enterprises (DPE), Finance Ministry,” according to a source on January 6. This shows that, subject to the required approvals from numerous ministries and regulatory agencies, the government intends to combine the two organizations.
The Ministry of Steel is in charge of the KIOCL Limited, a Mini-Ratna CPSE that was actually known as Kudremukh Iron Ore Company Limited. KIOCL was founded in 1976 and has been a major work in the mining and manufacture of iron ore pellets. Although, One of the biggest producer of the iron ore in India is the NMDC Limited, a Navratna CPSE. The NMDC’s revenue for the financial year 2023–2024 was Rs 21,294 crore.
The process of the merger will be require clearances from several ministries, including the DPE under the Ministry of Finance, and is subject to regulatory approvals. The proposal awaits consideration by the Ministry of Finance.