India: NMDC to raise INR 5,000 cr for Nagarnar Steel Plant

State-run pure-play iron ore miner NMDC is in talks with banks and other financial institutions to raise around INR 5,000 crore debt in order to part-fund its under-construction INR 21,300 crore Nagarnar Steel Plant in Chhattisgarh – likely to be operationalised by Oct’21. Against an estimated expenditure of INR 15,525 crore for the plant, NMDC has faced cost overruns and has spent INR 18,562 crore till date due to delay since 2016 in commissioning the plant.