State-owned National Mineral Development Corp (NMDC) Wednesday said it has incorporated a subsidiary by the name of Karnataka Vijaynagar Steel (KVS) to develop a steel plant in the state.
The plant will be set up through a special purpose vehicle, said company secretary Mohammad Imam in a filing with the National Stock Exchange.
The plant is likely to be set up in the Bellary-Hospet region.
The new steel opportunity in Karnataka comes at a time when the mining ministry has directed the Maharatna company to strive to produce 100 million tonne (mt) of iron ore by 2020-21.
Steel and Mines Minister Narendra Singh Tomar had asked NMDC to aim for 75 mt of iron ore by 2018-19 and 100 mt by 2020-21 during a review meting this month.
NMDC floats new subsidiary in Karnataka
