Date:16/04/2007 URL: http://www.thehindubusinessline.com/2007/04/16/stories/2007041600401500.htm

Back NMDC urged to cover other minerals

Our Bureau

Hyderabad April 15 The Union Steel Secretary, Mr R.S. Pandey has asked the National Mineral Development Corporation (NMDC) to expand its activities into other minerals as well.

Value addition has come to stay, he said, with the State Governments insisting on it, while reviewing the performance of NMDC.

Mr Pandey expressed appreciation on the activities of the corporation in taking up value-addition projects such as setting up sponge iron plants, pig iron plants and integrated steel plantwith an outlay of about Rs 9,000 crore.

The company should also look into the possibilities of growing through joint ventures, acquisitions and mergers for quicker growth, he said.

Mr B. Ramesh Kumar, CMD of NMDC, said the corporation would be part of the mega venture for acquiring coal mines abroad for supplies to SAIL and RINL.

On corporate social responsibility (CSR), NMDC has rightly increased its CSR funds to 5 per cent of its retained earnings, he added.

Earlier, the Steel Secretary visited the NMDC R&D centre. He urged the Centre to update itself to become a centre of excellence of international standard, according to an NMDC press release.