Parliamentary Consultative Committee of Steel Ministry Meets

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INVC,,

New Delhi,,

The Union Minister for Steel, Shri Virbhadra Singh chaired the Meeting
of the Consultative Committee attached to his Ministry here today. The
topic of the meeting was “working of National Mineral Development
Corporation Limited (NMDC)”.

Addressing the Meeting, he said that the crude steel production
capacity in the country has reached 72 million tonnes during
April-December, 2009 compared to 66 million tonnes during 2008-09, an
increase of about 6 million tonnes. The total crude steel production
capacity by the year 2012 is estimated around 115 million tonnes, out of
which around 33 million tonnes will be through Brownfield expansion and
around 27 million tonnes will be through Greenfield expansion. The
Minister said, while the Brownfield expansion will be as per the target,
there may be shortfall in Greenfield expansion, basically due to
problems in land acquisition, law and order, allocation of captive iron
ore and coal mines, environment and forest clearances, infrastructure
etc. Ministry of Steel would like to play the role of a facilitator to
see that the pending projects are completed without any further delay,
he added.

Shri Virbhadra Singh said that the Government has disinvested 8.38 % of
the paid up equity of NMDC Ltd., in March, 2010 and raised about Rs.
9925 Crores. The Minister said that the disinvestment of Government’s
equity in NMDC is a part of the overall policy of the Government to give
ownership of PSUs in public hands and to bring in improvement of
equality of governance through public scrutiny.

Shri Virbhadra Singh informed that Government has recently decided to
confer status of Navaratna to Rashtriya Ispat Nigam Limited (RINL),
Visakhapatnan, which will enhance financial powers to the company to
complete its expansion/modrnisation programme expeditiously.

He said, NMDC, a Navaratna PSU of this Ministry, is largest single Iron
Ore producer and exporter with an annual production capacity of 30
million tonnes operating its mines in the States of Chattisgarh,
Karnataka, Madhya Pradesh etc.. He informed that in 2008-09, NMDC
achieved a production 28.52 million tonnes of iron ore, with a turnover
of Rs. 7564 crores and Profit after Tax of Rs. 4372 crores. NMDC has
contributed Rs. 3200 crores to exchequer during 2008-09, informed the
Minister.

NMDC has an ambitious plan to achieve a production capacity of 50
million tonnes of iron ore by the year 2014-15. NMDC is operating
India’s only Diamond mine at Panna in Madhya Pradesh. NMDC has set up a
wind mill of 10.5 MW capacity in Karntaka and is also aggressively
pursuing to enter into Solar energy sector. Besides mining NMDC is also
venturing into Steel Sector.

During the meeting, the Members desired that the corporate social
responsibility activities of NMDC in area of health, safe drinking water
and education should be extended further for the locals and to more
areas. The Members were satisfied with the performance of NMDC but
expressed concern that the Government of India should formulate a policy
for preserving natural resources for future generations.

The Members of Parliament present in the meeting include:- Shri
Gorakhnath Pandey, Capt. Jai Narain Prasad Nishad, Shri Jitendra Singh
Bundela, Shri Naranbhai Kachhadia, Shri Premchandra Guddu, Shri
Shivarama Gouda, Shri Yashbant N. Singh Laguri (Lok Sabha), Shri Nandi
Yellaiah, Shri Ramdas Agarwal, Shri Tapan Kumar Sen (Rajya Sabha). The
Secretary, Ministry of Steel, Shri Atul Chaturvedi, along with senior
officials of the Ministry and NMDC also attended the meeting.

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