Crime Today News
Chairman and Managing Director of National Mineral Development Corporation, Amitava Mukherjee
National Mineral Development Corporation’s (NMDC) proposed subsidiary at the GIFT City in Gujarat will work as its overseas investment arm. Likely to be in place in another few months, the arm is expected to be named as NMDC Global.
Speaking to businessline, Chairman and Managing Director (CMD) of NMDC, Amitava Mukherjee, said “We have all necessary approvals in place. We are very clear it will be a fully owned subsidiary of the parent, NMDC. We have also identified the place at the GIFT City. We hope to complete the formalities soon.”
NMDC has been actively looking at assets overseas. “We have adopted a very structured approach for such potential acquisitions. We have been looking at 22-23 assets, some of them have sort of faded away, some of them have crossed a few levels of assessment.”
mineral assets
NMDC has been eyeing acquisitions across 10 mineral assets abroad including coking coal in Australia and Indonesia, and nine other critical minerals like lithium, copper, cobalt, nickel, bauxite, gold, among others. The company is also exploring critical mineral block acquisitions in Africa. The proposed overseas investment arm will be based on the lines of ONGC Videsh Ltd, the overseas investment arm of public sector oil giant, ONGC.
“Once the overseas arm is in place, then through it we will decide which model to adopt for a various investments,” he said adding, “there could be two models basically – either with form a joint venture or we can create another subsidiary at the place of acquisition. However, all this will be channelised through the proposed investment arm, which in turn will be directly under the parent.”
Asked if he could rope in another partner for the acquisition, he said, “we will go on our own, but during the time of development, if so required, we can rope in a partner with similar interest. You really cannot predict a model and it will vary from asset to asset. Basically, friends and family can join us subsequently, but initially we will like to take decision on our own.”
Elaborating on the process which NMDC is adopting he said, “we have a structured approach for evaluating assets. There are six stages to it starting from identifying the asset, elementary data assessment, followed by site visit by our geologists and mining people, then there at least two technical studies, then the financial assessment, before it reaches the board. The entire process takes over an year or two.
Published on June 8, 2025
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