NEW DELHI: The National Mineral Development Corporation (NMDC) Limited on Monday denied any ongoing negotiations about merger with Kudremukh Iron Ore Company Ltd (KIOCL), the company informed the exchange in a filing.
The NMDC, a Navratna Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of Steel, stated that any decisions on a corporate merger will be managed by the Ministry of Steel in consultation with the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance.
Earlier, there were media reports that the Union government is planning to merge KIOCL with India’s largest iron ore merchant miner, NMDC soon. NMDC says no official discussion has happened regarding the merger nor has any formal communication been received from the Government of India, represented by the President of India, concerning a potential merger.
It said “…company has not received any information from the Government of India on behalf of President of India for merger of NMDC Limited & KIOCL Limited”. The company also emphasized that, at present, there is no development or information that could influence stock market activity related to the company.
NMDC has assured that any updates on such matters, if they arise, will be communicated following regulatory requirements. The company remains open to providing further information if needed and has requested that this clarification be placed on record. (ANI)