NMDC Dismisses Merger Talks with KIOCL

NMDC Limited has refuted recent reports of a merger with KIOCL Limited. The company stated in an exchange filing that no official negotiations or communications regarding such a merger are underway. Any corporate merger decisions would be managed by the Ministry of Steel and DIPAM.

On Monday, NMDC Limited officially denied the existence of ongoing talks about merging with KIOCL Limited. The Navratna CPSE clarified its position in a formal exchange filing, emphasizing that any corporate merger initiatives would fall under the Ministry of Steel's purview, in coordination with the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance.

Despite reports suggesting a potential union of Kudremukh Iron Ore Company Ltd (KIOCL) with NMDC, the latter assured stakeholders there have been no formal discussions or communications with the Government of India with regards to a merger. NMDC reiterated that such speculations hold no merit as conveyed by the President of India, nor do they reflect any governmental directive.

The mining giant further asserted that it has not received any notifications from authorities concerning a merger with KIOCL. Assuring transparency, NMDC stated that any future developments or information impacting market activity will comply with regulatory disclosure requirements. The company has also committed to providing updates if necessary and has requested that this clarification be duly recorded. (ANI)

(With inputs from agencies.)