“Cabinet approval for the FPO has already been received and we hope that it will hit the market in mid-January next year,” Steel Ministry Joint Secretary Dalip Singh told reporters here. The Government has already diluted its stake in two companies - National Mineral Development Corporation (NMEC) and Manganese Ore India (MOIL).
“Rashtriya Ispat Nigam (RINL), which has been given the Navratna tag by the Finance Ministry, is next on board. We have given the company two years for getting listed,” he said.
Meanwhile, MOIL plans to invest around Rs 1,200-crore over next 4-5 years for capacity addition and production of ferro-alloy, a top company official said.
Published 15 December 2010, 15:02 IST