NMDC plans to invest Rs 70,000 crore of capex in next 5 years

New Delhi [India], January 28 (ANI): State-owned mining company NMDC plans to invest Rs 70,000 crores of capital expenditure in the next five years.

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A capital expenditure, or capex, is used to set up long-term physical or fixed assets.

The largest iron ore miner in India, NMDC, hosted a first-of-its-scale vendor meet in Hyderabad on Tuesday. Setting the context for the meet, Amitava Mukherjee, CMD (Additional Charge), NMDC called the vendors - 'Partners in Progress'.

He said this meeting was to give everyone a head start on the upcoming projects of NMDC which are looking at a capital expenditure to the tune of Rs 70,000 crore.

The company leveraged this vendor meeting to share its roadmap and strategies for Vision 2030 towards the goal of building a 100 million tonnes iron-strong future.

NMDC interacted with its most pertinent stakeholders on this journey - the vendors, contractors and consultants from across the country.

Detailed information on the expansion plans, evacuation strategies and digital transformation for the 100 MTPA goal was shared in the meeting. The company promised ease of doing business and solicited speed and quality of the highest order from the partners

NMDC said its target of 100 million tonnes by 2030 is inspired by the vision of the National Steel Policy to build raw material security and self-reliance in the iron and steel sector of India. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)