Business Line reported that NMDC Ltd may turn its over INR 15,500 crore steelmaking project in Chhattisgarh into a joint venture with Rashtriya Ispat Nigam Ltd.

Sources in the steel ministry said that on finance ministry’s suggestion, a broad proposal has been prepared for the upcoming three million tonnes a year steel project at Nagarnar in Bastar district. The ministry is understood to have suggested that NMDC would have the majority stake in the proposed joint venture.

Government sources told Business Line that the board of NMDC is likely to consider the proposal shortly.

Business Line query to NMDC acting chairman Mr CS Verma remained unanswered. RINL CMD Mr AK Chowdhury declined to comment.

However, a company source confirmed that the next board meeting in December would take up the subject formally.