NMDC denies reports of merger negotiations with KIOCL

New Delhi [India], October 28 (ANI): NMDC Limited on Monday denied any undergoing negotiations about merger with KIOCL Limited, the company informed the exchange in a filing.
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 would 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 Kudremukh Iron Ore Company Ltd (KIOCL) with India's largest iron ore merchant miner, NMDC--a Central Public Sector Enterprise (CPSE) soon
NMDC says no official discussion has happened regarding the merger of NMDC with KIOCL, 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)