📷 Image: Wikimedia Commons / Lev.Borisovitch
Business
Steel Ministry directs SAIL, NMDC to scout overseas mineral assets
✍️ Business Standard
🗓 04 Oct 2026, 02:37 PM
👁 13
The Ministry of Steel has instructed state‑run SAIL and NMDC to identify and assess mineral deposits abroad as part of its push to secure raw material supplies.
In a recent directive, the Ministry of Steel asked the Steel Authority of India Ltd (SAIL) and the National Mineral Development Corporation (NMDC) to explore mineral assets outside India. The move aims to diversify the sources of raw materials essential for the country's steel industry, which currently relies heavily on imports.
Officials from the ministry highlighted that securing overseas deposits could reduce cost volatility and enhance the strategic autonomy of the sector. Both SAIL and NMDC have been tasked with conducting feasibility studies, engaging with potential foreign partners, and reporting viable opportunities within a stipulated timeframe.
The ministry expects the two public‑sector enterprises to leverage their existing technical expertise and global networks to identify iron ore, coal, and other critical minerals. Successful identification of overseas assets could lead to joint ventures or acquisition deals, bolstering domestic production capacity.
Stakeholders anticipate that the initiative will not only strengthen supply chains but also create downstream benefits for related industries, contributing to broader economic growth.
Officials from the ministry highlighted that securing overseas deposits could reduce cost volatility and enhance the strategic autonomy of the sector. Both SAIL and NMDC have been tasked with conducting feasibility studies, engaging with potential foreign partners, and reporting viable opportunities within a stipulated timeframe.
The ministry expects the two public‑sector enterprises to leverage their existing technical expertise and global networks to identify iron ore, coal, and other critical minerals. Successful identification of overseas assets could lead to joint ventures or acquisition deals, bolstering domestic production capacity.
Stakeholders anticipate that the initiative will not only strengthen supply chains but also create downstream benefits for related industries, contributing to broader economic growth.