How do you assess your growth story over the past 5-10 years? In the past decade, NMDC has demonstrated impressive growth, marked by consistent increase in production and strategic expansion. From a production capacity of about 27 million tpa in the early 2010s, we have scaled up to target 50 million tpa by 2024-25 and an ambitious 100 million tpa by 2029-30. In 2023-24, NMDC became the first mining company in the country to cross the 45 million tonne mark with an iron ore production of 45.1 million tonne and sales of 44.5 million tonne. This growth reflects our robust operational strategies and adaptability to market dynamics. We’ve successfully enhanced our mining infrastructure with a fleet of advanced equipment and technologies. We are also developing the NCL mines (NMDC and CMDC JV) for enhanced production capacity. NMDC’s financial performance has shown resilience, with a 21 per cent gain in turnover and a 30 per cent rise in PBT in 2023-24 over the previous year. On this foundation, our steadfast commitment to responsible mining and sustainability has been a cornerstone of our continued growth. The journey in the last decade has been marked by our proactive approach to meet the strong iron ore appetite in the domestic market while addressing the thriving sentiment for sustainability. Moving forward, we remain focussed on leveraging our strengths, embracing innovation, and maintaining our industry leadership position. Do you believe the current environment is more conducive to growth for PSUs? The current environment presents both opportunities and challenges for PSUs. On the one hand, the Indian government’s focus on infrastructure development and increasing production capacities has laid a solid foundation for growth, supported by favourable policies and rising domestic demand. On the other, regulatory changes and competition from private players require PSUs to be agile and strategic. While the changing landscape of rules and regulations, coupled with the burgeoning cost of operations, pose hurdles, they also encourage innovation and operational efficiency, offering a strong growth potential for PSUs that can adapt and evolve effectively, leveraging their strengths to navigate challenges and seize new opportunities. In terms of governance and results orientation, how has NMDC evolved where it was 10-15 years ago? Do you feel you have more freedom in decision-making and execution now? Over the past decade-and-a-half, NMDC has seen a notable transformation in its governance practices and results orientation. Today, we are proud to be India’s largest iron ore producer, commanding one-sixth share of the domestic market. This evolution has been driven by our commitment to innovation and growth, positioning us as a trusted partner in the Indian iron and steel industry’s expansion. One of the key changes is the autonomy we have in decision-making and execution. This has enabled us to implement strategic initiatives more swiftly and effectively, fostering a culture of agility and responsiveness to the cyclical volatilities of the market. Our vision for the future includes the development of ‘intelligent mines’, where we’ve already integrated digital technologies across our operations. By establishing an ‘Integrated Command and Control Centre’, we aim to enhance efficiency and productivity, transforming our mines towards smart operations.
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NMDC: India’s largest iron ore producer
