NMDC Incorporates GIFT City Subsidiary; Shares Rise 0.78%

Mumbai September, 03: NMDC Limited has incorporated a wholly owned subsidiary, NMDC Global IFSC Limited, at Gujarat International Finance Tec-City (GIFT City), Gandhinagar, marking the state-owned miner’s entry into the International Financial Services Centre framework.

According to an exchange filing dated September 2, 2026, the subsidiary was incorporated on September 2 as a wholly owned company of NMDC Limited. The new entity has been established in the International Financial Services Centre (IFSC) at GIFT City, Gujarat.

The incorporation follows an earlier announcement made by NMDC in March 2026. The company had previously disclosed that the Ministry of Steel had conveyed the concurrence of the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, for incorporating a wholly owned subsidiary in GIFT City.

The newly incorporated entity is named NMDC Global IFSC Limited and has been set up to pursue activities within the IFSC ecosystem.

Stock Market Snapshot

The NMDC share price stood at ₹86.42 as of 9:27 AM IST on September 3, 2026, up ₹0.67, or 0.78%, from the previous close of ₹85.75.

The stock opened at ₹85.76 and moved up to a high of ₹86.38, while the session low stood at ₹85.58. The shares were trading above the previous close during the early market session.

The market movement came as investors tracked the company’s latest corporate development involving the new GIFT City subsidiary.

NMDC Global IFSC To Operate From Gujarat’s Financial Hub

The newly incorporated subsidiary will be based within GIFT City, India’s dedicated international financial services hub in Gandhinagar.

Setting up an entity in the IFSC structure provides NMDC with a corporate platform through which it can undertake eligible international financial services activities, subject to the applicable regulatory framework and approvals.

The exchange filing primarily confirms the incorporation of the subsidiary. It does not disclose specific transactions or investments undertaken by NMDC Global IFSC Limited at this stage.

NMDC Expands Corporate Structure Beyond Core Mining Operations

NMDC is India’s largest iron ore producer and a public sector enterprise under the Ministry of Steel. Its core operations remain centred on exploration and production of iron ore, along with related mining activities.

The GIFT City subsidiary represents a new corporate vehicle within the NMDC group rather than a change to its core mining business. The move follows the company’s earlier decision to establish a presence within the IFSC ecosystem.

The incorporation also gives NMDC a dedicated subsidiary through which potential international financial services activities can be evaluated and undertaken in accordance with applicable regulations.

GIFT City Subsidiary Follows Earlier Government Concurrence

NMDC’s latest filing links the incorporation directly to the government concurrence communicated earlier this year.

The company had announced on March 13, 2026 that the Ministry of Steel had conveyed DIPAM’s concurrence for the proposed wholly owned subsidiary in GIFT City. The incorporation disclosed on September 2 completes that corporate step.

With NMDC Global IFSC Limited now incorporated, the next stage will depend on the activities undertaken by the subsidiary and the relevant regulatory requirements governing IFSC entities.

Conclusion

NMDC has incorporated NMDC Global IFSC Limited as a wholly owned subsidiary at GIFT City, Gandhinagar, following the required government concurrence disclosed earlier in 2026.

The new entity provides NMDC with a dedicated corporate presence within the International Financial Services Centre, while the company’s principal operations continue to remain focused on its mining business.

The NMDC share price was at ₹86.42, up 0.78%, as of 9:27 AM IST on September 3, 2026.

Source:

• https://www.nseindia.com/get-quote/equity/NMDC/NMDC-Limited
• https://nsearchives.nseindia.com/corporate/NMDC_02092026234012_NMDCGiftsubsidiary02092026.pdf