Last month the Indian government successfully completed its public offering of National Mineral Development Corporation (NDMC). The government divested approximately 8.38% of its 98.38% equity stake in the company via a traditional bookbuilding process, raising approximately US$2.2 billion.
Gide Loyrette Nouel acted as international legal counsel to the Indian government on the sale.
NMDC was the largest iron ore producer by volume in India during the last three fiscal years and has access to significant reserves of high-grade iron ore. It operates one of the largest diamond mines in Asia and owns a wind farm in the southern state of Karnataka.
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