NMDC is reportedly planning to divest at least 49 percent of its stake in the 3-million-ton Chhattisgarh steel plant which may begin production in three to six months. The total investment cost of NMDC's steel plant is estimated at Rs 180 billion rupees ($2.8 billion). NMDC has already spent about Rs 100 billion rupees. Being short on funds, the company is looking to borrow from domestic debt markets for the remaining cash. Therefore, the public sector miner is seeking a partner/s for its first steel venture, which has been eight years in development, to infuse working capital and provide steel-making expertise. It is said to have already appointed an adviser to help find investor/s. NMDC is also trying to secure mining leases from the state governments in Chhattisgarh and neighboring Jharkhand for coking coal and iron ore for the plant, the official said. The miner plans to produce 35 million metric tons of iron ore in the current year through March, compared to 34 million tons last year.