Tata Steel to buy Neelachal Ispat Nigam Ltd. for Rs 12,100 Crore
The Central Government on Monday approved the sale of Neelachal Ispat Nigam Limited to Tata Steel Long Products.
Insight Bureau: After Air India, another PSU Neelachal Ispat Nigam (NINL) has been bagged by the Tata Group at a value of Rs 12,100 crore.
The Central Government on Monday approved the sale of Neelachal Ispat Nigam Limited to Tata Steel Long Products.
The Cabinet Committee on Economic Affairs have approved the highest bid of Tata Steel Long Products for 93.71% of shares of Joint Venture partners of four CPSEs and two Odisha government state PSEs.
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NINL is a joint venture of four Central Public Sector Enterprises (CPSE), – MMTC, NMDC, BHEL, MECON, and two Odisha Government PSUs, namely OMC and IPICOL. It has an integrated steel plant with a capacity of 1.1 MT, at Kalinganagar in Jajpur district.
The plant has been closed since March 2020 with debt exceeding Rs 6,600 crores by the last fiscal year.
It is pertinent to mention here that the Tata Group had bid Rs 18,000 crore for Air India, higher than the reserve price of Rs 12,906 crore.
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