Govt. approves Neelanchal Ispat sale to Tata subsidiary
The Hindu
The government has approved the sale of Neelachal Ispat Nigam Ltd. (NINL) to Tata Steel Long Products Limited at an enterprise value of ₹12,100 crore, the Finance Ministry said on Monday.The Governmen
The government has approved the sale of Neelachal Ispat Nigam Ltd. (NINL) to Tata Steel Long Products Limited at an enterprise value of ₹12,100 crore, the Finance Ministry said on Monday.
The Government of India has no equity in NINL, a loss-making joint venture of four central public sector firms — MMTC, NMDC, BHEL, MECON —and two Odisha PSUs. NINL has an integrated steel plant with a capacity of 1.1 million tonnes (MT) at Kalinganagar, Odisha, which has been shut since March 30, 2020, and the firm has accumulated debt and liabilities exceeding ₹6,600 crore as on March 31, 2021.
Tata Steel said in a statement that the NINL acquisition was strategic and provided ‘a significant opportunity to not only restart the one-million-tonne-per-annum (MTPA) steel plant expeditiously’ but also begin work immediately to build a 4.5 MTPA state-of-the-art long products complex in the next few years, and further expand it to 10 MTPA by about 2030.
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