Executives Urge to Merge NINL with PSU
The Pioneer reported that the Neelachal Executive Association has urged for merger of the Neelachal Ispat Nigam Limited under a Central PSU. Reiterating its demand for merger of all assets of Neelachal Ispat Nigam Limited rather than divestment of the plant, Neelachal Executive Association General Secretary Mr Ajit Pradhan said “Since all the present shareholders of Neelachal Ispat Nigam Limited are from State and Cental PSUs, the Government should find out a mechanism to merge the unit with a steel PSU like SAIL, RINL or NMDC who are in the business of mines and steel making. In such an event MMTC shares can be taken over by a steel PSU.”
After the decision of strategic disinvestment of 100% shares in Neelachal Ispat Nigam Limited, major promoter MMTC as well as other promoters have stopped funding for running of the plant leading to suspension of production of all units since March 2020 and the employees have not been their salary for past ten months.
Neelachal Ispat Nigam Limited is in the process of disinvestment being carried out by DIPAM under Ministry of Finance. Expression of Interest was floated on January 25.https://ninl.in/web/portals/0/banner33.jpg