Indian Government has received multiple expressions of interest for sale its 50.79% stake in the under-construction NMDC Steel at Nagarnar in Chhattisgarh. Department of Investment & Public Asset Management Secretary Mr Tuhin Kanta Pandey tweeted “Multiple expressions of interest received for the Strategic Disinvestment of NMDC Steel Ltd. The transaction will now move to the second stage.”·The last date for submission of EoIs for NSL by interested bidders was 27 January 2023. Only the interested bidders found to be meeting the eligibility criteria would be allowed to participate in the next stage of the transaction, which involves detailed due diligence and submission of financial bids. After shortlisting eligible bidders, financial bids would be called in the second stage. Currently, NISP is in the process of being demerged from NMDC into NSL. After the completion of the demerger process, NSL will have mirror shareholding to NMDC, government’s shareholding of 60.79% and public shareholding of 39.21%. Thereafter, the Centre would divest its 50.79% shareholding in NSL, along with management control, to a strategic buyer through a two-stage, competitive bidding process. Additionally, the Centre would offer a 10% stake in NSL to NMDC after the strategic buyer has been identified through the bidding process, Dipam said.
Indian Government has received multiple expressions of interest for sale its 50.79% stake in the under-construction NMDC Steel at Nagarnar in Chhattisgarh. Department of Investment & Public Asset Management Secretary Mr Tuhin Kanta Pandey tweeted “Multiple expressions of interest received for the Strategic Disinvestment of NMDC Steel Ltd. The transaction will now move to the second stage.”·The last date for submission of EoIs for NSL by interested bidders was 27 January 2023. Only the interested bidders found to be meeting the eligibility criteria would be allowed to participate in the next stage of the transaction, which involves detailed due diligence and submission of financial bids. After shortlisting eligible bidders, financial bids would be called in the second stage. Currently, NISP is in the process of being demerged from NMDC into NSL. After the completion of the demerger process, NSL will have mirror shareholding to NMDC, government’s shareholding of 60.79% and public shareholding of 39.21%. Thereafter, the Centre would divest its 50.79% shareholding in NSL, along with management control, to a strategic buyer through a two-stage, competitive bidding process. Additionally, the Centre would offer a 10% stake in NSL to NMDC after the strategic buyer has been identified through the bidding process, Dipam said.
