Tata Steel Long Products has acquired 46,875,000 equity shares INR 10 each at a premium of INR 54 per share of subsidiary Neelachal Ispat Nigam Limited for an amount aggregating to INR 300 crore. The proposed funding will be utilized towards the initial working capital and capex requirement of the Company including start-up of iron and steel plant at Kalinganagar, repayment/prepayment of liabilities and for other general corporate purposes.NINL was incorporated in 1982 to setup an integrated steel plant to undertake manufacturing and sale of steel products. NINL initially set up a 1.1 MTPA blast furnace in 2002 to produce pig iron. Subsequently, other supporting facilities like sinter plant, coke oven plant, power plant, etc were commissioned.
Tata Steel Long Products has acquired 46,875,000 equity shares INR 10 each at a premium of INR 54 per share of subsidiary Neelachal Ispat Nigam Limited for an amount aggregating to INR 300 crore. The proposed funding will be utilized towards the initial working capital and capex requirement of the Company including start-up of iron and steel plant at Kalinganagar, repayment/prepayment of liabilities and for other general corporate purposes.NINL was incorporated in 1982 to setup an integrated steel plant to undertake manufacturing and sale of steel products. NINL initially set up a 1.1 MTPA blast furnace in 2002 to produce pig iron. Subsequently, other supporting facilities like sinter plant, coke oven plant, power plant, etc were commissioned.
