Tata Steel Long Products has further acquired 46.875 million equity shares of INR 10 each at a premium of INR 54 per share of recently acquired Neelachal Ispat Nigam Limited for an amount aggregating to INR300 crore, being Tranche 2 of the investment in the equity shares of NINL. The proposed funding will be utilized towards the initial working capital and CAPEX requirement of the NINL including start-up of iron and steel plant at Kalinganagar, repayment or prepayment of liabilities and for other general corporate purposes.Neelachal Ispat Nigam Limited was incorporated in 1982 to set-up an integrated steel plant to undertake manufacturing and sale of steel products. Neelachal Ispat Nigam Limited initially set up a 1.1 million tonne per annum blast furnace in 2002 to produce pig iron. Subsequently, other supporting facilities like sinter plant, coke oven plant, power plant, etc were commissioned. Neelachal Ispat Nigam Limited also has iron ore mines with a reserve of approximately 90 million tonnes. Tata Steel Long Products Limited & Tata Steel Limited have executed a Share Sale and Purchase Agreement with MMTC Ltd, NMDC Ltd, MECON Ltd, Bharat Heavy Electricals Ltd, Industrial Promotion and Investment Corporation of Odisha Ltd, Odisha Mining Corporation Ltd, President of India, Government of Odisha, Neelachal Ispat Nigam Limited for acquisition of 93.71% equity shares in Neelachal Ispat Nigam Limited in March 2022 for total consideration of INR 12,100 crore
Tata Steel Long Products has further acquired 46.875 million equity shares of INR 10 each at a premium of INR 54 per share of recently acquired Neelachal Ispat Nigam Limited for an amount aggregating to INR300 crore, being Tranche 2 of the investment in the equity shares of NINL. The proposed funding will be utilized towards the initial working capital and CAPEX requirement of the NINL including start-up of iron and steel plant at Kalinganagar, repayment or prepayment of liabilities and for other general corporate purposes.Neelachal Ispat Nigam Limited was incorporated in 1982 to set-up an integrated steel plant to undertake manufacturing and sale of steel products. Neelachal Ispat Nigam Limited initially set up a 1.1 million tonne per annum blast furnace in 2002 to produce pig iron. Subsequently, other supporting facilities like sinter plant, coke oven plant, power plant, etc were commissioned. Neelachal Ispat Nigam Limited also has iron ore mines with a reserve of approximately 90 million tonnes. Tata Steel Long Products Limited & Tata Steel Limited have executed a Share Sale and Purchase Agreement with MMTC Ltd, NMDC Ltd, MECON Ltd, Bharat Heavy Electricals Ltd, Industrial Promotion and Investment Corporation of Odisha Ltd, Odisha Mining Corporation Ltd, President of India, Government of Odisha, Neelachal Ispat Nigam Limited for acquisition of 93.71% equity shares in Neelachal Ispat Nigam Limited in March 2022 for total consideration of INR 12,100 crore
