Tata Steel Shows Interest in Assets of NINL

PTI reported that Tata Steel has evinced its interest for acquiring stake in Odisha based steel maker Neelachal Ispat Nigam Ltd. Tata Steel Managing
Tata Steel
Tata Steel

Director & Chief Executive Officer Mr TV Narendran in a conference call said “NINL plant is something we will look at whenever it is available depending on our discussions on the board level. It is a long product producer and it is something we may see.”

Neelachal Ispat Nigam Ltd is a joint venture company, in which MMTC Ltd, National Mineral Development Corporation, Bharat Heavy Electricals Ltd, MECON Ltd, Industrial Promotion & Investment Corporation of Odisha Limited and Odisha Mining Corporation are shareholders. In January 2020, the Centre gave an in-principle approval for strategic sale of Neelachal Ispat Nigam Ltd by allowing the six PSU shareholders to sell their stake in the steel company. The strategic buyer for NINL will be identified through a two-stage auction procedure. The government expects that the successful strategic buyer may bring in new management, technology & investment for the growth of the company and may use innovative methods for the development of the business operations of the company, which may generate more employment opportunities.

NINL has a 1.1 million tonne integrated steel plant at Kalinganagar in Duburi in Jajpur district of Odisha but operations are reported to be suspended. Its main products are pig iron, coke & billets. NINL has its own captive power plant to meet the internal power requirement and air separation unit for producing oxygen, nitrogen and argon. Besides, the company also has its own captive iron ore mines which are under development.

Related Stories

No stories found.
SteelGuru Business News