PTI reported that Tata Steel has said that acquisition of Odisha based Neelachal Ispat Nigam Ltd was crucial for the company's growth trajectory as an enablers to go well beyond the 40 million tonne per annum target. Tata Steel official told PTI “We have acquired NINL as part of the government's disinvestment program which is of great strategic and operational value to Tata Steel. The acquisition of NINL provides a significant opportunity for Tata Steel to not only restart the 1 million tonnes per annum steel plant expeditiously but also begin work immediately to build a 4.5 million tonnes per annum state-of-the-art long products complex in the next few years. The company plans to further expand it to 10 million tonnes per annum by around 2030. We had earlier announced our ambition to achieve 40 million tonnes per annum in India, and NINL acquisition strengthens this growth plan over the next decade while providing the enablers to go well beyond the 40 million tonnes per annum target.” Indian Government’s Department of Disinvestment & Public Asset Management had auctioned Neelachal Ispat Nigam Limited through the two stage auction procedure involving a competitive bidding process &Tata Steel Long Products emerged as the highest bidder with INR 12,100 crore for the acquisition of the 93.71% equity stake of Neelachal Ispat Nigam Limited. 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. The major shareholders of Neelachal Ispat Nigam Limited include MMTC, IPICOL, NMDC Ltd, The Orissa Mining Company Ltd etc.
PTI reported that Tata Steel has said that acquisition of Odisha based Neelachal Ispat Nigam Ltd was crucial for the company's growth trajectory as an enablers to go well beyond the 40 million tonne per annum target. Tata Steel official told PTI “We have acquired NINL as part of the government's disinvestment program which is of great strategic and operational value to Tata Steel. The acquisition of NINL provides a significant opportunity for Tata Steel to not only restart the 1 million tonnes per annum steel plant expeditiously but also begin work immediately to build a 4.5 million tonnes per annum state-of-the-art long products complex in the next few years. The company plans to further expand it to 10 million tonnes per annum by around 2030. We had earlier announced our ambition to achieve 40 million tonnes per annum in India, and NINL acquisition strengthens this growth plan over the next decade while providing the enablers to go well beyond the 40 million tonnes per annum target.” Indian Government’s Department of Disinvestment & Public Asset Management had auctioned Neelachal Ispat Nigam Limited through the two stage auction procedure involving a competitive bidding process &Tata Steel Long Products emerged as the highest bidder with INR 12,100 crore for the acquisition of the 93.71% equity stake of Neelachal Ispat Nigam Limited. 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. The major shareholders of Neelachal Ispat Nigam Limited include MMTC, IPICOL, NMDC Ltd, The Orissa Mining Company Ltd etc.
