NINL handed over to Tata Metal arm

The Centre on Monday accomplished the privatisation of Neelachal Ispat Nigam (NINL) by transferring it to Tata group firm Tata Metal Lengthy Merchandise (TSLP).

“The strategic disinvestment transaction of NINL accomplished right now with switch of 93.71% shares of the corporate by 6 JV companions and shareholders to TSLP, a subsidiary of Tata Metal,” division of funding and public asset administration secretary Tuhin Kanta Pandey tweeted.

NINL is the second profitable privatisation in 2022 after Air India. Air India was additionally acquired by the Tata group.

NINL is a three way partnership of 4 CPSEs, particularly MMTC (49.78%), NMDC (10.10%), BHEL (0.68%), MECON (0.68%), and two Odisha authorities PSUs, particularly OMC (20.47%) and IPICOL (12%). It has an built-in metal plant with a capability of 1.1 MT at Kalinganagar (Jajpur), Odisha.

By providing Rs 12,100 crore, the Tatas bested the bids by a consortium of Jindal Metal & Energy in addition to Nalwa Metal and Energy. The reserve value for the ailing NINL had been set at Rs 5,617 crore.

Tata Metal Lengthy Merchandise’ share value closed at Rs 572.5 on Monday, up 0.35% from the earlier closing value.

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