This big government company sold, the responsibility will be handed over to Tata from July!
The handing over of Odisha-based Neelachal Ispat Nigam Limited (NINL) to a Tata Group firm is likely to be completed by mid-July. An official gave this information. Tata Steel Long Products (TSLP), a unit of Tata Steel, had in January this year won a bid to acquire 93.71 per cent stake in NINL at an enterprise value of Rs 12,100 crore. The company had achieved this success leaving behind a consortium of Jindal Steel & Power Limited, Nalwa Steel & Power Limited and JSW Steel Limited.
The process is in the final stage
An official told news agency PTI-Bhasha, “The transaction is in the final stage and the transfer should happen by the middle of next month.” Since the government has no stake in the company, the sale proceeds are not credited to the exchequer Instead it will go to four CPSEs and two PSUs of the Odisha government.
Debt laden company
Let us inform that Neelachal Ispat Nigam Limited has an Integrated Steel Plant at Kalinganagar, Odisha with a capacity of 1.1 MT. This government company is also running in huge losses and this plant is closed since March 30, 2020. The company has debts and liabilities of over Rs 6,600 crore as on March 31, 2021, which includes Rs 4,116 crore to promoters, Rs 1,741 crore to banks, other creditors and huge dues of employees.
