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Government hands over Nilachal Ispat Nigam Limited to Tata Steel Long Products Limited
Nilachal Ispat Nigam Limited
In Odisha, the Department of Investment and Public Asset Management, DIPAM, today completed the strategic disinvestment process of the Nilachal Ispat Nigam Limited (NINL).
In Odisha, the Department of Investment and Public Asset Management, DIPAM, today completed the strategic disinvestment process of the Nilachal Ispat Nigam Limited (NINL).
The disinvestment transaction was completed today with the transfer of 93.7 per cent shares of the Joint Venture partners namely, MMTC, NMDC, BHEL, MECON- all four Central Public Sector Enterprises and two PSUs of Government of Odisha namely, OMC and IPICOL to the strategic buyer Tata Steel Long Products Limited at an enterprise value of Rs 12,100 crore.
NINL is the second successful privatisation by the current government. Incidentally, Air India -- the first company on the privatisation list -- too was bought by Tata Group.
DIPAM Secretary in a tweet said, "The strategic disinvestment transaction of NINL completed today with transfer of 93.71% shares of the company by 6 JV partners and shareholders to TSLP, a subsidiary of Tata Steel."
Briefing media in capital Bhubaneswar soon after a meeting with the stakeholders, Tuhin Pandey, Secretary, DIPAM said that with the completion of the disinvestment process, the ownership of the loss making Nilachal Ispat Nigam Limited has been transferred to the Tata Steel Long Products Limited. He said, the NINL, whose net worth was in the negative to the tune of more than Rs 3,500 crore and which was non-functional for over two years, will now be owned by the Tata Steel, thereby adding to the steel production in the country. He said, the company, which was producing less than one million tonne of steel before it was defunct is expected to ramp up its production capacity to five million tonnes in the next 3 to 4 years and further upto ten million tonnes by 2030.
Mr. Pandey said that the deal over the disinvestment of the NINL will open up a big investment window in Odisha, thereby contributing tremendously to the economic development not only of the state but also of the entire country.
