Tata Steel to Buy Neelachal Ispat Nigam for Rs 12,100 crore

Tata Steel Long Products on Monday won the bid to acquire Neelachal Ispat Nigam’s (NINL’s) one-million tonne (mt) steel plant in Odisha’s Kalinganagar industrial complex, for Rs 12,100 crore. “…Cabinet Committee on Economic Affairs, have approved the highest bid of M/s Tata Steel Long Products Limited for 93.71 per cent of shares of Joint Venture partners of 4 CPSEs and 2 Odisha Govt State PSEs at the Bid Enterprise Value of Rs 12,100 crore,” ministry of finance said in a statement. Neelachal Ispat Nigam was jointly owned by MMTC, two Odisha government-controlled public sector undertakings (PSUs), and a host of central public sector enterprises — NMDC, Bharat Heavy Electricals, Mecon, among others.

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