Govt approves NINL sale to Tata Steel Long Products for Rs 12100 cr
New Delhi Jan 31 PTI The government on Monday said it has approved sale of loss-making Neelachal Ispat Nigam Ltd NINL to Tata Steel Long Products Ltd for Rs 12100 crore NINL is a joint venture of four CPSEs namely MMTC NMDC BHEL MECON and two Odisha Government PSUs namely OMC and IPICOL NINL has an integrated steel plant with a capacity of 11 million tonnes MT at Kalinganagar Odisha The company has been running in huge losses and plant is closed since March 30 2020 Three companies — Consortium of Jindal Steel Power Limited and Nalwa Steel and Power Ltd JSW Steel Limited and Tata Steel Long Products Limited TSLP — had put in financial bids for buying NINL TSLP emerged as H-1 bidder whose bid has been accepted Letter of Intent LoI is being issued to TSLP inviting them to sign the share purchase agreement SPA At this stage 10 per cent of the bid amount shall be paid by the successful bidder into the escrow account The government approves strategic buyer for NINL located in Odisha The highest bid of Rs 12100 crore by M s Tata Steel Long Products Ltd is accepted DIPAM Secretary Tuhin Kanta Pandey tweeted NINL has huge debt and liabilities exceeding Rs 6600 crore as on March 31 2021 including huge overdues of promoters Rs 4116 crore banks Rs 1741 crore other creditors and employees The company has negative networth of Rs 3487 crore and accumulated losses of Rs 4228 crore as of March 31 2021 Notably earlier this month the government handed over ownership in loss-making national carrier Air India to Tata Group for Rs 18000 crore PTI JD MKJ
New Delhi Jan 31 PTI The government on Monday said it has approved sale of loss-making Neelachal Ispat Nigam Ltd NINL to Tata Steel Long Products Ltd for Rs 12100 crore NINL is a joint venture of four CPSEs namely MMTC NMDC BHEL MECON and two Odisha Government PSUs namely OMC and IPICOL NINL has an integrated steel plant with a capacity of 11 million tonnes MT at Kalinganagar Odisha The company has been running in huge losses and plant is closed since March 30 2020 Three companies — Consortium of Jindal Steel Power Limited and Nalwa Steel and Power Ltd JSW Steel Limited and Tata Steel Long Products Limited TSLP — had put in financial bids for buying NINL TSLP emerged as H-1 bidder whose bid has been accepted Letter of Intent LoI is being issued to TSLP inviting them to sign the share purchase agreement SPA At this stage 10 per cent of the bid amount shall be paid by the successful bidder into the escrow account The government approves strategic buyer for NINL located in Odisha The highest bid of Rs 12100 crore by M s Tata Steel Long Products Ltd is accepted DIPAM Secretary Tuhin Kanta Pandey tweeted NINL has huge debt and liabilities exceeding Rs 6600 crore as on March 31 2021 including huge overdues of promoters Rs 4116 crore banks Rs 1741 crore other creditors and employees The company has negative networth of Rs 3487 crore and accumulated losses of Rs 4228 crore as of March 31 2021 Notably earlier this month the government handed over ownership in loss-making national carrier Air India to Tata Group for Rs 18000 crore PTI JD MKJ
