By Our Correspondent
NEW DELHI/BHUBANESWAR: The Union Finance Ministry on Monday said, the employee-related issues of the company are within the purview of present Management and Promoters of Neelachal Ispat Nigam Limited (NINL). NINL has informed that outstanding dues of salary of employees upto December, 2020 have been disbursed. Further, the selling Shareholders have signed a Waterfall Agreement amongst themselves for distribution of disinvestment receipts, which ranks priority for payment of various dues and liabilities of NINL, out of which dues of employees get the highest priority from the proceeds of the sale. There are employee protection provisions in the definitive agreement to be entered by selling shareholders and successful bidder.
The Union Minister of State for Finance, Dr Bhagwat Kishanrao Karad while replying to BJD Lok Sabha MP from Odisha’s Puri, Pinaki Mishra, said Neelachal Ispat Nigam Limited (NINL) is a Joint Venture company of 4CPSEs namely MMTC Limited (49.78%), NMDC Limited (10.10%), Bharat HeavyElectrical Limited (BHEL) (0.68%) and MECON Limited(0.68%) and 2 State PSUs ofOdisha Government, namely, Industrial Promotion and Investment Corporation ofOrissa Ltd. (IPICOL) (12%) and Odisha Mining Corporation Limited (OMC) (20.47%).
MMTC Limited is the controlling promoter in the NINL. Government of India does not have any shareholding in NINL.Government on 08.01.2020 has accorded ‘in-principle’ approval for strategicdisinvestment of entire shareholding of all 4 CPSEs & 2 State PSUs shareholding(93.71%) in NINL through a single transaction. Expression of Interest (EoI) was invitedon 25.01.2021. After shortlisting of bidders and an elaborate process of due diligence. Request for Proposal (RFP) document inviting financial bids has been issued to the Qualified Interested Bidders (QIBs).
Earlier, Puri’s BJD MP , Mishra in an un-starred question, had sought to know from the Finance Ministry about the timeline of completion of disinvestment of Neelachal Ispat Nigam Limited (NINL)which is under progress since 2018 by DIPAM as employees of NINL are beingdeprived of salary since March 2020; whether NINL employees would be provided benefits such as pay scale revision, departmental promotion, Voluntary Retirement Scheme and pension, etc. during disinvestment period, if so, details thereof; and if not, the reasons therefor;whether the service terms and conditions of NINL employees would remain unaltered after disinvestment. if not, the reasons therefor;the reasons behind DIPAM not allowing NINL to conduct DPC pending up to June 2021; and the reasons for DIPAM not taking any initiative to start the production of NINL bymerging with SAIL/RINL/ NMDC like its captive mines started with the help of NMDC?
MP Mishra also sought information from Union Steel Ministry whether NINL would be provided financial assistance by NMDC under Ministry of Steel and a promoter of NINL for resuming operation of blast furnace and other units like captive iron ore mines started by NMDC on Dt:27.08.2021 as employees salary and arrears are due since March 2020 including other legitimate dues and 17 no of employees are expired due to stoppage of salary and indoor medical facility after the stoppage of plant production? If so , the details thereof; and If not give reasons; for revival of NINL.
MP Mishra, also sought reply from Union Commerce and Industries Ministry.How much time will take to complete disinvestment of NINL, Odisha as employees of NINL are deprived of salary since March’2020? Why NINL operation couldn’t be started by merging with SAIL/RINL/NMDC like NINL captive mines operation started with the financial assistance of NMDC? If so details thereof; c)If not give reasons for revival of NINL as production stopped since March’2020?d)Whether NINL employee would be provided benefits such as pay scale revision, DPC,VRS and pension etc during disinvestment period If so details thereof; and if not give reasons;e)Whether service terms and conditions of NINL employees would be remain unaltered after disinvestment, if not give reasons.
