By Our Correspondent
BHUBANESWAR: Tuhin Kanta Pandey , Secretary, Department of Investment and Public Asset Management under the Ministry of Finance and Corporate Affairs , along with MD Odisha Mining Corporation(OMC), Balwant Singh have paid a surprise and secrete visit to State’s Kalinga Nagar based Neelachal Ispat Nigam Limited, financial bids for which submitted by 4 interested bidders for its disinvestment.
“Financial bids received for strategic disinvestment of Neelachal Ispat Nigam Limited. Process now moves to concluding stage,” Secretary, DIPAM had tweeted @SecyDIPAM on December 23. Sources said , DIPAM Secretary, Pandey, a State cadre IAS Officer, along with OMC, MD Singh, OMC Director, Finance , Satyajit Mohanty and Kalinga Nagar ADM, S Mishra visited the defiant Steel plant with its disinvestment process is at final stage.
Meanwhile, NINL Executive Association questioned the motive of the visit and argued that disinvestment would only result industrial unrest if employees and staffs suffered due to such fault policy. “VDR is already closed; Qualified bidders have already submitted their best price. By 10.01/15.01.2022 TA SBI Capital will place the bids before DIPAM for final discussion. Every body is waiting for result so what is the purpose of visit still not clear? Why did MD OMC go to BF top & other areas with DF OMC where as DF OMC is well acquainted and fully aware of the plant situation,” NINL Executive Association General Secretary Ajit Pradhan and Vice-President Swaroop Mohapatra said in a statement on Tuesday.
The Association apprised all matters to Secretary DIPAM and ADM Kalinga Nagar.The Association said, as discussed with other members of NEA, DPC and pay scale revision should be given top most priority compared to running of plant, but memorandums were submitted for all the grievances including VRS, pension etc.
“During discussing Pending DPC matter it was appraised in details to DIPAM Secretary and others that employees in Junior level are the financial loosers and are the worst victims of disinvestment and operational shutdown of plant. As DIPAM is objected the DPC, only they should give go ahead clearance, even if he replied through Parliament questions that DIPAM has no role in NINL matters he only insisted of completion of disinvestment within minimum possible time. Employees’ job security and liabilities (Ist priority as per waterfall mechanism) are the matters of concern for him only,” Association General Secretary Pradhan said.
“DIPAM Secretary told that Promoters are escaping from taking responsibility as NINL is under loss from 2012 onwards. But we have requested starting of the plant with the support of NMDC like mines operation was supported financially.Regarding pay scale revision: It is requested to consider but his reply is, have faith in Lord Jagannath & have patience and pray for speedy completion of disinvestment. One thing DIPAM Secy confirmed receipt of memorandums from NINL employees and from to concern authorities also,” Pradhan said.
Not only that DIPAM Secretary was also appraised that employees salary is due since March’2020. His views are employees were not cooperating disinvestment process. In reply we told without any fault of the employees , are still suffering.The Association also requested MD OMC for meeting in Bhubaneswar.
Earlier, as many as 4 leading companies have submitted their financial bids for the disinvestment of Odisha based Neelachal Ispat Nigam Limited (NINL). December 23 was last date for submission of financial bids while Naveen Jindal led Jindal Steel and Power Limited (JSPL), Sajjan Jindal’s JSW Steel, Laxmi Mittal run Arcellor –Mittal and Hyderabad based MEIL have emerged as top 4 financial bidders for NINL while Arcellor –Mittal has submitted the highest financial bid. The valuation of the NINL would be around Rs 6000 Crore to Rs 7000 Crore.
Sources said, Naveen Jindal led JSPL has been trying desperately to acquire NINL located at Kalinga Nagar industrial belt of Jajpur and having running captive iron ore mines under Koira circle in Sundargarh-Keonjhar mining belt, as JSPL’s Integrated steel facility at Angul, gives an advantage while JSPL’s mining operations also continuing under Koira-Joda circels of the State. “JSPL has strategic advantage for NINL considering its operations in Odisha,” sources said.
Since Sajjan Jindal led JSW Steel, which had successfully acquired Bhushan Power and Steel Limited in Odisha’s Jharsuguda-Sambalpur coal belt, the India’s leading steel maker is also making all out efforts for NINL to boost its Look East Steel Mission.
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%).
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 invited on 25.01.2021. After shortlisting of bidders and an elaborate process of due diligence. Request for Proposal (RFP) document inviting financial bids had been issued to the Qualified Interested Bidders (QIBs).
