By Anurjay Dhal
BHUBANESWAR: As many as 4 leading companies have submitted their financial bids for the disinvestment of Odisha based Neelachal Ispat Nigam Limited (NINL). As December 23 was last date for submission of financial bids, sources closely monitoring the disinvestment, process said, 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 have submitted the highest financial bid. The sources said, valuation of the NINL would be around Rs 6000 Crore to 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, 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.
Meanwhile, former Union Minister Pratap Sarangi has met Union Commerce and Industry Minister Piyush Goyal seeing his intervention into the issue and urged him to save NINL from disinvestment.
Few days back, a delegation of Neelachal Ispat Nigam Limited Executive Association led by president Avijd Koley and General Secretary Ajit Kumar Pradhan has met Union Steel Minister RCP Singh at Udyog Bhawan in New Delhi and apprised him about the plight of the employee and workers of NINL due to closer of plant since past several months. The NINL Executive Association had reiterated its demand of merger of NINL with SAIL/RINL/NMDC instead of disinvestment.
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).
