By Our Correspondent
BHUBANESWAR: If media reports are to be believed, Tata Group is all set to purchase the defunct Neelachal Ispat Nigam Limited located at Kalinga Nagar Industrial belt in Odisha’s Jajpur district by paying around Rs 10,000 Crore to Rs 12,000 Crore to Government . A formal announcement in this regard expected within next few days , sources said.
Tata Group, JSW Steel, JSPL, Arcellor Mittal and MEIL were in race while Tata Group reportedly clichéd the deal at around Rs 10,000 Crore to Rs 12,000 Crore.
The Union Government is giving final touches to the sale of NINL. Secretary, Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey on Friday had said that the sale of NINL is going to be closed in a matter of days.
Odisha’s Jajpur based Neelachal Ispat Nigam Ltd. (NINL), a 1.1 MTPA integrated Iron & Steel Plant, set up as a joint sector unit between MMTC of Ministry of Commerce, IPICOL & OMC of Odisha ,NMDC , a PSU under Ministry of steel , BHEL,MECON and banks & financial institutions, remained closed since past several years.
MMTC holds majority stake of 49.78 % in NINL while Odisha Mining Corporation and Industrial Promotion and Investment Corporation of Odisha Ltd have 20.47 % and 12 %stakes respectively. Three other CPSUs NMDC, MECON and BHEL hold minor share in NINL.
Ajit Kumar Pradhan ,General Secretary of Neelachal Executive Association (NEA) of NINL, said that the Government should reconsider the decision of disinvestment of NINL and keep or merge all the assets of NINL under or with any steel sector PSUs other than MMTC.
