Tata Group firm TSLP completes purchase of Neelachal Ispat
ECONOMY & POLICY

Tata Group firm TSLP completes purchase of Neelachal Ispat

The privatisation of Neelachal Ispat Nigam Ltd (NINL) has been completed, with its handover to Tata group firm Tata Steel Long Products (TSLP), the Union Finance Ministry said. NINL is the second successful privatisation by the current government. The first, Air India, was also bought by Tata Group.

TSLP had in January emerged as the winning bidder, putting in bids worth Rs 121 billion crore for loss-making NINL, which is a joint venture of four Central Public Sector Enterprises - MMTC, NMDC, BHEL, and MECON - and two 2 Odisha government Public Sector Undertakings, OMC and IPICOL.

"NINL strategic disinvestment transaction has been completed today with the transfer of 93.71 per cent shares of the joint venture partners to the Strategic Buyer, M/s Tata Steel Long products Ltd,” the ministry said on Monday.

The Rs 121 billion crore has been utilised for settlement of dues of employees, operational creditors, secured financial creditors and sellers (operational and financial dues) and for equity of selling shareholders, as per the share purchase agreement.

The agreement was signed on March 10, following which the buyer, NINL and the six selling shareholders worked towards satisfying the required conditions. TSLP's bid was more than double the reserve or base price of Rs 56.17 billion for NINL.

Also Read:
Tata Steel to increase NINL operation to 1.1 million tonne in a year
JSW Steel’s crude steel output increases by 31% in May 2022

The privatisation of Neelachal Ispat Nigam Ltd (NINL) has been completed, with its handover to Tata group firm Tata Steel Long Products (TSLP), the Union Finance Ministry said. NINL is the second successful privatisation by the current government. The first, Air India, was also bought by Tata Group. TSLP had in January emerged as the winning bidder, putting in bids worth Rs 121 billion crore for loss-making NINL, which is a joint venture of four Central Public Sector Enterprises - MMTC, NMDC, BHEL, and MECON - and two 2 Odisha government Public Sector Undertakings, OMC and IPICOL. NINL strategic disinvestment transaction has been completed today with the transfer of 93.71 per cent shares of the joint venture partners to the Strategic Buyer, M/s Tata Steel Long products Ltd,” the ministry said on Monday. The Rs 121 billion crore has been utilised for settlement of dues of employees, operational creditors, secured financial creditors and sellers (operational and financial dues) and for equity of selling shareholders, as per the share purchase agreement. The agreement was signed on March 10, following which the buyer, NINL and the six selling shareholders worked towards satisfying the required conditions. TSLP's bid was more than double the reserve or base price of Rs 56.17 billion for NINL.Also Read: Tata Steel to increase NINL operation to 1.1 million tonne in a year JSW Steel’s crude steel output increases by 31% in May 2022

Next Story
Real Estate

Sources Unlimited Launches Aurora Collection Inspired by Twilight

Sources Unlimited unveils the Aurora Collection, a luxury lighting series inspired by the soft glow before dawn. Featuring spherical forms and metallic accents, the collection plays with reflections and shadows, enhancing interiors with layered illumination. Designed for floors, tables, ceilings, and walls, Aurora seamlessly integrates into diverse spaces, from homes to hospitality settings. Now available at Sources Unlimited, the collection redefines lighting as an artistic medium, transforming spaces with warmth, nostalgia, and timeless beauty...

Next Story
Real Estate

Build Capital Exits Second SRA Project Investment Near BKC

Build Capital has successfully exited its investment in an SRA project near Bandra-Kurla Complex, marking another milestone in its structured real estate financing strategy. The early-stage investment helped the developer complete rehab work and align the project with DCPR 2034, enhancing total economics. With a 2.25 lakh sq. ft. development potential and projected revenue of over Rs 7.25 billion, the project generated a 19.76 per cent IRR with 100 per cent on-time interest payments. Commenting on the milestone, Kuldeep Jain, CEO of Build Capital, stated: “Our strategic funding and acti..

Next Story
Real Estate

Küche7 Unveils Affogato: A Fusion of Luxury and Function

Küche7, India’s luxury stainless steel kitchen specialist, has launched Affogato, a sculptural kitchen design that merges aesthetics with functionality. Featuring deep brown panels with a brownstone texture, a curved marble-topped island, and a seamlessly integrated gas cooktop, Affogato redefines culinary spaces. Thoughtfully designed storage ensures a clutter-free experience, while soft grey flooring and an inlaid ceiling complete its refined appeal. More than a kitchen, Affogato embodies slow li..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?