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
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?