Tata Steel to increase NINL operation to 1.1 million tonne in a year
Steel

Tata Steel to increase NINL operation to 1.1 million tonne in a year

On Tuesday Tata Steel Chairman N Chandrasekaran said that after completing acquisition the company will boost the operation of Neelachal Ispat Nigam Limited (NINL) to a capacity of 1.1 million tonne per annum in the next year. However, it would be subject to obtaining statutory clearances.

While addressing the shareholders in their 115th Annual General Meeting, N Chandrasekaran said that post-acquisition they will endeavour to increase the operations of NINL to a capacity of 1.1 million tonne per annum in the next one year, which is subject to obtaining statutory clearances.

In January Tata Steel Long Products (TSLP), a subsidiary of Tata Steel won the bid to acquire a 93.71% stake in the NINL for Rs 12,100 crore.

Tata Steel will execute the acquisition of NINL by the end of the first quarter of the financial year 2023.

Chandrasekaran said that the company has made significant acquisitions in the year in sectors of long products, mining, and advanced materials. He added that the most notable is the buyout of Neelachal Ispat Nigam Limited for an aggregate consideration of Rs 12,100 crore.

He said that the acquisition is important in view of the proximity of the NINL plant to the Tata Kalinganagar plant, having the potential to become the hub for long products business in the upcoming future.

Image Source

Also read: TSML gets remaining 10% stake in Rohit Ferro-Tech

On Tuesday Tata Steel Chairman N Chandrasekaran said that after completing acquisition the company will boost the operation of Neelachal Ispat Nigam Limited (NINL) to a capacity of 1.1 million tonne per annum in the next year. However, it would be subject to obtaining statutory clearances. While addressing the shareholders in their 115th Annual General Meeting, N Chandrasekaran said that post-acquisition they will endeavour to increase the operations of NINL to a capacity of 1.1 million tonne per annum in the next one year, which is subject to obtaining statutory clearances. In January Tata Steel Long Products (TSLP), a subsidiary of Tata Steel won the bid to acquire a 93.71% stake in the NINL for Rs 12,100 crore. Tata Steel will execute the acquisition of NINL by the end of the first quarter of the financial year 2023. Chandrasekaran said that the company has made significant acquisitions in the year in sectors of long products, mining, and advanced materials. He added that the most notable is the buyout of Neelachal Ispat Nigam Limited for an aggregate consideration of Rs 12,100 crore. He said that the acquisition is important in view of the proximity of the NINL plant to the Tata Kalinganagar plant, having the potential to become the hub for long products business in the upcoming future. Image Source Also read: TSML gets remaining 10% stake in Rohit Ferro-Tech

Next Story
Infrastructure Transport

Railway stations in Prayagraj undergo major passenger facility expansion

The Railway Board Chairman and CEO, Satish Kumar, conducted an extensive inspection on Saturday alongside the General Manager of Northern Railway and the officiating General Manager of North Central Railway. Their visit focused on various ongoing projects at multiple stations across the Northern and North Central Railway zones, with particular attention to enhancing facilities for the upcoming Maha Kumbh. During the inspection, Chairman Kumar reviewed the construction of a vital bridge over the River Ganga, specifically between Jhunsi and Prayagraj Rambagh. This bridge is expected to significa..

Next Story
Infrastructure Transport

Madurai-Thoothukudi broad gauge line works under review

The construction of the Madurai-Thoothukudi broad gauge line, which includes the crucial Melmarudur-Tiruparankundram project, is currently under careful review. This update comes from Southern Railway's assistant public information officer, J Kumarasubramanian, following an RTI inquiry made by a concerned citizen, Dayanand Krishnan. The new broad gauge line is projected to cover a total length of 143.5 km, with the initial 18 km stretch between Milavittan and Melmarudur completed and sanctioned by the Commission of Railway Safety on March 8, 2022. While substantial progress has been made on t..

Next Story
Real Estate

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Realty giant DLF is projecting impressive revenue of Rs 26,000 crore from its newly unveiled super-luxury project, The Dahlias, situated in the heart of Gurugram. Ashok Tyagi, the Managing Director of DLF, shared these insights during a recent conference call with market analysts, highlighting the project's potential amidst rising demand for high-end residential properties. The Dahlias project spans an expansive 17 acres and is set to feature approximately 420 ultra-luxury apartments, each boasting a minimum size of 10,300 square feet. This ambitious development has already garnered significan..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000