NEW DELHI :
The strategic divestment of Neelachal Ispat Nigam Limited (NINL) is nearing completion, the government announced on Thursday.
Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management (DIPAM), said in a Twitter post that potential bidders had received financial offers for the sale process.
« Received financial offers for the strategic divestment of Neelachal Ispat Nigam Limited. The process is now entering the closing phase, » he said.
In January of this year, the government announced preliminary offers for the strategic sale of NINL. Company officials said the privatization proposal had received multiple expressions of interest.
Mint previously reported that ArcelorMittal, the world’s largest steel company, JSW Steel, led by Sajjan Jindal, Megha Engineering and Infrastructure Ltd (Meil) of Hyderabad and Tata Steel were among the shortlisted companies to buy NINL were.
SBI Capital Markets Ltd is the transaction advisor for the proposed 100% strategic divestment of NINL. The state-owned company was founded in 1982.
NINL’s equity stake consists of Minerals & Metals Trading Corporation (49.78 percent), National Mineral Development Corporation (10.10 percent), MECON (0.68 percent), Bharat Heavy Electricals (0.68 percent), Industrial Promotion and Investment Corporation of Odisha (12 percent) and Odisha Mining Corporation (20.47 percent).
NINL’s integrated steel mill is located in the Kalinganagar Industrial Complex, Duburi, Odisha, with its own iron ore mines in the Sundergarh and Keonjhar counties.
The state-owned company has a pig iron production capacity of 1.1 million tons per year, with its own iron ore mine having recoverable reserves of around 90.91 million tons.
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