Strategic Disinvestment of Neelachal Ispat Nigam Limited Completed: Tata Steel Long Products Limited Takes Over NINL
Bhubaneswar: The strategic disinvestment transaction of Neelachal Ispat Nigal Limited (NINL) has been completed today with the transfer of 93.71% shares of the Joint Venture Partners (4 CPSEs and 2 Odisha Govt. PSUs) to the Strategic Buyer, M/s Tata Steel Long products Limited. The Enterprise Value paid by the Strategic Buyer is Rs. 12,100 Crore. [...]
Bhubaneswar: The strategic disinvestment transaction of Neelachal Ispat Nigal Limited (NINL) has been completed today with the transfer of 93.71% shares of the Joint Venture Partners (4 CPSEs and 2 Odisha Govt. PSUs) to the Strategic Buyer, M/s Tata Steel Long products Limited. The Enterprise Value paid by the Strategic Buyer is Rs. 12,100 Crore. This payment has been utilized as per the SPA 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 SPA.
Following approval of the highest price bid of M/s Tata Steel Long Products Limited on 31st January, 2022, the Letter of Award (LOA) was issued to the winning bidder on 2nd February, 2022.The Share Purchase Agreement (SPA) was signed on 10th March, 2022. Thereafter, the Strategic Partner, NINL and the six Selling Shareholders worked towards satisfying a set of conditions defined in the SPA including certification of operational creditor’s dues, employees’ dues, Sellers’ operational dues and Sellers’ financial dues. These conditions have since been met to mutual satisfaction.
NINL is a joint venture of 4 CPSEs – MMTC (49.78%), NMDC (10.10%), BHEL, MECON, and 2 Odisha Government PSUs – OMC & IPICOL (12%)
Odisha Recognized as Top Performer in Developing Strong Startup Ecosystem by DPIIT
Next ArticleOdisha Receives 29 Percent Less Monsoon Rainfall Till Today
Related Articles
Odisha Govt Transfers 4 IPS Officers
Bhubaneswar: The Odisha government on Tuesday transferred four IPS officers across the state. According to an official notification issued by the Home Department, Dr. Saravana Vivek M., currently SP of Brahmapur, has been posted as Deputy Commissioner of Police (DCP), Bhubaneswar. He will take charge against Jagmohan Meena, who is to be relieved. Abhinav Sonkar, [...]
Odisha Final Electoral Roll Published With 3.16 Crore Electors
Bhubaneswar: Odisha’s electoral roll revision process has concluded with the publication of the Final Electoral Roll 2026 on Monday, recording 3,16,32,754 electors across the state, the Chief Electoral Officer’s (CEO) office said. The revision was carried out with July 1, 2026, as the qualifying date. The draft electoral roll, published on July 5, had listed [...]
Ganjam Steps Up Preparedness as Deep Depression Threatens Heavy Rainfall; Red Warning for Sept 23-24
Ganjam Steps Up Preparedness as Deep Depression Threatens Heavy Rainfall; Red Warning for Sept 23-24
Chatrapur: The Ganjam district administration has intensified its preparedness measures as a deep depression over the Bay of Bengal is likely to move close to the district, bringing the possibility of heavy rainfall and strong winds. An Orange Warning is currently in force, while a Red Warning has been issued for September 23 and 24. [...]