M&A

M&A

Tata Steel Long Products to acquire Neelachal Ispat for Rs.12,100-Cr under disinvestment plan

BSE Release   Economic Times  

Mumbai-based, publicly listed Tata Steel Long Products Ltd (TSLPL, formerly Tata Sponge Iron Ltd) has been selected by the government's Department of Disinvestment & Public Asset Management (DIPAM) as the winner of the bidding process to acquire a 93.71% equity stake for INR 12,100 crore in Bhubaneswar-based Neelachal Ispat Nigam Ltd (NINL). NINL is a joint venture of 4 Central Public Sector Enterprises (MMTC, NMDC, BHEL, MECON), and two Odisha government PSUs (OMC and IPICOL). It has 1 million tonnes per annum of steelmaking capacity, 2,500 acres of land for growth and iron ore reserves of around 100 million tonnes. The PSU has debt and liabilities exceeding INR 6,600 crore as on March 31, 2021.