SAIL expresses interest in NINL shares

SAIL expresses interest in NINL shares

Steel Authority of India Ltd (SAIL) reportedly expressed interest in acquiring a stake in Neelachal Ispat Nigam Ltd (NINL). Indian sources suggest that SAIL will soon submit to the Committee of Secretaries an official proposal about acquiring a stake in NINL. Rashtriya Ispat Nigam Ltd (RINL), in December 2004, submitted a proposal for NINL. RINL expressed interest in investing Rupees 20 billion ($457 million) in NINL. However, Ministry sources have confirmed that RINL's proposal will be re-evaluated in the light of SAIL's interest.