The Indian government has received financial bids for privatization of steel producer, Neelachal Ispat Nigam Limited (NINL), a government official said on Friday, December 24.
“Financial bids have been received for strategic disinvestment of NINL and the process now enters the concluding stage,” Tuhin Kanta Pandey, secretary, Department of Public Investments and Public Asset Management (DIPAM), overseeing the privatization said.
Steel majors, Tata Steel, JSW Steel Limited, Jindal Steel and Power Limited (JSPL) and infrastructure company MEIL Limited, have submitted financial bids, sources said.
The last date for submission of financial bids was December 24 and sources said that privatization process was expected to be completed by end-January.
NINL operated a 3 million mt per year steel mill in eastern state of Odisha.
The equity capital of NINL is held by government trading firm MMTC Limited (49.78 percent), government iron ore miner NMDC Limited (10.10 percent), steel consultancy firm MECON (0.68 percent), government engineering company BHEL (0.68 percent), Odisha governments IPICOL (12 percent), Odisha government mining company OMC Limited (20.47 percent).