Indian government seeks bids for strategic sale of NINL steel mill

Tuesday, 26 January 2021 11:10:47 (GMT+3)   |   Kolkata

Initiating the process for the strategic sale of state-run steel mill Neelchal Ispat Nigam Limited (NINL), the government of India has floated a notice inviting expressions of interest (EoI) from prospective bidders, a government official said on Tuesday, January 26.

The Department of Investment and Public Asset Management (Dipam), the government agency overseeing the privatization of the steel mill, has floated a global EoI notice seeking bids for the sale of 100 percent of government-held equity in NINL.

“The proposed strategic disinvestment of NINL will unlock resources to be used to finance the social and developmental program of the government,” the statement with the notice said.

The existing equity of NINL is held by four central government undertakings - MMTC Limited, NMDC Limited, Bharat Heavy Electricals Limited (BHEL) and MECON - along with two firms of the Odisha government, IPICOL and Odisha Mining Corporation Limited.

MMTC is the principal shareholder in NINL having 49.78 percent of the total equity.

NINL operated a 1.1 million mt integrated steel mill at Jajpur in the eastern state of Odisha.

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