India’s Jindal Steel and Power Limited (JSPL) will bid ‘aggressively’ for government-run steel producer Neelachal Ispat Nigam Limited (NINL), which has been put up for disinvestment, a JSPL official said on Thursday, December 16.
“We are extremely serious about NINL and will bid aggressively for the asset. This asset is more valuable for us in terms of our existing operations in Odisha, where the NINL plant is also located,” V R Sharma, managing director of JSPL said.
He said that bidding for NINL will start on December 23, 2021.
There are plans to set up a wire rod mill, a rebar mill, a coke oven plant and a shipping container manufacturing unit at NINL, Sharma said.
The NINL plant at Jajpur, Odisha, is just 150 km away from JSPL’s integrated steel mill at Angul.
NINL operates a 3 million mt per year steel mill and equity capital 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), the Odisha government IPICOL (12 percent), and Odisha government mining company OMC Limited (20.47 percent).