India’s JSW submits expression of interest for acquisition of NINL

Monday, 29 March 2021 12:00:27 (GMT+3)   |   Kolkata

Close on the heels of completing the acquisition of Bhushan Power and Steel Limited (BPSL) and emerging as India’s largest steelmaker, JSW Limited has submitted an expression of interest (EoI) for the acquisition of 1.1 million mt capacity steel producer Neelachal Ispat Nigam Limited (NINL) through a government disinvestment process, industry sources said on Monday, March 29.

Though no official comment was available from JSW, the sources said that it had submitted its EoI ahead of the deadline of March 29 for submission.

NINL is a joint venture of government companies like trading firm MMTC Limited, iron ore miner NMDC Limited and Odisha government agencies like IPICOL and OMC. The government has sought expressions of interest for the disinvestment of 93.71 percent of total equity holdings of NINL Limited.

If successfully acquired, NINL would be JSW’s second footprint in the eastern state of Odisha, with the NINL plant located in the state at Duburi, following its acquisition of BPSL’s steelmaking assets located at Jharsuguda in Odisha.

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