Tata Steel gets Letter of Award for acquiring state-run steelmaker NINL

Friday, 11 February 2022 11:58:15 (GMT+3)   |   Kolkata

Indian steel producer Tata Steel Limited (TSL) has received a Letter of Award (LoA) for acquiring state-run steel producer Neelachal Ispat Nigam Limited (NINL) through its subsidiary Tata Steel Long Products Limited (TSLPL) and the formalities of acquisition will be completed within the next two months, TSL said in a regulatory filing on Friday, February 11.

On February 2, the government announced TSL as the winning bidder to acquire NINL for $1.61 billion.

Meanwhile, the board of directors of TSLPL has approved raising an estimated $1.73 billion through issuing convertible redeemable preference shares on preferential basis to parent company TSL to fund the acquisition of a 93.71 percent equity stake in NINL from the government.

The company has already announced that NINL’s 1.1 million mt steel mill in the eastern state of Odisha will be ramped up to 5 million mt per year in the first phase and 10 million mt per year subsequently.

Similar articles

India government receives multiple bids for privatization of NMDC Limited’s steel mill project

30 Jan | Steel News

Tata Steel completes acquisition of NINL, prioritizes restart of operations

05 Jul | Steel News

Indian state-run NINL to be handed over to Tata Steel company by mid-July

27 Jun | Steel News

India’s Tata Steel Mining buys remaining stake in Rohit Ferro Tech to make it wholly owned subsidiary

24 Jun | Steel News

Tata Steel Mining acquires Rohit Ferro via bankruptcy resolution process

11 Apr | Steel News

Tata Steel to acquire ferroalloy production assets in Odisha

31 Mar | Steel News

Tata Steel acquires steelmaker NINL via Indian government privatization

31 Jan | Steel News

Tata Steel expects due diligence on sale of Dutch assets to be completed by Dec

18 Nov | Steel News

Indian steelmaker Bhushan Steel renamed as Tata Steel BSL Ltd

28 Nov | Steel News

Tata Steel mulls acquisition of Stemcor’s Indian iron ore mines

29 Jul | Steel News