India’s Tata Steel is interested in acquiring government-run steel company Rashtriya Ispat Nigam Limited (RINL), Tata Steel CEO T V Narendran said in a media statement on Wednesday, August 18.
RINL which operates a 7.3 million mt per year long steel producing mill in the southern Indian port town of Vishakhapatnam has been put up for privatization.
Mr. Narendran said that RINL offers inorganic growth opportunities in long steel products, with a coastal location catering to both markets in the east and the south.
Tata Steel has also submitted an expression of interest (EoI) in the privatization process of Neelachal Ispat Nigam Limited (NINL) which operates a 3 million mt per year steel mill in the Indian eastern state of Odisha, which has also been put up for privatization.
NINL is jointly owned by government companies like trading firm MMTC Limited, iron ore miner NMDC Limited, engineering company Bhel Limited, engineering consultants MECON and two Odisha government-owned industrial promotional and investment companies.