Tata Steel through its step down subsidiary -- Tata Steel Long Products (TSLP) has completed the acquisition of 93.71% stake in 1 million tons per annum Neelachal Ispat Nigam (NINL) from MMTC, NMDC, MECON, Bharat Heavy Electricals, Industrial Promotion and Investment Corporation of Odisha, Odisha Mining Corporation, President of India, Government of Odisha.
The acquisition has been completed as per the terms and conditions of the Share Sale and Purchase Agreement entered on March 10, 2022 and in accordance with the process being run by Department of Disinvestment & Public Asset Management (DIPAM). The aggregate consideration which has been paid out by TSLP is Rs 12,100 crore.
Located in the close proximity to Tata Steel’s state-of-the-art facility at Kalinganagar, NINL is a strategic acquisition for Tata Steel as it provides synergies of shared infrastructure, resources, management etc. and an opportunity to build a dedicated and sustainable long products complex.
The plan is to not only restart the one million tons per annum steel plant expeditiously but to also work simultaneously to expand the capacity by building a 4.5 million tons per annum state-of-the-art long products complex in the next few years, and further expand it to 10 million tons per annum by 2030.
Tata Steel, the flagship company of the Tata group, is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.
| Company Name | CMP |
|---|---|
| Tata Steel | 127.40 |
| JSW Steel | 901.15 |
| SAIL | 106.00 |
| Jindal Stainless | 625.05 |
| Jindal Saw | 256.25 |
| View more.. | |
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