Tata Steel Long Products Limited takes over NINL (UPDATED)

NINL Strategic Disinvestment transaction has been completed today with the transfer of 93.71% shares of the Joint Venture Partners to the Strategic Buyer, Tata Steel Long products Limited that bid the highest bid. The Enterprise Value paid by the Strategic Buyer is Rs. 12,100 crores. This payment has been utilized as per the SPA for settlement of dues of employees, operational creditors, secured financial creditors and sellers (operational and financial dues) and for equity of selling shareholders as per SPA.  Neelachal Ispat Nigam Limited is a Joint Venture of 4 CPSEs, namely MMTC (shareholding of 49.78%), NMDC (10.10%), BHEL (0.68%), MECON (0.68%) and 2 Odisha Government PSUs, namely OMC (20.47%) and IPICOL (12.00%).


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