NINL

Snakes and scorpions crawled the premises of NINL, the land around was covered with bushes and the plant machinery was full of rust, its MD & CEO Sudhir Kumar Mehta said remembering the challenges involved in restarting the sick unit within a set 90-day deadline. The company was in debt, Mehta said, adding NINL is now doing financially good and has generated a revenue of around Rs 3,000 crore in the April-September or first half of the ongoing fiscal. On July 4, 2022, Tata Steel completed the acquisition of Odisha-based Neelachal Ispat Nigam Ltd (NINL) -- the first state-owned steel company to be divested by the Narendra Modi-led government -- through its erstwhile subsidiary Tata Steel Long Products (TSLP) for a consideration of Rs 12,100 crore. "NINL premises is of 2,500 acre. It had been closed for a long period. When we first entered the unit post the acquisition, there were snakes, scorpions, and lizards crawling in the premises. Bushes up to several feet had grown all over .

The sale of 3.5 per cent of its stake in the LIC through an IPO brought the govt Rs 20,516.12 crore as receipts

Revenues from operations at Rs 59,877.52 crore was marginally down from Rs 60,387.13 crore in the year-ago period

Some of these steps include improving LIC's 13th month and 25th persistency ratio, which is less than its peers

Apart from a 1.1 mt plant, Neelachal Ispat Nigam has iron ore mines with reserves of 90 million tonnes and 2,500 acres of land providing scope for future expansion

Tata Steel on Monday said it will work "expeditiously" to restart NINL and simultaneously draw a plan to expand its capacity to produce 4.5 MTPA long products complex in the next few years.

Narendran said that the Jamshedpur-based behemoth will fuel its growth ambitions to more than double its output, relying on organic growth at its existing sites

NINL is a joint venture of MMTC, NMDC, BHEL, MECON and 2 Odisha government PSUs - OMC and IPICOL

The two assets are bigger than the 1.1 mt NINL and would bolster steelmaking capacity for any buyer.

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In a Q&A Tata Steel CEO and MD T V Narendran talks about what the acquisition means for the company's growth ambitions as also the near-term outlook

This is the first time a public sector steel manufacturing company has been privatised in India

The condition for the sale would be subject to the sale proceeds being utilised for the company within three years

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The disinvestment of loss-making plants may likely attract interest from secondary steel makers rather than the big players

The interested bidders can apply to seek approval for the change to the transaction adviser within 60 days, DIPAM said

Plans are afoot to ramp-up the NINL steel plant's nameplate capacity to 10 million tonnes per annum (mtpa) from the current 1.1 mtpa

It is learnt that this strategic sale could be completed only after March 31, and hence, will be part of the 2020-21 divestment pipeline

From govt's nod for sale of equity shares of 6 PSUs in NINL to telcos seeking open court hearing in SC on AGR review pleas, read all the top headlines here

NINL has had a chequered history of merger plans and hostile takeover bids by bigger public sector firms