The government on Monday said it has approved sale of loss-making Neelachal Ispat Nigam Ltd (NINL) to Tata Steel Long Products Ltd for Rs 12,100 crore.
NINL is a joint venture of four CPSEs, namely MMTC, NMDC, BHEL, MECON and two Odisha Government PSUs, namely OMC and IPICOL. NINL has an integrated steel plant with a capacity of 1.1 million tonnes (MT), at Kalinganagar, Odisha. The company has been running in huge losses and plant is closed since March 30, 2020.
Three companies -- Consortium of Jindal Steel & Power Limited and Nalwa Steel and Power Ltd; JSW Steel Limited;