Centre gets bids for Neelachal Ispat, sale moves to 'concluding stage'

The central government has accepted most demands made by potential buyers for the joint venture steel company.

The central government has received bids for the sale of Neelachal Ispat Nigam Ltd (NINL), marking the "concluding stage" for the strategic disinvestment of the state-owned steel company.

The Centre seeks to divest 93.7 per cent stake held by four central public sector enterprises (CPSE) and two Odisha government companies. CPSEs MMTC and NMDC own 49.78 per cent, and 10.10 per cent in NINL, respectively while MECON and Bharat Heavy Electricals hold 0.68 per cent each. Odisha government-owned Industrial Promotion and Investment Corporation of Odisha (IPICOL) and Odisha Mining Corporation (OMC) own 12 per cent and 20.47 per cent stake