Ninl
NINL was home to snakes, scorpions when acquired by Tata Steel: MD Mehta
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 .
 "NINL was home to snakes, scorpions when acquired by Tata Steel: MD Mehta")
Govt made Rs 31,106 cr in FY23 through disinvestment, reports DIPAM
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
 "Govt made Rs 31,106 cr in FY23 through disinvestment, reports DIPAM")
Tata Steel Q2 net profit down 87.3% to Rs 1,514 cr over decline in margins
Revenues from operations at Rs 59,877.52 crore was marginally down from Rs 60,387.13 crore in the year-ago period
 "Tata Steel Q2 net profit down 87.3% to Rs 1,514 cr over decline in margins")
LIC taking steps to transform corporate governance: DIPAM Secretary
Some of these steps include improving LIC's 13th month and 25th persistency ratio, which is less than its peers
 "LIC taking steps to transform corporate governance: DIPAM Secretary")
Tata Steel completes Rs 12,100 cr acquisition of NINL via step-down arm
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 completes Rs 12,100 cr acquisition of NINL via step-down arm")
Tata Steel to work 'expeditiously' to restart NINL, expand capacity
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.
 "Tata Steel to work 'expeditiously' to restart NINL, expand capacity")
Tata steel to grow organically, new acquisitions unlikely this decade: MD
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
 "Tata steel to grow organically, new acquisitions unlikely this decade: MD")
Neelachal Ispat JV partners in share-purchase pact with Tata Steel arm
NINL is a joint venture of MMTC, NMDC, BHEL, MECON and 2 Odisha government PSUs - OMC and IPICOL
Jindal Steel & Power keen on RINL, NMDC's Nagarnar iron and steel plant
The two assets are bigger than the 1.1 mt NINL and would bolster steelmaking capacity for any buyer.
 "Jindal Steel & Power keen on RINL, NMDC's Nagarnar iron and steel plant")
Top headlines: LIC IPO, BSE500 headline P/E falls, Tata Steel's NINL bid
Business Standard brings you the top headlines at this hour.
 "Top headlines: LIC IPO, BSE500 headline P/E falls, Tata Steel's NINL bid")
Don't need to look for assets after NINL buy: Tata Steel's TV Narendran
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
Tata Steel arm to buy govt stake in Neelachal Ispat for Rs 12,100 crore
This is the first time a public sector steel manufacturing company has been privatised in India
Centre to relax lock-in period for sale of NINL assets to one year
The condition for the sale would be subject to the sale proceeds being utilised for the company within three years
 "Centre to relax lock-in period for sale of NINL assets to one year")
Top headlines: Small firms on I-T radar, race for steel supremacy, and more
Business Standard brings you the top headlines at this hour
Centre's disinvestment plan: A stress test for zombie steel plants
The disinvestment of loss-making plants may likely attract interest from secondary steel makers rather than the big players
 "Centre's disinvestment plan: A stress test for zombie steel plants")
Govt tweaks rules for potential bidders of NINL
The interested bidders can apply to seek approval for the change to the transaction adviser within 60 days, DIPAM said
Tata Steel, JSW, Adani likely to bid for Neelachal Ispat's Odisha plant
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
 "Tata Steel, JSW, Adani likely to bid for Neelachal Ispat's Odisha plant")
Cabinet approves strategic sale of Neelachal Ispat; auction likely in FY21
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
 "Cabinet approves strategic sale of Neelachal Ispat; auction likely in FY21")
Top headlines: Govt okays sale of NINL, NITI backs private trains, and more
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
 "Top headlines: Govt okays sale of NINL, NITI backs private trains, and more")
Odisha govt looks to sell minority stake in loss-making Neelachal Ispat
NINL has had a chequered history of merger plans and hostile takeover bids by bigger public sector firms
 "Odisha govt looks to sell minority stake in loss-making Neelachal Ispat")
