Neelanchal Ispat can sell captive mine ore
In a first, disinvestment-bound Neelanchal Ispat Nigam Ltd (NINL) which has a 1.1 million tonne integrated iron and steel plant at Kalinganagar in Odisha is set to operationalise its captive iron ore mines and sell the produce in open market. The development comes after the company received a nod from the central government.
In a meeting held in November 2020, it had been decided that the Ministry of Commerce and Industry will coordinate with the Ministry of Steel and Mines to secure permission for NINL for commercial operation of its captive mines till the disinvestment process gets wrapped up.
The Ministry of Mines noted a major downfall in iron ore production due to Covid-19 and granted NINL permission to sell up to 25% of the annual iron ore production for a period of one year or until the disinvestment of the company, whichever is earlier, as per an official order.
Image Source: NINL