Tata Group firm TSLP completes purchase of Neelachal Ispat

06 Jul 2022 CW Team

The privatisation of Neelachal Ispat Nigam Ltd (NINL) has been completed, with its handover to Tata group firm Tata Steel Long Products (TSLP), the Union Finance Ministry said. NINL is the second successful privatisation by the current government. The first, Air India, was also bought by Tata Group.

TSLP had in January emerged as the winning bidder, putting in bids worth Rs 121 billion crore for loss-making NINL, which is a joint venture of four Central Public Sector Enterprises - MMTC, NMDC, BHEL, and MECON - and two 2 Odisha government Public Sector Undertakings, OMC and IPICOL.

"NINL strategic disinvestment transaction has been completed today with the transfer of 93.71 per cent shares of the joint venture partners to the Strategic Buyer, M/s Tata Steel Long products Ltd,” the ministry said on Monday.

The Rs 121 billion crore has been utilised for settlement of dues of employees, operational creditors, secured financial creditors and sellers (operational and financial dues) and for equity of selling shareholders, as per the share purchase agreement.

The agreement was signed on March 10, following which the buyer, NINL and the six selling shareholders worked towards satisfying the required conditions. TSLP's bid was more than double the reserve or base price of Rs 56.17 billion for NINL.

Also Read:
Tata Steel to increase NINL operation to 1.1 million tonne in a year
JSW Steel’s crude steel output increases by 31% in May 2022

Resources

04 Jun 2026

ULCCS Showcases Cooperative Model at UN Symposium

Uralungal Labour Contract Co-operative Society (ULCCS) showcased its community-led development model at the United Nations Headquarters in New York, where it participated as a panellist at the International Symposium on Cooperative Financial Institutions held on 28–29 May 2026.Jointly organised by the United Nations Department of Economic and Social Affairs (UN DESA), the International Cooperative Banking Association (ICBA), and the International Cooperative Alliance (ICA), the symposium was held under the theme ‘Fuelling Inclusive and Equitable Growth’ and brought together policymakers,..

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..