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.

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