Tata Group firm TSLP completes purchase of Neelachal Ispat
ECONOMY & POLICY

Tata Group firm TSLP completes purchase of Neelachal Ispat

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

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

Next Story
Real Estate

Indian REITs Offer 6-7.5 per cent Yield, Surpassing Many Global Markets

Indian Real Estate Investment Trusts (REITs) are delivering average yields of 6–7.5 per cent for unitholders, outperforming many mature markets, including the US, according to a report by Credai and Anarock.Credai, the apex body of Indian real estate developers, and property consultant Anarock released the report Indian REITs – A Gateway to Institutional Real Estate at an event in India.Currently, India has five listed REITs – Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Nexus Select Trust, and Knowledge Realty Trust. Nexus Select Trust pr..

Next Story
Infrastructure Energy

Insolation Energy Wins 226 MW Solar Projects Under PM-KUSUM

Insolation Energy on Monday announced securing multiple solar projects totalling 226.45 MW, with an investment of Rs 7.5 billion, under the PM-KUSUM scheme. The orders were awarded to its wholly-owned subsidiary, Insolation Green Energy Pvt Ltd, by Jaipur Vidyut Vitran Nigam Limited for 20 sites and Ajmer Vidyut Vitran Nigam Limited for 115 sites, the company informed the exchanges.“The combined SPV solar power plants will total 226.45 MW under PM-KUSUM Component A, with the final levelised tariff at Rs 3.04 per unit for 16 sites, Rs 2.82 per unit for 5 sites, Rs 2.75 per unit for 53 sites, ..

Next Story
Infrastructure Energy

Numaligarh Refinery Awards EPC Contract for Rooftop Solar Projects

State-owned Numaligarh Refinery Ltd. (NRL) has awarded a Letter of Award to Solarium Green Energy Ltd. for the rate contract covering the Engineering, Procurement, and Construction (EPC) of grid-connected rooftop solar PV projects at various locations. The projects fall within the categories of 51–200 kW and 201–1000 kW. Notable projects include a 140 kW rooftop solar plant at NRL Assam, a 760 kW plant at NRL Assam, and a 280 kW plant at NRL West Bengal.The supply order covers ex-manufacturing works and the dispatch price for plant and equipment for the 140 kW, 760 kW, and 280 kW rooftop s..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?