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Within a month, By mid-July this year, Neelachal Ispat Nigam Limited (NINL) will become Tata’s. The Odisha-based company will be transferred to the Tata Group by July, an official said. Many other private companies had also bid for this, but Tata won.

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Highlights

  • Neelachal Ispat Nigam Limited (NINL) will become Tata’s by mid-July this year.
  • An official said that this Odisha-based company will be transferred to Tata Group by July.
  • Many other private companies had also bid for this, but Tata won.

New Delhi: The handing over of Odisha-based Neelachal Ispat Nigam Limited (NINL) to a Tata group firm is likely to be completed by mid-July. An official gave this information. Tata Steel Long Products (TSLP), a unit of Tata Steel, had in January this year won the bid to acquire 93.71 per cent stake in NINL at an enterprise value of Rs 12,100 crore.
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The company had achieved this success leaving behind a consortium of Jindal Steel & Power Limited, Nalwa Steel & Power Limited and JSW Steel Limited. “The transaction is in the final stages and should be done by the middle of next month,” an official said.

Since the government has no stake in the company, the sale proceeds will not be credited to the exchequer and will instead go to four CPSEs and two PSUs of the Odisha government.
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