Tata Steel to evaluate option to acquire NINL’s ailing steel mill in Odisha

Tata Steel to evaluate option to acquire NINL’s ailing steel mill in Odisha

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Indian steelmaker Tata Steel will evaluate the option of acquiring ailing state-run Neelachal Ispat Nigam Limited (NINL), which the government has put up for strategic sale, a Tata Steel official said on Thursday, November 19.

 “The NINL plant is something we will look at whenever it is available and depending on our board decision,” Tata Steel managing director T V Narendran said.

The Indian government had earlier announced the strategic sale of NINL through a two-stage auction process.

The ailing Odisha-based NINL operated a 1.1 million mt per year steel mill, a captive power plant and an under-development captive iron ore mine.

The steel producing company is jointly owned by five government companies – trading firm MMTC Limited, electrical equipment manufacturer BHEL Limited, steel consultancy firm MECON and two Odisha government-owned agencies.

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