Tata Steel Long Products signs agreement to acquire 93.7% stake in NINL
Tata Steel Limited and Tata Steel Long Products Limited have signed a share sale and purchase agreement for acquiring a stake of 93.71% in Neelachal Ispat Nigam Limited (NINL) for INR 12,100 crores.
Tata Steel and Tata Steel Long Products signed the agreement with MMTC, NMDC, MECON, Bharat Heavy Electricals Ltd (BHEL), Industrial Promotion and Investment Corporation of Odisha, Odisha Mining Corporation, President of India, Government of Odisha, and Neelachal Ispat Nigam Limited.
Neelachal Ispat Nigam Limited owns a 1.1 mtpa integrated iron and steel plant located in Kalinganagar, Odisha. The company also owns iron ore mines with a reserve of around 90 MT.
According to Tata Steel, the acquisition gives an inorganic growth opportunity for Tata Steel Long Products to expand in the long products business and utilize the captive iron ore mines of Neelachal Ispat Nigam Limited.